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. (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.
Peoples Financial Services Corp. (NASDAQ: PFIS) announced a stock repurchase plan to buy back up to 4.9% of its outstanding shares, totaling 353,422 shares. The timing and volume of repurchases will depend on market conditions and other factors, with purchases potentially made on the open market or through private negotiations. The company currently has 7,212,702 shares outstanding. This buyback initiative aims to enhance shareholder value, although it does not obligate Peoples to repurchase any specific number of shares and may be terminated at any time.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported strong financial results for Q4 and full year 2020. Net income rose to $8.2 million ($1.13/share), a 62.6% increase year-over-year, and total net income for 2020 was $29.4 million ($4.00/share), up 14.1%. The rise in income was driven by lower loan loss provisions and increased noninterest income. Total loans grew by $239.7 million, including $189.7 million from the Paycheck Protection Program (PPP). Deposits grew 23.6% year-over-year, while nonperforming assets remained stable at 0.48% of total loans.
On January 29, 2021, Peoples Financial Services Corp. (NASDAQ: PFIS) announced a $0.37 per share dividend for the first quarter, marking a 2.8% increase from the previous quarter. This dividend is scheduled for payment on March 15, 2021, to shareholders on record by February 26, 2021. The company, which operates Peoples Security Bank and Trust Company, serves multiple counties in Pennsylvania and New York, providing various banking services to individuals and businesses.
Peoples Financial Services Corp. (PFIS) reported a net income of $8.3 million, or $1.14 per diluted share for Q3 2020, a 16.3% increase from $7.1 million in Q3 2019. This growth is attributed to lower funding costs and higher commercial loan interest rate swap revenues. For the nine months ended September 30, net income rose 2.2% to $21.2 million, with increases in pre-provision net interest income and lower noninterest expenses. However, the provision for loan losses increased by 202.4% to $6.4 million due to COVID-19 impacts.
On October 30, 2020, Peoples Financial Services Corp. (NASDAQ: PFIS) announced a fourth quarter dividend of $0.36 per share, consistent with the previous quarter and a 2.9% increase from Q4 2019. This dividend will be paid on December 15, 2020, to shareholders on record as of November 30, 2020. The bank operates 26 full-service offices in Pennsylvania and New York, providing various financial services to individuals and businesses.
Peoples Financial Services Corp. (PFIS) reported Q2 2020 net income of $7.6 million ($1.03/share), a 6% increase from $7.1 million in Q2 2019. Total loans increased by $323.1 million (17.4% YoY), boosted by $201.3 million from the PPP loans. However, YTD net income fell 5.2% to $12.9 million due to a $3.9 million rise in provision for loan losses amid COVID-19 impacts. The company declared a dividend of $0.72 per share, up 5.9% from 2019. The efficiency ratio improved to 54%. Total deposits rose by $238.6 million (12.1%) due to PPP-related funds.
Peoples Financial Services Corp. (NASDAQ: PFIS) has declared a third quarter dividend of $0.36 per share, consistent with the previous quarter, marking a 5.9% increase from the same quarter last year. The dividend is payable on September 15, 2020, to shareholders of record as of August 31, 2020. The company, serving various counties in Pennsylvania and New York, emphasizes community-focused banking and offers a wide range of financial products and services.
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