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Peoples Financial Services Corp. (PFIS-6.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $5.1 billion, an increase from $3.7 billion in the previous year. This growth is attributed to the acquisition of FNCB Bancorp, Inc., which added $1.8 billion in assets.
Net income for the year was $8.5 million, a decrease from $27.4 million in the previous year, primarily due to non-recurring acquisition expenses and increased provisions for credit losses.
Total deposits increased to $4.4 billion from $3.3 billion, with noninterest-bearing deposits rising to $935.5 million.
The company completed the acquisition of FNCB Bancorp, Inc. on July 1, 2024, adding $1.2 billion in loans and $1.4 billion in deposits.
Peoples Financial Services Corp. reported an allowance for credit losses of $41.8 million, up from $21.9 million, reflecting adjustments related to the acquisition.
Nonperforming assets were $23.0 million, representing 0.45% of total assets, compared to $4.9 million or 0.13% in the previous year.
The company declared dividends of $2.06 per share, with a dividend payout ratio of 208.1% of net income.
Peoples Financial Services Corp. continues to focus on expanding its branch network and maintaining a strong capital position, with stockholders' equity reported at $469.0 million.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.