Loading...
•
Mar 31, 2022
Peoples Financial Q1 2022 Earnings Report
Peoples Financial reported an increase in net income and earnings per diluted share for the first quarter of 2022, driven by growth in net interest income and a decrease in income tax expense, partially offset by higher provision for loan losses and noninterest expenses.
Key Takeaways
Peoples Financial Services Corp. reported a net income of $9.6 million, or $1.33 per diluted share, for the three months ended March 31, 2022. This represents a 2.0% increase compared to the same period in 2021.
Record quarterly core net income of $9.6 million or $1.33 per diluted share.
First quarter dividend of $0.39 per share, a 5.4% increase from Q1 2021.
Loan growth, excluding SBA PPP loans, was $98.7 million or 17.7% annualized.
Nonperforming assets as a percentage of loans and foreclosed assets improved to 0.20%.
Peoples Financial
Peoples Financial
Forward Guidance
This press release contains forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially include prevailing economic and political conditions, the COVID-19 crisis, geopolitical conflicts, credit risk, changes in interest rates and competition, and changes in accounting principles and regulations.
Challenges Ahead
- Prevailing economic and political conditions, particularly in our market area.
- The COVID-19 crisis and the governmental responses to the crisis.
- The impact on financial markets from geopolitical conflicts such as the military conflict between Russia and Ukraine.
- Credit risk associated with our lending activities.
- Changes in interest rates, loan demand, real estate values and competition.