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Jun 30, 2023
Peoples Financial Q2 2023 Earnings Report
Net income increased slightly year-over-year, but net interest income decreased due to higher funding costs.
Key Takeaways
Peoples Financial Services Corp. reported unaudited financial results for Q2 2023, with net income of $9.4 million, or $1.31 per diluted share, a 0.8% increase compared to Q2 2022. The results reflected lower net interest income, reduced noninterest income, and higher operating expenses, offset by a lower provision for credit losses.
Net income for the quarter increased by 0.8% compared to the same period last year.
Total deposits grew to $3.2 billion during the first six months of 2023.
The company had $1.7 billion in additional liquidity available at the end of the quarter.
Asset quality remained strong with nonperforming assets at 0.06% of total assets.
Peoples Financial
Peoples Financial
Forward Guidance
The company anticipates that funding costs will continue to increase in the future as a result of local competition for deposits and the cost of alternative funding.