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Overview of Peoples Financial Services Corp (PFIS)
Peoples Financial Services Corp is a trusted bank holding company with a longstanding presence in community banking. Established in 1905 and headquartered in Scranton, Pennsylvania, PFIS has built a reputation for delivering a comprehensive range of financial solutions that address the diverse needs of individuals, businesses, not-for-profit organizations, and government entities. With a strong foundation in community banking and financial services, Peoples provides essential products such as checking and savings accounts, various loan products, money market accounts, mortgage financing, debit and credit card services, and advisory offerings. Its core mission is to offer a personalized banking experience with direct access to seasoned management and local expertise, ensuring that decision making remains timely and informed by the nuances of each community.
Extensive Product and Service Offering
The company’s portfolio encompasses both retail and commercial segments. Its loan portfolio is diversified into:
- Commercial Loans: Covering commercial real estate, municipal financing, and various tax-free loan products.
- Retail Loans: Including residential mortgage loans and other consumer financing options.
In addition to loan products, PFIS offers robust deposit solutions and payment processing services, meeting a wide variety of financial needs for its client base while enhancing customer financial management. Each branch, strategically located across eastern Pennsylvania, parts of New York, and New Jersey, operates interdependently with its community to offer flexible and locally tailored financial products.
Community Focus and Local Expertise
Peoples Financial Services Corp places a strong emphasis on community integration. Managed by a local board and executive team, the bank is renowned for extending personalized service and direct access to senior management. This approach embeds deep local knowledge into its operations, ensuring that the products and services are well-aligned with the unique economic and cultural landscapes of the communities it serves.
Merger and Integration: Expanding the Banking Footprint
One of the company's most significant milestones was the strategic merger with FNCB Bancorp, Inc. This integration combined two community-centric institutions, thereby enhancing branch network reach and expanding market presence. The merger has served to broaden PFIS’s service area, enrich its product suite, and deepen customer relationships, positioning the company as a noteworthy participant in the competitive landscape of US community banking.
Operational Excellence and Financial Services Expertise
Peoples Financial Services Corp operates with a focus on prudent financial management and operational efficiency. The bank's comprehensive approach to risk management, credit analysis, and customer engagement underlines its commitment to maintaining a robust operating model. By offering insights-driven decisions and timely financial products, the company caters to a diverse client base while adhering to high standards of accountability and transparency in financial reporting.
Strategic Position in the Community Banking Landscape
Within the competitive financial services arena, PFIS differentiates itself through its localized presence and full-service offerings. The company leverages its established networks and deep community ties to create innovative and accessible banking solutions that cater to the evolving needs of modern consumers and businesses. With a focus on long-term customer relationships and consistent financial service delivery, Peoples remains an integral part of the economic fabric in its service regions.
Commitment to Transparency and Utilizing Local Expertise
The operational model of Peoples Financial Services Corp is built on transparent business practices and dedicated customer service. Emphasizing local decision-making and personalized financial advisory, the bank ensures that every client interacts with teams that possess a deep understanding of local market dynamics. This model not only reinforces community trust but also exemplifies the company's authoritative stance in delivering comprehensive financial services.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported Q4 2024 net income of $6.1 million ($0.61 per diluted share), compared to a Q3 2024 net loss of $4.3 million. The improvement was primarily due to lower provisions for credit losses and noninterest expenses.
Key financial highlights include:
- Core net income of $10.0 million ($0.99 per diluted share) in Q4 2024
- Net interest margin of 3.25% in Q4 2024
- Full-year 2024 net income of $8.5 million ($0.99 per diluted share)
The company completed its merger with FNCB Bancorp on July 1, 2024, which contributed $1.8 billion in assets and $1.4 billion in deposits. Non-recurring merger-related expenses totaled $5.0 million in Q4 2024. The company increased its quarterly dividend by 50.6% compared to the previous year.
Peoples Financial Services Corp. (NASDAQ: PFIS) announced key executive appointments effective March 31, 2025. James M. Bone, Jr., CPA, currently Executive Vice President and Chief Operations Officer, will assume the role of Chief Financial Officer. Simultaneously, John R. Anderson, III will transition from Executive Vice President and Chief Financial Officer to Chief Operating Officer.
PFIS operates through its subsidiary, Peoples Security Bank and Trust Company (PSBT), an independent community bank with 39 full-service banking offices across Pennsylvania, New Jersey, and New York. The bank serves retail and commercial customers in multiple counties, offering comprehensive financial products and services to individuals, businesses, non-profits, and government entities.
