PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Second Quarter and Year to Date 2024 Earnings

Core Viewpoint - Peoples Financial Services Corp. reported its unaudited financial results for the three and six months ended June 30, 2024, showing a decline in core net income and total deposits, while maintaining strong asset quality and liquidity [1][4][24]. Financial Performance - Core pre-provision net revenue (PPNR) for Q2 2024 was $5.2 million or $0.73 per diluted share, down from $9.0 million or $1.25 per diluted share in Q2 2023 [2]. - Core net income for Q2 2024 was $4.2 million or $0.59 per diluted share, compared to $6.7 million or $0.95 per diluted share in Q2 2023 [4]. - For the six months ended June 30, 2024, core net income was $8.1 million or $1.14 per diluted share, down from $17.0 million or $2.37 per diluted share in the same period of 2023 [4][16]. Asset and Deposit Trends - Total assets, loans, and deposits as of June 30, 2024, were $3.6 billion, $2.9 billion, and $3.1 billion, respectively [10]. - Total deposits decreased by $214.1 million during 2024, attributed to seasonal outflows of municipal deposits [4]. - Estimated total insured deposits were approximately $2.3 billion, or 75.7% of total deposits, compared to $2.4 billion, or 73.1% at the end of 2023 [4]. Interest Income and Expense - Total interest income for the six months ended June 30, 2024, was $77.4 million, an increase from $71.0 million in the same period of 2023 [16]. - Total interest expense rose to $39.1 million for the six months ended June 30, 2024, compared to $25.8 million in the prior year [16]. - Net interest income after provision for credit losses was $36.9 million for the six months ended June 30, 2024, down from $46.1 million in the same period of 2023 [16]. Noninterest Income and Expenses - Noninterest income for Q2 2024 was $3.5 million, unchanged from Q2 2023 [7]. - Noninterest expense for the six months ended June 30, 2024, was $36.2 million, an increase of $3.0 million from $33.2 million in the same period of 2023, primarily due to acquisition-related expenses and increased technology costs [9][16]. Capital and Liquidity - Stockholders' equity at June 30, 2024, was $340.8 million, or $48.29 per share, slightly up from $340.4 million, or $48.35 per share at December 31, 2023 [24]. - The company maintained a well-capitalized position, with cash and cash equivalents representing 45.4% of total assets and 53.5% of total deposits [4][24].