Peoples Financial Services (US:PFIS) Prnewswire·2025-10-30 20:44Core Insights - Peoples Financial Services Corp. reported a net income of $15.2 million, or $1.51 per diluted share for Q3 2025, a decrease from $17.0 million, or $1.68 per diluted share in Q2 2025, but a significant improvement from a net loss of $4.3 million in Q3 2024 [1][2][3] - For the nine months ended September 30, 2025, net income was $47.2 million, or $4.69 per diluted share, compared to $2.4 million, or $0.30 per diluted share for the same period in 2024, driven by higher net interest income and noninterest income [2][20] Financial Performance - The return on average assets (ROAA) for Q3 2025 was 1.19%, down from 1.36% in Q2 2025, while the return on average equity (ROAE) was 12.02%, down from 13.87% in Q2 2025 [1][6] - Non-performing assets to total assets improved to 0.33% at September 30, 2025, compared to 0.34% at June 30, 2025, and 0.45% at December 31, 2024 [6][26] - Book value per common share increased to $50.95 at September 30, 2025, from $49.44 at June 30, 2025 [6][25] Income Statement Analysis - Net interest income for Q3 2025 increased to $41.9 million from $40.0 million in Q3 2024, despite a decrease in tax-equivalent interest income [7][8] - Noninterest income for Q3 2025 was $5.5 million, slightly down from $5.7 million in Q3 2024, impacted by a $0.6 million loss on the pending sale of administrative offices [12][18] - Noninterest expense decreased to $28.7 million in Q3 2025 from $35.5 million in Q3 2024, primarily due to a reduction in acquisition-related expenses [13][19] Balance Sheet Overview - Total assets were $5.2 billion, with total loans at $4.0 billion and total deposits at $4.3 billion as of September 30, 2025 [20][21] - Total loans increased by $22.9 million compared to December 31, 2024, with growth in commercial and residential real estate loans [21] - Total deposits decreased by $117.8 million, primarily due to reductions in brokered CDs [24] Asset Quality and Credit Losses - The allowance for credit losses was $39.8 million, or 0.99% of loans, net, at September 30, 2025, down from $41.8 million, or 1.05% at December 31, 2024 [27] - Net charge-offs totaled $1.1 million for the nine months ended September 30, 2025, with a credit to the provision for credit losses of $0.9 million [17][27] Capital Position - Stockholders' equity increased to $509.3 million, or $50.95 per share, at September 30, 2025, compared to $469.0 million, or $46.94 per share at December 31, 2024 [25][26] - Tangible book value per share rose to $40.43 at September 30, 2025, from $35.88 at December 31, 2024 [26]