Peoples Financial Services Corp. (PFSC), a leading financial institution, has re leased its unaudited consolidated financial statements for the first quarter of 2023. The report highlights the company's financial performance, indicating a strong net income and revenue for the period.
Net Income
During the first quarter of 2023, Peoples Financial Services Corp. achieved a robust net income of $7.58 million. This figure reflects the company's profitability and showcases its ability to generate substantial earnings in a competitive market.
Revenue
In the first quarter of 2023, PFSC reported total interest income of $34.28 million. This revenue includes interest and fees earned on loans, interest and dividends on investment securities, and other interest-related income. The revenue generated during this period underscores the company's success in effectively managing its assets and capitalizing on market opportunities.
The company's interest expense for the same period amounted to $11.23 million, which was primarily attributed to interest paid on deposits, short-term borrowings, long-term debt, and subordinated debentures.
Consolidated Balance Sheets
As of March 31, 2023, PFSC's total assets amounted to $3.68 billion, showcasing a growth compared to the $3.55 billion recorded as of December 31, 2022. The increase in assets can be attributed to various factors, including higher cash and cash equivalents, investment securities, and net loans.
Consolidated Statements of Income and Comprehensive Income (Loss)
The company's net interest income after provision for credit losses stood at $21.78 million in Q1 2023, demonstrating effective risk management and loan portfolio performance. Noninterest income, which includes service charges, fees, and commissions, also contributed to the company's strong financial performance, totaling $3.67 million for the quarter.
However, PFSC incurred noninterest expenses of $16.49 million during the same period, reflecting investments in employee benefits, occupancy, equipment, and professional services.
Consolidated Statements of Changes in Stockholders' Equity
The company's stockholders' equity as of March 31, 2023, reached $328.63 million, an increase from $315.35 million as of December 31, 2022. The rise in equity can be attributed to net income generated during the period and other comprehensive income, which includes unrealized gains on investment securities.
Consolidated Statements of Cash Flows
Peoples Financial Services Corp. reported net cash provided by operating activities amounting to $4.55 million for the first quarter of 2023. This positive cash flow reflects the company's ability to efficiently manage its operational finances.
In terms of investing activities, PFSC invested $14.24 million in various assets, including investment securities and premises and equipment. Additionally, the company reported net cash provided by financing activities, amounting to $112.40 million, mainly attributed to the increase in deposits and proceeds from long-term debt.
Overall, the financial statements indicate a strong and healthy financial position for Peoples Financial Services Corp., reinforcing its position as a reliable and thriving financial institution.