Peoples Financial Services Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Peoples Financial Services Corp. has filed its Q1 2024 10-Q report, detailing financial performance and equity structure.</b>

AI Summary

PEOPLES FINANCIAL SERVICES CORP. (PFIS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Peoples Financial Services Corp. filed a 10-Q report for the period ending March 31, 2024. The company is classified under SIC code 6021 (National Commercial Banks). Incorporated in Pennsylvania, with its fiscal year ending December 31. Key financial data references include Interest Income/Expense Net and Debt Securities Available For Sale. The filing details equity components such as Common Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income for various periods.

Why It Matters

For investors and stakeholders tracking PEOPLES FINANCIAL SERVICES CORP., this filing contains several important signals. This 10-Q filing provides an update on the company's financial health and operational status for the first quarter of 2024, crucial for investors assessing current performance. The detailed breakdown of equity accounts and references to specific financial instruments like debt securities offer insights into the company's balance sheet and risk exposure.

Risk Assessment

Risk Level: low — PEOPLES FINANCIAL SERVICES CORP. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant new risks.

Analyst Insight

Monitor future filings for trends in interest income/expense and debt securities to understand the impact of market conditions on Peoples Financial Services Corp.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 6021 — SIC Code (Standard Industrial Classification)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• PEOPLES FINANCIAL SERVICES CORP. (company) — Filer name
• PA (location) — State of incorporation
• SCRANTON (location) — Business address city
• 570-346-7741 (phone) — Business phone number

FAQ

Industry Context

Peoples Financial Services Corp. operates within the National Commercial Banks industry, a sector characterized by interest-based revenue and regulatory oversight.

Regulatory Implications

As a commercial bank, the company is subject to regulations from bodies like the Federal Reserve and state banking authorities, impacting its operations and financial reporting.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze trends in interest income and expense from the filing to understand net interest margin performance.
3. Examine disclosures related to debt securities to assess investment portfolio risks and performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Helps categorize Peoples Financial Services Corp. within the National Commercial Banks sector.)

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from previous filings and reflecting the company's financial position as of March 31, 2024.

Key Financial Figures

• $2.00 — ge on which registered: Common stock, $2.00 par value PFIS The Nasdaq Stock Mar

Filing Documents

• pfis-20240331x10q.htm (10-Q) — 5123KB
• pfis-20240331xex31d1.htm (EX-31.1) — 18KB
• pfis-20240331xex31d2.htm (EX-31.2) — 18KB
• pfis-20240331xex32.htm (EX-32) — 8KB
• 0001558370-24-007305.txt (&nbsp;) — 24219KB
• pfis-20240331.xsd (EX-101.SCH) — 71KB
• pfis-20240331_cal.xml (EX-101.CAL) — 114KB
• pfis-20240331_def.xml (EX-101.DEF) — 347KB
• pfis-20240331_lab.xml (EX-101.LAB) — 610KB
• pfis-20240331_pre.xml (EX-101.PRE) — 558KB
• pfis-20240331x10q_htm.xml (XML) — 7576KB

Financial Statements

Financial Statements Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 (Unaudited) 3 Consolidated Statements of Income and Comprehensive Income for the Three Months ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 56 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults upon Senior Securities 56 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 57 Item 6. Exhibits 57

Signatures

Signatures 58 2 Table of Contents Peoples Financial Services Corp. CONSOLIDATED BALANCE SHEET S (Dollars in thousands, except share data) March 31, 2024 December 31, 2023 Assets: Cash and cash equivalents Cash and due from banks $ 32,009 $ 33,524 Interest-bearing deposits in other banks 8,259 9,141 Federal funds sold 69,700 144,700 Total cash and cash equivalents 109,968 187,365 Investment securities: Available for sale: Amortized cost of $ 448,381 and $ 450,454 , respectively, net of allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023 394,413 398,927 Equity investments carried at fair value 91 98 Held to maturity: Fair value of $ 69,989 and $ 71,698 , respectively, net of allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023 83,306 84,851 Total investment securities 477,810 483,876 Loans 2,858,412 2,849,897 Less: allowance for credit losses 22,597 21,895 Net loans 2,835,815 2,828,002 Loans held for sale 300 250 Goodwill 63,370 63,370 Premises and equipment, net 59,097 61,276 Bank owned life insurance 49,673 49,397 Deferred tax assets 14,241 13,770 Accrued interest receivable 13,565 12,734 Other assets 45,299 42,249 Total assets $ 3,669,138 $ 3,742,289 Liabilities: Deposits: Noninterest-bearing $ 623,408 $ 644,683 Interest-bearing 2,580,530 2,634,354 Total deposits 3,203,938 3,279,037 Short-term borrowings 20,260 17,590 Long-term debt 25,000 25,000 Subordinated debt 33,000 33,000 Accrued interest payable 5,327 5,765 Other liabilities 41,621 41,475 Total liabilities 3,329,146 3,401,867 Stockholders' equity: Common stock, par value $ 2.00 , authorized 25,000,000 shares, issued and outstanding 7,057,258 shares at March 31, 2024 and 7,040,852 shares at December 31, 2023 14,122 14,093 Capital surplus 122,162 122,130 Retained earnings 249,123 2

View Full Filing

View this 10-Q filing on SEC EDGAR