First Quarter 2007 Earnings Release
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report - April 23, 2007
Commission
File Number: 0-23863
PEOPLES
FINANCIAL SERVICES CORP.
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(Exact
name of registrant as specified in its charter)
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PENNSYLVANIA
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23-2391852
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(State
of incorporation)
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(IRS
Employer Identification No.)
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50
MAIN STREET, HALLSTEAD, PA
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18822
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(Address
of principal executive offices)
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(Zip
code)
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(570)
879-2175
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(Registrant’s
telephone number including area code)
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Item
9.01 (c)
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Financial
Statements and Exhibits
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99:
Press Release of Peoples Financial Services Corp., dated April 23,
2007,
regarding First Quarter 2007
Earnings
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EXHIBIT
INDEX
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Exhibit
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Page
Number in Manually Signed Original
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99
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Press
Release of Peoples Financial Services Corp., dated April 23, 2007,
regarding First Quarter 2007 Earnings
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3
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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/s/
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Richard
S. Lochen, Jr.
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Dated:
April 23, 2007
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By:
Richard S. Lochen, Jr.
President/CEO
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/s/
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Debra
E. Dissinger
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Dated:
April 23, 2007
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By:
Debra E. Dissinger
Executive
Vice President/COO
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/s/
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Joseph
M. Ferretti
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Dated:
April 23, 2007
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By:
Joseph M. Ferretti
Vice
President/CCO
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/s/
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Frederick
J. Malloy
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Dated:
April 23, 2007
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By:
Frederick J. Malloy
Asst.
Vice President/Controller
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EXHIBIT
99
PRESS
RELEASE
Peoples
Financial Services Corp. First Quarter Earnings Report
Net
income through three months in 2007 was $1,123,000 compared to $1,045,000 for
the same period in 2006, an increase of $78,000, or 7.46%. Net interest income
for the first three months of 2007 was $3,149,000 which compares to $2,951,000
for the three month period ended March 31, 2006. This is an increase of
$198,000, or 6.71%.
Total
assets on March 31, 2007 were $405,591,000, which compares to $392,975,000
as of
March 31, 2006. Total assets were down when compared to the December 31, 2006
figure of $416,268,000. The maturity of a Federal Home Loan Bank (FHLB) advance
in January of 2007 was not renewed and therefore caused a decrease in funding
available for investment on the asset side of the balance sheet. Compared to
the
March 31, 2006 figure of $264,563,000, net loans were up 2.09% at $270,104,000
as of March 31, 2007. On December 31, 2006, net loans were
$269,383,000.
Deposits
totaled $320,459,000 as of March 31, 2007, compared to $304,839,000 on March
31,
2006, an increase of 5.12%. Total deposits were $323,613,000 as of December
31,
2006. The deposit trend in the first quarter of 2007 is expected due to the
nature of those deposits affected. Early in the calendar year tends to be the
period within which the bank experiences an outflow of funds due to various
reasons, among them are property tax payments and holiday bills which come
due
after January 1.
Peoples
Financial Services Corp., Hallstead Pennsylvania, is the parent company of
Peoples
National Bank,
an
independent community bank with ten community offices. The community office
locations are: Hallstead, Hop Bottom, Susquehanna, and Montrose, in Susquehanna
County, Pennsylvania; Nicholson, Tunkhannock and Meshoppen, in Wyoming County,
Pennsylvania; and Conklin, Deposit, and Binghamton, in Broome County, New York,
and Peoples
Advisors, LLC, a
member-managed limited liability company for the purpose of providing investment
advisory services to the general public.
Except
for the historical information, this press release may contain forward-looking
statements, as that term is defined in the Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties in the banking industry
and
overall economy. Such risks and uncertainties are detailed in the Company’s
Securities and Exchange Commission reports, including the Annual Report on
Form
10-K and quarterly reports on Form 10-Q.