Form 8-K

8-K — PEOPLES FINANCIAL SERVICES CORP.

Accession: 0001104659-26-120674

Filed: 2026-10-30

Period: 2026-10-30

CIK: 0001056943

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pfis-20261030x8k.htm (Primary)

EX-99.1 (pfis-ex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pfis-20261030x8k.htm · Sequence: 1

PEOPLES FINANCIAL SERVICES CORP._October 30, 2026

0001056943false00010569432026-10-302026-10-30

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: October 30, 2026

(Date of earliest event reported)

PEOPLES FINANCIAL SERVICES CORP.

(Exact name of registrant as specified in its charter)

001-36388

(Commission

File Number)

23-2391852

(State or other jurisdiction

of incorporation)

(IRS Employer of

Identification No.)

30 E D Preate Drive, Moosic, Pennsylvania 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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 30, 2026, Peoples Financial Services Corp. issued a press release announcing unaudited results of operations for the three and nine months ended September 30, 2026 and financial condition at September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

The following exhibits are filed with this Form 8-K:

Exhibit

No.

Description

99.1

Press release dated October 30, 2026 announcing results of operations and financial condition.

Exhibit Index

Exhibit

No.

Description

99.1

Press release dated October 30, 2026 announcing results of operations and financial condition.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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 hereunto duly authorized.

PEOPLES FINANCIAL SERVICES CORP.

By:

/s/ Gerard A. Champi

Gerard A. Champi

President and Chief Executive Officer

(Principal Executive Officer)

By:

/s/James M. Bone, Jr.

James M. Bone, Jr., CPA

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

Date: October 30, 2026

EX-99.1

Filename: pfis-ex99d1.htm · Sequence: 2

Exhibit 99.1

NEWS RELEASE

TO BUSINESS EDITOR:

PEOPLES FINANCIAL SERVICES CORP.

Reports Unaudited Third Quarter and Year to Date 2026 Earnings

Moosic, PA, October 30, 2026/BUSINESSWIRE/ – Peoples Financial Services Corp. (“Peoples” or the “Company”) (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company (the “Bank”), today reported unaudited financial results at and for the three and nine months ended September 30, 2026.

Peoples reported net income of $19.1 million, or $1.90 per diluted share for the three months ended September 30, 2026, an increase of $3.9 million compared to net income of $15.2 million, or $1.51 per diluted share for the three months ended September 30, 2025. Net income for the nine months ended September 30, 2026 totaled $48.7 million, or $4.85 per diluted share, an increase of $1.5 million, compared to $47.2 million, or $4.69 per diluted share for the same nine months of 2025. Return on average assets (“ROAA”) and return on average equity (“ROAE”) on an annualized basis for the three months ended September 30, 2026, were 1.41% and 14.07%, respectively, compared to 1.19% and 12.02%, respectively, for the three months ended September 30, 2025. For the nine months ended September 30, 2026, annualized ROAA and ROAE were 1.23% and 12.16%, respectively, compared to 1.25% and 12.86%, respectively, for the nine months ended September 30, 2025. The increase in net income for both the three- and nine-month periods was primarily attributable to higher net interest income and non-interest income, partially offset by increases in non-interest expense. For the three-month period ending September 30, 2026, there was a benefit of credit losses whereas the nine-month period recognized a provision of credit losses that partially offset the increase in net income for the year-to-date period.

“We are pleased with our strong third-quarter performance, highlighted by meaningful growth in net income and improved returns on both assets and equity. Higher net interest income and non-interest income reflect the strength of our core business, the dedication of our team, and our disciplined execution” commented Gerard A. Champi, President & CEO. “These results underscore the resilience and strength of our franchise and our continued focus on creating long-term value for our shareholders. As we move forward, we remain committed on delivering consistent financial performance while continuing to invest in our customers, employees, and the communities we serve.” concluded Mr. Champi.

In addition to evaluating its results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), Peoples routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as tangible stockholders’ equity, core net income, and tax-equivalent net interest income and related ratios, among others. The reported results included in this release contain items, which Peoples considers non-core, namely net gains and losses on the sale of available for sale investment securities and acquisition-related expenses. Peoples believes the reported non-GAAP financial measures provide information useful to investors in understanding its operating performance and trends. Where non-GAAP disclosures are used in this press release, a reconciliation to the comparable GAAP measure is provided in the accompanying tables. The non-GAAP financial measures Peoples uses may differ from the non-GAAP financial measures of other financial institutions and should not be viewed as a substitute for GAAP.

NOTABLES

● On a linked quarter basis, total loans increased $60.7 million, or 5.6% annualized, to $4.4 billion as of September 30, 2026, from $4.3 billion as of June 30, 2026, and increased $347.1 million, or 8.6% annualized, from $4.0 billion as of September 30, 2025.

● Nonperforming assets were $10.3 million as of September 30, 2026, an improvement of $4.4 million from $14.7 million as of June 30, 2026, and $6.5 million from $16.8 million at September 30, 2025. Nonperforming assets represented 0.24% of loans, net and foreclosed assets as of September 30, 2026, versus 0.34% and 0.42% of loans, net and foreclosed assets as of June 30, 2026 and September 30, 2025, respectively.

● On a linked quarter basis, total deposits increased $163.3 million, or 14.4% annualized, to $4.7 billion as of September 30, 2026, from $4.5 billion as of June 30, 2026, and increased $382.4 million, or 8.9%, from $4.3 billion as of September 30, 2025.

● Book value per common share at September 30, 2026, increased $1.92 to $52.87 from $50.95 at September 30, 2025. Tangible book value per common share, a non-GAAP measure1, increased $2.52 to $42.95 at September 30, 2026, compared to $40.43 at September 30, 2025.

41.2 million INCOME STATEMENT REVIEW

● Net income increased $3.9 million, or 25.5%, to $19.1 million from $15.2 million in the year ago quarter and $4.3 million, or 29.2%, from $14.8 million for the three months ending June 30, 2026. Net income increased to $48.7 million, or 3.1%, from $47.2 million for the nine months ending September 30, 2026, and 2025, respectively.

