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Sep 30, 2023
Peoples Financial Q3 2023 Earnings Report
Peoples Financial's net income decreased by 32.3% due to lower net interest income and higher operating expenses.
Key Takeaways
Peoples Financial Services Corp. reported a net income of $6.7 million, or $0.95 per diluted share, for the three months ended September 30, 2023. This represents a 32.3% decrease compared to the $10.0 million, or $1.38 per share, reported for the same period in 2022. The decline was primarily due to lower net interest income driven by higher deposit costs, and increased operating expenses mainly attributed to acquisition-related expenses.
Net income decreased by 32.3% compared to the same period last year.
Core net income totaled $7.5 million, or $1.05 per diluted share.
Strategic combination with FNCB Bancorp, Inc. was announced on September 27, 2023.
Net loan growth consisted primarily of commercial real estate loans.
Peoples Financial
Peoples Financial
Forward Guidance
The press release does not contain any forward guidance.