Peoples Financial Services (PFIS) risk factors, FY2025 10-K

What changed since the prior 10-K

New

• New

  Total assets, loans and deposits were $5.3 billion, $4.1 billion and $4.4 billion, respectively, at December 31, 2025

  The $5.3 billion balance sheet is concentrated in $4.1 billion of loans and $4.4 billion of deposits, creating broad credit and funding exposure.

• New

  (1) Information for municipal loans is included with amounts provided for commercial and industrial loans

  The ACL fell to $39.0 million, while commercial real estate concentration, equipment financing seasoning, risk migration, delinquencies, and charge-offs affect credit-loss estimates.

• New

  At December 31, 2025, subordinated debentures were $83.2 million, net of unamortized debt issuance costs of $1.8 million, and $33.0 million, net of no debt issuance costs, at December 31, 2024

  The company has $83.2 million of subordinated debentures with quarterly floating-rate resets, unsecured and junior to other obligations.

• New

  Partially offsetting these increases was a decrease of $16.0 million in merger related expenses to $0.2 million for the year ended December 31, 2025, from $16.2 million for the year ended December 31, 2024

  Higher professional services, taxes, donations, advertising, and other expenses increased costs, while income taxes rose to $13.0 million.

• New

  Overall, total loans increased $1.1 billion in 2024 to $4.0 billion at December 31, 2024 due primarily to the $1.2 billion in loans acquired in the FNCB merger

  Loans are the main earning asset, but portfolio yields could decline as floating and adjustable-rate loans reprice downward.

• New

  Our deposit base is the primary source of funds to support our operations. We offer a variety of deposit products to meet the needs of our individual, commercial and municipal customers

  Deposits fund operations, including $256.4 million of brokered deposits, exposing funding costs and liquidity to deposit mix and pricing changes.

• New

  averaged $4.0 million in 2024 and resulted in an increase in interest expense of $0.4 million in 2024, compared to none in 2023

  Higher rates paid on interest-bearing liabilities, including a 48-basis-point increase on non-maturity deposits, pressure net interest income.

• New

  How We Addressed the Matter in Our Audit

  Qualitative adjustments in the allowance for credit losses depend on management judgments, source data, controls, and sensitivity to assumptions.

• New

  On January 30, 2026 , the board of directors declared a dividend of $ 0.6250 per share for the first quarter of 2026. The dividend is payable March 13, 2026 to shareholders of record as of February 27, 2026

  The company sold $31.9 million of mortgage-backed securities and plans to redeploy proceeds into municipal securities and commercial loan growth.

• New

  fair values for impairment quarterly, or more frequently should events or circumstances indicate that their respective carrying values may not be recoverable

  Bank-owned life insurance supports employee benefits, while pension, 401(k), SERP, and retiree benefit obligations remain part of the company’s commitments.

• New

  Costs related to the acquisition totaled $ 0.2 million, $ 16.2 million and $ 1.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. These amounts were expensed as incurred and are recorded as acquisition-related expenses in the consolidated statements of income and comprehensive income

  The investment portfolio includes $512.6 million of available-for-sale and $72.0 million of held-to-maturity securities, exposed to valuation changes.

• New

  One loan, in the amount of $ 242 thousand, is currently in default

  One $242,000 loan is in default, highlighting potential loss exposure within the portfolio and the need for adequate credit-loss reserves.

• New

  Deposits from directors, executive officers and their related parties held by the Bank at December 31, 2025, and December 31, 2024, were $ 161.5 million and $ 132.0 million, respectively

• New

  repair services and dealer reserve payments. The Bank recorded payments to related parties for goods and services of $ 177 thousand, $ 117 thousand and $ 8 thousand for the years ending December 31, 2025, 2024 and 2023, respectively

• New

  Depreciation and amortization expense of premises and equipment amounted to $ 3.3 million in 2025, $ 3.3 million in 2024 and $ 2.8 million in 2023

• New

  On July 1, 2024, as a result of the FNCB merger, the Company assumed those outstanding and unvested restricted stock

