Peoples Financial Services Corp. reported net income of $17.0 million, or $1.68 per diluted share, for the three months ended June 30, 2025. This represents an increase from $15.0 million, or $1.49 per diluted share, in the prior quarter. Annualized return on average assets rose to 1.36% and annualized return on average equity climbed to 13.87%.
For the six months ended June 30, 2025, net income was $32.0 million, or $3.18 per diluted share, a substantial increase from $6.7 million, or $0.95 per diluted share, for the comparable period of 2024. This growth was driven by higher net interest income, noninterest income, and a lower provision for credit losses.
Net interest income increased by $2.7 million to $42.2 million, with FTE net interest income rising to $42.9 million. The company also reported a $0.2 million credit to the provision for credit losses, reflecting net recoveries and reduced specific reserves on individually evaluated loans.
The company successfully managed its debt, issuing $85 million in 7.75% fixed-to-floating rate subordinated notes on June 6, 2025, and redeeming $33 million of its 5.375% subordinated debt on June 30, 2025. The board declared a $0.62 per share quarterly dividend, representing a 50.6% year-over-year increase.
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