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Peoples Financial Services Corp. Reports Unaudited Second Quarter and Year to Date 2025 Earnings

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Peoples Financial Services Corp. (NASDAQ: PFIS) reported strong Q2 2025 financial results, with net income of $17.0 million ($1.68 per diluted share), up from $15.0 million in Q1 2025. For H1 2025, net income reached $32.0 million ($3.18 per diluted share), a significant increase from $6.7 million in H1 2024.

Key performance metrics showed improvement with ROAA at 1.36% and ROAE at 13.87% for Q2 2025. The company's efficiency ratio improved to 53.92%, while net interest margin increased to 3.69%. Notable achievements include a 50.6% dividend increase year-over-year and the successful integration of FNCB Bancorp merger completed in July 2024.

In June 2025, PFIS executed a strategic debt refinancing, redeeming $33.0 million of subordinated notes and issuing $85.0 million of new 7.75% fixed-to-floating rate subordinated notes due 2035.

Peoples Financial Services Corp. (NASDAQ: PFIS) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 17,0 milioni di dollari (1,68 dollari per azione diluita), in crescita rispetto ai 15,0 milioni di dollari del primo trimestre 2025. Nel primo semestre 2025, l'utile netto ha raggiunto 32,0 milioni di dollari (3,18 dollari per azione diluita), segnando un notevole aumento rispetto ai 6,7 milioni di dollari del primo semestre 2024.

I principali indicatori di performance hanno mostrato miglioramenti con un ROAA del 1,36% e un ROAE del 13,87% nel secondo trimestre 2025. Il rapporto di efficienza della società è migliorato al 53,92%, mentre il margine di interesse netto è salito al 3,69%. Tra i risultati più rilevanti si segnalano un incremento del dividendo del 50,6% su base annua e l'integrazione con successo della fusione con FNCB Bancorp completata a luglio 2024.

Nel giugno 2025, PFIS ha effettuato una rifinanziamento strategico del debito, rimborsando 33,0 milioni di dollari di obbligazioni subordinate e emettendo 85,0 milioni di dollari di nuove obbligazioni subordinate a tasso fisso variabile del 7,75%, con scadenza nel 2035.

Peoples Financial Services Corp. (NASDAQ: PFIS) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 17,0 millones de dólares (1,68 dólares por acción diluida), superior a los 15,0 millones del primer trimestre de 2025. En el primer semestre de 2025, el ingreso neto alcanzó 32,0 millones de dólares (3,18 dólares por acción diluida), un aumento significativo respecto a los 6,7 millones del primer semestre de 2024.

Los principales indicadores de desempeño mostraron mejoras con un ROAA del 1,36% y un ROAE del 13,87% para el segundo trimestre de 2025. El índice de eficiencia de la compañía mejoró a 53,92%, mientras que el margen de interés neto aumentó a 3,69%. Logros destacados incluyen un aumento del dividendo del 50,6% interanual y la exitosa integración de la fusión con FNCB Bancorp completada en julio de 2024.

En junio de 2025, PFIS llevó a cabo una refinanciación estratégica de deuda, redimiendo 33,0 millones de dólares en notas subordinadas y emitiendo 85,0 millones de dólares en nuevas notas subordinadas a tasa fija a variable del 7,75%, con vencimiento en 2035.

Peoples Financial Services Corp. (NASDAQ: PFIS)는 2025년 2분기 강력한 재무 실적을 발표했으며, 순이익은 1,700만 달러(희석 주당 1.68달러)로 2025년 1분기의 1,500만 달러에서 증가했습니다. 2025년 상반기 순이익은 3,200만 달러(희석 주당 3.18달러)로, 2024년 상반기의 670만 달러 대비 크게 증가했습니다.

주요 성과 지표는 2025년 2분기 기준 총자산순이익률(ROAA) 1.36%, 자기자본순이익률(ROAE) 13.87%로 개선되었습니다. 회사의 효율성 비율은 53.92%로 향상되었으며, 순이자마진은 3.69%로 증가했습니다. 주목할 만한 성과로는 전년 대비 배당금 50.6% 인상과 2024년 7월 완료된 FNCB Bancorp 합병의 성공적 통합이 있습니다.

2025년 6월, PFIS는 전략적 부채 재융자를 실행하여 3,300만 달러의 후순위 채권을 상환하고, 2035년 만기인 7.75% 고정-변동 금리 후순위 채권 8,500만 달러를 새로 발행했습니다.

Peoples Financial Services Corp. (NASDAQ : PFIS) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 17,0 millions de dollars (1,68 dollar par action diluée), en hausse par rapport à 15,0 millions au premier trimestre 2025. Pour le premier semestre 2025, le bénéfice net a atteint 32,0 millions de dollars (3,18 dollars par action diluée), une augmentation significative par rapport à 6,7 millions au premier semestre 2024.

Les principaux indicateurs de performance ont montré une amélioration avec un ROAA de 1,36% et un ROAE de 13,87% pour le deuxième trimestre 2025. Le ratio d'efficacité de la société s'est amélioré à 53,92%, tandis que la marge d'intérêt nette est passée à 3,69%. Parmi les réalisations notables figurent une augmentation du dividende de 50,6% d'une année sur l'autre et l'intégration réussie de la fusion avec FNCB Bancorp achevée en juillet 2024.

En juin 2025, PFIS a réalisé un refinancement stratégique de sa dette, en remboursant 33,0 millions de dollars de billets subordonnés et en émettant 85,0 millions de dollars de nouveaux billets subordonnés à taux fixe-variable de 7,75 % échéant en 2035.

Peoples Financial Services Corp. (NASDAQ: PFIS) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 17,0 Millionen US-Dollar (1,68 US-Dollar je verwässerter Aktie), gegenüber 15,0 Millionen US-Dollar im ersten Quartal 2025. Für das erste Halbjahr 2025 erreichte der Nettogewinn 32,0 Millionen US-Dollar (3,18 US-Dollar je verwässerter Aktie), ein deutlicher Anstieg gegenüber 6,7 Millionen US-Dollar im ersten Halbjahr 2024.

Wichtige Leistungskennzahlen verbesserten sich mit einer ROAA von 1,36% und einer ROAE von 13,87% im zweiten Quartal 2025. Die Effizienzquote des Unternehmens verbesserte sich auf 53,92%, während die Nettomarge auf 3,69% anstieg. Zu den bemerkenswerten Erfolgen zählen eine Dividendensteigerung von 50,6% im Jahresvergleich sowie die erfolgreiche Integration der im Juli 2024 abgeschlossenen Fusion mit FNCB Bancorp.

Im Juni 2025 führte PFIS eine strategische Umschuldung durch, indem 33,0 Millionen US-Dollar an nachrangigen Anleihen eingelöst und 85,0 Millionen US-Dollar neue nachrangige Anleihen mit einem festen auf variablen Zinssatz von 7,75% bis 2035 ausgegeben wurden.

Positive
  • Net income increased to $17.0 million in Q2 2025, up from $15.0 million in Q1 2025
  • Significant H1 2025 net income growth to $32.0 million from $6.7 million in H1 2024
  • Dividend increased 50.6% year-over-year to $0.6175 per share
  • Net interest margin improved to 3.69%, up 19 basis points from Q1 2025
  • Efficiency ratio improved to 53.92% from 75.14% year-over-year
  • Cost of total deposits decreased to 1.91%, down 5 basis points from Q1 2025
Negative
  • Higher borrowing costs with total borrowing cost increasing 50 basis points to 5.68%
  • Average interest-bearing liabilities decreased by $22.1 million quarter-over-quarter
  • Increased subordinated debt costs with average cost rising to 7.40% from 5.44% in Q1 2025

Insights

PFIS reports strong Q2 results with significantly improved profitability metrics following successful FNCB merger integration.

Peoples Financial Services has delivered exceptionally strong Q2 2025 results, with net income reaching $17.0 million ($1.68 per diluted share), up from $15.0 million ($1.49 per diluted share) in Q1 2025. The company's performance metrics show remarkable improvement, with annualized ROAA expanding to 1.36% and ROAE reaching 13.87%, compared to 1.22% and 12.70% in the previous quarter.

The first-half 2025 results are even more impressive when compared to 2024, with net income surging to $32.0 million ($3.18 per diluted share) versus just $6.7 million ($0.95 per diluted share) in H1 2024. This 377% year-over-year increase demonstrates the transformative impact of the FNCB Bancorp merger completed in July 2024.

The improvement in net interest margin (NIM) to 3.69% from 3.50% in Q1 is particularly notable, with $4.0 million of purchase accounting accretion contributing 35 basis points to the margin. This helped drive a 6.6% increase in tax-equivalent net interest income to $42.9 million.

Deposit costs are showing positive trends, with total deposit costs declining 5 basis points to 1.91%. The bank managed to grow noninterest-bearing deposits, which now represent 21.0% of total deposits, up from 20.3% in Q1. This favorable deposit mix shift helps mitigate funding pressures.

Asset quality appears strong, with the bank actually recording a $0.2 million credit to loan loss provisions this quarter, compared to a $0.2 million provision expense in Q1. The allowance for credit losses stands at 1.02% of loans, indicating stable credit quality.

