#United States #financial results #Peoples Ltd #PS Bank #Wyalusing

Peoples Ltd. Financial Results Overview

Peoples Ltd., the holding company for PS Bank, has unveiled its unaudited financial performance for the fourth quarter and full year of 2024, providing insights into the company's profitability and future outlook. The results reflect both resilience in a challenging banking environment and ambition for expansion.

Quarterly Performance

For the three-month period that ended on December 31, 2024, the company reported a net income of $1,923,000, indicating a 9.3% increase compared to $1,760,000 during the same quarter of the previous year. This translates to an earnings per share of $2.23, a slight increase from $2.04 per share in Q4 2023. This growth demonstrates the bank's ability to not only maintain but also enhance profitability through careful financial management and strategic initiatives.

Annual Results

Looking at the entire year, Peoples Ltd. posted a net income of $7,214,000 for 2024, equating to an earnings per share of $8.37. While this represents a 1.2% decrease from $7,301,000 in 2023, it attests to the bank's stability amidst external pressures. The slight dip in overall net income is attributed to various market factors but was mitigated by the growth in loan processing, increased interest rates on loans, and efficient expense management.

Asset Growth

As of December 31, 2024, total assets reached $581,946,000, marking a 9.3% increase or $49,643,000 growth from the previous year. This positive trend is also evident in total deposits, which rose by 10.4% to reach $510,640,000. Additionally, net loans grew by 7.5%, amounting to $379,388,000.

Strategic Moves

Peoples Ltd. remains committed to fortifying its market presence. President and CEO Anthony J. Gabello highlighted the successful quarter, emphasizing the bank's unwavering efforts to achieve growth despite the economic challenges that have faced the banking sector in recent years. Gabello noted that the bank will soon open a new branch on Keyser Avenue in Scranton, which has received all necessary approvals. This expansion is expected to enhance accessibility for both existing and new customers in Lackawanna County and surrounding markets.

Industry Recognition

In addition to solid financial performance, Peoples Ltd. has been recognized for its efforts within the banking community. The bank has been ranked as the #36 highest bank on American Banker's prestigious 2024 list of the Top 100 Community Banks under $2 billion in the U.S. This recognition underscores the dedicated work of the staff and their commitment to serving the community.

Conclusion

Overall, 2024 was a year marked by resilience and progress for Peoples Ltd. As it looks ahead, the company is strategically positioning itself for continued growth and success. With the new branch opening and consistent financial performance, Peoples Ltd. is optimistic about future opportunities in the evolving banking landscape. Stakeholders and community members can look forward to the enhanced services that the bank will provide.