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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended September 30, 2025

☐	Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

for the transition period from

001-36388

(Commission File Number)

PEOPLES FINANCIAL SERVICES CORP.

(Exact name of registrant as specified in its charter)


Pennsylvania	23-2391852
(State of incorporation)	(IRS Employer ID Number)

30 ED Preate Drive, Moosic PA	18507
(Address of principal executive offices)	(Zip code)

(570) 346-7741

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common stock, $2.00 par value	PFIS	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of the registrant’s common stock, as of the latest practicable date: 9,994,595 at November 1, 2025.

Table of Contents

PEOPLES FINANCIAL SERVICES CORP.

FORM 10-Q

For the Quarter Ended September 30, 2025


Contents		Page No.

PART I.	FINANCIAL INFORMATION:	3

Item 1.	Financial Statements	3

	Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024	3

	Consolidated Statements of Income and Comprehensive Income for the Three Months and Nine Months ended September 30, 2025 and 2024 (Unaudited)	4

	Consolidated Statements of Changes in Stockholders’ Equity for the each of the quarters within the nine months ended September 30, 2025 and 2024 (Unaudited)	5

	Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024 (Unaudited)	6

	Notes to Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69

Item 4.	Controls and Procedures	71

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	71

Item 1A.	Risk Factors	71

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71

Item 3.	Defaults upon Senior Securities	71

Item 4.	Mine Safety Disclosures	71

Item 5.	Other Information	72

Item 6.	Exhibits	72

	Signatures	73

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Peoples Financial Services Corp.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)



	September 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets:
Cash and cash equivalents
Cash and due from banks	$	62,133	$	47,029
Interest-bearing deposits in other banks		9,492		8,593
Federal funds sold		108,298		80,229
Total cash and cash equivalents		179,923		135,851

Investment securities:
Available for sale: Amortized cost of $568,633 and $575,288, respectively, net of allowance for credit losses of $0 at September 30, 2025 and December 31, 2024		534,521		526,329
Held to maturity: Fair value of $63,545 and $65,152, respectively, net of allowance for credit losses of $0 at September 30, 2025 and December 31, 2024		73,286		78,184
Equity investments carried at fair value		2,473		2,430
Total investment securities		610,280		606,943
Loans		4,016,367		3,993,505
Less: allowance for credit losses		39,843		41,776
Net loans		3,976,524		3,951,729
Loans held for sale		816
Goodwill		75,986		75,986
Premises and equipment, net		77,009		73,283
Bank owned life insurance		88,175		87,429
Deferred tax assets		30,025		35,688
Accrued interest receivable		16,995		15,632
Intangible assets, net		29,239		34,197
Other assets		74,664		74,919
Total assets	$	5,159,636	$	5,091,657

Liabilities:
Deposits:
Noninterest-bearing	$	912,044	$	935,516
Interest-bearing		3,377,687		3,472,036
Total deposits		4,289,731		4,407,552
Short-term borrowings		76,310		15,900
Long-term debt		137,029		98,637
Subordinated debt		83,111		33,000
Junior subordinated debt		8,114		8,039
Accrued interest payable		7,976		5,503
Other liabilities		48,105		54,076
Total liabilities		4,650,376		4,622,707

Stockholders’ equity:
Common stock, par value $2.00, authorized 25,000,000 shares, issued and outstanding 9,994,595, shares at September 30, 2025 and 9,990,724 shares at December 31, 2024		20,015		19,995
Capital surplus		250,735		250,695
Retained earnings		267,686		238,955
Accumulated other comprehensive loss		(29,176)		(40,695)
Total stockholders’ equity		509,260		468,950
Total liabilities and stockholders’ equity	$	5,159,636	$	5,091,657

See notes to unaudited consolidated financial statements.