• New

  The Company operates exclusively in the United State and had no foreign income, foreign income tax expense, or foreign income taxes paid for the years ended December 31, 2025, 2024 and 2023

• New

  (2) Low income housing tax credits are presented net of the related proportional amortization

• New

  There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

• New

  Item 9B. Other Informatio n

Dropped

• Dropped

  classified as held to maturity, and $2.4 million in equity securities. Total deposits consisted of $935.5 million in noninterest-bearing deposits and $3.5 billion in interest-bearing deposits at December 31, 2024

• Dropped

  The average life of the investment portfolio decreased to 5.6 years at December 31, 2024 from 6.1 years at year end 2023, while the effective duration of the investment portfolio increased to 4.8 years at December 31, 2024 from 4.4 years at December 31, 2023

• Dropped

  Total individually evaluated

• Dropped

  On June 1, 2020, the Company sold $33.0 million aggregate principal amount of Subordinated Notes due 2030 (the “2020 Notes”) to accredited investors. The 2020 Notes are treated as Tier 2 capital for regulatory capital purposes

• Dropped

  Holders of the 2020 Notes may not accelerate the maturity of the 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar proceeding by or against the Company

• Dropped

  We will continue to monitor our IRR position in 2025 and anticipate employing deposit and loan pricing strategies and directing the reinvestment of loan and investment payments and prepayments in order to maintain our target IRR position

• Dropped

  Twelve Months Ended December 31

  2024 balance-sheet amounts, equity changes, and dividends exceeding net income.

• Dropped

  While the FOMC has decelerated rate reductions in its efforts to curb inflationary pressures, we and our competitors focus on building on-balance sheet liquidity while alternative funding sources become more expensive

  Investment portfolio life and duration changes, plus prior impairment history.

• Dropped

  Total assets, loans and deposits were $3.7 billion, $2.8 billion and $3.3 billion, respectively, at December 31, 2023. Total assets, loans and deposits grew 5.3 percent, 4.4 percent and 7.6 percent, respectively, compared to 2022 year-end balances

• Dropped

  Total loan growth was primarily attributable to increases in our commercial real estate portfolio which grew $153.3 million in 2023 due to continued success of our strategy to expand in larger markets with strong growth potential, and strong organic growth in our legacy markets

• Dropped

  Residential real estate loans increased $30.1 million, or 9.1 percent during 2023 due to increased home equity loan activity, the aforementioned reclassification from consumer loans and a higher percentage of loans not eligible to be sold into the secondary market, including jumbo loans

• Dropped

  Total time deposits increased $334.8 million to $626.7 million at December 31, 2023 from $291.9 million at December 31, 2022. The increase was due to the addition of callable brokered CDs during 2023 to improve on-balance sheet liquidity

  2024 pooled ACL composition and the $19.9 million increase from 2023.

• Dropped

  Volatile deposits, time deposits $100 thousand or more, averaged $200.7 million in 2023, an increase of $37.7 million or

• Dropped

  portfolio increasing 10 basis points to 1.77 percent in 2023 from 1.67 percent in 2022, interest income increased $0.6 million. The tax-equivalent yield on the loan portfolio increased 77 basis points to 4.81 percent in 2023 from 4.04 percent in 2022 and resulted in an increase to interest income of $20.5 million

  Terms of the $33.0 million 2020 subordinated Notes, including fixed and floating rates.

• Dropped

  Acquisition related expenses totaled $1.8 million in 2023. There were no comparable expenses in 2022 and 2021

  Restrictions on accelerating the 2020 Notes and terms of assumed FNCB debentures.

• Dropped

  o Management’s review of the relevance and reliability of data used in determination of the qualitative factors

  Plans to manage interest-rate risk through pricing, reinvestment, and asset-liability management.

• Dropped

  o Evaluation of the relevance and reliability of data used in the valuation of merger date fair value of certain acquired loans

• Dropped

  The Company has evaluated events and transactions occurring subsequent to December 31, 2024, the balance sheet date, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued

  Non-GAAP efficiency-ratio reconciliation and adjustments for acquisition-related expenses.