The bank demonstrated prudent capital management by calling $33.0 million of subordinated notes that had repriced to 9.08% and issuing $85.0 million of new subordinated notes at 7.75%, thereby increasing capital while reducing the interest rate on its debt.

The efficiency ratio improved to 53.92% from 55.77% in Q1 and 75.14% a year ago, reflecting successful cost synergies from the merger. Book value per share increased to $49.44 from $48.21 in Q1, indicating continued value creation for shareholders.

The quarterly dividend of $0.6175 per share represents a 50.6% increase over the year-ago period, signaling management's confidence in sustainable earnings growth and commitment to shareholder returns.

DUNMORE, Pa., July 31, 2025 /PRNewswire/ -- Peoples Financial Services Corp. ("Peoples" or the "Company") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company (the "Bank"), today reported unaudited financial results at and for the three and six months ended June 30, 2025.  

Peoples reported net income of $17.0 million, or $1.68 per diluted share for the three months ended June 30, 2025, compared to net income of $15.0 million, or $1.49 per diluted share for the three months ended March 31, 2025.  Return on average assets ("ROAA") and return on average equity ("ROAE") for the three months ended June 30, 2025 was 1.36% and 13.87% on an annualized basis compared to 1.22% and 12.70% for the three months ended March 31, 2025. Net income on a linked-quarter basis, increased primarily due to higher net interest income and a lower provision for credit losses.

For the six months ended June 30, 2025, net income was $32.0 million, or $3.18 per diluted share, compared to $6.7 million, or $0.95 per diluted share for the comparable period of 2024. The increase in net income for the current period of $25.3 million was due primarily to higher net interest income and noninterest income, and a lower provision for credit losses which more than offset an increase in noninterest expenses.  On July 1, 2024, the Company completed its merger with FNCB Bancorp, Inc. ("FNCB," such merger the "FNCB merger").  Higher levels of interest-earning assets, higher transaction volumes and purchase accounting related accretion resulting from the FNCB merger resulted in the increase in net interest income and noninterest income when compared to the prior year period.

Gerard A. Champi, Chief Executive Officer, stated, "One year ago, we merged with FNCB Bancorp, Inc. with the belief that together, we would be stronger.  Today, our performance affirms that belief – our net income, earnings per share, net interest margin, efficiency ratio and asset quality all reflect the strength of our combined organization as we continue to build on the synergies and efficiencies of the FNCB merger."

The Company's financial results for any periods ended prior to July 1, 2024, only reflect Peoples results on a stand-alone basis.  As a result of the FNCB merger, the Company's financial results for the three and six months ended June 30, 2025, may not be directly comparable to prior reported periods.

In addition to evaluating its results of operations in accordance with U.S. generally accepted accounting principles ("GAAP"), Peoples routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as tangible stockholders' equity, core net income and pre-provision revenue ratios, and tax-equivalent net interest income and related ratios, among others.  The reported results included in this release contain items, which Peoples considers non-core, namely acquisition related expenses, nonrecurring provisions for non-purchase credit deteriorated ("non-PCD") loans and gain or loss on the sale of securities available for sale.  Peoples believes the reported non-GAAP financial measures provide information useful to investors in understanding its operating performance and trends.  Where non-GAAP disclosures are used in this press release, a reconciliation to the comparable GAAP measure is provided in the accompanying tables.  The non-GAAP financial measures Peoples uses may differ from the non-GAAP financial measures of other financial institutions.

NOTABLES IN THE QUARTER

  • Paid a second quarter dividend of $0.6175 per share, representing an increase of 50.6% over the per share dividend for the quarter ended June 30, 2024 and equal to the per share dividend for the quarter ended March 31, 2025.
  • Allowance for credit losses to loans was 1.02% at June 30, 2025, compared to 1.03% at March 31, 2025 and 1.05% at December 31, 2024.
  • ROAA for the three months ended June 30, 2025 was 13.87% on an annualized basis compared to 12.70% for the three months ended March 31, 2025 and 3.87% for the three months ended June 30, 2024.
  • ROAE for the three months ended June 30, 2025 was 1.36% on an annualized basis compared to 1.22% for the three months ended March 31, 2025 and 0.37% for the three months ended June 30, 2024.
  • The efficiency ratio1, a non-GAAP measure, was 53.92% for the three months ended June 30, 2025, compared to 55.77% for the three months ended March 31, 2025 and 75.14% for the three months ended June 30, 2024.
  • Book value per common share at June 30, 2025 was $49.44 compared to $48.21 and $48.29 at March 31, 2025 and June 30, 2024, respectively.
  • Tangible book value per common share1, a non-GAAP measure, was $38.75 at June 30, 2025 compared to $37.35 and $39.31 at March 31, 2025 and June 30, 2024, respectively.
  • In June 2025, the Company called and redeemed $33.0 million of its subordinated notes due in June 2030 that repriced to 9.08% and issued $85.0 million in aggregate principal amount of 7.75% fixed-to-floating rate subordinated notes due June 2035 at a price equal to 100% of the principal amount.

INCOME STATEMENT REVIEW

  • Net interest margin ("NIM"), calculated on a fully taxable equivalent ("FTE") basis, a non-GAAP measure1, for the three months ended June 30, 2025 was 3.69%, an increase of 19 basis points compared to 3.50% for the three months ended March 31, 2025. The net accretion impact of purchase accounting marks was $4.0 million and $3.7 million of net interest income in each period, which represented 35 basis points and 32 basis points of NIM for the three months ended June 30, 2025 and March 31, 2025, respectively.
  • The tax-equivalent yield on interest-earning assets, a non-GAAP measure1, increased 18 basis point to 5.68% during the three months ended June 30, 2025 from 5.50% during the three months ended March 31, 2025.
  • The cost of funds, which represents the average rate paid on total interest-bearing liabilities, increased 2 basis points to 2.60% for the three months ended June 30, 2025 when compared to 2.58% during the three months ended March 31, 2025.
  • The cost of interest-bearing deposits decreased 5 basis points during the three months ended June 30, 2025 to 2.41% from 2.46% in the three months ended March 31, 2025.
  • The cost of total deposits, which includes the impact of noninterest-bearing deposits was 1.91% for the three months ended June 30, 2025, a decrease of 5 basis points from 1.96% for the three months ended March 31, 2025.
  • The cost of total borrowings for the three months ended June 30, 2025 was 5.68%, an increase of 50 basis points from 5.18% for the three months ended March 31, 2025 due in part to the issuance during the quarter of $85.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due June 2035 at an initial fixed rate through June 2030 of 7.75%.

Second Quarter 2025 Results – Comparison to First Quarter 2025

Net interest income for the three months ended June 30, 2025 increased $2.7 million to $42.2 million from $39.5 million for the three months ended March 31, 2025.  FTE net interest income, a non-GAAP measure1, for the three months ended June 30, 2025 increased $2.7 million or 6.6% to $42.9 million from $40.2 million for the three months ended March 31, 2025.  The increase in FTE net interest income was due to a $2.9 million increase in tax-equivalent interest income that was partially offset by a $0.2 million increase in interest expense.

Higher interest income resulted from loan and investment cash flow repricing at higher rates, an increase to the volume of interest-earning assets, higher loan accretion from the loans acquired in the FNCB merger, and accelerated investment accretion from corporate bond redemptions. Average loans, net, increased $11.4 million for the three months ended June 30, 2025 compared to the prior three month period ended March 31, 2025.  Average investments totaled $627.3 million in the three months ended June 30, 2025 and $643.0 million in the three months ended March 31, 2025, a decrease of $15.7 million.  Average federal funds sold increased $13.1 million to $39.1 million for the three months ended June 30, 2025 from $26.0 million for the three months ended March 31, 2025.  

The increase in interest expense, comparing the three months ended June 30, 2025 and March 31, 2025, was due primarily to an increase in borrowing costs, which were partially offset by lower deposit costs.  The Company's cost of borrowings increased 50 basis points to 5.68% for the three months ended June 30, 2025 compared to 5.18% for the three months ended March 31, 2025. The total cost of deposits decreased 5 basis points to 1.91% during the three months ended June 30, 2025 compared to 1.96% for the prior quarter.  The cost of interest-bearing deposits decreased 5 basis points to 2.41% from 2.46% in the prior quarter.

Average interest-bearing liabilities decreased $22.1 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025.  Average interest-bearing deposits decreased $63.4 million and represented 79.0% of total average deposits for the three months ended June 30, 2025 as compared to 79.7% for the three months ended March 31, 2025.  Average noninterest-bearing deposits increased $22.2 million and represented 21.0% of total average deposits in the three months ended June 30, 2025 as compared to 20.3% in the three months ended March 31, 2025.  Short-term borrowings averaged $35.6 million for the three month period ended June 30, 2025 at an average cost of 4.62% compared to $20.2 million at an average cost of 4.52% during the three months ended March 31, 2025.  Long-term debt averaged $101.1 million for the three month period ended June 30, 2025 at an average cost of 4.81% compared to $97.8 million at an average cost of 4.88% for the three months ended March 31, 2025. Subordinated debt averaged $55.6 million for the three month period ended June 30, 2025 at an average cost of 7.40% compared to $33.0 million at an average cost of 5.44% for the three months ended March 31, 2025.

