Peoples Financial Services Corp. Q3 Net Interest Income Declines

TL;DR

PFIS Q3 net interest income down YoY to $15.58M. Assets $2.19B.

AI Summary

Peoples Financial Services Corp. reported its Q3 2024 results for the period ending September 30, 2024. The company's net interest income for the three months ended September 30, 2024, was $15.58 million, a decrease from $16.15 million in the same period of 2023. Total assets stood at $2.19 billion as of September 30, 2024.

Why It Matters

A decline in net interest income can impact a bank's profitability and its ability to lend, potentially affecting its stock performance and the broader economic environment.

Risk Assessment

Risk Level: medium — The decline in net interest income and the sensitivity to interest rate changes present a moderate risk to the company's financial performance.

Key Numbers

• $15.58M — Net Interest Income (Q3 2024) (Represents a decrease from the prior year's Q3.)
• $16.15M — Net Interest Income (Q3 2023) (Prior year comparison for Q3 net interest income.)
• $2.19B — Total Assets (Q3 2024) (Overall size of the company's asset base.)

Key Players & Entities

• PEOPLES FINANCIAL SERVICES CORP. (company) — Filer
• 20240930 (date) — Conformed Period of Report
• $15.58 million (dollar_amount) — Net interest income for Q3 2024
• $16.15 million (dollar_amount) — Net interest income for Q3 2023
• $2.19 billion (dollar_amount) — Total assets as of September 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• pfis-20240930x10q.htm (10-Q) — 7194KB
• pfis-20240930xex3d1.htm (EX-3.1) — 129KB
• pfis-20240930xex10d7.htm (EX-10.7) — 14KB
• pfis-20240930xex31d1.htm (EX-31.1) — 18KB
• pfis-20240930xex31d2.htm (EX-31.2) — 18KB
• pfis-20240930xex32.htm (EX-32) — 8KB
• 0001558370-24-015698.txt ( ) — 33015KB
• pfis-20240930.xsd (EX-101.SCH) — 106KB
• pfis-20240930_cal.xml (EX-101.CAL) — 181KB
• pfis-20240930_def.xml (EX-101.DEF) — 476KB
• pfis-20240930_lab.xml (EX-101.LAB) — 841KB
• pfis-20240930_pre.xml (EX-101.PRE) — 759KB
• pfis-20240930x10q_htm.xml (XML) — 10187KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 (Unaudited) 3 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the Three and Nine Months ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, June 30 and September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Nine Months ended September 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 51 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 4.

Controls and Procedures

Controls and Procedures 73 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 73 Item 1A.

Risk Factors

Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults upon Senior Securities 73 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 74

Signatures

Signatures 76 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Peoples Financial Services Corp. CONSOLIDATED BALANCE SHEET S (Dollars in thousands, except share data) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents Cash and due from banks $ 97,090 $ 33,524 Interest-bearing deposits in other banks 10,286 9,141 Federal funds sold 178,093 144,700 Total cash and cash equivalents 285,469 187,365 Investment securities: Available for sale: Amortized cost of $ 601,270 and $ 450,454 , respectively, net of allowance for credit losses of $ 0 at September 30, 2024 and December 31, 2023 562,486 398,927 Held to maturity: Fair value of $ 69,034 and $ 71,698 , respectively, net of allowance for credit losses of $ 0 at September 30, 2024 and December 31, 2023 79,861 84,851 Equity investments carried at fair value 3,921 98 Total investment securities 646,268 483,876 Loans 4,069,683 2,849,897 Less: allowance for credit losses 39,341 21,895 Net loans 4,030,342 2,828,002 Loans held for sale 803 250 Goodwill 76,958 63,370 Premises and equipment, net 75,877 61,276 Bank owned life insurance 87,401 49,397 Deferred tax assets 33,078 13,770 Accrued interest receivable 17,979 12,734 Intangible assets, net 35,907 Other assets 70,056 42,249 Total assets $ 5,360,138 $ 3,742,289 Liabilities: Deposits: Noninterest-bearing $ 717,565 $ 644,683 Interest-bearing 3,920,299 2,634,354 Total deposits 4,637,864 3,279,037 Short-term borrowings 37,346 17,590 Long-term debt 111,489 25,000 Subordinated debt 33,000 33,000 Junior subordinated debt 8,015 Accrued interest payable 6,829 5,765 Other liabilities 50,544 41,475 Total liabilities 4,885,087 3,401,867 Stockholders' equity: Common stock, par value $ 2.00 , authorized 25,000,000 shares, issued and outstanding 9,994,648 , shares at September 30, 2024 and 7,040,852 shares at December 31, 2023 19,99

View Full Filing

View this 10-Q filing on SEC EDGAR