Peoples Financial Services Corp. (NASDAQ: PFIS) has announced its first quarter 2025 dividend of $0.6175 per share, representing a significant 50.6% increase compared to the first quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record as of February 28, 2025.
The company operates through its subsidiary, Peoples Security Bank and Trust Company, serving retail and commercial customers across 39 full-service community banking offices located in Pennsylvania, New Jersey, and New York. The bank provides comprehensive financial products and services to individuals, businesses, non-profit organizations, and government entities.
Peoples Financial Services Corp has announced the official appointment of Gerard A. Champi as CEO and Thomas P. Tulaney as President, effective January 1, 2025. These appointments follow the company's successful merger with FNCB Bancorp in 2024. Champi, with over three decades of experience including eight years as President and CEO of FNCB Bank, will oversee strategic direction and innovation. Tulaney, previously Chief Operating Officer, will manage daily operations and business development.
The company operates through its subsidiary, Peoples Security Bank and Trust Company, with 39 full-service community banking offices across Pennsylvania, New Jersey, and New York, providing comprehensive financial services to individuals, businesses, non-profits, and government entities.
Peoples Financial Services Corp reported a net loss of $4.3 million ($0.43 per diluted share) for Q3 2024, compared to net income of $6.7 million ($0.95 per diluted share) in Q3 2023. The decrease was primarily due to non-recurring charges related to the July 1, 2024 merger with FNCB Bancorp. Net interest income increased $18.0 million to $39.2 million, with tax-equivalent net interest margin rising 97 basis points to 3.26%. The merger contributed $1.8 billion in assets, $1.2 billion in loans, and $1.4 billion in deposits. Non-recurring charges included a $14.3 million provision for credit losses and $9.6 million in acquisition-related expenses.
Peoples Financial Services Corp announced leadership changes following its merger with FNCB Bancorp. CEO Craig W. Best will step down from his position effective December 31, 2024, earlier than the initially planned first merger anniversary. This decision follows the successful system conversion completion on October 15, 2024. Gerard A. Champi, current President, will succeed as CEO, while Thomas P. Tulaney, Chief Operating Officer, will assume the role of President. The company operates 39 full-service community banking offices across Pennsylvania, New Jersey, and New York.
Peoples Financial Services Corp (NASDAQ: PFIS) has announced its fourth quarter 2024 dividend of $0.6175 per share, representing a significant 50.6% increase compared to Q4 2023. The dividend will be paid on December 13, 2024, to shareholders of record as of November 29, 2024. The company operates through 39 full-service community banking offices across Pennsylvania, New Jersey, and New York, providing comprehensive financial services to individuals, businesses, non-profits, and government entities.
Peoples Financial Services Corp. (PFIS) is set to celebrate its recent merger with FNCB Bancorp, Inc. by ringing the NASDAQ closing bell on July 30, 2024. The ceremony, led by CEO Craig Best and President Jerry Champi, marks the successful integration of FNCB Bank into Peoples Security Bank and Trust Company (PSBT), effective July 1, 2024.
This strategic merger represents a significant milestone in PFIS's growth strategy, aimed at strengthening its market presence and enhancing financial services. The event will be live-streamed on NASDAQ's website, with PFIS board members, PSBT management, and employees in attendance, symbolizing the united future of the organizations.
Peoples Financial Services Corp. (NASDAQ: PFIS) has announced a significant 50.6% increase in its third quarter 2024 cash dividend. The Board of Directors declared a dividend of $0.6175 per share, payable on September 13, 2024, to shareholders of record as of August 30, 2024. This increase was anticipated as part of the merger agreement with FNCB Bancorp, Inc., which was completed on July 1, 2024.
Peoples Financial Services Corp. is the holding company for Peoples Security Bank and Trust Company, an independent community bank operating 44 full-service branches across Pennsylvania, New Jersey, and New York. The bank offers a comprehensive range of financial products and services to individuals, businesses, non-profits, and government entities, emphasizing direct access to senior management and personalized customer service.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported unaudited financial results for Q2 and H1 2024. Key highlights include:
- Q2 2024 net income: $3.3 million ($0.46 per diluted share), down 65.2% from Q2 2023
- H1 2024 net income: $6.7 million ($0.95 per diluted share), down 60.3% from H1 2023
- Completed merger with FNCB Bancorp, Inc. on July 1, 2024
- Net interest margin for Q2 2024: 2.29%, down 32 basis points year-over-year
- Loan growth: $19.7 million (1.4% annualized) in H1 2024
- Total deposits: $3.1 billion, decreased $214.1 million in H1 2024
- Asset quality remained strong with nonperforming assets at 0.20% of total assets
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