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
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Item 5. Other Events
The press release, dated April 16, 1999, of Peoples Financial Services
Corp., attached as Exhibit 99.1, is incorporated by reference.
Item 7. Financial Statements and Exhibits.
(a) Exhibits.
The following exhibit is filed herewith:
99.1 Press Release, dated April 16, 1999, of Peoples Financial Services
Corp.
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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.
PEOPLES FINANCIAL SERVICES CORP
By/s/ John W. Ord
John W. Ord, President and Chief Executive Officer
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Press Release
First Quarter Results
Peoples Financial Services Corp.
Peoples Financial Services Corp. is the parent company of Peoples National
Bank. The following figures are consolidated and are unaudited. Peoples
National Bank is headquartered in Hallstead, PA, Susquehanna County. The
bank has branch offices in Hallstead, Hop Bottom, Susquehanna, Montrose and
Springville in Susquehanna County and in Nicholson, Tunkhannock and
Meshoppen in Wyoming County, PA.
Net income at March 31, 1999 was $851,000 compared to $793,000 at March 31,
1998, an increase of 7.3%. Net interest income increased 5.7% over the same
period in 1998 which is a positive trend. Non-interest expense increased
also but less than 1% and that is a major contributing factor to the increase
in net income for the quarter.
Total assets were up 9% over 1998 and the quarter-end total was $247,728,000.
Loans, when compared to 1998 first quarter, were up 11% to $144,751,000.
Shareholders' equity at March 31, 1999 was $27,222,000, an increase over 1998
of 8% or $1,955,000.
The market value of Peoples Financial Services Corp. common stock was $25.50
on March 31, 1999, which compares to $19.20 at the end of the first quarter in
1998. The 1998 stock price was adjusted for the 5-for-2 stock split which took
place on September 15, 1998.
