UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 16, 1999
Commission File Number: 000-23863
PEOPLES FINANCIAL SERVICES CORP
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2391852
(State or other jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number, including area code (717) 879-2175
<PAGE>
Item 5. Other Events
(a) The press release, dated April 16 1999, of Peoples Financial Services
Corp., Exhibit 99.1, is incorporated by reference.
(b) The press release, dated May 15 1999, of Peoples Financial Services
Corp., attached as Exhibit 99.2, is incorporated by reference.
Item 7. Financial Statements and Exhibits.
(a) Exhibits.
The following exhibit is filed herewith:
99.3 Press Release, dated July 22, 1999, of Peoples Financial Services
Corp.
<PAGE>
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.
PEOPLES FINANCIAL SERVICES CORP
By/s/ John W. Ord
John W. Ord, President and Chief Executive Officer
Press Release
Earnings Release
Peoples Financial Services Corp. Announces Financial Figures for First Half
Consolidated
Net income for the six months ending June 30, 1999, was $1,748,000 as compared
to $1,635,000 for the same period of 1998. This represents an increase of
$113,000 or 6.9%.
Several significant factors contributed to this increase in net income. Net
interest income was $247,000 showing an increase of 6.2% over 1998. Gains on
securities sold during the first six months of 1999 were $63,000, up $30,000
over the 1998 figure of $33,000. On the expense side, provision for taxes was
$478,000 in 1999 as compared to $433,000 in 1998 showing an increase of $45,000.
Transfers to loan loss reserves for 1999 were $120,000 compared to $75,000 in
1998, an increase of $45,000 or 60%.
Comparing the 1999 to 1998 first half-year figures, total assets increased over
$20.5 million from $230,591,000 in 1998 to $251,163,000 in 1999. Net loans at
June 30, 1999, were $140,776,000, an increase of $8.8 million or 6.6% over the
June 30, 1998, figure of $132,009,000.
Peoples Financial Services Corp. is the parent company of Peoples National Bank.
Peoples National Bank is headquartered in Hallstead, PA, and has community
offices in Hallstead, Montrose, Susquehanna, Hop Bottom and Springville in
Susquehanna County and in Nicholson, Tunkhannock and Meshoppen in Wyoming
County.