For the three months ended June 30, 2025, $0.2 million was credited to the provision for credit losses compared to an expense of $0.2 million in the prior quarter.  The provision for the second quarter of 2025 declined from the previous quarter due mainly to the Bank reporting net recoveries for the quarter and a reduction in specific reserves on individually evaluated loans associated with a reduction in nonperforming loans.  This was offset by an increase in pooled loan reserves for the Company's equipment financing loans, resulting from the model loss rate increasing due to changes in loan delinquencies, charge-offs and risk rating migration along with an increase in qualitative factor reserve requirements.

Noninterest income was $6.2 million and $6.3 million for the three months ended June 30, 2025 and March 31, 2025, respectively.  Quarterly changes in noninterest income included increased merchant servicing income, higher swap origination revenue, net gains on equity investments and recovery of a pre-merger loss.  The prior quarter included a $0.7 million gain on the sale of the Company's former corporate headquarters in Scranton, PA.

Noninterest expense increased $0.9 million to $28.3 million for the three months ended June 30, 2025, from $27.4 million for the three months ended March 31, 2025. Salaries and employee benefits were $0.3 million higher due to the accrual of year-end cash incentives, offset in part by lower payroll taxes and retirement benefits expenses.  Net occupancy and equipment expense decreased $0.3 million from the prior quarter which included seasonal snow removal and higher utility expenses.  Other expenses increased $1.1 million to $5.5 million for the second quarter of 2025 from $4.4 million for the prior quarter, which included a $0.4 million increase in account processing expenses, $0.3 million increase in legal and professional fees expense and $0.2 million expense for the reserve on off balance sheet commitments.

Income tax expense was $3.5 million for the three months ended June 30, 2025, compared to $3.2 million for the three months ended March 31, 2025.  The effective tax rate was 17.0% and 17.8% for the three months ended June 30, 2025 and March 31, 2025, respectively.  The quarter's lower tax rate was due to the impact of tax-exempt income and bank owned life insurance (BOLI) income, combined with an increase in low income housing tax credits.  

Six-Month Results – Comparison to Prior Year First Six Months

Net interest income for the six months ended June 30, 2025 increased $43.5 million to $81.7 million from $38.2 million for the six months ended June 30, 2024. FTE net interest income, a non-GAAP measure1, for the six months ended June 30, 2025 increased $44.0 million to $83.2 million from $39.2 million for the six months ended June 30, 2024. 

Tax-equivalent interest income, a non-GAAP measure1, increased $50.9 million to $129.2 million due to higher levels of interest-earning assets such as loans and investments and an additional $8.5 million from accretion of purchase accounting marks on loans. Average loans increased $1.1 billion and average investments increased $103.4 million comparing the six months ended  June 30, 2025 and 2024, primarily due to assets the Company acquired in the FNCB merger.  The tax-equivalent yield on interest-earning assets was 5.59% for the first six months of 2025 compared to 4.57% for the six months ended June 30, 2024.  Loan yields increased 92 basis points to 5.99% while investment yields increased 132 basis point to 3.12% for the six months ended June 30, 2025. 

The cost of interest-bearing liabilities during the six-month period ended June 30, 2025 decreased 40 basis points to 2.59% from 2.99% for the six months ended June 30, 2024 as the cost of interest-bearing deposit products and short-term borrowing costs decreased. Partially offsetting these declines were increases to long-term borrowings, subordinated debt and junior subordinated debt. On June 6, 2025, the Company issued $85 million in aggregate principal amount of 7.75% fixed-to-floating rate subordinated notes due June 2035 and subsequently on June 30 redeemed all $33 million of its June 2020 issuance of subordinated debt that repriced at 9.08% on June 1, 2025.

For the six months ended June 30, 2025, a credit to the provision for credit losses of $39 thousand was recorded compared to a prior year provision of $1.3 million. The decrease was due to a reduction in specific reserves on individually evaluated loans associated with a reduction in nonperforming loans along with a decline in the overall model loss rate due primarily to a significant reduction on balances of existing loans in various segments offset somewhat by an overall increase in qualitative factors due mainly to changing loan balances.

Noninterest income was $12.5 million for the six months ended June 30, 2025 and $6.9 million for the comparable period ended June 30, 2024.  These increases were attributable to the increased size and scale of the Company following the merger. During the period, service charges and fees increased $3.2 million, a $0.7 million gain on the sale of fixed assets due to the sale of the Company's former corporate headquarters located in Scranton, PA was recorded, wealth management income increased $0.5 million, BOLI cash surrender value increased $0.5 million and merchant services income increased $0.4 million.

Noninterest expense for the six months ended June 30, 2025 was $55.6 million, an increase of $19.4 million from $36.2 million for the six months ended June 30, 2024. Almost all noninterest expense line items increased as a result of the FNCB merger and the expanded operations of the newly combined Company. Salaries and employee benefits expenses increased $10.0 million compared to the year ago period due to the addition of 195 full time equivalent employees from the FNCB merger.  Occupancy and equipment expenses were higher by $3.6 million in the current period due to increased technology costs related to system integration and increased account and transaction volumes, and higher facilities costs. Amortization of intangible assets totaled $3.4 million for the six months ended June 30, 2025.  There was no amortization expense recorded for the comparable period of 2024.

The provision for income taxes for the six months ended June 30, 2025 totaled $6.7 million and the effective tax rate was 17.3% as compared to $0.9 million and 11.80% in the prior period.  

BALANCE SHEET REVIEW

At June 30, 2025, total assets, loans, and deposits were $5.1 billion, $4.0 billion, and $4.3 billion, respectively.

Total loans increased $4.0 million during the first six months to $4.0 billion at June 30, 2025.  Increases in commercial loans, residential real estate loans and equipment financing loans, were partially offset by reductions in commercial real estate, indirect auto, and other consumer loans.

Total investments were $582.8 million at June 30, 2025, compared to $606.9 million at December 31, 2024.  At June 30, 2025, the available for sale securities totaled $505.2 million and the held to maturity securities totaled $75.1 million.  The unrealized loss on the available for sale securities decreased $7.5 million from $49.0 million at December 31, 2024, to $41.5 million at June 30, 2025.  The unrealized losses on the held to maturity portfolio totaled $10.9 million and $13.0 million at June 30, 2025, and December 31, 2024, respectively.

Total deposits decreased $120.2 million to $4.3 billion at June 30, 2025, due primarily to seasonal outflows of non-maturity deposits and reductions in brokered CDs.  Noninterest-bearing deposits decreased $35.9 million to $899.6 million at June 30, 2025 from $935.5 million at December 31, 2025 and interest-bearing deposits decreased $84.3 million to $3.4 billion at June 30, 2025. Additionally, the Company had $198.0 million and $256.4 million of longer-term brokered CDs at June 30, 2025, and December 31, 2024, respectively. During the six months ended June 30, 2025 $119.0 million in higher rate brokered CDs were called and replaced with lower cost brokered CDs. 

The Company's deposit base consisted of 42.0% retail accounts, 37.2% commercial accounts, 16.2% municipal relationships and 4.6% brokered deposits at June 30, 2025.  At June 30, 2025, total estimated uninsured deposits were $1.3 billion, or approximately 30.7% of total deposits.  Included in the uninsured total at June 30, 2025, were $513.6 million of municipal deposits collateralized by letters of credit issued by the FHLB and pledged investment securities, and $2.0 million of affiliate company deposits. 

In addition to deposit gathering and current long-term debt, the Company has additional sources of liquidity available such as cash and cash equivalents, overnight borrowings from the FHLB, the Federal Reserve's Discount Window, correspondent bank lines of credit, brokered deposit capacity and unencumbered securities.  At June 30, 2025, available borrowing capacity totaled $1.1 billion at the FHLB and $426.8 million at the Federal Reserve's Discount Window.  At June 30, 2025, the Company had $175.7 million in cash and cash equivalents, an increase of $39.8 million from $135.9 million at December 31, 2024.  For additional information on the deposit portfolio and additional sources of liquidity, see the tables on page 15.

The Company maintained its well capitalized position at June 30, 2025.  Stockholders' equity equaled $494.1 million or $49.44 per share at June 30, 2025, compared to $469.0 million or $46.94 per share at December 31, 2024.  The increase in stockholders' equity from December 31, 2024, is primarily attributable to net income less dividends to shareholders and a $5.7 million decrease to accumulated other comprehensive loss ("AOCL") resulting from a reduction in the unrealized loss on available for sale securities.  The net after tax unrealized loss on available for sale securities included in AOCL at June 30, 2025, and December 31, 2024, was $32.5 million and $38.3 million, respectively.

Tangible book value1, a non-GAAP measure, increased to $38.75 per share at June 30, 2025, from $35.88 per share at December 31, 2024.  Dividends declared for the six months ended June 30, 2025 amounted to $1.235 per share.  