● Net interest margin (“NIM”), calculated on a fully taxable equivalent (“FTE”) basis, a non-GAAP measure1, for the three months ended September 30, 2026, improved 26 basis points to 3.80% as compared to 3.54% for the three months ended September 30, 2025, but contracted 2 basis points from 3.82% for the three months ended June 30, 2026. For the nine months ended September 30, the FTE NIM, a non-GAAP measure1, improved 19 basis points to 3.77% in 2026 from 3.58% in 2025.

● The FTE yield on interest-earning assets, a non-GAAP measure1, for the three months ended September 30, 2026, increased 15 basis points to 5.71% from 5.56% from the three months ended September 30, 2025, and increased 7 basis points from 5.64% for the three months ended June 30, 2026. For the nine months ended September 30, 2026, the FTE yield on interest-earning assets, a non-GAAP measure1, was 5.62%, an increase of 4 basis points from 5.58% for the nine months ended September 30, 2025.

● The cost of funds, which represents the average rate paid on total interest-bearing liabilities, decreased 15 basis points to 2.49% from 2.64% for the three months ended September 30, 2026, and 2025 respectively. The cost of funds increased 9 basis points from 2.40% from the three months ended June 30, 2026. For the nine-month periods ended September 30, the cost of funds was 2.43% in 2026, a reduction of 18 basis points compared to 2.61% for 2025.

● The cost of interest-bearing deposits decreased 13 basis points to 2.26% for the three months ended September 30, 2026, from 2.39% as of the three months ended September 30, 2025, but increased 12 basis points from 2.14% for the three months ended June 30, 2026. For the nine months ended September 30, 2026, the cost of interest-bearing deposits decreased 23 basis points to 2.19% from 2.42% for the same nine months of 2025.

● The cost of total deposits, which includes the impact of noninterest-bearing deposits, was 1.79% for the third quarter of 2026, a decrease of 9 basis points from 1.88% for the third quarter of 2025. However, the cost of total deposits increased 11 basis points compared to 1.68% for the second quarter of 2026. The cost of deposits for the nine months ended September 30, 2026, was 1.72%, a decrease of 20 basis points from 1.92% for the comparable period of 2025.

Third Quarter 2026 Results – Comparison to Second Quarter 2026 and Third Quarter 2025

Net interest income increased $6.1 million to $47.3 million for the third quarter of 2026, compared to $41.2 million for the prior year third quarter. FTE net interest income, a non-GAAP measure1, increased $6.4 million to $48.3 million as of September 30, 2026, from $41.9 million at September 30, 2025. Specifically, the increase in FTE net interest income, a non-GAAP measure1, resulted largely from a $6.5 million increase in FTE interest income, while interest expense increased modestly by $0.2 million. The increase in interest income reflected improved earning asset yields and an increase in loan volume, while lower deposit and borrowing costs almost entirely offset the impact of growth in interest-bearing liabilities on interest expense. Linked quarter net interest income increased $1.7 million from $45.6 million at June 30, 2026. FTE net interest income for the linked quarters increased $1.8 million from $46.5 million in June 2026, which was due to a $3.8 million increase in FTE interest income, partially offset by a $2.0 million increase in interest expense. The linked quarters saw increases in funding costs as the Company utilized CD specials, brokered deposits and FHLB advances to fund loan growth.

1 See reconciliation of non-GAAP financial measures on pg.13-14.

For the three months ended September 30, 2026, the Company recorded a benefit for credit losses of $1.1 million, compared to a benefit of $0.8 million for the same period in 2025, and a provision of $3.1 million for the second quarter of 2026. The reduction in credit provisioning reflected improved asset quality metrics, seasoning of the equipment loan segment and lower specific reserves resulting from the successful resolution of nonperforming loans.

Noninterest income was $5.7 million and $5.5 million for the three months ended September 30, 2026, and 2025, respectively. The Company recorded a loss on the sales of administrative offices of $0.6 million in the third quarter of 2025. There were no such losses recorded during the third quarter of 2026. Non-interest income decreased $0.8 million from $6.5 million for the linked quarter ending June 30, 2026, primarily due to decreases in merchant services and service charges and the absence of the $0.3 million gain on the sale of a branch property that was part of a sale/leaseback transaction in the second quarter of 2026.

The current quarter’s non-interest expense increased $3.0 million to $31.7 million from the prior year’s same quarter non-interest expense of $28.7 million. Salaries and employee benefits increased $1.5 million associated with merit increases, staff additions, and higher benefit costs. Other expenses increased $1.1 million primarily due to increases in corporate business development and professional fees. Noninterest expense increased by $1.1 million from $30.6 million for the quarter ended June 30, 2026. Salaries increased $0.5 million, which primarily reflected staff additions and higher stock-based compensation expenses. Occupancy and equipment expenses increased $0.4 million resulting from higher data processing expenses. The efficiency ratio, a non-GAAP measure1, was 56.12% for the quarter ended September 30, 2026, an increase as compared to 55.16% for the linked quarter ended June 30, 2026, but an improvement from 56.52% from the prior year quarter ended September 30, 2025.

Income tax expense was $3.3 million for the three months ended September 30, 2026, compared to $3.6 million for the three months ended September 30, 2025, and $3.6 million for the three months ended June 30, 2026. The effective tax rate was 14.6% for the three months ended September 30, 2026, 19.1% for the quarter ended September 30, 2025, and 19.6% for the three months ended June 30, 2026. The decrease in the effective tax rate for the current quarter was largely due to the purchase of 2025 federal tax credits during the three months ended September 30, 2026, which reduced income tax expense by $1.2 million.

