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Peoples Financial Services Corp. reports recurring bank holding company developments tied to Peoples Security Bank and Trust Company, an independent community bank serving retail and commercial customers across Pennsylvania, New Jersey and New York. News releases commonly cover unaudited quarterly and annual earnings, net interest income, provision for credit losses, loan growth, asset quality, return metrics and non-interest expense.
Company updates also include cash dividend declarations, securities portfolio actions, office and headquarters-related operating matters, and governance changes at the holding company and bank. Its banking services include deposit accounts, residential and commercial lending, commercial real estate and municipal loans, equipment finance, working capital lines of credit, card processing and advisory services.
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Peoples Financial Services Corp. (NASDAQ: PFIS) reported net income of $7.6 million or $1.05 per diluted share for Q1 2023, a 21.3% decrease from $9.6 million or $1.33 in Q1 2022. This decline was attributed to a higher provision for credit losses of $1.3 million and increased operating expenses, despite a net interest income rise of $0.4 million.
The company experienced loan growth of $90 million (13.5% annualized) and strong deposit increases of $189.4 million, now totaling $3.2 billion.
However, asset quality remained high, with nonperforming assets at 0.05% of total assets.
Peoples Financial Services Corp. (NASDAQ: PFIS) declared a first quarter dividend of $0.41 per share, marking a 5.1% increase compared to Q1 2022. The dividend will be payable on March 15, 2023 to shareholders of record as of February 28, 2023. This reflects the company's ongoing commitment to delivering value to shareholders.
Peoples Financial Services Corp. (PFIS) reported its financial results for Q4 and FY 2022. For Q4, net income dropped to $9.1 million ($1.27/share) from $16.4 million ($2.28/share) in 2021, mainly due to the previous year’s $9.6 million gain from Visa shares. FY 2022 net income was $38.1 million ($5.28/share), a 12.5% decline from FY 2021. However, core net income rose to $39.7 million ($5.50/share), a 17.3% increase. Net interest income increased by $11.1 million, largely from loan growth of $447.5 million. The company strategically shifted from lower-yielding U.S. Treasury bonds to higher-yielding mortgage-backed securities to enhance earnings.