Profile: Peoples Financial Services Corp (PFIS.OQ)
19 Aug 2019
Peoples Financial Services Corp., incorporated on February 6, 1986, is a bank holding company. The Company provides a range of financial services through its subsidiary, Peoples Security Bank and Trust Company (Peoples Bank), including its subsidiary, Peoples Advisors, LLC. Peoples Bank is a state-chartered bank and trust company. Peoples Advisors, LLC, provides investment advisory services through a third party to individuals and small businesses. It provides an array of wealth management products and services, which include investment portfolio management, estate planning, annuities, business succession planning, insurances, education funding strategies and tax planning through Peoples Advisors, LLC.
The Company offers a range of fiduciary and investment services. The Company's trust and investment services include investment management, individual retirement account (IRA) trustee services, estate administration, living trusts, trustee under will, guardianships, life insurance trusts, custodial services/IRA custodial services, corporate trusts, and pension and profit sharing plans. The Company offers credit card processing and a range of other products and services to merchant customers, including small business checking accounts, merchant money market account, online banking, telephone banking, business credit cards, merchant line of credit, business profitability and peer analysis, and financial checkup.
The Company's primary products are loans to small- and medium-sized businesses. The Company's other lending products include one- to four-family residential mortgages and consumer loans. It funds loans by offering open time deposits to commercial enterprises and individuals. Its other deposit products include certificates of deposits and various demand deposit accounts. As of December 31, 2016, the Company operated 25 full service community banking offices located within the Lackawanna, Lehigh, Luzerne, Monroe, Montgomery, Susquehanna, Wayne and Wyoming Counties of Pennsylvania and Broome County of New York.
The Company provides a range of retail and commercial lending products for consumers and small- and medium-sized businesses. The Company's retail lending products include various types of loans, such as residential real estate, automobiles, manufactured housing, personal, student, home equity and credit card. Its commercial lending products include various types of loans, such as commercial real estate, working capital, equipment and other commercial needs, construction, small business administration (SBA), and agricultural and mineral rights. It provides a range of commercial and retail banking services to business, non-profits, governmental, municipal agencies and professional customers, as well as retail customers on a personalized basis. The Company also offers automated teller machine (ATM) access, credit cards, active investment accounts, trust department services and other various lending, depository and related financial services. The Company's consumer portfolio includes automobile loans, educational loans and lines of credit. It offers two types of residential mortgage loans: fixed-rate loans, with terms of up to 30 years, and adjustable-rate loans, with interest rates and payments that adjust annually after an initial fixed period of over one, three or five years. It offers commercial real estate loans secured by real estate primarily with adjustable rates.
The Company offers commercial business loans to professionals, sole proprietorships and small businesses. The Company offers installment loans for capital improvements, equipment acquisition and long-term working capital. The Company offers a range of consumer loans, including lines of credit, automobile loans and loans secured by savings accounts and certificates of deposit. It also offers unsecured loans. The Company offers loans secured by new and used automobiles, indirectly through dealerships. As of December 31, 2016, the Company's net loans amount to $1.5 billion.
The Company's portfolio consists of short-term the United States treasury and government agency securities. As of December 31, 2016, the investment portfolio consisted of $259.4 million of investment securities classified as available-for-sale and $10.5 million classified as held-to-maturity. As of December 31, 2016, the Company's total investment securities amounted to $269.9 million.
Sources of Funds
The Company's primary source of funds is the cash flow provided by its financing activities, mainly deposit gathering. The Company's other sources of funds are provided by investing activities, including principal and interest payments on loans and investment securities, and operating activities, primarily net income. The Company offers a range of deposit accounts with a range of interest rates and terms, including money market accounts, negotiable order of withdrawal (NOW) accounts, savings accounts, certificates of deposit, individual retirement accounts and demand deposit accounts. The Company's other deposit related services include remote deposit capture, automatic clearing house transactions, cash management services, point of sale transactions, safe deposit boxes, night depository services, direct deposit and official check services. As of December 31, 2016, the Company's total deposits consisted of $1.6 billion.
Peoples Financial Services Corp
150 N Washington Ave
SCRANTON PA 18503-1843