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Jun 30, 2024
Peoples Financial Q2 2024 Earnings Report
Peoples Financial's performance was impacted by higher deposit costs, increased provision for credit losses, and elevated operating expenses.
Key Takeaways
Peoples Financial Services Corp. reported a decrease in net income for the second quarter of 2024, primarily due to lower net interest income, a higher provision for credit losses, and increased operating expenses, including acquisition-related costs. The company's strategic combination with FNCB Bancorp, Inc. was completed on July 1, 2024, but the reported results do not include FNCB's financials.
Net income decreased by 65.2% compared to the same period last year.
Core net income was $4.2 million, or $0.59 per diluted share.
Net interest margin was 2.29%, a decline of 32 basis points year-over-year.
Asset quality remained strong with nonperforming assets at 0.20% of total assets.
Peoples Financial
Peoples Financial
Forward Guidance
This document does not contain any forward guidance.