Nine-Month Results – Comparison to Prior Year First Nine Months

Net interest income for the nine months ended September 30, 2026, increased $12.9 million to $135.8 million from $122.9 million for the nine months ended September 30, 2025. On an FTE basis, net interest income for the nine months ended September 30, 2026, increased $13.4 million to $138.5 million from $125.1 million for the nine months ended September 30, 2025. The increase in FTE net interest income was due to an $11.6 million increase in tax-equivalent interest income, a non-GAAP measure1, coupled with a $1.8 million decrease in interest expense. The Company’s net interest spread widened 22 basis points to 3.19% for the nine months ended September 30, 2026 from 2.97% for the same nine-month period of 2025. Additionally, comparing the nine months ended September 30, 2026 and 2025, the Company’s FTE net interest margin improved by 19 basis points to 3.77% from 3.58%, respectively.

The increase in fully tax-equivalent interest income was driven primarily by higher earning asset balances, particularly taxable loans, and by higher balances and yields on tax-exempt investment securities. Lower overall FTE yields, mainly on taxable investments, partially offset these benefits.

Total average earning assets increased $241.4 million to $4.9 billion for the nine months ended September 30, 2026, from $4.7 billion for the same nine months of 2025. Average taxable loans increased $245.4 million to $4.0 billion from $3.7 billion comparing the nine months ended September 30, 2026, and 2025, respectively. The yield on taxable loans decreased 10 basis points to 6.03% from 6.13% between the two periods, which primarily reflected a 75 basis point reduction in the prime rate during the second half of 2025 offset slightly by the increase of 25 basis points in September 2026. Accretion associated with purchase accounting fair value discounts on purchased loans was $9.5 million for the nine months ended September 30, 2026, compared to $12.2 million for the same period of 2025. Average tax-exempt investments totaled $157.6 million for the nine months ended September 30, 2026, an increase of $66.7 million from $90.9 million for the same nine-month period ended September 30, 2025, while taxable investments averaged $430.9 million at September 30, 2026, compared to $549.8 million at September 30, 2025. Average interest earning deposits increased by $58.1 million to $100.9 million at September 30, 2026, from $42.8 million at September 30, 2025. The FTE

1 See reconciliation of non-GAAP financial measures on pg.13-14.

yield on investments increased 76 basis points to 3.87% for the nine months ended September 30, 2026, from 3.11% for the same nine months of 2025.

Interest expense decreased $1.8 million to $68.2 million for the nine months ended September 30, 2026, compared with $70.0 million for the same period in 2025, primarily due to lower average deposit rates overall, coupled with a reduction in average small dollar time deposits, which offset net balance increases in the non-maturing deposit portfolio. These benefits were partially offset by higher average balances on borrowings and subordinated debt exceeding reductions in borrowing rates. The average rate paid on interest-bearing deposits decreased 23 basis points to 2.19% from 2.42%, reflecting lower market rates in 2026 in addition to lower costs related to interest bearing demand accounts when compared to 2025.

Average small dollar time deposits, which include brokered deposits, decreased $68.5 million to $321.3 million, for the nine months ended September 30, 2026, from $389.8 million for the nine months ended September 30, 2025. The average rate paid for small dollar time deposits decreased 53 basis points to 3.29% from 3.82% for the nine months ended September 30, 2026, and 2025, respectively, partially the result of a reduction of $50.9 million in average brokered deposits, which the Company let roll off at maturity. These higher-costing deposits were replaced with lower cost non-maturing deposits and borrowings. Average subordinated debt increased $25.9 million to $83.3 million for the nine months ended September 30, 2026, from $57.4 million for the same period in 2025, while the average rate paid on subordinated debt increased 93 basis points to 8.42% from 7.49% for the periods ended September 30, 2026, and 2025, respectively, due to a net new issuance of subordinated debt in the second quarter of 2025 in the amount of $52 million.

For the nine months ended September 30, 2026, the provision for credit losses was $3.3 million, an increase of $4.2 million from a $0.9 million benefit recorded for the same nine months of 2025. The increase in loan provisioning in the first nine months of 2026 was primarily impacted by significant loan growth, while the benefit in the first nine months of the prior year reflected reductions in non-accrual assets and declines in model loss rates.

Noninterest income was $19.1 million and $18.0 million for the nine months ended September 30, 2026, and 2025, respectively. The $1.1 million increase in noninterest income was primarily due to increases in interest rate swap income of $0.6 million, along with combined net gains of $0.5 million on the sale of investment securities available for sale, a $0.3 million gain on the sale and market value appreciation of equity securities and a $0.4 million increase in mortgage banking income, partially offset by a decrease in service charge, fee, and commission income of $0.7 million. The current nine-month period ended September 30, 2026, includes a gain on the sale of a branch property of $0.3 million that was part of the aforementioned sale/leaseback transaction. The comparable prior year period included a loss of $0.6 million on the sales of administrative offices, offset by gain of $0.7 million on the sale of the Company’s former corporate headquarters in Scranton, PA.

Noninterest expense increased $7.9 million to $92.2 million for the nine months ended September 30, 2026, from $84.3 million for the nine months ended September 30, 2025. This increase is primarily due to increases in salaries and employee benefits expenses, occupancy and equipment expenses, and other expenses. Salaries and employee benefits expense was $45.2 million for the nine months ended September 30, 2026, compared to $41.4 million for the same nine months in 2025. The $3.8 million increase resulted primarily from annual merit increases, staff additions and higher health insurance costs. Net occupancy and equipment expenses were $22.7 million for the first nine months of 2026, an increase of $2.6 million from $20.1 million for the same nine-month period in 2025. The increase was largely caused by higher rent expenses associated with the new corporate headquarters and increases in data processing expenses related to the implementation of an on-line account opening platform. Other expenses increased $2.6 million to $17.7 million from $15.1 million for the nine months ending September 30, 2025. This increase in other expenses includes an increase in advertising, corporate business development, and legal expenses. The efficiency ratio, a non-GAAP measure1, was 56.10% in 2026 and 55.38% for the nine months ended September 30, 2026, and 2025, respectively.

