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Dec 31, 2020
Peoples Financial Q4 2020 Earnings Report
Peoples Financial Services Corp. reported an increase in net income and core net income for Q4 2020.
Key Takeaways
Peoples Financial Services Corp. reported a strong fourth quarter with net income reaching $8.2 million, a 62.6% increase compared to the same period last year. Earnings per share also saw a significant rise, driven by decreases in loan loss provisions and increases in noninterest income.
Net income for Q4 2020 was $8.2 million, or $1.13 per diluted share, a 62.6% increase year-over-year.
Core net income for Q4 2020 was $8.0 million, or $1.10 per share, compared to $4.9 million, or $0.67 per share in Q4 2019.
Deposits grew by $80.2 million during the three months ended December 31, 2020.
Loans in deferral at December 31, 2020 totaled $6.1 million, representing 0.3% of total outstanding loan balances, excluding PPP loans.