(Dollars in thousands)

Purchase Price Consideration

FNCB Bancorp, Inc. common shares settled for stock

20,110,771

Exchange Ratio

0.146

Peoples Financial Services Corp. shares issued

2,935,456

Price per share of Peoples Financial Services Corp. common stock on June 28, 2024

45.54

Purchase price consideration for common stock

$

133,681

Cash in lieu of fractional shares

32

Total purchase price consideration

$

133,713

(Dollars in thousands)

FNCB Bancorp, Inc.
Book Value
6/30/2024

Initially Reported Fair Value Adjustments

FNCB Bancorp, Inc. Initially Reported
Fair Value
6/30/2024

Measurement Period Adjustments

FNCB Bancorp, Inc.
Adjusted Fair Value
6/30/2024

Total purchase price consideration

$

133,713

$

133,713

Recognized amounts of identifiable assets acquired and liabilities assumed

Cash and cash equivalents

28,843

Investment securities

426,107

(4,180)

421,927

Loans held for investment

1,267,330

(71,306)

1,196,024

Allowance for credit losses

(13,921)

12,080

(1,841)

Loans held for investment, net of allowance

1,253,409

(59,226)

1,194,183

Restricted stock

9,934

Premises and equipment, net

13,960

593

14,553

Accrued interest receivable

7,448

Core deposit intangibles

36,629

Wealth management customer list intangible

988

Deferred tax asset

14,415

5,083

19,498

(164)

19,334

Operating lease right of use asset

2,821

263

3,084

Other assets

62,728

(3,483)

59,245

1,540

60,785

Total identifiable assets acquired

1,819,665

(23,333)

1,796,332

1,376

1,797,708

Deposits

1,429,406

(2,405)

1,427,001

Borrowings

227,135

(851)

226,284

Trust preferred

10,310

(2,318)

7,992

Accrued interest payable

1,966

Operating lease liability

3,082

Other liabilities

9,704

178

9,882

404

10,286

Total liabilities assumed

1,681,603

(5,396)

1,676,207

404

1,676,611

Total identifiable net assets

$

138,062

$

(17,937)

$

120,125

$

972

$

121,097

Goodwill

$

13,588

$

(972)

$

12,616