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Peoples Financial Services Corp. (PFIS-1.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the acquisition of FNCB Bancorp, Inc., completed on July 1, 2024, for approximately $133.7 million. This acquisition contributed significantly to the company's assets, liabilities, and equity.
Total assets increased to $5.4 billion, primarily due to the FNCB merger, which added $1.8 billion in assets. Total loans increased to $4.1 billion, with significant contributions from the commercial and industrial loan portfolio.
Deposits grew to $4.6 billion, with interest-bearing deposits accounting for the majority of the increase. The merger added $1.4 billion in deposits, including $140.6 million in brokered deposits.
Net interest income for the quarter was $39.244 million, an increase from the previous year, driven by higher volumes of earning assets and the impact of purchase accounting from the FNCB merger.
The company recorded a provision for credit losses of $14.458 million, primarily due to the initial provision for non-PCD loans acquired in the merger.
Noninterest income rose to $5.722 million, with increases in service charges, fees, and wealth management income. Noninterest expenses increased to $35.502 million, largely due to merger-related costs.
Peoples Financial Services Corp. reported a net loss of $4.337 million for the quarter, compared to net income of $6.746 million in the previous year. The loss was attributed to merger-related expenses and provisions for credit losses.
The company's total stockholders' equity increased to $475.051 million, reflecting the issuance of shares as part of the merger consideration and changes in accumulated other comprehensive income.
Peoples Financial Services Corp. continues to focus on integrating FNCB's operations and realizing synergies from the merger, while managing interest rate risk and maintaining adequate liquidity and capital levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peoples Financial Services Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.