Income tax expense was $10.7 million for the nine months ended September 30, 2026, compared to $10.3 million for the nine months ended September 30, 2025. The effective tax rate was 18.0% for the nine months ended September 30, 2026, and 17.9% in the prior year’s same nine-month period.

BALANCE SHEET REVIEW

Total loans were $4.4 billion at September 30, 2026, an increase of $60.7 million compared to $4.3 billion at June 30, 2026, and an increase of $347.1 million compared to $4.0 billion at September 30, 2025. Comparing September 30, 2026, and 2025, the Company saw strong demand in all markets for commercial and residential real estate loans,

commercial and industrial loans, and municipal loans, with decreases seen in the Company’s equipment financing and indirect auto loan portfolio. Comparing September 30, 2026, to June 30, 2026, increases were observed in the commercial and industrial portfolio and in the commercial and residential real estate portfolio. Consumer loans and the equipment financing portfolios were relatively flat, while the indirect auto portfolio decreased.

Total investments were $510.2 million at September 30, 2026, compared to $529.6 million at June 30, 2026, and $610.3 million at September 30, 2025. At September 30, 2026, available for sale securities totaled $440.8 million, a decrease of $17.3 million from $458.1 million at June 30, 2026, and a decrease of $93.7 million from $534.5 million at September 30, 2025. Held to maturity securities totaled $66.7 million at September 30, 2026, a decrease of $2.1 million from $68.8 million at June 30, 2026, and a decrease of $6.6 million from $73.3 million at September 30, 2025. Due to strong loan demand, cash flows from repayments of investment securities and a portion of the proceeds from sales of investments during the first three months of 2026 were redirected and used to fund loan growth.

Total deposits were $4.7 billion at September 30, 2026, an increase of $163.3 million from $4.5 billion at June 30, 2026, and an increase of $382.4 million from $4.3 billion at September 30, 2025. Noninterest-bearing deposits increased $24.5 million to $971.0 million at September 30, 2026, from $946.5 million at June 30, 2026, and increased $59.1 million from $912.0 million at September 30, 2025. Interest-bearing deposits increased $138.7 million to $3.7 billion from $3.6 billion at June 30, 2026, and increased $323.4 million from $3.4 billion at September 30, 2025, primarily reflecting a strategic deposit growth effort which offset a decrease in brokered deposits. Brokered deposits represented 5.4% of total deposits at September 30, 2026, and 7.7% of total deposits at June 30, 2026, compared with 3.9% at September 30, 2025. Approximately 34.8% of deposits were uninsured at September 30, 2026, compared with 31.0% uninsured at June 30, 2026, and 32.3% at September 30, 2025.

The Company maintained a strong capital position at September 30, 2026. Stockholders’ equity equaled $529.3 million or $52.87 per share at September 30, 2026, compared to $536.2 million or $53.56 per share at June 30, 2026, and $509.3 million, or $50.95 per share at September 30, 2025. Stockholders’ equity was impacted by net income, offset by dividends to shareholders and an increase in accumulated other comprehensive loss primarily due to market rate adjustments related to available for sale investments.

Tangible book value, a non-GAAP measure1 was $42.95 per share at September 30, 2026, $43.51 per share at June 30, 2026, and $40.43 at September 30, 2025. The Company declared quarterly dividends of $0.625 for each quarter of 2026 and $0.6175 for the quarter ending September 30, 2025. Dividends for the year totaled $1.875 per share for 2026 and $1.853 per share for 2025.

ASSET QUALITY REVIEW

The Company experienced strong improvement in asset quality during the three- and nine-month periods of 2026. Nonperforming assets, which include nonperforming loans, loans past due 90 days or more and still accruing, and foreclosed assets, were $10.3 million or 0.24% of loans, net and foreclosed assets, at September 30, 2026, a $4.4 million decrease compared to $14.7 million, or 0.34% of loans, net and foreclosed assets at June 30, 2026. The linked-quarter decrease was primarily due to favorable resolutions of several nonaccrual assets during the third quarter of 2026. In comparison to the prior year period, nonperforming assets decreased $6.5 million from $16.8 million, or 0.42% of loans, net and foreclosed assets at September 30, 2025, primarily reflecting a $4.3 million reduction in nonaccrual loans and the final resolution of a foreclosed property. Nonperforming assets represented 0.19% of total assets at September 30, 2026, compared to 0.27% at June 30, 2026, and 0.33% at September 30, 2025.

During the three months ended September 30, 2026, net charge-offs were $0.4 million and the benefit for credit losses was $1.1 million, compared to net charge-offs of $0.2 million and a benefit for credit losses of $0.8 million for the same period of 2025. For the nine months ended September 30, 2026, net charge-offs were $1.6 million and the provision for credit losses was $3.3 million, compared to net charge-offs of $1.1 million and a benefit for credit losses of $0.9 million for the same nine months of 2025. The allowance for credit losses equaled $40.8 million or 0.93% of loans, net, as of September 30, 2026, compared to $42.3 million or 0.98% of loans, net, as of June 30, 2026, and $39.8 million or 0.99% of loans, net as of September 30, 2025.

1 See reconciliation of non-GAAP financial measures on pg.13-14.

About Peoples:

Peoples Financial Services Corp. is the bank holding company of Peoples Security Bank and Trust Company, an independent community bank serving its retail and commercial customers through 40 full-service community banking offices located within Allegheny, Bucks, Lackawanna, Lancaster, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations, and government entities. Peoples’ business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, and local and timely decision making. For more information visit psbt.com.

SOURCE: Peoples Financial Services Corp.

/Contact:

MEDIA/INVESTORS, James M. Bone, Jr., CPA, Executive Vice President and Chief Financial Officer,

570.348.6419 or james.bone@psbt.com

Co:

Peoples Financial Services Corp.

St:

Pennsylvania

In:

Fin

Safe Harbor Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to risks and uncertainties. These statements are based on assumptions and may describe future plans, strategies and expectations of Peoples Financial Services Corp. and its subsidiaries (the “Company”) that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company’s control). These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. All statements in this release, other than statements of historical facts, are forward-looking statements.

