人民金服 2024年度报告

For the fiscal year endedDecember 31,2024 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 Peoples Financial Services Corp. (Exact name of registrant as specified in its charter) 23-2391852(I.R.S. EmployerIdentification No.) 102 East Drinker Street,Dunmore,PA18512(Address of principal executive offices) (Zip Code)(570)346-7741Registrant’s telephone number, including area codeSecurities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Largeacceleratedfiler☐Non-accelerated filer☐Emerging growth company☐ Acceleratedfiler☒Smallerreportingcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June30, 2024 was $321,388,000.00(based on the closing salesprice of the registrant’s common stock on that date).The number of shares of the registrant’s common stock outstanding as of February28, 2025 was9,993,803. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed in connection with solicitation of proxies for its 2025 annual meeting of shareholders, within 120 days of the end of registrant’s fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K. Peoples Financial Services Corp.Form 10-KFor the Year Ended December31, 2024TABLE OF CONTENTS PART I Item1.Business3Item1A.Risk Factors25Item1B.Unresolved Staff Comments39Item 1C.Cybersecurity39Item2.Properties40Item3.Legal Proceedings40Item4.Mine Safety Disclosures40 PART II Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities41Item6.Reserved43Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations43Item7A.Quantitative and Qualitative Disclosures About Market Risk78Item8.Financial Statements and Supplementary Data80Item9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure150Item9A.Controls and Procedures150Item9B.Other Information152Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections152 PARTIII Item10.Directors, Executive Officers and Corporate Governance152Item11.Executive Compensation152Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters153Item13.Certain Relationships and Related Transactions, and Director Independence153Item14.Principal Accountant Fees and Services153 PART IV Item15.Exhibits, Financial Statement Schedules153Item 16.Form 10-K Summary153 SIGNATURES158 Cautionary Note Regarding Forward-Looking Statements. This Annual Report on Form 10-K contains forward