PEOPLES FINANCIAL SERVICES CORP
Q1 2023 Form 13-F

Description and Activity

Peoples Financial Services Corp. is a Pennsylvania-based bank holding company operating through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (Peoples Bank). Peoples Bank offers a range of financial services, including commercial and retail banking, trust and wealth management services, and merchant services. Key revenue sources include interest income from loans and securities, fees from merchant transactions, trust and wealth management services, and service charges on deposit accounts. Loan products encompass commercial real estate loans, commercial and industrial loans, residential mortgages, home equity loans, and consumer loans. Deposit products include certificates of deposit, money market accounts, savings accounts, and demand deposit accounts.

Peoples Financial Services Corp. operates primarily in Pennsylvania, New Jersey, and New York, with 28 community banking offices. The company serves individuals, businesses, and municipalities in regions such as Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey, and Broome County in New York. The company competes with other financial institutions, including commercial banks, online banks, credit unions, and mortgage companies. Key factors impacting its business performance include interest rate fluctuations, competition, and regulatory changes. The company focuses on maintaining a conservative lending approach and managing interest rate risk to stabilize income and expenses.