The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Important factors that could cause the Company’s actual results to differ materially from those in the forward-looking statements include, but are not limited to: changes in interest rates, including their effect on the Company’s investment values; impairment charges relating to the Company’s investment portfolio; credit risks in connection with the Company’s lending activities; the Company’s exposure to commercial and industrial, construction, commercial real estate, and equipment finance loans; the Company’s ability to maintain an adequate allowance for credit losses; access to liquidity; the strength of the Company’s customer deposit levels; unrealized losses; reliance on the Company’s subsidiaries; accounting procedures, policies and requirements; changes in the value of goodwill; the Company’s ability to attract and retain key personnel; the strength of the Company’s disclosure controls and procedures and internal controls over financial reporting; potential for errors, omissions or fraud; environmental liabilities; reliance on third-party vendors and service providers; the Company’s ability to compete effectively in the Company’s industry and within the Company’s market area, including with respect to competition from financial technology companies and non-bank entities; the development and use of artificial intelligence (“AI”) in business processes, services, and products, including emerging focus among regulators and other officials related to risks in connection with the development and use of AI; the Company’s ability to prevent, detect and respond to cybersecurity threats and incidents; a failure of information technology, whether due to a breach, cybersecurity incident, or ability to keep pace with growth and developments; the Company’s ability to comply with privacy and data protection requirements; changes in U.S. or regional economic conditions; the soundness of other financial institutions; changes in laws and regulations; geopolitical instability, including wars and other conflicts; fiscal and monetary policies of the federal government and its agencies; a failure to meet minimum capital requirements; the Company’s ability to realize the anticipated benefits of future acquisitions or a change in control; and the Company’s ability to pay dividends. Additional factors that may affect the Company’s results are discussed in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

[TABULAR MATERIAL FOLLOWS]

Summary Data

Peoples Financial Services Corp.

Three Quarter and Nine-Month Trend (Unaudited)

(In thousands, except share and per share data)

Three Months Ended

Nine Months Ended

Sept 30

June 30

Sept 30

2026

2025

2026

2025

Key performance data:

Share and per share amounts:

Net income - diluted

1.90

1.48

1.51

4.85

4.69

Core net income (1)

1.90

1.48

1.51

4.81

4.71

Cash dividends declared

0.6250

0.6175

1.8750

1.8525

Book value

52.87

53.56

50.95

52.87

50.95

Tangible book value (1)

42.95

43.51

40.43

42.95

40.43

Market value:

High

73.37

67.75

53.69

73.37

54.20

Low

64.85

52.63

46.90

47.39

38.90

Closing

67.36

66.37

48.61

67.36

48.61

Market capitalization

674,423

664,388

485,837

674,423

485,837

Common shares outstanding

10,012,216

10,010,367

9,994,595

10,012,216

9,994,595

Selected ratios:

Return on average stockholders’ equity (2)

14.07

11.10

12.02

12.16

12.86

Core return on average stockholders’ equity (1)(2)

14.07

11.10

12.03

12.06

12.91

Return on average tangible stockholders’ equity (1)(2)

17.28

13.70

15.24

15.01

16.47

Core return on average tangible stockholders’ equity (1)(2)

17.28

13.70

15.25

14.88

16.54

Return on average assets (2)

1.41

1.13

1.19

1.23

1.25

Core return on average assets (1)(2)

1.41

1.13

1.19

1.22

1.26

Stockholders’ equity to total assets

9.52

9.86

9.87

9.52

9.87

Efficiency ratio (1)(3)

56.12

55.16

56.52

56.10

55.38

Nonperforming assets to loans, net, and foreclosed assets

0.24

0.34

0.42

0.24

0.42

Nonperforming assets to total assets

0.19

0.27

0.33

0.19

0.33

Net charge-offs to average loans, net (2)

0.04

0.02

0.05

0.04

Allowance for credit losses to loans, net

0.93

0.98

0.99

0.93

0.99

Interest earning assets yield (FTE) (4)

5.71

5.64

5.56

5.62

5.58

Cost of funds

2.49

2.40

2.64

2.43

2.61

Net interest spread (FTE) (4)

3.22

3.24

2.92

3.19

2.97

Net interest margin (FTE) (1)(4)

3.80

3.82

3.54

3.77

3.58

(1) See Reconciliation of Non-GAAP Financial Measures on pages 13-14.

(2) Presented on an annualized basis.

(3) Total noninterest expense less amortization of intangible assets and acquisition related expenses, divided by tax-equivalent net interest income and noninterest income less net gains (losses) on investment securities AFS and net (losses) gains on sales of fixed assets.

(4) Tax-equivalent adjustments were calculated using the federal statutory tax rate prevailing during the indicated periods of 21%.

Peoples Financial Services Corp.

Consolidated Statements of Income and Comprehensive Income (Unaudited)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

Sept 30

June 30

Sept 30

2026

2025

2026

2025

Interest income:

Interest and fees on loans:

Taxable

62,663

59,483

57,621

178,462

170,292

Tax-exempt

2,345

2,155

2,151

6,568

6,698

Interest and dividends on investment securities:

Taxable

3,497

3,926

4,335

11,458

13,073

Tax-exempt

1,301

1,261

537

3,695

1,332

Dividends

342

305

906

128

Interest on interest-bearing deposits in other banks

1,308

622

473

2,823

1,402

Total interest income

71,456

67,752

65,164

203,912

192,925

Interest expense:

Interest on deposits

20,461

18,188

20,194

56,788

61,344

Interest on short-term borrowings

149

536

341

1,057

976

Interest on long-term debt

1,633

1,500

1,509

4,537

3,897

Interest on subordinated debt

1,749

1,750

1,748

5,248

3,217

Interest on junior subordinated debt

177

174

189

524

563

Total interest expense

24,169

22,148

23,981

68,154

69,997

Net interest income

47,287

45,604

41,183

135,758

122,928

(Benefit) provision for credit losses

(1,148)

