Welcome to our dedicated page for Peoples Finl Svcs news (Ticker: PFIS), a resource for investors and traders seeking the latest updates and insights on Peoples Finl Svcs stock.
News and updates for Peoples Financial Services Corp. (NASDAQ: PFIS) center on its role as a bank holding company for Peoples Security Bank and Trust Company, an independent community bank with 39 full-service offices in Pennsylvania, New Jersey and New York. Company press releases highlight how these community banking offices provide financial products and services to individuals, businesses, not-for-profit organizations and government entities across its regional footprint.
Investors following PFIS news will find regular announcements of quarterly cash dividends, including details on per-share amounts, record dates and payment dates. The company also issues earnings releases that present unaudited financial results for quarterly and year-to-date periods, along with commentary on factors affecting net income, net interest income, provisions for credit losses, noninterest income and noninterest expenses.
PFIS news coverage frequently includes information on strategic actions and capital management. Examples in recent disclosures include the completion of a merger with FNCB Bancorp, Inc., which expanded the branch network and added assets and deposits, and a private placement of fixed-to-floating rate subordinated notes structured to qualify as Tier 2 capital for regulatory purposes. The company also reports on executive and leadership matters, such as officer appointments and changes in key roles.
In addition, Peoples Financial Services Corp. uses press releases and Form 8-K filings to furnish investor presentations under Regulation FD, providing further insight into its financial condition, performance metrics and management’s perspective. For readers tracking PFIS, this news page aggregates these company-issued updates so that developments in community banking operations, dividends, mergers, capital issuances and governance changes can be reviewed in one place.
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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.
Peoples Financial Services Corp. (NASDAQ: PFIS) has declared a fourth-quarter dividend of $0.40 per share, marking a 5.3% increase from the $0.38 declared in Q4 2021. The dividend is set to be paid on December 15, 2022 to shareholders on record as of November 30, 2022.
This increase reflects the company's commitment to providing returns to shareholders amidst ongoing market conditions.
Peoples Financial Services Corp. (PFIS) reported a net income of $10.0 million or $1.38 per diluted share for Q3 2022, marking a 9.6% increase from Q3 2021. Year-to-date earnings totaled $29.0 million or $4.01 per share, up 6.8%. The growth was driven by a $3.0 million rise in net interest income, despite $1.8 million in increased noninterest expenses. Notable increases in loan growth reached 20.2% annualized, while deposits grew $230.2 million in Q3. However, a provision for loan losses of $1.7 million was noted, reflecting strong loan growth.
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