Peoples Financial Services Q1 net income falls 21.3% to $1.05 EPS; provision and expenses rise

PEOPLES FINANCIAL SERVICES CORP.

2023-Q1 EPS reported $1.05

Net income $7.6M ($1.05 diluted) vs $9.6M ($1.33) a year ago; net interest income up $0.4M.
Provision for credit losses increased to $1.3M from $0.3M due to loan growth and CECL adoption.
Noninterest expenses rose $2.2M on higher salaries, FDIC assessments, and loan processing fees.
Sold $65.6M in investment securities at $81k net gain to reduce short-term borrowings.
Adopted CECL: decreased allowance by $3.3M, increased retained earnings by $2.3M net of tax.

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