Loading...
•
Dec 31, 2022
Peoples Financial Q4 2022 Earnings Report
Reported unaudited fourth quarter 2022 earnings, reflecting a decrease compared to the same period last year due to the sale of Visa Class B shares in the previous year and a loss on the sale of securities this period.
Key Takeaways
Peoples Financial Services Corp. reported a net income of $9.1 million, or $1.27 per diluted share, for the three months ended December 31, 2022. This represents a 44.3% decrease compared to the $16.4 million, or $2.28 per share, for the comparable period of 2021. The decrease was primarily due to an after-tax gain from the sale of Visa Class B shares in the year-ago period and an after-tax loss on the sale of securities available for sale in the current period.
Net income decreased by 44.3% compared to Q4 2021, primarily due to the absence of Visa Class B share sale gain and a loss on securities sale.
Net interest income increased by $2.8 million due to strong loan growth, offset by increased funding costs.
A credit to the provision for loan losses of $2.1 million was recorded, reflecting improved credit quality of the loan portfolio.
Noninterest expenses increased by $2.5 million due to investments in market expansion and digital technology.