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Peoples Financial Services (PFIS) - 2024 Q3 - Quarterly Results
2024-11-05 21:45
Financial Performance - Peoples reported a net loss of $4.3 million, or $0.43 per diluted share for Q3 2024, compared to net income of $6.7 million, or $0.95 per diluted share for Q3 2023[2]. - Core net income for Q3 2024 was $16.5 million, or $1.64 per diluted share, compared to $7.5 million, or $1.05 per diluted share for Q3 2023[3]. - For the nine months ended September 30, 2024, net income was $2.4 million, or $0.30 per diluted share, down from $23.8 million, or $3.31 per diluted share for the same period in 2023[5]. - The company reported a net loss of $4,337,000 for the three months ended September 30, 2024, compared to a net income of $3,282,000 in June 2024[78]. - Core net income for the nine months ended September 30, 2024, was $25,619,000, compared to $24,517,000 for the same period in 2023, reflecting an increase of 4.5%[80]. Interest Income and Expenses - Net interest income increased by $18.0 million to $39.2 million, with a tax-equivalent net interest margin (NIM) rising 97 basis points to 3.26% due to higher earning assets and a $3.7 million net accretion impact from the FNCB merger[2][21]. - Tax-equivalent net interest income for Q3 2024 increased by $18.2 million, or 83.7%, to $40.0 million compared to $21.8 million in Q3 2023[26]. - Total interest income for the nine months ended September 30, 2024, was $145.66 million, up from $109.78 million in the same period last year, reflecting a growth of approximately 32.7%[57]. - Interest income (GAAP) for the nine months ended September 30, 2024, was $145,657,000, an increase from $109,779,000 in 2023, marking a rise of 32.7%[81]. - Interest expense rose to $29,040 thousand, up from $19,460 thousand in the prior quarter, primarily driven by higher deposit costs[66]. Noninterest Income and Expenses - Noninterest income for Q3 2024 was $5.7 million, up from $3.7 million in Q3 2023, primarily due to the FNCB merger[31]. - Noninterest income for the nine months ended September 30, 2024, was $12.7 million, an increase of $1.8 million from $10.9 million in the comparable period in 2023[36]. - Noninterest expense increased by $18.4 million to $35.5 million for the three months ended September 30, 2024, compared to $17.1 million for the same period in 2023[32]. - Noninterest expense (GAAP) for the nine months ended September 30, 2024, was $71,728,000, compared to $50,222,000 in 2023, indicating an increase of 42.7%[82]. Asset and Liability Management - At September 30, 2024, total assets were $5.4 billion, with loans totaling $4.1 billion and deposits at $4.6 billion[38]. - Total deposits increased by $1.4 billion during the nine months ended September 30, 2024, primarily due to deposits acquired in the FNCB merger[40]. - The allowance for credit losses to loans, net increased to 0.97% at September 30, 2024, up from 0.81% at June 30, 2024[15]. - Total assets increased to $5,360,138 thousand as of September 30, 2024, up from $3,825,799 thousand a year earlier, representing a growth of 40.2%[68]. - Total liabilities of the company reached $4,801,057 thousand, an increase from $3,397,539 thousand a year ago, reflecting a growth of 41.4%[76]. Credit Quality and Provisions - The provision for credit losses for the nine months ended September 30, 2024, was $15.8 million, including a $14.3 million day-one provision for non-PCD loans acquired in the FNCB merger[35]. - Nonperforming assets were $21.5 million, or 0.53% of loans, net and foreclosed assets, at September 30, 2024, compared to $4.9 million, or 0.17%, at December 31, 2023[46]. - The provision for credit losses was $15.76 million for the nine months ended September 30, 2024, compared to a credit of $1.10 million in the same period last year[57]. - The company recorded charge-offs of $534 thousand for the quarter, compared to $65 thousand in the same quarter last year, indicating a rise in credit losses[71]. Shareholder Metrics - Stockholders' equity increased to $475.1 million, or $47.53 per share, at September 30, 2024, from $340.4 million, or $48.35 per share, at December 31, 2023[44]. - The company declared cash dividends of $0.62 per share for the latest quarter, an increase from $0.41 per share in the previous quarter[56]. - The market capitalization rose to $468.55 million, significantly up from $282.34 million a year ago, representing an increase of approximately 66%[56]. - Average common shares outstanding - basic increased to 9,987,627 from 7,088,745 year-over-year, reflecting a growth of 41.0%[59]. - Tangible book value per share decreased to $36.24 from $37.07 a year ago, reflecting a decline of approximately 2.2%[56].
