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Mar 31, 2023
Peoples Financial Q1 2023 Earnings Report
Peoples Financial Services Corp. reported a decrease in net income due to a higher provision for credit losses and higher operating expenses which more than offset an increase in net interest income and noninterest income.
Key Takeaways
Peoples Financial Services Corp. reported net income of $7.6 million, or $1.05 per diluted share for the three months ended March 31, 2023. This represents a 21.3% decrease when compared to the comparable period of 2022.
Net income for the three months ended March 31, 2023 was $7.6 million or $1.05 per diluted share.
Dividends paid during the three months ended March 31, 2023 totaled $0.41 per share representing a 5.1% increase from 2022.
Sold $65.6 million of investment securities at a net gain of $81 thousand. The proceeds were used to pay-down higher cost short-term borrowings.
Net loan growth for the three months ended March 31, 2023 was $90.0 million or 13.5% annualized and consisted primarily of commercial real estate loans.