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Sep 30, 2024
Peoples Financial Q3 2024 Earnings Report
Reported a net loss due to non-recurring charges related to the FNCB merger, which were partially offset by increased net interest income.
Key Takeaways
Peoples Financial Services Corp. reported a net loss of $4.3 million, or $0.43 per diluted share, for the third quarter of 2024. This decrease in net income was primarily due to non-recurring charges related to the FNCB merger, including a $14.3 million provision for credit losses and $9.6 million in acquisition-related expenses. These charges offset an $18.0 million increase in net interest income, which reached $39.2 million.
Net loss of $4.3 million, or $0.43 per diluted share, compared to net income of $6.7 million, or $0.95 per diluted share in Q3 2023.
Net interest income increased $18.0 million to $39.2 million.
Tax-equivalent net interest margin (NIM) increased 97 basis points to 3.26%.
Core net income, a non-GAAP measure, totaled $16.5 million, or $1.64 per diluted share, compared to $7.5 million, or $1.05 per diluted share in Q3 2023.
Peoples Financial
Peoples Financial
Forward Guidance
The earnings report does not include any forward guidance.