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Sep 30, 2020
Peoples Financial Q3 2020 Earnings Report
Peoples Financial reported an increase in net income and earnings per share for the third quarter of 2020, driven by growth in pre-provision net interest income.
Key Takeaways
Peoples Financial Services Corp. reported unaudited financial results for the three months ended September 30, 2020, with net income of $8.3 million, or $1.14 per diluted share, representing a 16.3% increase compared to the same period in 2019.
Net income increased by 16.3% compared to the same period in 2019, reaching $8.3 million.
Core net income for the three months ended September 30, totaled $7.9 million in 2020.
Efficiency ratio improved to 55.9% for the three months ended September 30, 2020, compared to 59.6% in the year ago period due to higher revenue.
Loans in deferral at September 30, 2020 totaled $51.0 million or 2.6% of total outstanding loan balances, excluding PPP loans.
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.com Forward Guidance
The COVID-19 crisis is expected to continue to impact the Company’s financial results, as well as demand for its products and services during the remainder of 2020 and potentially beyond.