ASSET QUALITY REVIEW

Nonperforming assets, which include nonperforming loans, loans past due 90 days or more and still accruing, and foreclosed assets, were $17.4 million or 0.44% of loans, net, and foreclosed assets at June 30, 2025, compared to $23.0 million or 0.58% of loans, net, and foreclosed assets at December 31, 2024.  As a percentage of total assets, nonperforming assets were 0.34% at June 30, 2025, compared to 0.45% at December 31, 2024.  At June 30, 2025, the Company had no foreclosed property compared to one foreclosed property recorded at $27 thousand at December 31, 2024.

During the six months ended June 30, 2025, net charge-offs totaled $0.8 million and the credit to the provision for credit losses was $39 thousand.  During the three months ended June 30, 2025, net recoveries were $0.1 million and the credit to the provision for credit losses was $0.2 million.  The allowance for credit losses equaled $40.9 million or 1.02% of loans, net, at June 30, 2025, compared to $41.8 million or 1.05% of loans, net, at December 31, 2024.

____________________

1

See reconciliation of non-GAAP financial measures on pg.17-19.

About Peoples:

Peoples Financial Services Corp. is the bank holding company of Peoples Security Bank and Trust Company, an independent community bank serving its retail and commercial customers through 39 full-service community banking offices located within Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York.  Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations, and government entities.  Peoples' business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, and local and timely decision making.  For more information visit psbt.com.

Safe Harbor Forward-Looking Statements:

We make statements in this press release, and we may from time to time make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting Peoples Financial Services Corp. and its subsidiaries (collectively, "Peoples") and other statements that are not historical facts that are considered "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, Peoples claims the protection of the statutory safe harbors for forward-looking statements.

Peoples cautions you that undue reliance should not be placed on forward-looking statements and that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: macroeconomic trends, including interest rates and inflation and their effect on our investment values; the effects of any recession in the United States; the impact on financial markets from geopolitical conflict, including from wars, military conflict or trade policies, including tariffs, retaliatory tariffs, tariff counter-measures, or the threat of such actions; impairment charges relating to our investment portfolio; credit risks in connection with our lending activities; the economic health of our market area; our exposure to commercial and industrial, construction, commercial real estate, and equipment finance loans; our ability to maintain an adequate allowance for credit losses; access to liquidity; the strength of our customer deposit levels; unrealized losses; reliance on our subsidiaries; accounting procedures, policies and requirements; changes in the value of goodwill; future pension plan costs; our ability to retain key personnel; the strength of our disclosure controls and procedures; environmental liabilities; reliance on third-party vendors and service providers; competition from non-bank entities; the development and us of AI in business processes, services, and products; our ability to prevent, detect and respond to cybersecurity threats and incidents; a failure of information technology, whether due to a breach, cybersecurity incident, or ability to keep pace with growth and developments; our ability to comply with privacy and data protection requirements; changes in U.S. or regional economic conditions; our ability to compete effectively in our industry; the soundness of other financial institutions; adverse changes (or the threat of such changes) in laws and regulations; fiscal and monetary policies of the federal government and its agencies; a failure to meet minimum capital requirements; our ability to realize the anticipated benefits of the FNCB merger; future acquisitions or a change in control; and other factors that may be described in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.

The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Peoples assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

[TABULAR MATERIAL FOLLOWS] 

Summary Data

Peoples Financial Services Corp.

Five Quarter Trend (Unaudited)

(In thousands, except share and per share data)





















June 30


Mar 31


Dec 31


Sept 30


June 30




2025


2025


2024


2024


2024


Key performance data:

















Share and per share amounts:

















Net income (loss)


$

1.68


$

1.49


$

0.61


$

(0.43)


$

0.46


Core net income (1)


$

1.69


$

1.51


$

0.99


$

1.64


$

0.59


Core net income (PPNR) (1)


$

2.03


$

1.83


$

1.46


$

1.83


$

0.73


Cash dividends declared


$

0.62


$

0.62


$

0.62


$

0.62


$

0.41


Book value


$

49.44


$

48.21


$

46.94


$

47.53


$

48.29


Tangible book value (1)


$

38.75


$

37.35


$

35.88


$

36.24


$

39.31


Market value:

















High


$

51.21


$

53.70


$

58.76


$

50.49


$

46.25


Low


$

40.67


$

44.47


$

44.73


$

41.44


$

36.26


Closing


$

49.37


$

44.47


$

51.18


$

46.88


$

45.54


Market capitalization


$

493,438


$

444,499


$

511,325


$

468,549


$

321,388


Common shares outstanding



9,994,696



9,995,483



9,990,724



9,994,648



7,057,258


Selected ratios:

















Return on average stockholders' equity



13.87

%


12.70

%


5.07

%


(3.58)

%


3.87

%

Core return on average stockholders' equity (1)



13.92

%


12.80

%


8.31

%


13.61

%


5.00

%

Return on average tangible stockholders' equity (1)



17.73

%


16.46

%


6.62

%


(4.67)

%


4.76

%

Core return on average tangible stockholders' equity (1)



17.79

%


16.59

%


10.87

%


17.77

%


6.14

%

Return on average assets



1.36

%


1.22

%


0.47

%


(0.33)

%


0.37

%

Core return on average assets (1)



1.36

%


1.23

%


0.76

%


1.24

%


0.47

%

Stockholders' equity to total assets



9.67

%


9.64

%


9.21

%


8.86

%


9.42

%

Efficiency ratio (1)(2)



53.92

%


55.77

%


63.03

%


53.14

%


74.54

%

Nonperforming assets to loans, net, and foreclosed assets



0.44

%


0.59

%


0.58

%


0.53

%


0.25

%

Nonperforming assets to total assets



0.34

%


0.47

%


0.45

%


0.41

%


0.20

%

Net charge-offs to average loans, net



0.00

%


0.09

%


0.09

%


0.01

%


0.01

%

Allowance for credit losses to loans, net



1.02

%


1.03

%


1.05

%


0.97

%


0.81

%

Interest-bearing assets yield (FTE) (3)



5.68

%


5.50

%


5.51

%


5.63

%


4.58

%

Cost of funds



2.60

%


2.58

%


2.88

%


3.04

%


3.01

%

Net interest spread (FTE) (3)



3.08

%


2.92

%


2.62

%


2.59

%


1.57

%

Net interest margin (FTE) (1)(3)



3.69

%


3.50

%


3.25

%


3.26

%


2.29

%



(1)

See Reconciliation of Non-GAAP financial measures on pages 17-19.

(2)

Total noninterest expense less amortization of intangible assets and acquisition related expenses, divided by tax-equivalent net interest income and noninterest income less net gains (losses) on investment securities available for sale and net gains (losses) on sales of fixed assets.

(3)

Tax-equivalent adjustments were calculated using the federal statutory tax rate prevailing during the indicated periods of 21%.

 

Peoples Financial Services Corp.

Consolidated Statements of Income (Unaudited)

(In thousands, except per share data)











June 30


June 30

Six months ended


2025


2024

Interest income:







Interest and fees on loans:







Taxable


$

112,671


$

68,447

Tax-exempt



4,547



2,817

Interest and dividends on investment securities:







Taxable



8,738



3,822

Tax-exempt



795



742

Dividends



81



4

Interest on interest-bearing deposits in other banks



209



235

Interest on federal funds sold



720



1,306

Total interest income



127,761



77,373

Interest expense:







Interest on deposits



41,150



36,818

Interest on short-term borrowings



635



895

Interest on long-term debt



2,388



539

Interest on subordinated debt



1,469



887

Interest on junior subordinated debt



374




Total interest expense



46,016



39,139

Net interest income



81,745



38,234

(Credit to) provision for credit losses



(39)



1,304

Net interest income after (credit to) provision for credit losses



81,784



36,930

Noninterest income:







Service charges, fees, commissions and other



7,068



3,921

Merchant services income



815



375

Commissions and fees on fiduciary activities



1,100



1,068

Wealth management income



1,269



777

Mortgage banking income



239



179

Increase in cash surrender value of life insurance



1,061



565

Interest rate swap income



207



78

Net gains (losses) on equity investments



64



(20)

Net gains on sale of fixed assets



680



4

Total noninterest income



12,503



6,947

Noninterest expense:







Salaries and employee benefits expense



27,242



17,289

Net occupancy and equipment expense



12,894



9,305

Acquisition related expenses



220



1,557

Amortization of intangible assets



3,367




FDIC insurance and assessments



1,998



1,098

Other expenses



9,894



6,981

Total noninterest expense



55,615



36,230

Income before income taxes



38,672



7,647

Provision for income tax expense



6,707



899

Net income


$

31,965


$

6,748

Other comprehensive income:







Unrealized gains (losses) on investment securities available for sale


$

7,431


$

(2,423)

Change in derivative fair value



(132)



1,239

Income tax expense (benefit) related to other comprehensive income (loss)



1,592



(260)

Other comprehensive income (loss), net of income tax expense (benefit)



5,707



(924)

Comprehensive income


$

37,672


$

5,824

Share and per share amounts:







Net income - basic


$

3.20


$

0.96

Net income - diluted



3.18



0.95

Cash dividends declared


$

1.24


$

0.82

Average common shares outstanding - basic



9,993,944



7,055,085

Average common shares outstanding - diluted



10,062,831



7,108,113

 

Peoples Financial Services Corp.