• Dropped

  On February 28, 2025, the Company executed a lease for a new corporate headquarters in Moosic, PA. The lease has a fifteen year term expiring March 31, 2040 with two five year renewal options

• Dropped

  using the effective yield method if the nonaccrual loan is returned to performing status. A nonaccrual loan is returned to performing status when the loan is current as to principal and interest and has performed according to the contractual terms for a minimum of six months

  Liquidity-building efforts and analysis of rate and volume effects on net interest income.

• Dropped

  Effective January 1, 2023, the Company adopted the provisions of ASC 326 and modified its accounting policy for the ACL on loans

• Dropped

  ASU 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various

• Dropped

  As a result of the integration of operations of FNCB, it is not practicable to determine revenue or net income included in the Company’s consolidated operating results relating to FNCB since the Acquisition Date, as FNCB’s results cannot be separately identified

• Dropped

  Measurement period adjustments

  2023 balance-sheet scale, loan composition, and investment securities balances.

• Dropped

  The estimated fair value of short-term borrowings was determined to approximate the stated value. Subordinated debentures were valued using a discounted cash flow approach incorporating a discount rate that incorporated similar terms, maturity and credit rating

  Commercial real estate growth strategy and declines in consumer lending.

• Dropped

  Securities Held to Maturity

  Residential real estate growth, home-equity activity, jumbo loans, and secondary-market eligibility.

• Dropped

  The amount of residential loans in the formal process of foreclosure totaled $0.2 million at December 31, 2024 and $0.3 million at December 31, 2023

  Growth in time deposits and callable brokered CDs used to improve on-balance-sheet liquidity.

• Dropped

  There were no modifications of accruing loans in 2024 or 2023

• Dropped

  There were no loans made to borrowers experiencing financial difficulty that were modified during the twelve months ended December 31, 2023

• Dropped

  The aggregate principal amount of the Company’s Subordinated Notes due 2030 held by directors, executive officers and their related parties was $3.0 million at December 31, 2024, and $0 at December 31, 2023

• Dropped

  Total core deposit intangible

• Dropped

  In 2024, the Company assumed short-term borrowings in the aggregate of $139.7 million as a result of the merger with FNCB which included $25.0 million in Bank Term Funding Program advances and FHLB overnight borrowings

• Dropped

  On June 1, 2020, the Company sold $33.0 million aggregate principal amount of Subordinated Notes due 2030 (the “2020 Notes”) to accredited investors. The 2020 Notes qualify as Tier 2 capital for regulatory capital purposes

• Dropped

  awards that had been granted under the FNCB 2023 Equity Incentive Plan after September 27, 2023, the date of the Merger Agreement. These awards will be expensed over the remaining life of 57 months

• Dropped

  The Company sponsors a separate ESOP and Retirement Profit Sharing 401(k) Plan. The Company also maintains SERPs and an employees’ pension plan, which is currently frozen

• Dropped

  The increase in the SERP was due to the Company’s assumption of FNCB’s $2.0 million SERP liability in the merger July 1, 2024. Additional expense associated with the plan totaled $0.1 million for the year ended December 31, 2024

• Dropped

  Changes in Internal Control Over Financial Reporting

• Dropped

  Item 9B.Other Information

• Dropped

  Consent of Baker Tilly US, LLP

Reworded

• 100% rewritten

  Adoption of New Accounting Standard

  The accounting update changed from ASU 2023-01 lease guidance to ASU 2024-01 guidance on profits interests and similar compensation awards.

• 93% rewritten

  For the Year Ended December 31, 2025

  The disclosure now covers 2025 financially troubled commercial borrowers receiving extended terms or temporary interest-only payments, including $165,000 modified.

  Was: For the Year Ended December 31, 2024

• 92% rewritten

  Recently Issued but Not Yet Effective Accounting Pronouncements

  The update adds ASU 2025-01, clarifying the effective date of expense-disaggregation disclosure standard ASU 2024-03.