3,105

(838)

3,344

(877)

Net interest income after (benefit) provision for credit losses

48,435

42,499

42,021

132,414

123,805

Noninterest income:

Service charges, fees, commissions and other

3,190

3,411

3,386

9,758

10,454

Merchant services income

217

489

321

886

1,136

Commissions and fees on fiduciary activities

644

588

607

1,783

1,707

Wealth management income

875

753

950

2,274

2,219

Mortgage banking income

213

302

148

756

387

Increase in cash surrender value of life insurance

525

500

543

1,522

1,604

Interest rate swap income

170

187

182

1,017

389

Net (losses) gains on equity investments

(155)

(21)

334

Net gains on sale of investment securities available for sale

510

Net gains (losses) on sale of fixed assets

271

(615)

271

Total noninterest income

5,679

6,534

5,501

19,111

18,004

Noninterest expense:

Salaries and employee benefits expense

15,616

15,087

14,128

45,220

41,370

Net occupancy and equipment expense

7,672

7,338

7,221

22,685

20,115

Acquisition related expenses

236

Amortization of intangible assets

1,349

1,518

1,515

4,384

4,882

FDIC insurance and assessments

744

709

607

2,209

2,605

Other expenses

6,323

5,958

5,191

17,679

15,085

Total noninterest expense

31,704

30,610

28,678

92,177

84,293

Income before income taxes

22,410

18,423

18,844

59,348

57,516

Income tax expense

3,279

3,618

3,598

10,665

10,305

Net income

19,131

14,805

15,246

48,683

47,211

Other comprehensive (loss) income:

Unrealized (losses) gains on investment securities available for sale

(26,009)

2,431

7,415

(26,961)

14,846

Reclassification adjustment for net gains on available for sale securities included in net income

(510)

Change in derivative fair value

289

(114)

Income tax (benefit) expense related to other comprehensive (loss) income

(5,691)

551

1,621

(5,960)

3,213

Other comprehensive (loss) income, net of income tax (benefit) expense

(20,265)

1,960

5,812

(21,222)

11,519

Comprehensive (loss) income

(1,134)

16,765

21,058

27,461

58,730

Share and per share amounts:

Net income - basic

1.91

1.48

1.53

4.86

4.72

Net income - diluted

1.90

1.48

1.51

4.85

4.69

Cash dividends declared

0.6250

0.6175

1.8750

1.8525

Average common shares outstanding - basic

10,011,287

10,010,529

9,994,629

10,008,270

9,994,175

Average common shares outstanding - diluted

10,050,247

10,036,037

10,086,915

10,042,560

10,070,947

Peoples Financial Services Corp.

Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)

Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

Average

Interest

Yield/

Balance

Inc./Exp.

Rate

Balance

Inc./Exp.

Rate

Balance

Inc./Exp.

Rate

Assets:

Earning assets:

Loans:

Taxable

4,043,501

62,663

6.15

3,973,583

59,483

6.00

3,736,269

57,621

6.12

Tax-exempt

280,483

2,968

4.20

263,731

2,728

4.15

269,757

2,722

4.00

Total loans

4,323,984

65,631

6.02

4,237,314

62,211

5.89

4,006,026

60,343

5.98

Investments:

Taxable

409,260

3,839

3.72

422,646

4,231

4.02

553,151

4,382

3.14

Tax-exempt

162,824

1,647

4.01

160,117

1,596

4.00

98,608

680

2.74

Total investments

572,084

5,486

3.80

582,763

5,827

4.01

651,759

5,062

3.08

Interest-earning deposits

137,421

1,308

3.78

67,064

622

3.72

42,884

473

4.38

Total earning assets

5,033,489

72,425

5.71

4,887,141

68,660

5.64

4,700,669

65,878

5.56

Less: allowance for credit losses

43,258

40,521

41,576

Other assets

410,309

401,762

408,385

Total assets

5,400,540

5,248,382

5,067,478

Liabilities and stockholders’ equity:

Interest-bearing liabilities:

Money market accounts

1,029,932

6,911

2.66

1,034,838

6,673

2.59

986,100

7,542

3.03

Interest-bearing demand and NOW accounts

1,213,719

5,906

1.93

1,213,141

5,825

1.93

1,181,655

6,271

2.11

Savings accounts

508,203

498

0.39

511,202

466

0.37

496,256

389

0.31

Time deposits less than $100

402,067

3,509

3.46

290,045

2,297

3.18

341,825

2,923

3.39

Time deposits $100 or more

430,194

3,637

3.35

365,167

2,927

3.22

347,723

3,069

3.50

Total interest-bearing deposits

3,584,115

20,461

2.26

3,414,393

18,188

2.14

3,353,559

20,194

2.39

Short-term borrowings

15,816

149

3.74

56,166

536

3.83

29,208

341

4.63

Long-term debt

158,373

1,633

4.09

145,346

1,500

4.14

129,524

1,509

4.62

Subordinated debt

83,440

1,749

8.32

83,334

1,750

8.42

83,149

1,748

8.34

Junior subordinated debt

8,205

177

8.56

8,177

174

8.54

8,098

189

9.26

Total borrowings

265,834

3,708

5.53

293,023

3,960

5.42

249,979

3,787

6.01

Total interest-bearing liabilities

3,849,949

24,169

2.49

3,707,416

22,148

2.40

3,603,538

23,981

2.64

Noninterest-bearing deposits

943,352

940,512

905,385

Other liabilities

67,964

65,432

55,530

Stockholders’ equity

539,275

535,022

503,025

Total liabilities and stockholders’ equity

5,400,540

5,248,382

5,067,478

Net interest income/spread

48,256

3.22

46,512

3.24

41,897

2.92

Net interest margin

3.80

3.82

3.54

Tax-equivalent adjustments:

Loans

623

573

571

Investments

346

335

143

Total adjustments

969

908

714

The average balances of assets and liabilities, corresponding interest income and expense and resulting average yields or rates paid are summarized as follows. Averages for earning assets include nonaccrual loans. Investment averages include available for sale securities at amortized cost. Income on investment securities and loans is adjusted to a tax-equivalent basis using the prevailing federal statutory tax rate of 21%.

