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Mar 31, 2024
Peoples Financial Q1 2024 Earnings Report
Reported a decrease in net income due to lower net interest income, higher operating expenses, and lower noninterest income.
Key Takeaways
Peoples Financial Services Corp. reported a net income of $3.5 million, or $0.49 per diluted share, for the first quarter of 2024. This represents a 54.3% decrease compared to the same period in 2023. The results were impacted by lower net interest income, higher operating expenses including acquisition-related costs, and decreased noninterest income.
Net income decreased by 54.3% compared to Q1 2023, totaling $3.5 million or $0.49 per diluted share.
Core net income was $3.9 million, or $0.55 per diluted share, compared to $7.5 million, or $1.04 per share in the prior year.
Net loan growth was $8.5 million, or 1.20% annualized, driven by commercial loans.
Nonperforming assets as a percentage of total assets increased to 0.21% from 0.13% at the end of the previous quarter.
Peoples Financial
Peoples Financial
Peoples Financial Revenue by Segment
Revenue by Segment
Service Charges, Fees, Commissions and Other Revenue
CapyFin.comMerchant Services Income Revenue
CapyFin.comCommissions and Fees on Fiduciary Activities Revenue
CapyFin.comWealth Management Income Revenue
CapyFin.comMortgage Banking Income Revenue
CapyFin.comIncrease in Cash Surrender Value of Life Insurance Revenue
CapyFin.comInterest Rate Swap Income (Loss) Revenue
CapyFin.comNet Gains (Losses) on Equity Investments Revenue
CapyFin.comNet Gains (Losses) on Sale of Fixed Assets Revenue
CapyFin.com Forward Guidance
Peoples Financial Services Corp. did not provide any forward guidance in the earnings report.