Peoples Financial Services Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Peoples Financial Services Corp. has submitted its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

PEOPLES FINANCIAL SERVICES CORP. (PFIS) filed a Annual Report (10-K) with the SEC on March 15, 2024. Peoples Financial Services Corp. filed its 2023 Form 10-K on March 15, 2024. The company is incorporated in Pennsylvania and operates under SIC code 6021 (National Commercial Banks). Its principal business address is 150 N Washington Ave, Scranton, PA. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Peoples Financial Services Corp. with a name change date of March 3, 1998.

Why It Matters

For investors and stakeholders tracking PEOPLES FINANCIAL SERVICES CORP., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Peoples Financial Services Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's stability and growth prospects. As a national commercial bank, the information within this filing is vital for understanding regulatory compliance, market positioning, and potential risks within the banking sector.

Risk Assessment

Risk Level: low — PEOPLES FINANCIAL SERVICES CORP. shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Peoples Financial Services Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (As of date)
• 6021 — SIC Code (Standard Industrial Classification)
• PA — State of Incorporation (State of incorporation)
• 001-36388 — SEC File Number (SEC file number)

Key Players & Entities

• PEOPLES FINANCIAL SERVICES CORP. (company) — Filer name
• PFIS (company) — Ticker symbol
• PA (location) — State of incorporation
• Scranton (location) — Business address city
• 150 N Washington Ave (address) — Business address street
• 18503 (zip_code) — Business address zip
• 570-346-7741 (phone_number) — Business phone
• 2023-12-31 (date) — Fiscal year end

FAQ

Industry Context

Peoples Financial Services Corp. operates within the national commercial banking industry, a sector characterized by stringent regulation and sensitivity to economic conditions.

Regulatory Implications

As a commercial bank, the company is subject to oversight from federal and state regulatory bodies, including the Federal Reserve and state banking departments, ensuring compliance with banking laws and capital requirements.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Examine any disclosed risk factors related to the banking industry or the company's specific operations.
3. Review management's discussion and analysis (MD&A) for insights into performance drivers and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so no prior filing data is available for comparison.

Key Financial Figures

• $2.00 — nge on which registered Common stock, $2.00 par value PFIS The Nasdaq Stock Mar
• $4.8 million — ther provides that a termination fee of $4.8 million will be payable by either the Company o

Filing Documents

• pfis-20231231x10k.htm (10-K) — 7694KB
• pfis-20231231xex21d1.htm (EX-21.1) — 2KB
• pfis-20231231xex23d1.htm (EX-23.1) — 4KB
• pfis-20231231xex31d1.htm (EX-31.1) — 11KB
• pfis-20231231xex31d2.htm (EX-31.2) — 12KB
• pfis-20231231xex32d1.htm (EX-32.1) — 8KB
• pfis-20231231xex97.htm (EX-97) — 37KB
• pfis-20231231x10k006.jpg (GRAPHIC) — 57KB
• 0001558370-24-003373.txt (&nbsp;) — 32933KB
• pfis-20231231.xsd (EX-101.SCH) — 116KB
• pfis-20231231_cal.xml (EX-101.CAL) — 158KB
• pfis-20231231_def.xml (EX-101.DEF) — 545KB
• pfis-20231231_lab.xml (EX-101.LAB) — 957KB
• pfis-20231231_pre.xml (EX-101.PRE) — 906KB
• pfis-20231231x10k_htm.xml (XML) — 9238KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 40 Item 1 C. Cybersecurity 40 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. Reserved 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 139 Item 9A.

Controls and Procedures

Controls and Procedures 139 Item 9B. Other Information 141 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 141 PART III Item 10. Directors, Executive Officers and Corporate Governance 141 Item 11.

Executive Compensation

Executive Compensation 141 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 141 Item 13. Certain Relationships and Related Transactions, and Director Independence 141 Item 14. Principal Accountant Fees and Services 142 PART IV Item 15. Exhibits, Financial Statement Schedules 142 Item 16. Form 10-K Summary 142

SIGNATURES

SIGNATURES 146 -i- Table of Contents Cautionary Note Regarding Forward-Looking Statements. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to risks and uncertainties. These statements are based on assumptions and may describe future plans, strategies and expectations of Peoples Financial Services Corp. and its subsidiaries (the "Company") including statements with respect to the proposed merger between the Company and FNCB Bancorp, Inc. ("FNCB") under the Agreement and Plan of Merger, dated September 27, 2023 (the "Merger Agreement") pursuant to which FNCB will merge with and into Peoples, with Peoples as the surviving entity, along with the transaction occurring immediately after such merger, whereby FNCB's wholly owned subsidiary, FNCB Bank will merge with and into the Company's wholly owned subsidiary, Peoples Security Bank and Trust Company ("Peoples Bank"), with the Peoples Bank as the surviving bank and a wholly-owned subsidiary of Peoples (the "Merger"), that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond our control). These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. All statements in this report, other than statements of historical facts, are forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to: macroeconomic trends; the effects of any recession in the United States; the impact on financial markets from geopolitical conflicts such as the military co

View Full Filing

View this 10-K filing on SEC EDGAR