related expenses           4,990            9,653           1,071             486             826 
 Less: Acquisition 
  related expenses 
  tax adjustment             1,089            1,270             122              59             115 
                        ----------       ----------       ---------       ---------       --------- 
Core net income        $     9,988      $    16,489      $    4,231      $    3,893      $    4,341 
Average assets         $ 5,203,459      $ 5,291,194      $3,609,066      $3,676,750      $3,774,388 
Core return on 
 average assets               0.76%            1.24%           0.47%           0.43%           0.46% 
 
Pre-provision net 
revenue (PPNR) per 
share: 
Income (Loss) before 
 taxes (GAAP)          $     5,815      $   (4,994)      $    3,703      $    3,944      $    4,217 
 Add: ACL provision 
  for FNCB acquired 
  legacy loans                               14,328 
 Add: Provision for 
  credit losses              3,369              130             596             708           1,669 
 Add: Provision for 
  credit losses on 
  unfunded 
  commitments                  452            (785)           (197)             487             (2) 
                        ----------       ----------       ---------       ---------       --------- 
PPNR (non-GAAP)        $     9,636      $     8,679      $    4,102      $    5,139      $    5,884 
Average common shares 
 outstanding-diluted    10,051,337       10,044,449       7,114,115       7,102,112       7,091,015 
PPNR per share 
 (non-GAAP)            $      0.96      $      0.86      $     0.58      $     0.72      $     0.83 
 
Core pre-provision 
net revenue (PPNR) 
per share: 
Income (Loss) before 
 taxes (GAAP)          $     5,815      $   (4,994)      $    3,703      $    3,944      $    4,217 
 Add: Acquisition 
  related expenses           4,990            9,653           1,071             486             826 
 Add: ACL provision 
  for FNCB acquired 
  legacy loans                               14,328 
 Add: Provision for 
  credit losses              3,369              130             596             708           1,669 
 Add: Provision for 
  credit losses on 
  unfunded 
  commitments                  452            (785)           (197)             487             (2) 
                        ----------       ----------       ---------       ---------       --------- 
Core PPNR (non-GAAP)   $    14,626      $    18,332      $    5,173      $    5,625      $    6,710 
Average common shares 
 outstanding-diluted    10,051,337       10,044,449       7,114,115       7,102,112       7,091,015 
Core PPNR per share 
 (non-GAAP)            $      1.46      $      1.83      $     0.73      $     0.79      $     0.95 
 
 
(1) Current quarter tax adjustments use a rate of 21.8%, prior quarters use 
the effective tax rate for the quarter. 
 
 
                    Peoples Financial Services Corp. 
        Reconciliation of Non-GAAP Financial Measures (Unaudited) 
             (In thousands, except share and per share data) 
 
                                            Dec 31          Dec 31 
Twelve months ended                          2024            2023 
---------------------------------------   ----------      ---------- 
Core net income per share: 
Net income GAAP                           $    8,498      $   27,380 
Adjustments: 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Less: ACL provision for FNCB acquired 
  legacy loans tax adjustment                  3,126 
 Less: Gain on sale of available for 
  sale securities                                  1              81 
 Add: Gain on sale of available for sale 
  securities tax adjustment                                       17 
 Add: Acquisition related expenses            16,200           1,816 
 Less: Acquisition related expenses tax 
  adjustment                                   3,534             278 
                                           ---------       --------- 
 Core net income                          $   32,365      $   28,854 
Average common shares outstanding - 
 diluted                                   8,586,035       7,151,471 
Core net income per share                 $     3.77      $     4.03 
 
Core return on average stockholders' 
equity: 
Net income GAAP                           $    8,498      $   27,380 
Adjustments: 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Less: ACL provision for FNCB acquired 
  legacy loans tax adjustment                  3,126 
 Less: Gain on sale of available for 
  sale securities                                  1              81 
 Add: Gain on sale of available for sale 
  securities tax adjustment                                       17 
 Add: Acquisition related expenses            16,200           1,816 
 Less: Acquisition related expenses tax 
  adjustment                                   3,534             278 
                                           ---------       --------- 
Core net income                           $   32,365      $   28,854 
Average stockholders' equity                 410,762         329,223 
Core return on average stockholders' 
 equity                                         7.88%           8.76% 
 