• 92% rewritten

  The aggregate amount of deposits reclassified as loans was $ 0.9 million at December 31, 2025, and $ 0.7 million at December 31, 2024. Management evaluates transaction accounts that are overdrawn for collectability as part of its evaluation for credit losses

  The 2025 table removes BTFP advances and reports $83.5 million of ending short-term borrowings, including $65.35 million of FHLB advances.

  Was: The aggregate amount of deposits reclassified as loans was $0.7 million at December 31, 2024, and $0.2 million at December 31, 2023. Management evaluates transaction accounts that are overdrawn for collectability as part of its evaluation for credit losses

• 91% rewritten

  Cash and cash equivalents

  The disclosure now adds pension investment policies, emphasizing diversified large-cap equities and fixed-income securities rated A or better.

• 88% rewritten

  Noninterest expense was $106.7 million for the year ended December 31, 2024, compared to $67.8 million for the year ended December 31, 2023

  2024 expense growth is now attributed partly to 195 FNCB employees, higher technology and facility costs, and merger-related expenses.

  Was: Noninterest expense was $67.8 million for the year ended December 31, 2023 compared to $62.7 million for the year ended December 31, 2022

• 88% rewritten

  Total assets, loans and deposits were $5.1 billion, $4.0 billion and $4.4 billion, respectively, at December 31, 2024. Assets, loans and deposits acquired at the completion of the FNCB merger on July 1, 2024, were $1.8 billion, $1.2 billion and $1.4 billion, respectively

  The presentation now emphasizes 2024 loan, deposit, investment-security, and equity composition rather than merger-acquisition balance-sheet amounts.

• 86% rewritten

  Net interest margin (non-GAAP)

  The net-interest table now presents 2025 averages and income, including $2.83 billion average loans and $151.8 million interest income.

• 85% rewritten

  (2) The balance of interest rate swaps represents the fair value of our commercial loan back-to-back swaps

  Was: (2) Interest rate swaps balance represents the fair value of our commercial loan back-to-back swaps

• 85% rewritten

  Nonperforming assets as a percentage of total assets

• 85% rewritten

  In 2025, the Company granted 36,338 time based restricted stock unit awards and 41,892 performance based restricted stock unit awards, under the 2023 Plan. In 2024, the Company granted 8,895 time based restricted stock award and 23,243 performance based restricted stock awards, under the 2023 Plan

  Was: In 2024, the Company granted 8,895 time based restricted stock awards, under the 2023 Plan. In 2023, the Company granted 18,222 performance based restricted stock units and 5,206 time based restricted stock awards, under the 2023 Plan

• 84% rewritten

  At December 31, 2025, and 2024, the Company had $1.5 billion and $1.4 billion in uninsured deposits in excess of the FDIC insurance limit of $250,000

  Was: At December 31, 2024 and 2023, the Company had $1.4 billion and $0.9 billion in uninsured deposits in excess of the FDIC insurance limit of $250,000

• 81% rewritten

  Efficiency ratio (non-GAAP)

• 75% rewritten

  At December 31, 2025, and 2024, there were no securities of any individual issuer, except for U.S. government agency mortgage-backed securities, that exceeded 10.0 percent of stockholders’ equity

  Was: At December 31, 2024 and 2023, there were no securities of any individual issuer, except for U.S. government agency mortgage-backed securities, that exceeded 10.0 percent of stockholders’ equity

• 75% rewritten

  Fair Values of Derivative Instruments on the Balance Sheet

• 72% rewritten

  Securities with a carrying value of $ 381.8 million and $ 441.5 million at December 31, 2025 , and 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

  Was: Securities with a carrying value of $441.5 million and $322.4 million at December 31, 2024 and 2023, 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

• 71% rewritten

  The aggregate amortization expense was $ 6.5 million, $ 3.4 million and $ 0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively

  Was: The aggregate amortization expense was $3.4 million and $0.1 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively

