PPAL is a conservatively run Vermont community bank trading at 0.75x book and 9.1x earnings, offering patient investors asymmetric value if liquidity or consolidation catalysts emerge.
Overview
Peoples Trust Company of St Albans, or PPAL, is a state-chartered Vermont community bank founded in 1886, operating five branches across Franklin and Grand Isle counties. It funds residential, CRE, agricultural, municipal, commercial, and consumer loans primarily with sticky checking, savings, money-market, IRA, and CD deposits. **The latest June 30, 2026 filing showed $395.44 million of assets, $348.76 million of deposits, a 16.415% Tier 1 risk-based capital ratio, and an 84.36% loan-to-deposit ratio**, demonstrating strong balance-sheet resilience. Net income for the period was $923,000, supported by a 4.32% NIM and $3.93 million of net interest income, although the 75.83% efficiency ratio remains a material profitability constraint. FY 2025 revenue was $17.65 million and net income $4.14 million. At $60.10, PPAL trades at 9.1x normalized FY 2025 EPS of $6.63 and 0.75x book value, versus a $80.16 book value per share. **Near-term value realization depends less on earnings announcements than on a potential return from the OTC Expert Market to standard OTC trading, improved liquidity, or strategic consolidation interest.**