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Peoples Financial Services Corp.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands, except per share data)


	Three Months Ended				Nine Months Ended
September 30,	2025		2024		2025		2024
Interest income:
Interest and fees on loans:
Taxable	$	57,621	$	59,411	$	170,292	$	127,859
Tax-exempt		2,151		2,299		6,698		5,116
Interest and dividends on investment securities:
Taxable		4,335		4,739		13,073		8,561
Tax-exempt		537		411		1,332		1,153
Dividends		47		55		128		59
Interest on interest-bearing deposits in other banks		101		150		310		385
Interest on federal funds sold		372		1,218		1,092		2,524
Total interest income		65,164		68,283		192,925		145,657

Interest expense:
Interest on deposits		20,194		26,398		61,344		63,216
Interest on short-term borrowings		341		550		976		1,444
Interest on long-term debt		1,509		1,389		3,897		1,929
Interest on subordinated debt		1,748		443		3,217		1,330
Interest on junior subordinated debt		189		260		563		260
Total interest expense		23,981		29,040		69,997		68,179
Net interest income		41,183		39,243		122,928		77,478
(Credit to) provision for credit losses		(838)		14,458		(877)		15,762
Net interest income after (credit to) provision for credit losses		42,021		24,785		123,805		61,716

Noninterest income:
Service charges, fees, commissions and other		3,386		3,384		10,454		7,304
Merchant services income		321		223		1,136		598
Commission and fees on fiduciary activities		607		649		1,707		1,717
Wealth management income		950		708		2,219		1,486
Mortgage banking income		148		84		387		263
Increase in cash surrender value of life insurance		543		551		1,604		1,116
Interest rate swap income		182		(53)		389		25
Net (losses) gains on equity investments		(21)		175		43		155
Net gains on sale of investment securities available for sale				1				1
Net (losses) gains on sale of fixed assets		(615)		(3)		65
Total noninterest income		5,501		5,719		18,004		12,665

Noninterest expense:
Salaries and employee benefits expense		14,128		13,170		41,370		30,459
Net occupancy and equipment expense		7,221		6,433		20,115		15,745
Acquisition related expenses		16		9,653		236		11,210
Amortization of intangible assets		1,515		1,665		4,882		1,665
Professional fees and outside services		935		1,017		3,114		2,482
FDIC insurance and assessments		607		809		2,605		1,907
Advertising and corporate business development		1,106		741		3,040		1,862
Other expenses		3,150		2,010		8,931		6,398
Total noninterest expense		28,678		35,498		84,293		71,728
Income (loss) before income taxes		18,844		(4,994)		57,516		2,653
Income tax expense (benefit)		3,598		(657)		10,305		242
Net income (loss)		15,246		(4,337)		47,211		2,411

Other comprehensive income:
Unrealized gain on investment securities available for sale		7,415		15,167		14,846		12,744
Reclassification adjustment for net gain on sales included in net income				(1)				(1)
Change in derivative fair value		18		(1,424)		(114)		(185)
Other comprehensive income		7,433		13,742		14,732		12,558
Income tax expense related to other comprehensive income		1,621		3,008		3,213		2,748
Other comprehensive income, net of income tax expense		5,812		10,734		11,519		9,810
Comprehensive income	$	21,058	$	6,397	$	58,730	$	12,221

Per share data:
Net income (loss):
Basic	$	1.53	$	(0.43)	$	4.72	$	0.30
Diluted	$	1.51	$	(0.43)	$	4.69	$	0.30
Dividends declared	$	0.62	$	0.62	$	1.86	$	1.44
Weighted average common shares outstanding:
Basic		9,994,629		9,987,627		9,994,175		8,039,734
Diluted		10,086,915		10,044,449		10,070,947		8,094,036

See notes to unaudited consolidated financial statements.

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Peoples Financial Services Corp.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands, except per share data)


							Accumulated
							Other
	Common		Capital		Retained		Comprehensive
	Stock		Surplus		Earnings		Loss		Total
Balance, January 1, 2025	$	19,995	$	250,695	$	238,955	$	(40,695)	$	468,950
Net income						15,009				15,009
Other comprehensive income, net of tax								4,241		4,241
Cash dividends declared: $0.62 per common share						(6,158)				(6,158)
Stock compensation, including tax effects and expenses				(188)						(188)
Restricted stock issued: 9,489 shares		19		(19)
Balance, March 31, 2025	$	20,014	$	250,488	$	247,806	$	(36,454)	$	481,854

Net income						16,956				16,956
Other comprehensive income, net of tax								1,466		1,466
Cash dividends declared: $0.62 per common share						(6,161)				(6,161)
Stock compensation, including tax effects and expenses				(19)						(19)
Restricted stock issued: 416 shares		1		(1)
Balance, June 30, 2025	$	20,015	$	250,468	$	258,601	$	(34,988)	$	494,096