PEOPLES FINANCIAL SERVICES CORP. Declares Fourth Quarter 2024 Dividend
Prnewswire· 2024-10-25 17:22
SCRANTON, Pa., Oct. 25, 2024 /PRNewswire/ -- The Board of Directors of Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS) declared a fourth quarter cash dividend of $0.6175 per share. The dividend is payable December 13, 2024 to shareholders of record November 29, 2024. The dividend of $0.6175 per share represents an increase of 50.6% compared to the dividend declared in the fourth quarter of 2023.Peoples Financial Services Corp. is the bank holding company of Peoples Security Bank and Trust Compan ...
Peoples Financial Services Corp. To Celebrate Merger with FNCB Bancorp, Inc. By Ringing the NASDAQ Closing Bell on July 30, 2024.
Prnewswire· 2024-07-30 11:53
SCRANTON, Pa., July 30, 2024 /PRNewswire/ -- Peoples Financial Services Corp. ("PFIS") (Nasdaq: PFIS) today announced that Craig Best, CEO, and Jerry Champi, President, will ring the 4:00 PM ET closing bell at the NASDAQ Stock Market in Times Square, New York, NY, on Tuesday, July 30, 2024. This ceremony will commemorate the recent merger of FNCB Bancorp, Inc. ("FNCB") with and into PFIS, and the merger of FNCB Bank with and into Peoples Security Bank and Trust Company ("PSBT"), effective July 1, 2024. Memb ...
PEOPLES FINANCIAL SERVICES CORP. Declares 50.6% Increase in Third Quarter 2024 Dividend
Prnewswire· 2024-07-26 15:49
Peoples Financial Services Corp. is the bank holding company of Peoples Security Bank and Trust Company, an independent community bank serving its retail and commercial customers through 44 full-service community banking offices located within the Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York. Each office, interdependent with the community, offers ...
PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Second Quarter and Year to Date 2024 Earnings
Prnewswire· 2024-07-26 00:33
SCRANTON, Pa., July 25, 2024 /PRNewswire/ -- Peoples Financial Services Corp. ("Peoples" or the "Company") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three and six months ended June 30, 2024. Core pre-provision net revenue (PPNR)1, a non-GAAP measure, which excludes acquisition related expenses, the provision for credit losses and the provision for credit losses on unfunded commitments from income before tax ...
Peoples Financial Services (PFIS) - 2024 Q2 - Quarterly Results
2024-07-25 21:02
Safe Harbor Forward-Looking Statements: NEWS RELEASE PEOPLES FINANCIAL SERVICES CORP. Scranton, PA, July 25, 2024/PRNEWSWIRE/ – Peoples Financial Services Corp. ("Peoples" or the "Company") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three and six months ended June 30, 2024. Core net income 1, a non-GAAP measure, excludes acquisition related expenses from the strategic combination with FNCB Bancorp, Inc. comp ...
Peoples Financial Services Corp. and FNCB Bancorp, Inc. Announce Receipt of Regulatory Approvals for Merger
Prnewswire· 2024-06-14 12:30
Peoples Financial Services Corp. is the bank holding company of Peoples Security Bank and Trust Company ("Peoples Bank"), an independent community bank serving its retail and commercial customers through 28 fullservice community banking offices located within the Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York. Each office, interdependent with the community ...
Peoples Financial Services (PFIS) - 2024 Q1 - Quarterly Report
2024-05-08 19:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024 or (Exact name of registrant as specified in its charter) Pennsylvania 23-2391852 (State of incorporation) (IRS Employer ID Number) 150 North Washington Avenue, Scranton, PA 18503 (Address of principal executive offices) (Zip code) (570) 346-7741 (Registrant's telephone number, ...
Peoples Financial Services (PFIS) - 2024 Q1 - Quarterly Results
2024-04-25 20:26
Exhibit 99.1 NEWS RELEASE TO BUSINESS EDITOR: PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited First Quarter 2024 Earnings Scranton, PA, April 25, 2024/PRNEWSWIRE/ – Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three months ended March 31, 2024. Peoples reported net income of $3.5 million, or $0.49 per diluted share for the three months ended March 31, 2024, a 54. ...
Peoples Financial Services (PFIS) - 2023 Q4 - Annual Report
2024-03-15 18:42
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36388 Peoples Financial Services Corp. (Exact name of registrant as specified in its charter) Pennsylvania 23-2391852 S ...