Consolidated Statements of Income (Loss) (Unaudited)

(In thousands, except per share data)




















June 30


Mar 31


Dec 31


Sept 30


June 30

Three months ended


2025


2025


2024


2024


2024

Interest income:
















Interest and fees on loans:
















Taxable


$

57,459


$

55,212


$

57,048


$

59,412


$

34,406

Tax-exempt



2,302



2,245



2,238



2,299



1,399

Interest and dividends on investment securities:
















Taxable



4,604



4,134



4,359



4,732



1,904

Tax-exempt



399



396



397



411



371

Dividends



40



41



40



62



2

Interest on interest-bearing deposits in other banks



96



113



113



150



115

Interest on federal funds sold



435



285



1,608



1,218



179

Total interest income



65,335



62,426



65,803



68,284



38,376

Interest expense:
















Interest on deposits



20,303



20,847



24,718



26,398



18,114

Interest on short-term borrowings



410



225



474



550



633

Interest on long-term debt



1,211



1,177



1,389



1,389



269

Interest on subordinated debt



1,026



443



444



443



444

Interest on junior subordinated debt



188



186



267



260




Total interest expense



23,138



22,878



27,292



29,040



19,460

Net interest income



42,197



39,548



38,511



39,244



18,916

(Credit to) provision for credit losses



(239)



200



3,369



14,458



596

Net interest income after (credit to) provision for credit
losses



42,436



39,348



35,142



24,786



18,320

Noninterest income:
















Service charges, fees, commissions and other



3,664



3,404



3,368



3,384



1,885

Merchant services income



584



231



298



223



260

Commissions and fees on fiduciary activities



563



537



553



649



517

Wealth management income



619



650



633



708



416

Mortgage banking income



125



114



126



84



87

Increase in cash surrender value of life insurance



535



526



456



551



286

Interest rate swap income (loss)



164



43



260



(53)



102

Net (losses) gains on equity investments



(7)



71



(23)



175



(12)

Net gains on sale of investment securities available for sale












1




Net gains (losses) on sale of fixed assets






680



(165)



(3)



13

Total noninterest income



6,247



6,256



5,506



5,719



3,554

Noninterest expense:
















Salaries and employee benefits expense



13,761



13,481



15,287



13,170



8,450

Net occupancy and equipment expense



6,284



6,610



6,386



6,433



4,589

Acquisition related expenses



66



154



4,990



9,653



1,071

Amortization of intangible assets



1,684



1,683



1,702



1,665




FDIC insurance and assessments



976



1,022



1,251



809



504

Other expenses



5,491



4,403



5,217



3,769



3,557

Total noninterest expense



28,262



27,353



34,833



35,499



18,171

Income (loss) before income taxes



20,421



18,251



5,815



(4,994)



3,703

Income tax expense (benefit)



3,465



3,242



(272)



(657)



421

Net income (loss)


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282

Other comprehensive income (loss):
















Unrealized gain (loss) on investment securities available for sale


$

1,859


$

5,572


$

(10,175)


$

15,167


$

18

Reclassification adjustment for gains on available for sale securities
included in net income












(1)




Change in benefit plan liabilities









1,518







Change in derivative fair value



16



(148)



817



(1,424)



160

Income tax expense (benefit) related to other comprehensive (loss)
income



409



1,183



(1,686)



3,008



38

Other comprehensive income (loss), net of income tax
expense (benefit)



1,466



4,241



(6,154)



10,734



140

Comprehensive income (loss)


$

18,422


$

19,250


$

(67)


$

6,397


$

3,422

Share and per share amounts:
















Net income - basic


$

1.70


$

1.50


$

0.61


$

(0.43)


$

0.47

Net income - diluted



1.68



1.49



0.61



(0.43)



0.46

Cash dividends declared


$

0.62


$

0.62


$

0.62


$

0.62


$

0.41

Average common shares outstanding - basic



9,994,955



9,992,922



9,994,605



9,987,627



7,057,258

Average common shares outstanding - diluted



10,082,260



10,043,186



10,051,337



10,044,449



7,114,115

 

Peoples Financial Services Corp.

Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)






















Three Months Ended




June 30, 2025



June 30, 2024




Average


Interest Income/


Yield/



Average


Interest Income/


Yield/




Balance  


Expense


Rate  



Balance  


Expense


Rate  


Assets:



















Earning assets:



















Loans:



















Taxable


$

3,707,650


$

57,459


6.22

%


$

2,637,164


$

34,406


5.25

%

Tax-exempt



282,406



2,914


4.14




222,655



1,771


3.20


Total loans



3,990,056



60,373


6.07




2,859,819



36,177


5.09


Investments:



















Taxable



540,424



4,644


3.45




443,146



1,906


1.73


Tax-exempt



86,899



505


2.33




86,418



470


2.19


Total investments



627,323



5,149


3.29




529,564



2,376


1.80


Interest-bearing deposits



9,186



96


4.19




8,763



115


5.28


Federal funds sold



39,084



435


4.46




12,672



179


5.68


Total earning assets



4,665,649



66,053


5.68

%



3,410,818



38,847


4.58

%

Less: allowance for credit losses



41,837









23,046







Other assets



390,522









221,294







Total assets


$

5,014,334


$

66,053





$

3,609,066


$

38,847




Liabilities and Stockholders' Equity:



















Interest-bearing liabilities:



















Money market accounts


$

708,585


$

6,992


3.96

%


$

714,669


$

6,749


3.80

%

Interest-bearing demand and NOW
accounts



1,406,998



5,882


1.68




729,196



4,400


2.43


Savings accounts



501,975



376


0.30




408,883



280


0.28


Time deposits less than $100



404,142



3,991


3.96




403,069



3,964


3.96


Time deposits $100 or more



352,216



3,062


3.49




240,481



2,721


4.55


Total interest-bearing
deposits



3,373,916



20,303


2.41




2,496,298



18,114


2.92


Short-term borrowings



35,587



410


4.62




45,383



633


5.61


Long-term debt



101,066



1,211


4.81




25,000



269


4.33


Subordinated debt



55,622



1,026


7.40




33,000



444


5.41


Junior subordinated debt



8,075



188


9.34











Total borrowings



200,350



2,835


5.68




103,383



1,346


5.24


Total interest-bearing
liabilities



3,574,266



23,138


2.60

%



2,599,681



19,460


3.01

%

Noninterest-bearing deposits



897,212









620,256







Other liabilities



52,608









48,630







Stockholders' equity



490,248









340,499







Total liabilities and
stockholders' equity


$

5,014,334








$

3,609,066







Net interest income/spread





$

42,915


3.08

%





$

19,387


1.57

%

Net interest margin








3.69

%








2.29

%

Tax-equivalent adjustments:



















Loans





$

612








$

372




Investments






106









99




Total adjustments





$

718








$

471




The average balances of assets and liabilities, corresponding interest income and expense and resulting average yields or rates paid are summarized as follows. Averages for earning assets include nonaccrual loans. Investment averages include available for sale securities at amortized cost. Income on investment securities and loans is adjusted to a tax-equivalent basis using the prevailing federal statutory tax rate of 21%.

Peoples Financial Services Corp.

Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)






















Six Months Ended




June 30, 2025


June 30, 2024




Average


Interest Income/


Yield/


Average


Interest Income/


Yield/




Balance  


Expense


Rate  


Balance  


Expense


Rate  


Assets:


















Earning assets:


















Loans:


















Taxable


$

3,702,911


$

112,671


6.14

%

$

2,634,859


$

68,447


5.22

%

Tax-exempt



281,486



5,756


4.12



223,974



3,566


3.20


Total loans



3,984,397



118,427


5.99



2,858,833



72,013


5.07


Investments:


















Taxable



548,124



8,819


3.24



445,071



3,826


1.73


Tax-exempt



86,985



1,006


2.33



86,641



939


2.18


Total investments



635,109



9,825


3.12



531,712



4,765


1.80


Interest-bearing deposits



10,186



209


4.14



8,894



235


5.31


Federal funds sold



32,568



720


4.46



46,813



1,306


5.61


Total earning assets



4,662,260



129,181


5.59

%


3,446,252



78,319


4.57

%

Less: allowance for credit losses



41,960








22,668







Other assets



391,221








219,324







Total assets


$

5,011,521


$

129,181




$

3,642,908


$

78,319




Liabilities and Stockholders' Equity:


















Interest-bearing liabilities:


















Money market accounts


$

698,111


$

13,562


3.92

%

$

734,779


$

13,884


3.80

%

Interest-bearing demand and NOW
accounts



1,435,943



12,298


1.73



756,827



9,237


2.45


Savings accounts



500,392



737


0.30



415,849



555


0.27


Time deposits less than $100



414,197



8,219


4.00



406,131



8,301


4.11


Time deposits $100 or more



356,817



6,334


3.58



231,470



4,841


4.21


Total interest-bearing
deposits



3,405,460



41,150


2.44



2,545,056



36,818


2.91


Short-term borrowings



27,925



635


4.59



32,535



895


5.53


Long-term debt



99,426



2,388


4.84



25,000



539


4.34


Subordinated debt



44,373



1,469


6.68



33,000



887


5.41


Junior subordinated debt



8,063



374


9.35










Total borrowings



179,787



4,866


5.46



90,535



2,321


5.16


Total interest-bearing
liabilities



3,585,247



46,016


2.59

%


2,635,591



39,139


2.99

%

Noninterest-bearing deposits



886,193








618,433







Other liabilities



55,298








48,159







Stockholders' equity



484,783








340,725







Total liabilities and
stockholders' equity


$

5,011,521







$

3,642,908







Net interest income/spread





$

83,165


3.00

%




$

39,180


1.58

%

Net interest margin








3.60

%







2.29

%

Tax-equivalent adjustments:


















Loans





$

1,209







$

749




Investments






211








197




Total adjustments





$

1,420







$

946




The average balances of assets and liabilities, corresponding interest income and expense and resulting average yields or rates paid are summarized as follows. Averages for earning assets include nonaccrual loans. Investment averages include available for sale securities at amortized cost. Income on investment securities and loans is adjusted to a tax-equivalent basis using the prevailing federal statutory tax rate of 21%.

