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Peoples Financial SERVICES CORP . NEWS RELEASE PEOPLES FINANCIAL SERVICES CORP . Reports Second Quarter 2021 Earnings 7/21/2021 SCRANTON , Pa . , July 21 , 2021 / PRNewswire / -- Peoples Financial Services Corp. ( " Peoples " ) ( NASDAQ : PFIS ) , the bank holding company for Peoples Security Bank and Trust Company , today reported unaudited financial results at and for the three months and six months ended June 30 , 2021. Peoples reported net income of $ 8.5 million , or $ 1.18 per diluted share for the three months ended June 30 , 2021 , an increase of 12.6 % when compared to $ 7.6 million , or $ 1.03 per diluted share for the comparable period of 2020. The increase in earnings for the three months ended June 30 , 2021 is primarily the result of a $ 1.7 million decrease to the provision for loan losses , partially offset by a $ 0.2 million decrease to pre - provision net interest income , an increase to noninterest expense of $ 0.3 million and a higher income tax provision of $ 0.2 million . Net income for the six months ended June 30 , 2021 , totaled $ 18.0 million or $ 2.49 per diluted share , a 40.1 % increase when compared to $ 12.9 million or $ 1.74 per diluted share for the comparable period of 2020. The increase in earnings in the 2021 six month period is the product of a decrease to our provision for loan losses of $ 5.7 million , primarily due to an adjustment in the year ago period to the economic qualitative factors included in our allowance for loan losses methodology relating to the impact of COVID - 19 , an increase to pre - provision net interest income of $ 1.0 million and a decrease to noninterest expense of $ 0.7 million . Partially offsetting the increase were a higher income tax provision of $ 2.2 million and slightly lower noninterest income of $ 0.1 million . In addition to evaluating its results of operations in accordance with GAAP , Peoples routinely supplements its evaluation with an analysis of certain non - GAAP financial measures , such as tangible stockholders ' equity and core net income ratios . The reported results included in this release contain items , which Peoples considers non - core , namely gains and losses incurred within the investment securities portfolio . Peoples believes the reported non- GAAP financial measures provide information useful to investors in understanding its operating performance and 1