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Jun 30, 2020
Peoples Financial Q2 2020 Earnings Report
Peoples Financial Services Corp. reported an increase in net income and EPS compared to the same period last year.
Key Takeaways
Peoples Financial Services Corp. reported net income of $7.6 million, or $1.03 per diluted share, for the three months ended June 30, 2020. This represents a 6.0% increase compared to the comparable period of 2019.
Net income increased by 6.0% compared to the same period last year.
Pre-provision net interest income increased by $1.8 million, primarily due to lower funding costs.
Noninterest expenses decreased by $1.2 million, mainly from deferred loan origination cost benefit related to PPP loans.
Loans, net growth of $323.1 million or 17.4% since June 30, 2019, including $201.3 million of PPP commercial loans.