Peoples Ltd. Reports Strong First Quarter Earnings Growth for 2026

Peoples Ltd., the holding company for PS Bank, recently announced its financial results for the first quarter of 2026, showcasing remarkable growth in earnings and overall performance. Under the leadership of President and CEO Anthony J. Gabello, the company reported a consolidated net income of $3,149,000, translating to earnings per share of $1.73. This reflects a significant increase of 52.27% compared to the same quarter last year, when net income totaled $2,068,000 or $1.14 per share.

The company's financial health continues to strengthen, as indicated by its year-to-date return on assets, which rose to 1.95% as of March 31, 2026, up from 1.43% in 2025. Similarly, the return on equity showed an impressive uptick, reaching 18.68% compared to the prior year's 14.90%. Furthermore, total assets saw an increase of 3.38%, rising from $641,890,000 at the end of 2025 to $663,599,000 by the end of the first quarter of 2026.

Deposits also exhibited robust growth, climbing 3.40% to $578,857,000 from $559,785,000 in late December 2025. Total loans increased to $430,363,000, marking a 1.24% rise from the previous year-end's $425,085,000. It's worth noting that this increase in loans was somewhat influenced by several large payoffs related to business sales that occurred in late Q1.

Gabello expressed pride in the bank's performance, stating, "We continued to build on the successes of 2025 in the first quarter of 2026, with continued balance sheet growth and growth in net income. The bank continues to benefit from loan growth, loan repricings, and investment portfolio repricings, alongside the rise of noninterest-bearing deposit accounts and controlled interest expense levels." All of these factors combined have effectively offset increases in personnel and other operational expenses necessary as the bank continues to expand.

Adding to their achievements, during the first quarter, the bank realized a redemption gain from investment securities amounting to $346,000. This gain was instrumental in maintaining beneficial disposition and reinvestment strategies for several underperforming securities, resulting in an overall gain of $60,000. Such proactive measures are expected to improve investment earnings going forward.

In March, the bank's Scranton office celebrated its first anniversary, which has surpassed initial projections and positively influenced financial performance. Furthermore, their indirect lending program has shown prudent growth and increased profitability as it approaches its two-year mark at the bank.

Comparing quarterly performance, the company saw substantial improvements from the previous quarter. Net income rose by 12.6%, with returns on average assets climbing from 1.67% to 1.95%, while returns on average equity increased from 16.94% to 18.68% in the same period.

As a community bank, Peoples Ltd. reaffirms its commitment to its customers, shareholders, and the communities it serves. Gabello emphasized, "We continue to position the bank for sustained success as we develop the necessary infrastructure for growth throughout 2026 and beyond."

Peoples Ltd. is an independent community bank rooted in service since 1914, with several locations across Bradford, Sullivan, Wyoming, Lackawanna, and Susquehanna counties. The bank's stock is available for trading on the Over-the-Counter market under the symbol PPLL. To learn more about the services provided by PS Bank, visit www.PSBanking.com.

This press release may contain forward-looking statements as outlined in the Private Securities Litigation Reform Act of 1995, indicating that actual results could differ significantly due to various operational, legal, and economic factors.