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. (NASDAQ: PFIS) reported a net income of $9.6 million or $1.33 per diluted share for Q1 2022, marking a 2.0% increase from $9.5 million, or $1.31 per share in Q1 2021. The increase was driven by a $1.9 million rise in net interest income and reduced tax expenses. Loan growth reached $98.7 million, leading to a provision for loan losses of $0.3 million. However, non-interest expenses rose by 13.1% to $14.3 million primarily due to higher salaries and technology investments.
On March 4, 2022, Peoples Financial Services Corp. appointed Elisa (Lisa) Zúñiga Ramirez to its Board of Directors, increasing the board size from seven to eight members. Ms. Ramirez brings over 30 years of capital markets experience, having previously served as Senior Portfolio Manager at Segal Bryant and Hamill. She is also President of Éxito Consulting, LLC, and a corporate director for Bow River Capital and Denver Employees Retirement Plan. Her expertise is expected to enhance shareholder value and provide fresh perspectives for the bank's strategic direction.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported a net income of $16.4 million, or $2.28 per diluted share for Q4 2021, a notable increase from $8.2 million or $1.13 per diluted share in Q4 2020. The rise is attributed to a $9.6 million after-tax gain from the sale of Visa Class B shares.
For the full year, net income reached $43.5 million or $6.02 per diluted share, a 50.5% increase compared to $29.4 million or $4.00 per share in 2020. Total assets and deposits grew significantly, supported by robust loan demand and organic growth.
The Board of Directors of Peoples Financial Services Corp. (NASDAQ: PFIS) has announced a $0.39 per share dividend for the first quarter of 2022, reflecting a 5.4% increase from Q1 2021. This dividend will be payable on March 15, 2022, to shareholders on record as of February 28, 2022. The company is the parent of Peoples Security Bank and Trust Company, which operates 28 community banking offices across Pennsylvania, New Jersey, and New York.
Peoples Financial Services Corp. (NASDAQ: PFIS) has announced a fourth quarter dividend of $0.38 per share, reflecting a 5.6% increase from last year's $0.36 per share. The dividend is set to be paid on December 15, 2021, to shareholders on record by November 30, 2021.
This move indicates the company's commitment to rewarding shareholders, signaling potential growth and stability.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported a net income of $9.1 million, or $1.26 per diluted share for Q3 2021, a 10.5% increase from Q3 2020. For the nine months ending September 30, net income totaled $27.1 million or $3.74 per diluted share, a 30.3% increase year-over-year. Key factors included a $2.1 million rise in net interest income and a $6.3 million decrease in the provision for loan losses. Core return on average assets improved to 1.17%. However, noninterest income declined 13.1% to $10.4 million for the nine-month period.
Peoples Financial Services Corp. (NASDAQ: PFIS) announced a $0.38 per share dividend for Q3 2021, marking a 2.7% increase from the previous quarter and a 5.6% rise compared to Q3 2020. The dividend will be paid on September 15, 2021, to shareholders of record on August 31, 2021. This increase reflects the company's ongoing commitment to returning value to shareholders and its positive financial outlook amidst market conditions.
Peoples Financial Services Corp. (PFIS) reported strong financial performance for Q2 and the first half of 2021. Net income climbed 12.6% to $8.5 million ($1.18/share) in Q2, while six-month earnings rose 40.1% to $18.0 million ($2.49/share). The rise in earnings was aided by a significant $5.7 million decrease in loan loss provisions. However, pre-provision net interest income dipped by $0.2 million. Notably, total deposits grew by 18.2% over the past twelve months, indicating robust customer engagement.
Peoples Financial Services Corp. (NASDAQ: PFIS) has announced a second quarter dividend of $0.37 per share, maintaining the previous quarter's amount and representing a 2.8% increase from the same quarter in 2020. This dividend is payable on June 15, 2021, to shareholders on record as of May 31, 2021. The company operates through Peoples Security Bank and Trust Company, serving communities across Pennsylvania and New York with a range of financial products and services.
Peoples Financial Services Corp. (PFIS) reported record net income of $9.5 million, or $1.31 per diluted share for Q1 2021, a 79.5% increase year-over-year. Key drivers included a $4.0 million decrease in provisions for loan losses and a $1.2 million increase in pre-provision net interest income. The return on average assets improved to 1.32%, while total deposits grew by $540.4 million or 26.9% year-over-year. Despite a higher tax provision, overall operational efficiency improved with a 50.8% efficiency ratio.
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