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PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Second Quarter 2022 Earnings
SCRANTON, Pa., July 21, 2022 /PRNewswire/ -- Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank
About this update from Peoples Financial Services Corp.
[{"type":"text","content":"SCRANTON, Pa., July 21, 2022 /PRNewswire/ -- Peoples Financial Services Corp. (\"Peoples\") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three and six months ended June 30, 2022.\n\n \n \n \n \n \n \n\n \nPeoples reported net income of $9.4 million, or $1.30 per diluted share for the three months ended June 30, 2022, a 10.2% increase when compared to $8.5 million, or $1.18 per share for the comparable period of 2021. The increase in earnings for the three months ended June 30, 2022 is due to a $3.4 million increase to net interest income and $0.5 million increase in noninterest income when compared to the year ago period. Partially offsetting the increases were a $0.9 million increase in provision for loan losses due to $179.5 million in non-PPP loan growth in the current period, and higher noninterest expenses of $2.0 million due to higher salaries and benefits and occupancy and equipment costs in part due to our investment in our market expansion strategy and digital technology upgrade.\nNet income for the six months ended June 30, 2022, totaled $19.0 million or $2.63 per diluted share, a 5.6% increase over $18.0 million or $2.49 per diluted share in the prior year's period. The increase in earnings in the six months ended June 30, 2022 is a result of increased net interest income of $5.3 million and an increase of $0.4 million in noninterest income. Partially offsetting the increases were a $1.7 million increase in provision for loan losses and an increase of $3.6 million to noninterest expense. Strong loan growth resulted in a provision for loan losses of $1.3 million in the current six month period, as compared to a credit to the loan loss provision of $0.4 million in the year ago period. Higher noninterest expenses were mainly due to higher salaries and benefits of $2.1 million and higher occupancy and equipment costs of $1.5 million in part due to our continued investment in our market expansion strategy and our recent digital technology upgrade which commenced during the final six months of 2021.\nNOTABLES \nRecord first half earnings of $19.0 million or $2.63 per diluted share.Dividends paid during the first six month of 2022 totaled $0.78 per share representing a 5.4% increase from the same period in 2021.Net loan growth ...