Net income						15,246				15,246
Other comprehensive income, net of tax								5,812		5,812
Cash dividends declared: $0.62 per common share						(6,161)				(6,161)
Stock compensation, including tax effects and expenses				267						267
Restricted stock issued: 306 shares
Balance, September 30, 2025	$	20,015	$	250,735	$	267,686	$	(29,176)	$	509,260


							Accumulated
							Other
	Common		Capital		Retained		Comprehensive
	Stock		Surplus		Earnings		Loss		Total
Balance, January 1, 2024	$	14,093	$	122,130	$	248,550	$	(44,351)	$	340,422
Net income						3,466				3,466
Other comprehensive loss, net of tax								(1,064)		(1,064)
Cash dividends declared: $0.41 per common share						(2,893)				(2,893)
Stock compensation, including tax effects and expenses				61						61
Restricted stock issued: 14,434 shares		29		(29)
Balance, March 31, 2024	$	14,122	$	122,162	$	249,123	$	(45,415)	$	339,992

Net income						3,282				3,282
Other comprehensive income, net of tax								140		140
Cash dividends declared: $0.41 per share						(2,894)				(2,894)
Stock compensation, including tax effects and expenses				287						287
Balance, June 30, 2024	$	14,122	$	122,449	$	249,511	$	(45,275)	$	340,807

Net loss						(4,337)				(4,337)
Other comprehensive income, net of income taxes								10,734		10,734
Acquisition of FNCB Bancorp, Inc. 2,935,456 shares, $45.54 per share ⁽¹⁾		5,871		127,810						133,681
Cash dividends declared: $0.62 per share						(6,153)				(6,153)
Stock compensation, including tax effects and expenses				319						319
Balance, September 30, 2024	$	19,993	$	250,578	$	239,021	$	(34,541)	$	475,051
(1) Refer to Note 2 - Business Combination for additional detail.

See notes to unaudited consolidated financial statements.

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Peoples Financial Services Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands, except per share data)


For the Nine Months Ended September 30,	2025		2024
Cash flows from operating activities:
Net income	$	47,211	$	2,411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment		2,433		2,371
Amortization of right-of-use lease asset		615		805
(Accretion) amortization of deferred loan fees, net		(393)		451
Amortization of debt issuance costs		134
Amortization of CDI and other intangibles		4,958		1,665
Amortization expense related to acquired borrowings		348		179
Accretion income related to acquired loans		(12,177)		(4,750)
Amortization expense related to acquired deposits		620		831
Amortization of low income housing partnerships		1,204		376
(Credit to) provision for credit losses		(877)		15,762
Net unrealized gain on equity investments		(43)		(155)
Net loss on sale of other real estate owned		5
Loans originated for sale		(5,683)		(2,564)
Proceeds from sale of loans originated for sale		4,890		2,012
Net gain on sale of loans originated for sale		(23)		(1)
Net accretion of investment securities		(2,587)		(197)
Net gain on sale of investment securities available for sale				(1)
Net gain on sale of premises and equipment		(65)		(1)
Increase in cash surrender value of life insurance		(1,604)		(1,116)
Gain from bank owned life insurance settlement		(118)
Deferred income tax expense (benefit)		2,449		(2,558)
Stock compensation, including tax effects and expenses		60		667
Net change in:
Accrued interest receivable		(1,363)		2,203
Other assets		4,586		8,788
Accrued interest payable		2,473		(902)
Other liabilities		(8,871)		585
Net cash provided by operating activities		38,182		26,861
Cash flows from investing activities:
Proceeds from sales of investment securities available for sale				240,861
Proceeds from repayments of investment securities:
Available for sale		87,880		27,013
Held to maturity		4,819		4,918
Purchases of investment securities:
Available for sale		(78,560)
Equity Securities		(282)		(775)
Net purchase of restricted equity securities		(3,297)		(4,638)
Proceeds from the sale of equity securities				614
Proceeds from the sale of other real estate		22
Net cash received in merger with FNCB Bancorp, Inc.				28,811
Net increase in loans		(12,889)		(19,648)
Purchases of premises and equipment		(8,078)		(4,926)
Proceeds from the sale of premises and equipment		3,722		153
Proceeds from bank owned life insurance		968
Net cash (used in) provided by investing activities		(5,695)		272,383
Cash flows from financing activities:
Net decrease in deposits		(118,441)		(69,005)
Proceeds from long-term debt		49,105
Repayment of long-term borrowings		(10,986)		(10,315)
Net advances in short-term borrowings		60,410		(109,880)
Proceeds from the issuance of subordinated debt, net of issuance costs		82,977
Repayment of subordinated debt		(33,000)
Cash dividends paid		(18,480)		(11,940)
Net cash provided by (used in) financing activities		11,585		(201,140)
Net increase in cash and cash equivalents		44,072		98,104
Cash and cash equivalents at beginning of period		135,851		187,365
Cash and cash equivalents at end of period	$	179,923	$	285,469