Peoples Financial Services Corp.

Details of Net Interest Income and Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)





















June 30


Mar 31


Dec 31


Sept 30


June 30


Three months ended


2025


2025


2024


2024


2024


Net interest income:

















Interest income:

















Loans, net:

















Taxable


$

57,459


$

55,212


$

57,048


$

59,412


$

34,406


Tax-exempt



2,914



2,842



2,834



2,910



1,771


Total loans, net



60,373



58,054



59,882



62,322



36,177


Investments:

















Taxable



4,644



4,175



4,399



4,794



1,906


Tax-exempt



505



501



502



520



470


Total investments



5,149



4,676



4,901



5,314



2,376


Interest on interest-bearing balances in other banks



96



113



113



150



115


Federal funds sold



435



285



1,608



1,218



179


Total interest income



66,053



63,128



66,504



69,004



38,847


Interest expense:

















Deposits



20,303



20,847



24,718



26,398



18,114


Short-term borrowings



410



225



474



550



633


Long-term debt



1,211



1,177



1,389



1,389



269


Subordinated debt



1,026



443



444



443



444


Junior subordinated debt



188



186



267



260





Total interest expense



23,138



22,878



27,292



29,040



19,460


Net interest income


$

42,915


$

40,250


$

39,212


$

39,964


$

19,387


Loans, net:

















Taxable



6.22

%


6.05

%


6.04

%


6.24

%


5.25

%

Tax-exempt



4.14

%


4.11

%


4.05

%


4.16

%


3.20

%

Total loans, net



6.07

%


5.92

%


5.90

%


6.09

%


5.09

%

Investments:

















Taxable



3.45

%


3.05

%


3.23

%


3.12

%


1.73

%

Tax-exempt



2.33

%


2.33

%


2.29

%


2.31

%


2.19

%

Total investments



3.29

%


2.95

%


3.10

%


3.02

%


1.80

%

Interest-bearing balances with banks



4.19

%


4.09

%


4.93

%


5.55

%


5.28

%

Federal funds sold



4.46

%


4.45

%


4.94

%


5.26

%


5.68

%

Total interest-earning assets



5.68

%


5.50

%


5.51

%


5.63

%


4.58

%

Interest expense:

















Deposits



2.41

%


2.46

%


2.75

%


2.91

%


2.92

%

Short-term borrowings



4.62

%


4.52

%


4.80

%


4.98

%


5.61

%

Long-term debt



4.81

%


4.88

%


4.97

%


4.94

%


4.33

%

Subordinated debt



7.40

%


5.44

%


5.35

%


5.34

%


5.41

%

Junior subordinated debt



9.34

%


9.37

%


13.23

%


12.93

%




Total interest-bearing liabilities



2.60

%


2.58

%


2.88

%


3.04

%


3.01

%

Net interest spread



3.08

%


2.92

%


2.62

%


2.59

%


1.57

%

Net interest margin



3.69

%


3.50

%


3.25

%


3.26

%


2.29

%

 

Peoples Financial Services Corp.

Consolidated Balance Sheets (Unaudited)

(In thousands)





















June 30


Mar 31


Dec 31


Sept 30


June 30


At period end


2025


2025


2024


2024


2024


Assets:

















Cash and due from banks


$

60,173


$

60,125


$

47,029


$

97,090


$

41,234


Interest-bearing balances in other banks



9,646



9,196



8,593



10,286



8,722


Federal funds sold



105,920



7,781



80,229



178,093





Investment securities:

















Available for sale



505,181



503,043



526,329



562,486



385,240


Held to maturity



75,137



76,689



78,184



79,861



81,598


Equity investments carried at fair value



2,494



2,500



2,430



3,921



78


Total investments



582,812



582,232



606,943



646,268



466,916


Loans held for sale



547



420






803





Loans



3,997,525



3,991,539



3,993,505



4,069,683



2,869,553


Less: allowance for credit losses



40,890



41,054



41,776



39,341



23,123


Net loans



3,956,635



3,950,485



3,951,729



4,030,342



2,846,430


Goodwill



75,986



75,986



75,986



76,958



63,370


Premises and equipment, net



76,896



72,492



73,283



75,877



58,565


Bank owned life insurance



87,635



87,953



87,429



87,401



49,955


Deferred tax assets



31,647



32,628



35,688



33,078



14,460


Accrued interest receivable



15,854



16,436



15,632



17,979



13,326


Other intangible assets, net



30,778



32,488



34,197



35,907





Other assets



73,350



71,136



74,919



70,056



53,077


Total assets


$

5,107,879


$

4,999,358


$

5,091,657


$

5,360,138


$

3,616,055


Liabilities:

















Deposits:

















Noninterest-bearing


$

899,597


$

901,398


$

935,516


$

927,864


$

620,971


Interest-bearing



3,387,752



3,415,529



3,472,036



3,710,000



2,443,988


Total deposits



4,287,349



4,316,927



4,407,552



4,637,864



3,064,959


Short-term borrowings



76,340



14,840



15,900



37,346



104,250


Long-term debt



103,449



88,403



98,637



111,489



25,000


Subordinated debt



83,164



33,000



33,000



33,000



33,000


Junior subordinated debt



8,088



8,063



8,039



8,015





Accrued interest payable



4,640



5,439



5,503



6,829



5,507


Other liabilities



50,753



50,832



54,076



50,544



42,532


Total liabilities



4,613,783



4,517,504



4,622,707



4,885,087



3,275,248


Stockholders' equity:

















Common stock



20,015



20,014



19,995



19,993



14,122


Capital surplus



250,468



250,488



250,695



250,578



122,449


Retained earnings



258,601



247,806



238,955



239,021



249,511


Accumulated other comprehensive loss



(34,988)



(36,454)



(40,695)



(34,541)



(45,275)


Total stockholders' equity



494,096



481,854



468,950



475,051



340,807


Total liabilities and stockholders'
equity


$

5,107,879


$

4,999,358


$

5,091,657


$

5,360,138


$

3,616,055


 

Peoples Financial Services Corp.

Loan and Asset Quality Data (Unaudited)

(In thousands)






























June 30


Mar 31


Dec 31


Sept 30


June 30

At period end


2025


2025


2024


2024


2024

Commercial
















Taxable


$

595,042


$

570,966


$

556,630


$

616,369


$

411,112

Non-taxable



278,026



282,031



279,390



273,710



220,893

Total



873,068



852,997



836,020



890,079



632,005

Real estate
















Commercial real estate



2,252,574



2,275,241



2,294,113



2,309,588



1,793,652

Residential



573,864



560,067



551,383



550,590



369,671

Total



2,826,438



2,835,308



2,845,496



2,860,178



2,163,323

Consumer
















Indirect Auto



104,618



108,819



117,914



130,380



66,792

Consumer Other



13,929



14,209



14,955



15,580



7,433

Total



118,547



123,028



132,869



145,960



74,225

Equipment Financing



179,472



180,206



179,120



173,466




Total


$

3,997,525


$

3,991,539


$

3,993,505


$

4,069,683


$

2,869,553

 




















June 30


Mar 31


Dec 31


Sept 30


June 30


At quarter end


2025


2025


2024


2024


2024


Nonperforming assets:

















Nonaccrual/restructured loans


$

17,390


$

23,002


$

22,499


$

20,949


$

7,116


Accruing loans past due 90 days or more



72



655



458



569





Foreclosed assets






27



27



27



27


Total nonperforming assets


$

17,462


$

23,684


$

22,984


$

21,545


$

7,143


 





















June 30


Mar 31


Dec 31


Sept 30


June 30

Three months ended



2025


2025


2024


2024


2024

Allowance for credit losses:

















Beginning balance


$

41,054


$

41,776


$

39,341


$

23,123


$

22,597


Merger-related adjustments - Non PCD Loans












14,328





Merger-related adjustments - PCD Loans












1,841





Charge-offs



1,151



1,233



1,108



534



135


Recoveries



1,226



311



174



453



65


(Credit to) provision for credit losses



(239)



200



3,369



130



596


Ending balance


$

40,890


$

41,054


$

41,776


$

39,341


$

23,123


 

Peoples Financial Services Corp.

