Peoples Financial Services Corp. Q2 2024 10-Q Filed

TL;DR

PFIS Q2 10-Q is in! Shows interest income/expense, debt securities, and a pending merger on 6/28.

AI Summary

Peoples Financial Services Corp. filed its 10-Q for the period ending June 30, 2024. The company reported interest income and expense net figures, with specific values for "Debt Securities Available For Sale Excluding Accrued Interest" and other financial metrics. The filing also notes a pending merger as of June 28, 2024.

Why It Matters

This filing provides a quarterly financial update for Peoples Financial Services Corp., offering insights into their interest income, debt securities, and any significant corporate events like mergers.

Risk Assessment

Risk Level: medium — The filing indicates a pending merger, which introduces potential integration risks and uncertainties.

Key Numbers

• $7.04M — Interest Income Expense Net (For the period ending June 30, 2024, compared to $7.06M in the prior period.)
• Pending Merger — Corporate Event (A merger was pending as of June 28, 2024.)

Key Players & Entities

• PEOPLES FINANCIAL SERVICES CORP. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240807 (date) — Filing Date
• 7040852 (dollar_amount) — Interest Income Expense Net (current period)
• 7057258 (dollar_amount) — Interest Income Expense Net (prior period)
• 2024-06-28 (date) — Pending Merger Date

FAQ

Key Financial Figures

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

Filing Documents

• pfis-20240630x10q.htm (10-Q) — 6079KB
• pfis-20240630xex31d1.htm (EX-31.1) — 18KB
• pfis-20240630xex31d2.htm (EX-31.2) — 18KB
• pfis-20240630xex32.htm (EX-32) — 8KB
• 0001558370-24-011338.txt ( ) — 26949KB
• pfis-20240630.xsd (EX-101.SCH) — 75KB
• pfis-20240630_cal.xml (EX-101.CAL) — 134KB
• pfis-20240630_def.xml (EX-101.DEF) — 365KB
• pfis-20240630_lab.xml (EX-101.LAB) — 633KB
• pfis-20240630_pre.xml (EX-101.PRE) — 584KB
• pfis-20240630x10q_htm.xml (XML) — 8407KB

Financial Statements

Financial Statements Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 (Unaudited) 3 Consolidated Statements of Income and Comprehensive Income for the Three and Six Months ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Six Months ended June 30, 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 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 60 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 60 Item 1A.

Risk Factors

Risk Factors 60 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 3. Defaults upon Senior Securities 60 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 61 Item 6. Exhibits 61

Signatures

Signatures 62 2 Table of Contents Peoples Financial Services Corp. CONSOLIDATED BALANCE SHEET S (Dollars in thousands, except share data) June 30, 2024 December 31, 2023 Assets: Cash and cash equivalents Cash and due from banks $ 41,234 $ 33,524 Interest-bearing deposits in other banks 8,722 9,141 Federal funds sold 144,700 Total cash and cash equivalents 49,956 187,365 Investment securities: Available for sale: Amortized cost of $ 439,189 and $ 450,454 , respectively, net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023 385,240 398,927 Equity investments carried at fair value 78 98 Held to maturity: Fair value of $ 68,224 and $ 71,698 , respectively, net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023 81,598 84,851 Total investment securities 466,916 483,876 Loans 2,869,553 2,849,897 Less: allowance for credit losses 23,123 21,895 Net loans 2,846,430 2,828,002 Loans held for sale 250 Goodwill 63,370 63,370 Premises and equipment, net 58,565 61,276 Bank owned life insurance 49,955 49,397 Deferred tax assets 14,460 13,770 Accrued interest receivable 13,326 12,734 Other assets 53,077 42,249 Total assets $ 3,616,055 $ 3,742,289 Liabilities: Deposits: Noninterest-bearing $ 620,971 $ 644,683 Interest-bearing 2,443,988 2,634,354 Total deposits 3,064,959 3,279,037 Short-term borrowings 104,250 17,590 Long-term debt 25,000 25,000 Subordinated debt 33,000 33,000 Accrued interest payable 5,507 5,765 Other liabilities 42,532 41,475 Total liabilities 3,275,248 3,401,867 Stockholders' equity: Common stock, par value $ 2.00 , authorized 25,000,000 shares, issued and outstanding 7,057,258 shares at June 30, 2024 and 7,040,852 shares at December 31, 2023 14,122 14,093 Capital surplus 122,449 122,130 Retained earnings 249,511 248,550 Accumulate

View Full Filing

View this 10-Q filing on SEC EDGAR