Supplemental disclosures:
Cash paid during the period for:
Interest	$	67,524	$	67,116
Income taxes		6,428		1,154
Noncash items:
Transfers of fixed assets to other real estate		433		1,556
Transfers of loans to other real estate		1,541		27
Origination of mortgage servicing rights		58		542
Initial recognition of right-of-use assets		2,786		2,819
Initial recognition of lease liability		2,786		3,106

See notes to unaudited consolidated financial statements.

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

1. Summary of significant accounting policies:

Nature of operations

Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned direct and indirect subsidiaries, including Peoples Security Bank and Trust Company (“Peoples Bank”) and 1^st Equipment Finance, Inc., collectively, the “Company” or “Peoples”. The Company services its retail and commercial customers through thirty-nine full-service community banking offices located within Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, and Wyoming Counties of Pennsylvania, Middlesex County of New Jersey, and Broome County of New York.

Basis of presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q and Article 10-01 of Regulation S-X and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Prior period amounts are reclassified when necessary to conform to the current year’s presentation. These reclassifications did not have any effect on the consolidated operating results or financial position of the Company.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for credit losses, business combinations and impairment of goodwill. Actual results could differ from those estimates.

On July 1, 2024 (the “Acquisition Date”), the Company completed the acquisition of FNCB Bancorp, Inc., a Pennsylvania corporation (“FNCB”), in accordance with the definitive Agreement and Plan of Merger dated as of September 27, 2023 (the “Merger Agreement”), by and among the Company and FNCB. The comparability of the Company’s results of operations for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, in general, has been materially impacted by the acquisition of FNCB, as further described in Note 2.

These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Subsequent events

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the issuance date of these consolidated financial statements.

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

On October 31, 2025, the Company’s board of directors declared a dividend of $0.6175 per share for the fourth quarter of 2025. The dividend is payable on December 15, 2025 to shareholders of record as of November 28, 2025. The per share dividend is equal to the per share dividend declared for the third quarter of 2025.

Recent accounting standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the required effective dates. The following should be read in conjunction with Note 1 Summary of significant accounting policies of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Update 2025-01 “Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”) clarifies the effective date of Accounting Standards Update 2024-03 “Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) to stipulate that ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 will be effective for the Company beginning January 1, 2027 for the Company’s annual financial statements on Form 10-K and January 1, 2028 for the Company’s quarterly financial statements on Form 10-Q and is not expected to have a significant impact on the Company’s consolidated financial statements.

2. Business combinations:

Pursuant to the Merger Agreement, on the Acquisition Date, FNCB merged with and into Peoples, with Peoples continuing as the surviving corporation, and immediately following the merger, FNCB Bank, a Pennsylvania-chartered bank (“FNCB Bank”), merged with and into Peoples Bank, with Peoples Bank as the surviving bank (collectively, the “merger”). The primary reasons for the merger included: expansion of the branch network and enhancing market share positions in northeastern Pennsylvania; an attractive low-cost funding base; strong cultural alignment and a deep commitment to shareholders, customers, employees, and communities served by Peoples and FNCB; meaningful value creation to shareholders; increased trading liquidity; and increased dividends for Peoples shareholders.

In connection with the completion of the merger, former FNCB shareholders received 0.1460 shares of the Company’s common stock per share of FNCB common stock. The value of the total transaction consideration was approximately $133.7 million. The consideration included the issuance of 2,935,456 shares of the Company’s common stock, valued at $45.54 per share, which was the closing price of the Company’s common stock on June 28, 2024, the last trading day prior to the consummation of the merger. Also included in the total consideration was cash in lieu of any fractional shares, which was effectively settled upon closing.