• 71% rewritten

  Stock compensation, including tax effects and expenses

• 70% rewritten

  The accumulated benefit obligation for the defined benefit pension plan was $ 12.8 million and $ 12.7 million at December 31, 2025, and 2024, respectively

  Was: The accumulated benefit obligation for the defined benefit pension plan was $12.7 million and $13.8 million at December 31, 2024 and 2023, respectively

• 69% rewritten

  Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties

• 69% rewritten

  We utilize loans and investments in tax-exempt organizations to mitigate our tax burden, as interest revenue from these sources is not taxable by the federal government. The tax benefit of tax-exempt income was 2.2 percent of pre-tax income in 2025 and 14.6 percent in 2024

  Was: We also utilize loans and investments in tax-exempt organizations to mitigate our tax burden, as interest revenue from these sources is not taxable by the federal government. The tax benefit of tax-exempt income was 3.3 percent of pre-tax income in 2023 and 3.1 percent in 2022

• 68% rewritten

  Equity Securities without Readily Determinable Fair Values

• 65% rewritten

  The expected long-term return on plan assets was determined using average historical returns of the Company’s plan assets

• 64% rewritten

  Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal

  Was: Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal

• 64% rewritten

  (2) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in the computation of net periodic pension expense. Refer to Note 18 included in these consolidated financial statements

• 61% rewritten

  Commitments to extend credit are the Company's most significant commitment in both the under and over one-year time periods. These commitments do not necessarily represent future cash requirements in that these commitments often expire without being drawn upon

• 59% rewritten

  Management’s Discussion and Analysis appearing on the following pages should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis 2024 versus 2023 contained in this Item 7

  Was: Management’s Discussion and Analysis appearing on the following pages should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis 2024 versus 2023 contained in this Annual Report on Form 10-K

• 59% rewritten

  Credit Quality Indicators

• 57% rewritten

  Amortization of unrecognized net loss

• 56% rewritten

  The accounting policies of the single business unit are the same as provided in Note 1 - "Summary of Significant Accounting Policies" and our segment assets are the same as assets presented in the consolidated balance sheets

• 55% rewritten

  Evaluation of Disclosure Controls and Procedures

• 55% rewritten

  Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income

  Was: Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income (Loss)

• 53% rewritten

  U.S. government-sponsored enterprises

• 53% rewritten

  Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

• 52% rewritten

  Peoples Financial Services Corp. and the Bank are subject to regulations of certain federal and state regulatory agencies and undergo periodic examinations

• 51% rewritten

  Based on its assessment, management believes that our internal control over financial reporting was effective as of December 31, 2025

  Was: Based on its assessment, management believes that our internal control over financial reporting was effective as of December 31, 2024

• 51% rewritten

  In conducting its business, Peoples has engaged in and intends to continue to engage in banking and financial transactions with directors, executive officers and their related parties. Additions, new loans and advances during the year ended December 31, 2024 include those acquired as part of the FNCB merger

  Was: In conducting its business, Peoples has engaged in, and intends to continue to engage in, banking and financial transactions with directors, executive officers and their related parties. Balances at December 31, 2024 include those acquired due to the FNCB merger

• 50% rewritten

  ACL on off balance sheet commitments

• 48% rewritten

  Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income and Comprehensive Income

  Was: Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income and Comprehensive Income (Loss)

• 46% rewritten

  Investment securities: The fair values of marketable equity securities are based on quoted market prices from active exchange markets. The fair values of debt securities are based on pricing from a matrix pricing model and quoted market prices

• 46% rewritten

  Peoples Financial Services Corp. Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the registrant’s Form 10-K filed with the Commission on March 17, 2014)

• 43% rewritten

  Our corporate headquarters is located at 30 E D Preate Drive Moosic, Pennsylvania, which houses executive offices, human resources and investor services divisions as well as other administrative and operational teams. An additional operations division is located at 82 Franklin Avenue, Hallstead, Pennsylvania

  Was: Our corporate headquarters is located at 102 East Drinker Street, Dunmore, Pennsylvania, which houses executive offices, human resources and investor services divisions. Our operations division is located at 82 Franklin Avenue, Hallstead, Pennsylvania

