PEOPLES FINANCIAL SERVICES CORP. Declares Third Quarter 2023 Dividend

Rhea-AI Summary

Peoples Financial Services Corp. (NASDAQ: PFIS) Increases Dividend by 2.5% for Third Quarter 2023

Positive

• The dividend increase demonstrates the company's commitment to rewarding shareholders
• The company's business philosophy emphasizes direct access to senior management and friendly, informed service

Negative

• None.

SCRANTON, Pa., July 28, 2023 /PRNewswire/ -- The Board of Directors of Peoples Financial Services Corp. (NASDAQ: PFIS) declared a third quarter dividend of $0.41 per share.  The $0.41 dividend represents a 2.5% increase over the dividend declared in the third quarter of 2022. The dividend is payable September 15, 2023 to shareholders of record August 31, 2023.

Peoples Financial Services Corp. (the "Company") is the parent company of Peoples Security Bank and Trust Company (the "Bank"), an independent community bank serving its retail and commercial customers through twenty-eight full-service community banking offices located within the Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, 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. The Company's business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely.

Safe Harbor Forward-Looking Statements:  

We make statements in this press release, and we may from time to time make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting Peoples Financial Services Corp., Peoples Security Bank and Trust

Company, and its subsidiaries (collectively, "Peoples") that are considered "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, Peoples claims the protection of the statutory safe harbors for forward-looking statements. 

Peoples cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and political conditions, particularly in our market area; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; our ability to identify and address cyber-security risks and other economic, competitive, governmental, regulatory and technological factors affecting Peoples' operations, pricing, products and services and other factors that may be described in Peoples' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.  

In addition to these risks, acquisitions and business combinations, present risks other than those presented by the nature of the business acquired. Acquisitions and business combinations may be substantially more expensive to complete than originally anticipated, and the anticipated benefits may be significantly harder-or take longer-to achieve than expected. As regulated financial institutions, our pursuit of attractive acquisition and business combination opportunities could be negatively impacted by regulatory delays or other regulatory issues. Regulatory and/or legal issues related to the pre-acquisition operations of an acquired or combined business may cause reputational harm to Peoples following the acquisition or combination, and integration of the acquired or combined business with ours may result in additional future costs arising as a result of those issues. 

The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Peoples assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. 

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SOURCE Peoples Financial Services Corp.

FAQ

What is the dividend for the third quarter of 2023?

The dividend declared for the third quarter of 2023 is $0.41 per share, representing a 2.5% increase over the previous year.

When is the dividend payable to shareholders?

The dividend is payable on September 15, 2023, to shareholders of record as of August 31, 2023.

Where does Peoples Financial Services Corp. operate?

Peoples Financial Services Corp. operates through its subsidiary, Peoples Security Bank and Trust Company, with twenty-eight full-service community banking offices in Pennsylvania, New Jersey, and New York.