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<SEC-DOCUMENT>0001056943-10-000017.txt : 20100728
<SEC-HEADER>0001056943-10-000017.hdr.sgml : 20100728
<ACCEPTANCE-DATETIME>20100728112305
ACCESSION NUMBER:		0001056943-10-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100630
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100728
DATE AS OF CHANGE:		20100728

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:		10973410

	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>
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<TYPE>8-K
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<FILENAME>form8k.htm
<DESCRIPTION>PFSC SECOND QUARTER 2010 EARNINGS 8K
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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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&#160;</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 July&#160;28, 2010, regarding Second 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 July 28, 2010, regarding&#160;Second Quarter 2010 Earnings&#160;</font></div>
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<TYPE>EX-99
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<FILENAME>ex99.htm
<DESCRIPTION>PFSC SECOND 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">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. Second Quarter 2010 Earnings Report</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net income increases by 9.66%.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net income through six months in 2010 was $3,042,000 compared to $2,774,000 for the same period in 2009, an increase of 9.66%.&#160;&#160;The increase was attributable to relatively stable interest margins and strong growth in earning assets. For the quarter ended June 30, 2010, net income was $1,524,000 compared to $1,253,000 for the quarter ended June 30, 2009. Earnings per share and diluted earnings per share were $0.49 for the three months ended June 30, 2010. This compares with the $0.40 on earnings per share and diluted earnings per share for the same three month period in 2009, an increase of 22.5%. Earnings per share and diluted earnings per share were $0.97 for the six months ended June 30, 2010. This compares with the $0.89 on earnings per share and diluted earnings per share for the same six month period in 2009, an inc
rease of 8.99%.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><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 first six months of 2010 which was $9,301,000 compared to $8,468,000 for the six month period ended June 30, 2009, an increase of $833,000, or 9.84%. For the quarter ended June 30, 2010, net interest income was $4,766,000 compared to $4,415,000 for the same period in 2009. This was an increase of $351,000, or 7.95%. The increase in net interest income for the six months ended June 30, 2010 is due to the net interest margin remaining relatively steady at 4.04%, on a fully tax equivalent basis, while at the same time increasing the volume of earning assets and interest bearing liabilities. The increase in net interest income for the three months ended June 30, 2010 is the result of the net interest margin that decreased slightly&#160;to 4.01% as compared 
to 4.51% for the three month period ended June 30, 2009, on a fully tax equivalent basis while at the same time growing earning assets and interest bearing liabilities in similar amounts. Earnings have remained strong through the first two quarters of 2010 even with additional loan loss reserves of $372,000 related to a commercial credit which had deteriorated to the point where the ultimate satisfaction of the credit was doubtful.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total assets on June 30, 2010 were $559,193,000, which compares to $462,606,000 as of June 30, 2009, an increase of 20.88%.&#160;&#160;Total assets increased from the December 31, 2009 figure of $516,483,000. Compared to the June 30, 2009 figure of $315,641,000, net loans increased 15.84% to $365,646,000 as of June 30, 2010. </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deposits totaled $434,549,000 as of June 30, 2010, compared to $360,376,000 on June 30, 2009, an increase of 20.58%.</font></div>

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<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 c
ollection and distribution of the income from such investments.</font></div>
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