Deposit and Liquidity Detail (Unaudited)

(In thousands)




















June 30


Mar 31


Dec 31


Sept 30


June 30

At period end


2025


2025


2024


2024


2024

Interest-bearing deposits:
















Money market accounts


$

971,136


$

967,661


$

936,239


$

1,018,575


$

690,631

Interest-bearing demand and NOW accounts



1,200,911



1,177,507



1,238,853



1,229,083



715,890

Savings accounts



500,680



502,851



492,180



509,412



397,827

Time deposits less than $250



543,257



599,127



620,725



824,791



504,879

Time deposits $250 or more



171,768



168,383



184,039



128,139



134,761

Total interest-bearing deposits



3,387,752



3,415,529



3,472,036



3,710,000



2,443,988

Noninterest-bearing deposits



899,597



901,398



935,516



927,864



620,971

Total deposits


$

4,287,349


$

4,316,927


$

4,407,552


$

4,637,864


$

3,064,959

 















June 30, 2025

At period end



Amount


Percent of Total



Number of accounts


Average Balance

Deposit Detail:











Retail


$

1,799,773


42.0

%


95,276

$

19

Commercial



1,592,947


37.2



18,474


86

Municipal



696,601


16.2



2,445


285

Brokered



198,028


4.6



17


11,649

Total Deposits


$

4,287,349


100.0

%


116,212

$

37












Uninsured


$

1,315,345


30.7

%





Insured



2,972,004


69.3




















December 31, 2024

At period end



Amount


Percent of Total



Number of accounts


Average Balance

Deposit Detail:











Retail


$

1,779,729


40.4

%


98,583

$

18

Commercial



1,538,757


34.9



18,675


82

Municipal



832,665


18.9



2,427


343

Brokered



256,401


5.8



28


9,157

Total Deposits


$

4,407,552


100.0

%


119,713

$

37












Uninsured


$

1,381,492


31.3

%





Insured



3,026,060


68.7

















 

















Total Available

At June 30, 2025



Total Available



Outstanding



for Future Liquidity

FHLB advances (1)


$

1,647,028


$

514,902


$

1,132,126

Federal Reserve - Discount Window



426,801






426,801

Correspondent bank lines of credit



18,000






18,000

Other sources of liquidity:










Brokered deposits



766,182



198,028



568,154

Unencumbered securities



174,563






174,563

Total sources of liquidity


$

3,032,574


$

712,930


$

2,319,644



(1)

Outstanding balance of FHLB advances includes letters of credit used to collateralize public fund deposits.

 

Peoples Financial Services Corp.

Consolidated Balance Sheets (Unaudited)

(In thousands)





















June 30


Mar 31


Dec 31


Sept 30


June 30


Average quarterly balances


2025


2025


2024


2024


2024


Assets:

















Loans, net:

















Taxable


$

3,707,650


$

3,698,124


$

3,757,273


$

3,790,138


$

2,637,164


Tax-exempt



282,406



280,555



278,429



278,496



222,655


Total loans, net



3,990,056



3,978,679



4,035,702



4,068,634



2,859,819


Investments:

















Taxable



540,424



555,910



541,526



611,032



443,146


Tax-exempt



86,899



87,072



87,419



89,532



86,418


Total investments



627,323



642,982



628,945



700,564



529,564


Interest-bearing balances with banks



9,186



11,197



9,116



10,820



8,763


Federal funds sold



39,084



25,979



129,517



92,171



12,672


Total interest-earning assets



4,665,649



4,658,837



4,803,280



4,872,189



3,410,818


Other assets



348,685



349,840



400,179



419,005



198,248


Total assets


$

5,014,334


$

5,008,677


$

5,203,459


$

5,291,194


$

3,609,066


Liabilities and stockholders' equity:

















Deposits:

















Interest-bearing


$

3,373,916


$

3,437,355


$

3,573,321


$

3,607,405


$

2,496,298


Noninterest-bearing



897,212



875,053



904,274



908,776



620,256


Total deposits



4,271,128



4,312,408



4,477,595



4,516,181



3,116,554


Short-term borrowings



35,587



20,176



39,319



43,895



45,383


Long-term debt



101,066



97,769



111,135



111,804



25,000


Subordinated debt



55,622



33,000



33,000



33,000



33,000


Junior subordinated debt



8,075



8,050



8,026



8,000





Other liabilities



52,608



58,018



56,445



96,177



48,630


Total liabilities



4,524,086



4,529,421



4,725,520



4,809,057



3,268,567


Stockholders' equity



490,248



479,256



477,939



482,137



340,499


Total liabilities and stockholders'
equity


$

5,014,334


$

5,008,677


$

5,203,459


$

5,291,194


$

3,609,066


 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)




















June 30


Mar 31


Dec 31


Sept 30


June 30


Three months ended


2025


2025


2024


2024


2024


Core net income per share:

















Net income (loss) GAAP


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282


Adjustments:

















Add: ACL provision for FNCB acquired legacy loans












14,328





Less: ACL provision for FNCB acquired legacy loans tax adjustment












1,885





Add: Acquisition related expenses



66



154



4,990



9,653



1,071


Less: Acquisition related expenses tax adjustment



14



34



1,089



1,270



122


Core net income


$

17,008


$

15,129


$

9,988


$

16,489


$

4,231


Average common shares outstanding - diluted



10,082,260



10,043,186



10,051,337



10,044,449



7,114,115


Core net income per diluted share


$

1.69


$

1.51


$

0.99


$

1.64


$

0.59



















Tangible book value:

















Total stockholders' equity


$

494,096


$

481,854


$

468,950


$

475,051


$

340,807


Less: Goodwill



75,986



75,986



76,325



76,958



63,370


Less: Other intangible assets, net



30,778



32,488



34,197



35,907





Total tangible stockholders' equity


$

387,332


$

373,380


$

358,428


$

362,186


$

277,437


Common shares outstanding



9,994,696



9,995,483



9,990,724



9,994,648



7,057,258


Tangible book value per share


$

38.75


$

37.35


$

35.88


$

36.24


$

39.31



















Core return on average stockholders' equity:

















Net income (loss) GAAP


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282


Adjustments:

















Add: ACL provision for FNCB acquired legacy loans












14,328





Less: ACL provision for FNCB acquired legacy loans tax adjustment












1,885





Add: Acquisition related expenses



66



154



4,990



9,653



1,071


Less: Acquisition related expenses tax adjustment



14



34



1,089



1,270



122


Core net income


$

17,008


$

15,129


$

9,988


$

16,489


$

4,231


Average stockholders' equity


$

490,248


$

479,256


$

477,939


$

482,137


$

340,499


Core return on average stockholders' equity



13.92

%


12.80

%


8.31

%


13.61

%


5.00

%


















Return on average tangible stockholders' equity:

















Net income (loss) GAAP


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282


Average stockholders' equity


$

490,248


$

479,256


$

477,939


$

482,137


$

340,499


Less: average intangibles



106,764



109,386



112,399



113,032



63,370


Average tangible stockholders' equity


$

383,484


$

369,870


$

365,540


$

369,105


$

277,129


Return on average tangible stockholders' equity



17.73

%


16.46

%


6.62

%


(4.67)

%


4.76

%


















Core return on average tangible stockholders' equity:

















Net income (loss) GAAP


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282


Adjustments:

















Add: ACL provision for FNCB acquired legacy loans












14,328





Less: ACL provision for FNCB acquired legacy loans tax adjustment












1,885





Add: Acquisition related expenses



66



154



4,990



9,653



1,071


Less: Acquisition related expenses tax adjustment



14



34



1,089



1,270



122


Core net income


$

17,008


$

15,129


$

9,988


$

16,489


$

4,231


Average stockholders' equity


$

490,248


$

479,256


$

477,939


$

482,137


$

340,499


Less: average intangibles



106,764



109,386



112,399



113,032



63,370


Average tangible stockholders' equity


$

383,484


$

369,870


$

365,540


$

369,105


$

277,129


Core return on average tangible stockholders' equity



17.79

%


16.59

%


10.87

%


17.77

%


6.14

%


















Core return on average assets:

















Net income (loss) GAAP


$

16,956


$

15,009


$

6,087


$

(4,337)


$

3,282


Adjustments:

















Add: ACL provision for FNCB acquired legacy loans












14,328





Less: ACL provision for FNCB acquired legacy loans tax adjustment












1,885





Add: Acquisition related expenses



66



154



4,990



9,653



1,071


Less: Acquisition related expenses tax adjustment



14



34



1,089



1,270



122


Core net income


$

17,008


$

15,129


$

9,988


$

16,489


$

4,231


Average assets


$

5,014,334


$

5,008,677


$

5,203,459


$

5,291,194


$

3,609,066


Core return on average assets



1.36

%


1.23

%


0.76

%


1.24

%


0.47

%


















Pre-provision net revenue (PPNR) per share:

















Income (Loss) before taxes (GAAP)


$

20,421


$

18,251


$

5,815


$

(4,994)


$

3,703


Add: ACL provision for FNCB acquired legacy loans












14,328





Add: (Credit to) provision for credit losses



(239)