The acquisition of FNCB was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid are recorded at estimated fair values on the Acquisition Date. The excess consideration paid over the fair value of the net assets acquired has been reported as goodwill in the Company’s consolidated statements of financial condition. The goodwill of $12.6 million created from the merger is not amortizable or deductible for tax purposes. The amount of goodwill represents the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. Future benefits consist largely of the synergies and economies of scale expected from combining the operations of FNCB and Peoples. Peoples has one reportable segment for GAAP, therefore, the goodwill was assigned to the whole operating company.

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

Costs related to the acquisition totaled $16 thousand and $236 thousand during the three and nine months ended September 30, 2025, respectively. Acquisition related expenses totaled $9.7 million and $11.2 million during the three and nine months ended September 30, 2024, respectively. These amounts were expensed as incurred and are recorded as acquisition-related expenses in the consolidated statements of income and comprehensive income.

For more information refer to Note 2 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

3. Other comprehensive income:

The components of other comprehensive income (“OCI”) and their related tax effects are reported in the consolidated statements of income and comprehensive income. The accumulated other comprehensive loss included in the consolidated balance sheets relates to net unrealized gains and losses on investment securities available for sale, benefit plan adjustments and adjustments to derivative fair values.

The components of accumulated other comprehensive loss included in stockholders’ equity at September 30, 2025 and December 31, 2024 are as follows:


(Dollars in thousands)		September 30, 2025		December 31, 2024
Net unrealized loss on investment securities available for sale	$	(34,113)	$	(48,959)
Income tax benefit		(7,443)		(10,681)
Net of income taxes		(26,670)		(38,278)
Benefit plan adjustments		(2,852)		(2,852)
Income tax benefit		(622)		(622)
Net of income taxes		(2,230)		(2,230)
Derivative adjustments		(353)		(239)
Income tax benefit		(77)		(52)
Net of income taxes		(276)		(187)
Accumulated other comprehensive loss	$	(29,176)	$	(40,695)

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

4. Earnings per share:

Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

The following table presents the calculation of both basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,
	2025				2024
(Dollars in thousands, except per share data)	Basic		Diluted		Basic		Diluted
Net income (loss)	$	15,246	$	15,246	$	(4,337)	$	(4,337)
Average common shares outstanding		9,994,629		10,086,915		9,987,627		10,044,449
Earnings (loss) per share	$	1.53	$	1.51	$	(0.43)	$	(0.43)


	For the Nine Months Ended September 30,
	2025				2024
(Dollars in thousands, except per share data)	Basic		Diluted		Basic		Diluted
Net income	$	47,211	$	47,211	$	2,411	$	2,411
Average common shares outstanding		9,994,175		10,070,947		8,039,734		8,094,036
Earnings per share	$	4.72	$	4.69	$	0.30	$	0.30

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

5. Investment securities:

The amortized cost and fair value of investment securities aggregated by investment category at September 30, 2025 and December 31, 2024 are summarized below. There was no allowance for credit losses (“ACL”) recorded for available for sale or held to maturity debt securities at September 30, 2025 and December 31, 2024.


	September 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available for sale:
U.S. Treasury securities	$	132,694	$		$	4,187	$	128,507
State and municipals:
Taxable		68,636		25		7,463		61,198
Tax-exempt		92,000		318		8,532		83,786
Residential mortgage-backed securities:
U.S. government agencies		9,962		147		5		10,104
U.S. government-sponsored enterprises		174,749		751		15,804		159,696
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises		1,915				27		1,888
Private collateralized mortgage obligations		44,907		780		262		45,425
Asset backed securities		19,535		46		298		19,283
Corporate debt securities		23,515		829		437		23,907
Negotiable certificates of deposit		720		7				727
Total available for sale	$	568,633	$	2,903	$	37,015	$	534,521
Held to maturity:
Tax-exempt state and municipals	$	10,821	$	4	$	655	$	10,170
Residential mortgage-backed securities:
U.S. government agencies		12,639				2,088		10,551
U.S. government-sponsored enterprises		49,826				7,002		42,824
Total held to maturity	$	73,286	$	4	$	9,745	$	63,545