Peoples Financial Services Corp.

Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)

Nine Months Ended

September 30, 2026

September 30, 2025

Average

Interest Income/

Yield/

Average

Interest Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Assets:

Earning assets:

Loans:

Taxable

3,959,564

178,462

6.03

3,714,153

170,292

6.13

Tax-exempt

267,733

8,314

4.15

277,533

8,478

4.08

Total loans

4,227,297

186,776

5.91

3,991,686

178,770

5.99

Investments:

Taxable

430,876

12,364

3.84

549,818

13,201

3.21

Tax-exempt

157,595

4,677

3.97

90,902

1,686

2.48

Total investments

588,471

17,041

3.87

640,720

14,887

3.11

Interest-earning deposits

100,859

2,823

3.74

42,798

1,402

4.38

Total earning assets

4,916,627

206,640

5.62

4,675,204

195,059

5.58

Less: allowance for credit losses

41,097

41,830

Other assets

404,000

399,098

Total assets

5,279,530

5,032,472

Liabilities and stockholders’ equity:

Interest-bearing liabilities:

Money market accounts

1,028,456

20,055

2.61

953,679

21,104

2.96

Interest-bearing demand and NOW accounts

1,216,929

17,669

1.94

1,191,733

18,568

2.08

Savings accounts

507,872

1,385

0.36

498,998

1,127

0.30

Time deposits less than $100

321,281

7,915

3.29

389,807

11,142

3.82

Time deposits $100 or more

393,232

9,764

3.32

353,753

9,403

3.55

Total interest-bearing deposits

3,467,770

56,788

2.19

3,387,970

61,344

2.42

Short-term borrowings

36,968

1,057

3.82

28,357

976

4.60

Long-term debt

145,992

4,537

4.15

109,569

3,897

4.76

Subordinated debt

83,333

5,248

8.42

57,440

3,217

7.49

Junior subordinated debt

8,178

524

8.57

8,075

563

9.32

Total borrowings

274,471

11,366

5.54

203,441

8,653

5.69

Total interest-bearing liabilities

3,742,241

68,154

2.43

3,591,411

69,997

2.61

Noninterest-bearing deposits

937,900

892,661

Other liabilities

64,147

57,466

Stockholders’ equity

535,242

490,934

Total liabilities and stockholders’ equity

5,279,530

5,032,472

Net interest income/spread

138,486

3.19

125,062

2.97

Net interest margin

3.77

3.58

Tax-equivalent adjustments:

Loans

1,746

1,780

Investments

982

354

Total adjustments

2,728

2,134

Peoples Financial Services Corp.

Consolidated Balance Sheets (Unaudited)

(In thousands)

Sept 30

June 30

Sept 30

At period end

2026

2025

Assets:

Cash and due from banks

76,557

74,930

62,133

Interest-bearing balances in other banks

228,404

181,320

117,790

Investment securities:

Available for sale

440,827

458,144

534,521

Held to maturity

66,739

68,723

73,286

Equity investments at fair value

2,592

2,748

2,473

Total investments

510,158

529,615

610,280

Loans held for sale

1,412

718

816

Loans

4,363,480

4,302,821

4,016,367

Less: allowance for credit losses

40,780

42,311

39,843

Net loans

4,322,700

4,260,510

3,976,524

Goodwill

75,986

Premises and equipment, net

88,635

79,523

77,009

Bank owned life insurance

83,644

83,124

88,175

Deferred tax assets

30,589

25,905

30,025

Accrued interest receivable

18,316

17,770

16,995

Other intangible assets, net

23,254

24,622

29,239

Other assets

99,655

86,523

74,664

Total assets

5,559,310

5,440,546

5,159,636

Liabilities:

Deposits:

Noninterest-bearing

971,070

946,528

912,044

Interest-bearing

3,701,067

3,562,324

3,377,687

Total deposits

4,672,137

4,508,852

4,289,731

Short-term borrowings

19,720

85,331

76,310

Long-term debt

160,139

154,472

137,029

Subordinated debt

83,494

83,392

83,111

Junior subordinated debt

8,223

8,194

8,114

Accrued interest payable

8,619

4,727

7,976

Other liabilities

77,678

59,393

48,105

Total liabilities

5,030,010

4,904,361

4,650,376

Stockholders’ equity:

Common stock

20,057

20,053

20,015

Capital surplus

251,720

251,224

250,735

Retained earnings

303,436

290,556

267,686

Accumulated other comprehensive loss

(45,913)

(25,648)

(29,176)

Total stockholders’ equity

529,300

536,185

509,260

Total liabilities and stockholders’ equity

5,559,310

5,440,546

5,159,636

Book value per common share

52.87

53.56

50.95

Tangible book value per common share (1)

42.95

43.51

40.43

(1) See Reconciliation of Non-GAAP Financial Measures on pages 13-14.

Peoples Financial Services Corp.