200



3,369



130



596


Add: (Credit to) provision for credit losses on unfunded commitments



172



(202)



452



(785)



(197)


PPNR (non-GAAP)


$

20,354


$

18,249


$

9,636


$

8,679


$

4,102


Average common shares outstanding-diluted



10,082,260



10,043,186



10,051,337



10,044,449



7,114,115


PPNR per share (non-GAAP)


$

2.02


$

1.82


$

0.96


$

0.86


$

0.58



















Core pre-provision net revenue (PPNR) per share:

















Income (Loss) before taxes (GAAP)


$

20,421


$

18,251


$

5,815


$

(4,994)


$

3,703


Add: Acquisition related expenses



66



154



4,990



9,653



1,071


Add: ACL provision for FNCB acquired legacy loans












14,328





Add: (Credit to) provision for credit losses



(239)



200



3,369



130



596


Add: (Credit to) provision for credit losses on unfunded commitments



172



(202)



452



(785)



(197)


Core PPNR (non-GAAP)


$

20,420


$

18,403


$

14,626


$

18,332


$

5,173


Average common shares outstanding-diluted



10,082,260



10,043,186



10,051,337



10,044,449



7,114,115


Core PPNR per share (non-GAAP)


$

2.03


$

1.83


$

1.46


$

1.83


$

0.73




(1)

Current year quarters and fourth quarter 2024 tax adjustments use a rate of 21.8%, prior quarters use the effective tax rate for the quarter.

 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)











June 30


June 30


Six months ended


2025


2024


Core net income per share:








Net income GAAP


$

31,965


$

6,748


Adjustments:








Add: Acquisition related expenses



220



1,557


Less: Acquisition related expenses tax adjustment



48



183


Core net income


$

32,137


$

8,122


Average common shares outstanding - diluted



10,062,831



7,108,113


Core net income per diluted share


$

3.19


$

1.14










Core return on average stockholders' equity:








Net income GAAP


$

31,965


$

6,748


Adjustments:








Add: Acquisition related expenses



220



1,557


Less: Acquisition related expenses tax adjustment



48



183


Core net income


$

32,137


$

8,122


Average stockholders' equity



484,783



340,725


Core return on average stockholders' equity



13.37

%


4.79

%









Return on average tangible stockholders' equity:








Net income GAAP


$

31,965


$

6,748


Average stockholders' equity



484,783



340,725


Less: average intangibles



108,562



63,375


Average tangible stockholders' equity


$

376,221


$

277,350


Return on average tangible stockholders' equity



17.13

%


4.89

%









Core return on average tangible stockholders' equity:








Net income GAAP


$

31,965


$

6,748


Adjustments:








Add: Acquisition related expenses



220



1,557


Less: Acquisition related expenses tax adjustment



48



183


Core net income


$

32,137


$

8,122


Average stockholders' equity



484,783



340,725


Less: average intangibles



108,562



63,375


Average tangible stockholders' equity


$

376,221


$

277,350


Core return on average tangible stockholders' equity



17.23

%


5.89

%









Core return on average assets:








Net income GAAP


$

31,965


$

6,748


Adjustments:








Add: Acquisition related expenses



220



1,557


Less: Acquisition related expenses tax adjustment



48



183


Core net income


$

32,137


$

8,122


Average assets



5,011,521



3,642,908


Core return on average assets



1.29

%


0.45

%









Pre-provision net revenue (PPNR) per share:








Income before taxes (GAAP)


$

38,672


$

7,647


Add: (Credit to) provision for credit losses



(39)



1,304


Add: (Credit to) provision for credit losses on unfunded commitments



(30)



290


PPNR (non-GAAP)


$

38,603


$

9,241


Average common shares outstanding-diluted



10,062,831



7,108,113


PPNR per share (non-GAAP)


$

3.84


$

1.30










Core pre-provision net revenue (PPNR) per share:








Income before taxes (GAAP)


$

38,672


$

7,647


Add: Acquisition related expenses



220



1,557


Add: (Credit to) provision for credit losses



(39)



1,304


Add: (Credit to) provision for credit losses on unfunded commitments



(30)



290


Core PPNR (non-GAAP)


$

38,823


$

10,798


Average common shares outstanding-diluted



10,062,831



7,108,113


Core PPNR per share (non-GAAP)


$

3.86


$

1.52


 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)


The following tables reconcile the non-GAAP financial measures of FTE net interest income for the three and six months ended June 30, 2025 and 2024:








Three months ended June 30


2025


2024

Interest income (GAAP)


$

65,335


$

38,376

Adjustment to FTE



718



471

Interest income adjusted to FTE (non-GAAP)



66,053



38,847

Interest expense



23,138



19,460

Net interest income adjusted to FTE (non-GAAP)


$

42,915


$

19,387








Six months ended June 30


2025


2024

Interest income (GAAP)


$

127,761


$

77,373

Adjustment to FTE



1,420



946

Interest income adjusted to FTE (non-GAAP)



129,181



78,319

Interest expense



46,016



39,139

Net interest income adjusted to FTE (non-GAAP)


$

83,165


$

39,180

 

The efficiency ratio is noninterest expenses, less amortization of intangible assets and acquisition related costs, as a percentage of FTE net interest income plus noninterest income. The following tables reconcile the non-GAAP financial measures of the efficiency ratio to GAAP for the three and six months ended June 30, 2025 and 2024:










Three months ended June 30


2025


2024


Efficiency ratio (non-GAAP):








Noninterest expense (GAAP)


$

28,262


$

18,171


Less: Amortization of intangible assets expense



1,684





Less: Acquisition related expenses



66



1,071


Noninterest expense (non-GAAP)



26,512



17,100










Net interest income (GAAP)



42,197



18,916


Plus: Taxable equivalent adjustment



718



471


Noninterest income (GAAP)



6,247



3,554


Less: Net gains (losses) on equity securities



(6)



(12)


Less: Gains on sale of fixed assets






13


Net interest income (FTE) plus noninterest income (non-GAAP)


$

49,168


$

22,940


Efficiency ratio (non-GAAP)



53.92

%


74.54

%









Six months ended June 30


2025


2024


Efficiency ratio (non-GAAP):








Noninterest expense (GAAP)


$

55,615


$

36,230


Less: Amortization of intangible assets expense



3,367





Less: Acquisition related expenses



220



1,557


Noninterest expense  (non-GAAP)



52,028



34,673










Net interest income (GAAP)



81,745



38,234


Plus: Taxable equivalent adjustment



1,420



946


Noninterest income (GAAP)



12,503



6,947


Less: Net gains (losses) on equity securities



65



(20)


Less: Gains on sale of fixed assets



680



4


Net interest income (FTE) plus noninterest income (non-GAAP)


$

94,923


$

46,143


Efficiency ratio (non-GAAP)



54.81

%


75.14

%

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/peoples-financial-services-corp-reports-unaudited-second-quarter-and-year-to-date-2025-earnings-302518154.html

SOURCE Peoples Financial Services Corp.

FAQ

What was Peoples Financial Services (PFIS) earnings per share for Q2 2025?

PFIS reported earnings of $1.68 per diluted share for Q2 2025, compared to $1.49 per share in Q1 2025.

How much did PFIS increase its dividend in 2025?

PFIS increased its quarterly dividend by 50.6% year-over-year to $0.6175 per share in Q2 2025.

What was Peoples Financial Services net interest margin in Q2 2025?

The net interest margin was 3.69% in Q2 2025, an increase of 19 basis points from 3.50% in Q1 2025.

How much new subordinated debt did PFIS issue in June 2025?

PFIS issued $85.0 million of 7.75% fixed-to-floating rate subordinated notes due June 2035, while redeeming $33.0 million of existing notes.

What was PFIS's return on average equity (ROAE) for Q2 2025?

PFIS reported a return on average equity (ROAE) of 13.87% for Q2 2025, up from 12.70% in Q1 2025.
Stock PFIS logo
Peoples Finl Svcs Corp

NASDAQ:PFIS

PFIS Rankings

#4409 Ranked by Market Cap
#639 Ranked by Dividends

PFIS Latest News

Jul 25, 2025
PEOPLES FINANCIAL SERVICES CORP. Declares Third Quarter 2025 Dividend
Jun 6, 2025
Peoples Financial Services Corp. Announces Completion of Private Placement of $85.0 Million of Subordinated Notes
May 21, 2025
KBRA Assigns Ratings for Peoples Financial Services Corp.
May 1, 2025
Peoples Financial Services Corp. Reports Unaudited First Quarter 2025 Earnings
Apr 25, 2025
PEOPLES FINANCIAL SERVICES CORP. Declares Second Quarter 2025 Dividend

PFIS Latest SEC Filings

Jul 31, 2025
[8-K] Peoples Financial Services Corp. Reports Material Event
Jul 18, 2025
[S-4] Peoples Financial Services Corp. Business Combination Registration
Jul 17, 2025
[13F-HR] Peoples Financial Services Corp. SEC Filing
Jun 20, 2025
[D] Peoples Financial Services Corp. SEC Filing

PFIS Stock Data

495.74M
9.19M
7.35%
31.48%
0.69%
Banks - Regional
National Commercial Banks
Link
United States
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