Return on average tangible 
stockholders' equity: 
Net income GAAP                           $    8,498      $   27,380 
Average stockholders' equity                 410,762         329,223 
 Less: average intangibles                    88,043          63,406 
                                           ---------       --------- 
Average tangible stockholders' equity     $  322,719      $  265,817 
Return on average tangible stockholders' 
 equity                                         2.63%          10.30% 
 
Core return on average tangible 
stockholders' equity: 
Net income GAAP                           $    8,498      $   27,380 
Adjustments: 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Less: ACL provision for FNCB acquired 
  legacy loans tax adjustment                  3,126 
 Less: Gain on sale of available for 
  sale securities                                  1              81 
 Add: Gain on sale of available for sale 
  securities tax adjustment                                       17 
 Add: Acquisition related expenses            16,200           1,816 
 Less: Acquisition related expenses tax 
  adjustment                                   3,534             278 
                                           ---------       --------- 
Core net income                           $   32,365      $   28,854 
Average stockholders' equity                 410,762         329,223 
 Less: average intangibles                    88,043          63,406 
                                           ---------       --------- 
Average tangible stockholders' equity     $  322,719      $  265,817 
Core return on average tangible 
 stockholders' equity                          10.03%          10.85% 
 
Core return on average assets: 
Net income GAAP                           $    8,498      $   27,380 
Adjustments: 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Less: ACL provision for FNCB acquired 
  legacy loans tax adjustment                  3,126 
 Less: Gain on sale of available for 
  sale securities                                  1              81 
 Add: Gain on sale of available for sale 
  securities tax adjustment                                       17 
 Add: Acquisition related expenses            16,200           1,816 
 Less: Acquisition related expenses tax 
  adjustment                                   3,534             278 
                                           ---------       --------- 
Core net income                           $   32,365      $   28,854 
Average assets                             4,493,614       3,683,215 
Core return on average assets                   0.72%           0.78% 
 
Pre-provision net revenue (PPNR) per 
share: 
Income before taxes (GAAP)                $    8,468      $   32,501 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Add: Provision for credit losses              4,803             566 
 Add: Provision for credit losses on 
  unfunded commitments                          (43)             (2) 
                                           ---------       --------- 
PPNR (non-GAAP)                           $   27,556      $   33,065 
Average common shares 
 outstanding-diluted                       8,586,035       7,151,471 
PPNR per share (non-GAAP)                 $     3.21      $     4.62 
 
Core pre-provision net revenue (PPNR) 
per share: 
Income before taxes (GAAP)                $    8,468      $   32,501 
 Add: ACL provision for FNCB acquired 
  legacy loans                                14,328 
 Add: Acquisition related expenses            16,200           1,816 
 Add: Provision for credit losses              4,803             566 
 Add: Provision for credit losses on 
  unfunded commitments                          (43)             (2) 
                                           ---------       --------- 
Core PPNR (non-GAAP)                      $   43,756      $   34,881 
Average common shares 
 outstanding-diluted                       8,586,035       7,151,471 
Core PPNR per share (non-GAAP)            $     5.10      $     4.88 
 
 
(1) Above tax adjustments use a rate of 21.8% and 15.3% for 2024 and 2023, 
respectively. 
 
 
                   Peoples Financial Services Corp. 
       Reconciliation of Non-GAAP Financial Measures (Unaudited) 
            (In thousands, except share and per share data) 
The following tables reconcile the non-GAAP financial measures of FTE 
net interest income for the three and twelve months ended December 31, 
2024 and 2023: 
 
Three months ended December 31                     2024        2023 
---------------------------------------------   ----------  ---------- 

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