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<SEC-DOCUMENT>0001056943-10-000011.txt : 20100422
<SEC-HEADER>0001056943-10-000011.hdr.sgml : 20100422
<ACCEPTANCE-DATETIME>20100422144839
ACCESSION NUMBER:		0001056943-10-000011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100421
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100422
DATE AS OF CHANGE:		20100422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEOPLES FINANCIAL SERVICES CORP.
		CENTRAL INDEX KEY:			0001056943
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				232391852
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23863
		FILM NUMBER:		10764265

	BUSINESS ADDRESS:	
		STREET 1:		82 FRANKLIN AVENUE
		CITY:			HALLSTEAD
		STATE:			PA
		ZIP:			18822
		BUSINESS PHONE:		5708792175

	MAIL ADDRESS:	
		STREET 1:		82 FRANKLIN AVENUE
		CITY:			HALLSTEAD
		STATE:			PA
		ZIP:			18822

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEOPLES FINANCIAL SERVICES CORP/
		DATE OF NAME CHANGE:	19980303
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<DESCRIPTION>PFSC 1ST QUARTER 2010 EARNINGS
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report &#8211; April 21, 2010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99: Press Release of Peoples Financial Services Corp., dated April 21, 2010, regarding First Quarter 2010 Earnings</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Press Release of Peoples Financial Services Corp., dated April 21, 2010, regarding&#160;First Quarter 2010 Earnings&#160;</font></div>
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<TYPE>EX-99
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<DESCRIPTION>PFSC 1ST QUARTER 2010 EARNINGS PRESS RELEASE
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">EXHIBIT 99</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PRESS RELEASE</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peoples Financial Services Corp. First Quarter 2010 Earnings Report</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the quarter ended March 31, 2010, net income was $1,518,000 compared to $1,521,000 for the quarter ended March 31, 2009. Earnings have remained strong in 2010 in spite of additional loan loss reserves of $730,000, which were made necessary by a large commercial credit in non-accrual status and strong loan growth for the first quarter (up $18,429,000 over December 31, 2009), as well as additional FDIC insurance premiums of $91,000, when comparing that period to the same period in 2009. Earnings per share and diluted earnings per share were $0.48 for the three months ended March 31, 2010. This compares with the $0.49 on earnings per share and diluted earnings per share for the same three month period in 2009.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Core earnings have remained strong as evidenced by net interest income for the three months ended March 31, 2010, which came in at $4,535,000 compared to $4,053,000 for the same period in 2009. This is an increase of $482,000, or 11.89%. The increase in net interest income for the quarter ended March 31, 2010 is due to the net interest margin remaining relatively steady at 4.07% as compared to 4.10% for the three month period ended March 31, 2009, on a fully tax equivalent basis, while at the same time increasing interest earning assets and interest bearing liabilities significantly. The yield curve has remained steep since the Federal Reserve began their process of injecting liquidity into the financial markets through the implementation of lower overnight and discount rates. </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total assets on March 31, 2010 were $541,451,000, which compares to $516,483,000 as of December 31, 2009 and $460,362,000 as of March 31, 2009.&#160;&#160;Compared to the December 31, 2009 figure of $332,966,000, net loans were up 5.53% to $351,395,000 as of March 31, 2010. As of&#160;&#160;March 31, 2009, net loans were $315,955,000.</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deposits totaled $429,391,000 as of March 31, 2010, compared to $410,038,000 on December 31, 2009, an increase of 4.72%. Total deposits were $360,019,000 as of March 31, 2009. The large increase in deposits and total assets are attributable to a significant inflow of deposits in the first quarter of 2010 related to continued gas lease revenue recognized by bank customers.&#160;</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peoples Financial Services Corp., Hallstead Pennsylvania, is the parent company of <font style="FONT-STYLE: italic; DISPLAY: inline">Peoples National Bank</font>, an independent community bank with eleven community offices.&#160;&#160;The community office locations are:&#160;&#160;Hallstead, Hop Bottom, Susquehanna, and Montrose, in Susquehanna County, Pennsylvania; Nicholson, Tunkhannock and Meshoppen, in Wyoming County, Pennsylvania; Glenburn in Lackawanna County, Pennsylvania; and Conklin, Deposit, and Binghamton, in Broome County, New York, <font style="FONT-STYLE: italic; DISPLAY: inline">Peoples Advisors, LLC, </font>a member-managed limited liability company for the purpose of providing investment advisory services to the general public, and <font style="FONT-STYLE: italic; DISPLAY: inline">Peoples Financial Capital Corporation<
/font> which main activities are the maintenance and management of intangible investments and the collection and distribution of the income from such investments.</font></div>

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