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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.
Revenue by Segment
Forward Guidance
Peoples Financial Services Corp. did not provide any forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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