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Mar 31, 2021
Peoples Financial Q1 2021 Earnings Report
Reported record earnings driven by decrease in provision for loan losses and increase to pre-provision net interest income from lower interest expense.
Key Takeaways
Peoples Financial Services Corp. reported a strong first quarter with net income of $9.5 million, or $1.31 per diluted share, representing a 79.5% increase compared to the same period in 2020. The increase was primarily driven by a decrease in the provision for loan losses, an increase in pre-provision net interest income, and a decrease in noninterest expenses.
Record quarterly net income of $9.5 million or $1.31 per diluted share.
First quarter dividend of $0.37 per share represents a 2.8% increase from the first quarter of 2020.
Return on average assets was 1.32% for the three months ended March 31, 2021.
Tax-equivalent net interest income increased $1.2 million or 6.0% to $21.1 million for the three months ended March 31, 2021 compared to $19.9 million for the same period in 2020.