Loan and Asset Quality Data (Unaudited)

(In thousands)

Sept 30

June 30

Sept 30

At period end

2026

2025

Commercial and industrial

729,735

712,705

664,615

Municipal

205,792

200,552

196,469

Real estate

Commercial

2,512,967

2,490,510

2,278,746

Residential

658,698

640,000

588,519

Total real estate

3,171,665

3,130,510

2,867,265

Consumer

Indirect auto

81,023

82,721

100,298

Consumer other

16,172

16,775

14,212

Total consumer

97,195

99,496

114,510

Equipment financing

159,093

159,558

173,508

Total

4,363,480

4,302,821

4,016,367

Sept 30

June 30

Sept 30

At period end

2026

2025

Nonperforming assets:

Nonaccrual/restructured loans

10,069

13,667

14,386

Accruing loans past due 90 days or more

230

451

886

Foreclosed assets

630

1,541

Total nonperforming assets

10,299

14,748

16,813

Sept 30

June 30

Sept 30

Three months ended

2026

2025

Allowance for credit losses:

Beginning balance

42,311

39,586

40,890

Charge-offs

541

697

489

Recoveries

158

317

280

(Benefit) provision for credit losses

(1,148)

3,105

(838)

Ending balance

40,780

42,311

39,843

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Three Months Ended

Nine Months Ended

Sept 30

June 30

Sept 30

2026

2025

2026

2025

Core net income per share:

Net income GAAP

19,131

14,805

15,246

48,683

47,211

Adjustments:

Less: net gains on sale of available for sale securities

510

Add: net gains on sale of available for sale securities tax adjustment (1)

112

Add: acquisition related expenses

236

Less: acquisition related expenses tax adjustment (1)

Core net income

19,131

14,805

15,259

48,285

47,396

Average common shares outstanding - diluted

10,050,247

10,036,037

10,086,915

10,042,560

10,070,947

Core net income per diluted share

1.90

1.48

1.51

4.81

4.71

Tangible book value:

Total stockholders’ equity

529,300

536,185

509,260

529,300

509,260

Less: goodwill

75,986

Less: other intangible assets, net

23,254

24,622

29,239

23,254

29,239

Total tangible stockholders’ equity

430,060

435,577

404,035

430,060

404,035

Common shares outstanding

10,012,216

10,010,367

9,994,595

10,012,216

9,994,595

Tangible book value per share

42.95

43.51

40.43

42.95

40.43

Core return on average stockholders’ equity:

Net income GAAP

19,131

14,805

15,246

48,683

47,211

Adjustments:

Less: net gains on sale of available for sale securities

510

Add: net gains on sale of available for sale securities tax adjustment (1)

112

Add: acquisition related expenses

236

Less: acquisition related expenses tax adjustment (1)

Core net income

19,131

14,805

15,259

48,285

47,396

Average stockholders’ equity

539,275

535,022

503,025

535,242

490,934

Core return on average stockholders’ equity

14.07

11.10

12.03

12.06

12.91

Return on average tangible stockholders' equity:

Net income GAAP

19,131

14,805

15,246

48,683

47,211

Average stockholders’ equity

539,275

535,022

503,025

535,242

490,934

Less: goodwill and intangibles

99,974

101,482

106,111

101,526

107,736

Average tangible stockholders’ equity

439,301

433,540

396,914

433,716

383,198

Return on average tangible stockholders’ equity

17.28

13.70

15.24

15.01

16.47

Core return on average tangible stockholders’ equity:

Net income GAAP

19,131

14,805

15,246

48,683

47,211

Adjustments:

Less: net gains on sale of available for sale securities

510

Add: net gains on sale of available for sale securities tax adjustment (1)

112

Add: acquisition related expenses

236

Less: acquisition related expenses tax adjustment (1)

Core net income

19,131

14,805

15,259

48,285

47,396

Average stockholders’ equity

539,275

535,022

503,025

535,242

490,934

Less: goodwill and intangibles

99,974

101,482

106,111

101,526

107,736

Average tangible stockholders’ equity

439,301

433,540

396,914

433,716

383,198

Core return on average tangible stockholders’ equity

17.28

13.70

15.25

14.88

16.54

Core return on average assets:

Net income GAAP

19,131

14,805

15,246

48,683

47,211

Adjustments:

Less: net gains on sale of available for sale securities

510

Add: net gains on sale of available for sale securities tax adjustment (1)

112

Add: acquisition related expenses

236

Less: acquisition related expenses tax adjustment (1)

Core net income

19,131

14,805

15,259

48,285

47,396

Average assets

5,400,540

5,248,382

5,067,478

5,279,530

5,032,472

Core return on average assets

1.41

1.13

1.19

1.22

1.26

(1) Tax adjustments are calculated using the effective tax rate for the respective period.

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

The following tables reconcile the non-GAAP financial measures of FTE net interest income for the three and nine months ended:

Three Months Ended

Nine Months Ended

Sept 30

June 30

Sept 30

2026

2025

2026

2025

Interest income (GAAP)

71,456

67,752

65,164

203,912

192,925

Adjustment to FTE

969

908

714

2,728

2,134

Interest income adjusted to FTE (non-GAAP)

72,425

68,660

65,878

206,640

195,059

Interest expense

24,169

22,148

23,981

68,154

69,997

Net interest income adjusted to FTE (non-GAAP)

48,256

46,512

41,897

138,486

125,062

The efficiency ratio is noninterest expenses, less amortization of intangible assets and acquisition related costs, as a percentage of FTE net interest income plus noninterest income. The following tables reconcile the non-GAAP financial measures of the efficiency ratio to GAAP for the three and nine months ended:

Three Months Ended

Nine Months Ended

Sept 30

June 30

Sept 30

2026

2025

2026

2025

Efficiency ratio (non-GAAP):

Noninterest expense (GAAP)

31,704

30,610

28,678

92,177

84,293

Less: amortization of intangible assets expense

1,349

1,518

1,515

4,384

4,882

Less: acquisition related expenses

236

Adjusted noninterest expense (non-GAAP)

30,355

29,092

27,147

87,793

79,175

Net interest income (GAAP)

47,287

45,604

41,183

135,758

122,928

Plus: taxable equivalent adjustment

969

908

714

2,728

2,134

Noninterest income (GAAP)

5,679

6,534

5,501

19,111

18,004

Less: net (losses) gains on equity securities

(155)

(21)

334

Less: net gains on sale of investment securities available for sale

510

Less: net gains (losses) on sale of fixed assets

271

(615)

271

Net interest income (FTE) plus noninterest income (non-GAAP)

54,090

52,742

48,034

156,482

142,958

Efficiency ratio (non-GAAP)

56.12

55.16

56.52

56.10

55.38

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