Business
PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Third Quarter 2022 Earnings
SCRANTON, Pa., Oct. 20, 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., Oct. 20, 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 nine months ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nPeoples reported net income of $10.0 million, or $1.38 per diluted share for the three months ended September 30, 2022, a 9.6% increase when compared to $9.1 million, or $1.26 per share for the comparable period of 2021. The increase in earnings for the three months ended September 30, 2022 is due to a $3.0 million increase to net interest income when compared to the year ago period. Partially offsetting the increases were higher noninterest expenses of $1.8 million due to higher salaries and benefits and occupancy and equipment costs in part due to ongoing investment in the Company's market expansion strategy and digital technology upgrade.\nNet income for the nine months ended September 30, 2022, totaled $29.0 million or $4.01 per diluted share, a 6.8% increase over $27.1 million or $3.74 per diluted share in the prior year's period. The increase in earnings in the nine months ended September 30, 2022 is a result of increased net interest income of $8.3 million and an increase of $0.3 million in noninterest income. Partially offsetting the increases were a $1.7 million increase in provision for loan losses and an increase of $5.5 million in noninterest expense. Strong loan growth resulted in a provision for loan losses of $1.7 million in the current nine month period, as compared to no loan loss provision in the year ago period. Higher noninterest expenses were mainly due to higher salaries and benefits of $2.7 million and higher occupancy and equipment costs of $2.2 million in part due to our continued investment in the market expansion strategy and our recent digital technology upgrade implemented during the second half of 2021.\nNOTABLES \nRecord year-to-date earnings of $29.0 million or $4.01 per diluted share.Dividends paid during the first nine months of 2022 totaled $1.18 per share representing a 5.4% increase from the same period in 2021.Net loan growth for the nine months ended September 30, 2022, excluding Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") loans, was $340.7 million or 2...