• 42% rewritten

  Although subject to the aforementioned regulatory restrictions, the Company’s consolidated retained earnings at December 31, 2025, and 2024 were not restricted under any borrowing agreement as to payment of dividends or reacquisition of common stock

  Was: Although subject to the aforementioned regulatory restrictions, the Company’s consolidated retained earnings at December 31, 2024 and 2023 were not restricted under any borrowing agreement as to payment of dividends or reacquisition of common stock

• 40% rewritten

  There were no repurchases of our common stock during the three months ended December 31, 2025

  Was: There were no repurchases of our common stock during the three months ended December 31, 2024

• 40% rewritten

  Individually evaluated loans: Fair values for individually evaluated loans are estimated using underlying collateral values, where applicable

• 36% rewritten

  Principal Accountant Fees and Service s

  Was: Principal Accountant Fees and Services

• 35% rewritten

  Certain Relationships and Related Transactions, and Director Independenc e

  Was: Certain Relationships and Related Transactions, and Director Independence

• 34% rewritten

  Security Ownership of Certain Beneficial Owner s and Management and Related Stockholder Matters

  Was: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

• 34% rewritten

  For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income

• 34% rewritten

  MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

• 31% rewritten

  Opinions on the Financial Statements and Internal Control over Financial Reporting

• 30% rewritten

  Amortization of intangible assets totaled $3.4 million in 2024 compared to $105 thousand and $363 thousand in 2023 and 2022, respectively. The increase was due primarily to amortization of the core deposit intangible created at the merger

• 28% rewritten

  Credit-risk-related Contingent Features

• 27% rewritten

  Item 7A. Quantitative and Qualitative Disclosures About Market Ris k

  Was: Item 7A. Quantitative and Qualitative Disclosures About Market Risk

• 27% rewritten

  Definition and Limitations of Internal Control Over Financial Reporting

• 26% rewritten

  Market for Registrant’s Common Equit y, Related Stockholder Matters and Issuer Purchases of Equity Securities

  Was: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

• 23% rewritten

  Board of Director Oversight

• 23% rewritten

  We utilize loans and investments in tax-exempt organizations to mitigate our tax burden, as interest revenue from these sources is not taxable by the federal government. The tax benefit of tax-exempt income was 14.6 percent of pre-tax income in 2024 and 3.3 percent in 2023

• 22% rewritten

  In an attempt to limit IRR and improve liquidity, we continually examine the maturity distribution and interest rate sensitivity of the loan portfolio. Fixed-rate loans represented 44.4 percent of the loan portfolio at December 31, 2025, compared to floating or adjustable-rate loans at 55.6 percent

  Was: In an attempt to limit IRR and improve liquidity, we continually examine the maturity distribution and interest rate sensitivity of the loan portfolio. Fixed-rate loans represented 50.6 percent of the loan portfolio at December 31, 2024, compared to floating or adjustable-rate loans at 49.4 percent

• 21% rewritten

  As described in Note 1 to the consolidated financial statements, the Company accounts for allowance for credit losses (ACL) under ASC 326, Financial Instruments – Credit Losses. ASC 326 requires the measurement of expected lifetime credit losses for financial assets measured at amortized cost at the reporting date

  Was: As described in Note 1 to the consolidated financial statements, the Company accounts for credit losses under ASC 326, Financial Instruments – Credit Losses. ASC 326 requires the measurement of expected lifetime credit losses for financial assets measured at amortized cost at the reporting date

• 20% rewritten

  Directors, Executive Officers and Corporate Governanc e

  Was: Directors, Executive Officers and Corporate Governance

All 89 risk factors

Headings as the filing states them, in filing order.

Other Peoples Financial Services 10-Ks

• FY2024 10-K risk factors

  108 risks

  Peoples Financial Services Corp.'s risk profile is dominated by integration risks from the FNCB merger, high uninsured deposit levels, asset quality and nonperforming asset growth, and interest rate and liquidity management.

  Filed Mar 28, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.