PEOPLES FINANCIAL SERVICES CORP. Declares Fourth Quarter 2024 Dividend

Rhea-AI Summary

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.

Positive

• Substantial dividend increase of 50.6% year-over-year
• Extensive network of 39 banking offices across three states

Negative

• None.

Insights

Financial Analyst

A significant 50.6% dividend increase to $0.6175 per share signals robust financial health and shareholder-friendly policies at Peoples Financial Services. This substantial boost in quarterly payout demonstrates management's confidence in sustained cash flow generation and capital position. Operating across 39 branches in three states provides geographical diversification and stable revenue streams. The dividend yield becomes more attractive for income-focused investors, while the size of the increase may indicate strong underlying business performance and optimistic future outlook. Community banks with such aggressive dividend growth often reflect strong local market positions and healthy loan portfolios.

SCRANTON, Pa., Oct. 25, 2024 /PRNewswire/ -- The Board of Directors of Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS) declared a fourth quarter cash dividend of $0.6175 per share. The dividend is payable December 13, 2024 to shareholders of record November 29, 2024. The dividend of $0.6175 per share represents an increase of 50.6% compared to the dividend declared in the fourth quarter of 2023.

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 the 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. People's business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely. For more information, visit psbt.com.

Forward-looking Statements

This communication includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, goals, intentions, and expectations of Peoples; and other statements that are not historical facts. Forward–looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "will," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time.

Additionally, forward–looking statements speak only as of the date they are made; Peoples does not assume any duty, and does not undertake, to update such forward–looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Furthermore, because forward–looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Peoples. Such statements are based upon the current beliefs and expectations of the management of Peoples and are subject to significant risks and uncertainties outside of the control of Peoples. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the possibility that the anticipated benefits of Peoples' merger with FNCB Bancorp, Inc. ("FNCB"), which was consummated July 1, 2024, will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of FNCB; the strength of the economy and competitive factors in the areas where Peoples conducts business; the possibility that the FNCB merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; the possibility that Peoples may be unable to achieve expected synergies and operating efficiencies in the FNCB merger within the expected timeframes or at all and to successfully integrate the operations of Peoples; such integration may be more difficult, time-consuming or costly than expected; revenues following the FNCB merger may be lower than expected; Peoples' success in executing its business plans and strategies and managing the risks involved in the foregoing; the dilution caused by Peoples' issuance of additional shares of its capital stock in connection with the FNCB merger; the outcome of any legal proceedings that may be instituted against Peoples; the ability of Peoples to meet expectations regarding the accounting and tax treatments of the FNCB merger; effects of the completion of the FNCB merger on the ability of Peoples to retain customers and retain and hire key personnel and maintain relationships with its suppliers, and on its operating results and businesses generally; and risks related to the potential impact of general economic, political and market factors on Peoples; and the other factors discussed in the "Risk Factors" section of Peoples' Annual Report on Form 10–K for the year ended December 31, 2023, and in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of other reports Peoples may file with the SEC from time to time.

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SOURCE Peoples Financial Services Corp.

FAQ

What is the Q4 2024 dividend amount for Peoples Financial Services Corp (PFIS)?

Peoples Financial Services Corp (PFIS) declared a Q4 2024 dividend of $0.6175 per share.

When will PFIS pay its Q4 2024 dividend?

The Q4 2024 dividend will be paid on December 13, 2024, to shareholders of record as of November 29, 2024.

How much did PFIS increase its dividend compared to Q4 2023?

PFIS increased its dividend by 50.6% compared to the fourth quarter of 2023.

How many banking offices does Peoples Financial Services Corp operate?

Peoples Financial Services Corp operates 39 full-service community banking offices across Pennsylvania, New Jersey, and New York.