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available for sale:
U.S. Treasury securities	$	176,302	$		$	8,751	$	167,551
U.S. government-sponsored enterprises
State and municipals:
Taxable		79,341		39		10,481		68,899
Tax-exempt		76,390		7		10,280		66,117
Residential mortgage-backed securities:
U.S. government agencies		1,403		1		28		1,376
U.S. government-sponsored enterprises		145,831		92		19,547		126,376
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises		1,927				71		1,856
Private collateralized mortgage obligations		38,366		358		152		38,572
Asset backed securities		23,586		66		400		23,252
Corporate debt securities		31,442		894		715		31,621
Negotiable certificates of deposit		700		9				709
Total available for sale	$	575,288	$	1,466	$	50,425	$	526,329
Held to maturity:
Tax-exempt state and municipals	$	10,846	$		$	1,103	$	9,743
Residential mortgage-backed securities:
U.S. government agencies		13,847				2,643		11,204
U.S. government-sponsored enterprises		53,491				9,286		44,205
Total held to maturity	$	78,184	$		$	13,032	$	65,152

The Company did not sell any investment securities during the three and nine months ended September 30, 2025. The Company did not sell any investments from its legacy securities portfolio during the three and nine months ended September 30, 2024. Immediately after the consummation of the FNCB merger, the Company sold a significant portion of the available for sale investments acquired from FNCB and used the proceeds of $241.3 million to repay short-term borrowings and build on-balance sheet liquidity; there were no gains or losses on the sale.

The following table summarizes the maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available for sale at September 30, 2025. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized		Fair
(Dollars in thousands)	Cost		Value
Within one year	$	67,777	$	67,008
After one but within five years		109,367		104,142
After five but within ten years		68,813		62,794
After ten years		71,608		64,181
		317,565		298,125
Mortgage-backed and other amortizing securities		251,068		236,396
Total	$	568,633	$	534,521

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at September 30, 2025, is summarized as follows:


	Amortized		Fair
(Dollars in thousands)	Cost		Value
After one but within five years	$	3,212	$	2,939
After five but within ten years		7,609		7,231
		10,821		10,170
Mortgage-backed securities		62,465		53,375
Total	$	73,286	$	63,545

Securities with a carrying value of $437.7 million and $441.5 million at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law and pledged to the Discount Window at the Federal Reserve.

Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At September 30, 2025, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. government agencies and sponsored enterprises, which exceeded 10.0 percent of stockholders’ equity.

The fair value and gross unrealized losses of investment securities with unrealized losses at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows:


	September 30, 2025
	Less than Twelve Months					Twelve Months or Longer					Total
	Total # in a loss			Unrealized		Total # in a loss			Unrealized		Total # in a loss			Unrealized
(Dollars in thousands)	Position		Fair Value	Losses		Position		Fair Value	Losses		Position		Fair Value	Losses
Securities Available for Sale
U.S. Treasury securities		$		$		32	$	128,507	$	4,187	32	$	128,507	$	4,187
State and municipals:
Taxable						64		58,578		7,463	64		58,578		7,463
Tax-exempt	1		255		1	89		63,370		8,531	90		63,625		8,532
Residential mortgage-backed securities:
U.S. government agencies						1		1,369		5	1		1,369		5
U.S. government-sponsored enterprises	14		31,779		155	33		70,758		15,649	47		102,537		15,804
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises						1		1,888		27	1		1,888		27
Private collateralized mortgage obligations	5		10,174		71	10		7,734		191	15		17,908		262
Asset-backed securities	1		2,296		13	2		1,892		285	3		4,188		298
Corporate debt securities						9		8,195		437	9		8,195		437
Total	21	$	44,504	$	240	241	$	342,291	$	36,775	262	$	386,795	$	37,015

Securities Held to Maturity
Tax-exempt state and municipals		$		$		11	$	6,615	$	655	11	$	6,615	$	655
Residential mortgage-backed securities:
U.S. government agencies						4		10,551		2,088	4		10,551		2,088
U.S. government-sponsored enterprises						8		42,824		7,002	8		42,824		7,002
Total		$		$		23	$	59,990	$	9,745	23	$	59,990	$	9,745

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Peoples Financial Services Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except per share data)

December 31, 2024

Less than
Twelve Months

Twelve Months
or Longer

Total

Total #
in a loss

Unrealized

Total #
in a loss

Unrealized

Total #
in a loss

Unrealized

(Dollars in thousands)

Position

Fair Value

Losses

Position

Fair Value

Losses

Position

Fair Value

Losses

Securities available for sale

U.S. Treasury securities

PEOPLES FINANCIAL SERVICES CORP. 10-Q