UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report - January 13, 2003
PEOPLES FINANCIAL SERVICES CORP.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-23863 23-2391852
------------ --------- ----------
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification
Incorporation) Number)
50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number,
including area code (570) 879-2175
N/A
(Former name or former address, if changed since last report)
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibit:
99 Press Release of Peoples Financial Services Corp.
dated January 13, 2003.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Regulation FD Disclosure.
Not Applicable.
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.
(Registrant)
/s/ Debra E. Dissinger
Dated January 13, 2003 By Debra E. Dissinger
Executive Vice President
EXHIBIT INDEX
Page Number
in Manually
Exhibit Signed Original
99 Press Release of Peoples Financial Services 3
Corp. dated January 13, 2003.
EXHIBIT 99
PRESS RELEASE
Peoples Financial Services Corp. Announces Record 2002 Earnings
Increases Dividend Again
The Board of Directors of PFSC increased the regular quarterly dividend on
common stock to $0.24 per share at the January 3, 2003 meeting. The dividend
will be paid on February 14, 2003 to shareholders of record on January 31, 2003.
This marks the third time in the last four quarters that dividends have been
increased.
Record net income recorded at $5,015,000 compared to $4,836,000 in 2001 led to
the increase in dividends. The policy of the Company is to share earnings with
the holders of common stock.
Other financial highlights for 2002 include the following:
2002 2001 % Difference
Return on Average Assets .......................... 1.52% 1.62% (6.17)%
Return on Average Equity .......................... 14.09% 15.15% (7.00)%
Net Income Per Share .............................. $ 2.39 $ 2.28 4.82%
Dividends Per Share ............................... $ 0.88 $ 0.72 22.22%
Market Value Per Share ............................ $ 30.00 $ 26.00 15.38%
Total Assets ...................................... $ 346,842,000 $ 315,347,000 9.99%
Net Loans ......................................... $ 219,258,000 $ 191,913,000 14.25%
Total Deposits .................................... $ 259,187,000 $ 238,891,000 8.50%
Peoples Financial Services Corp. is the parent company of Peoples National Bank
headquartered in Hallstead PA. Community offices are located in the Hallstead
Shopping Plaza, Hop Bottom, Susquehanna, and Montrose in Susquehanna County;
Nicholson, Tunkhannock, and Meshoppen in Wyoming County and in the Price Chopper
Super Market, Norwich, Chenango County, NY.
This press release contains certain forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Actual results
and trends could differ materially from those set forth in such statements due
to various factors. Such factors include the possibility that increased demand
for prices for the Company's financial services and products may not occur,
changing economic, interest rate and competitive conditions, technological
developments, and other risks and uncertainties including those detailed in the
Company's filings with the Securities and Exchange Commission.