Welcome to our dedicated page for Peoples Financial Services news (Ticker: PFIS), a resource for investors and traders seeking the latest updates and insights on Peoples Financial Services stock.
Peoples Financial Services Corp. (NASDAQ: PFIS) is a prominent bank holding company headquartered in Scranton, Pennsylvania. Established in 1905, the company operates through its primary subsidiary, Peoples Security Bank & Trust Company. Renowned for its robust community presence, Peoples Financial Services Corp. is one of the largest community banks in Eastern Pennsylvania, extending its footprint from Binghamton, New York, through the Endless Mountains and into several key regions including Scranton, the Poconos, Lehigh Valley, and the Greater Delaware Valley.
The bank offers a comprehensive array of financial products and services designed to meet the needs of individuals, businesses, not-for-profit organizations, and government entities. These services include checking accounts, business accounts, savings accounts, loan products, money market accounts, mortgages, chip-enabled debit cards, and credit card processing. In addition, the bank specializes in commercial loans, commercial real estate, municipal loans, residential real estate, and other consumer loans.
Peoples Financial Services Corp. prides itself on a business model centered around local management and decision-making, which ensures a deep understanding of the regional markets and the specific needs of the community. Each banking office operates interdependently with its local community, providing tailored financial solutions and direct access to senior management and officers.
Recent Achievements and Projects:
- On July 28, 2023, the company declared a third-quarter dividend of $0.41 per share, marking a 2.5% increase over the previous year.
- On September 27, 2023, Peoples Financial Services Corp. announced a strategic merger with FNCB Bancorp, Inc., valued at approximately $129 million. This merger aims to enhance the financial stature and expand the operational capabilities of the combined entities.
- The company reported net income of $6.7 million for the third quarter of 2023 and successfully maintained its well-capitalized status.
- Peoples Financial Services Corp. continues to bolster its asset quality with nonperforming assets constituting a minor percentage of total assets, reflecting strong credit management practices.
Financial Condition:
As of the latest reports, Peoples Financial Services Corp. has total assets of $3.7 billion, loans amounting to $2.8 billion, and deposits totaling $3.3 billion. The bank has strategically managed its portfolio to accommodate loan growth while maintaining liquidity through increased brokered deposits and FHLB term borrowings.
Partnerships and Community Involvement:
Peoples Financial Services Corp. emphasizes strong community ties, ensuring that each of its 28 full-service community banking offices offers localized and timely financial solutions. The bank’s commitment to providing friendly, informed, and courteous service remains a cornerstone of its operational philosophy.
Looking forward, Peoples Financial Services Corp. aims to continue its trajectory of growth and community engagement, leveraging strategic mergers and robust financial management to enhance shareholder value and community service.
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
Peoples Financial Services Corp. (Nasdaq: PFIS) announced the completion of its merger with FNCB Bancorp on July 1, 2024. The merger unites FNCB Bank with Peoples Security Bank and Trust Company, forming a $5.6 billion community bank operating in Pennsylvania, New York, and New Jersey. Craig Best, CEO of Peoples, emphasized the merger's benefits for customers, employees, and shareholders. The combined entity will manage $5.5 billion in assets, $4.0 billion in loans, and $4.7 billion in deposits. The merged company will continue under the Peoples banner and trade on Nasdaq under the PFIS ticker symbol.
Peoples Financial Services Corp. (Nasdaq: PFIS) and FNCB Bancorp, Inc. (Nasdaq: FNCB) have received all required regulatory approvals for their merger. Announced on June 14, 2024, the merger will see FNCB merge into Peoples, which will remain the surviving This follows the Agreement and Plan of Merger dated September 27, 2023. The completion of this merger is expected on July 1, 2024, pending standard closing conditions.
Peoples Financial Services Corp. (NASDAQ: PFIS) has declared a second quarter dividend of $0.41 per share, consistent with previous quarters. The dividend will be payable on June 14, 2024, to shareholders of record as of May 31, 2024. The company operates through its subsidiary, Peoples Security Bank and Trust Company, serving various counties in Pennsylvania, New Jersey, and New York.
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