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Sep 30, 2022
Peoples Financial Q3 2022 Earnings Report
Net income increased due to a rise in net interest income, partially offset by higher noninterest expenses.
Key Takeaways
Peoples Financial Services Corp. reported unaudited third quarter earnings with a net income of $10.0 million, or $1.38 per diluted share, a 9.6% increase compared to the same period in 2021.
Net income for the three months ended September 30, 2022, was $10.0 million, or $1.38 per diluted share.
Year-to-date earnings reached a record $29.0 million, or $4.01 per diluted share.
Net loan growth for the nine months ended September 30, 2022, excluding SBA PPP loans, was $340.7 million, or 20.2% annualized.
Deposit growth during the three months ended September 30, 2022, excluding brokered deposits, totaled $230.2 million.
Peoples Financial
Peoples Financial
Forward Guidance
The company anticipates that funding costs will continue to increase in the future as a result of the FOMC rate adjustments, local competition for deposits or the cost of alternative funding. Higher interest rates and economic uncertainty may result in lower loan demand and lower growth over the near-term when compared to the first nine months of 2022.