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.