Loading...
•
Dec 31, 2021
Peoples Financial Q4 2021 Earnings Report
Reported an increase in net income due to the sale of Visa Class B shares and an increase in pre-provision net interest income.
Key Takeaways
Peoples Financial Services Corp. reported a net income of $16.4 million, or $2.28 per diluted share, for the fourth quarter of 2021. This represents an increase of $8.2 million compared to the same period in 2020. The increase was driven by the sale of Visa Class B shares and a rise in pre-provision net interest income.
Net income increased by $8.2 million compared to Q4 2020, reaching $16.4 million or $2.28 per diluted share.
The sale of Visa Class B shares contributed significantly to the increase in earnings, resulting in an after-tax gain of $9.6 million.
Pre-provision net interest income rose by $1.8 million compared to the year-ago period.
Strong loan growth led to a higher provision for loan losses of $0.7 million compared to the prior year.