Peoples Financial Services Corp. reported net income of $15.0 million, or $1.49 per diluted share, for the three months ended March 31, 2025. This marks a substantial increase from $6.1 million, or $0.61 per diluted share, in the prior quarter. Annualized return on average assets rose to 1.22% from 0.47%, and annualized return on average equity climbed to 12.70% from 5.07%.
Net interest income increased by $1.0 million to $39.5 million, and the tax-equivalent net interest income rose to $40.2 million. The total cost of deposits decreased by 24 basis points to 1.96%, reflecting lower rates paid on deposits in response to FOMC rate cuts.
Non-recurring acquisition-related expenses significantly decreased to $0.2 million in Q1 2025 from $5.0 million in Q4 2024. The provision for credit losses also decreased to $0.2 million from $3.4 million in the prior quarter, influenced by stabilized loan balances in the equipment financing portfolio and a change in economic forecasting.
The company also reported a $0.7 million gain on the sale of fixed assets, primarily related to its former corporate headquarters in Scranton, PA, contributing to noninterest income. Total assets were $5.0 billion, loans $4.0 billion, and deposits $4.3 billion at March 31, 2025.
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