# EDGAR Filing Document

**Accession Number:** 0001665518
**File Stem:** 0001665518-23-000001
**Filing Date:** 2023-2
**Character Count:** 13424
**Document Hash:** 6075736f280029d7823d845f7d6c4d0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001665518-23-000001.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001665518-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHYSICIANS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001665518
- **IRS NUMBER:** 561621501
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17129
- **FILM NUMBER:** 23601905

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 10973
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27605
- **BUSINESS PHONE:** 9198632355

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 10973
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27605

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PHYSICIANS FINANCIAL SERVICES INC.<br>**Address:** PO BOX 10973<br>RALEIGH, NC 27605

**Form 13F File Number:** 028-17129

**CRD Number (if applicable):** 000118519

**SEC File Number (if applicable):** 801-66583

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** CORNELIUS T. MCDONALD III<br>**Title:** PRESIDENT<br>**Phone:** 9198632355

**Signature, Place, and Date of Signing:**

CORNELIUS T. MCDONALD III  RALEIGH, NC  02-09-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 109

**Form 13F Information Table Value Total:** $222079

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Co | COM | 88579Y101 |  | 2016 | 16810 | SH |  | SOLE |  | 0 | 0 | 16810 |
| Abbott Labs | COM | 002824100 |  | 622 | 5665 | SH |  | SOLE |  | 0 | 0 | 5665 |
| AbbVie | COM | 00287Y109 |  | 1987 | 12295 | SH |  | SOLE |  | 0 | 0 | 12295 |
| Adobe Systems Inc. | COM | 00724F101 |  | 2212 | 6574 | SH |  | SOLE |  | 0 | 0 | 6574 |
| AFLAC Inc. | COM | 001055102 |  | 510 | 7086 | SH |  | SOLE |  | 0 | 0 | 7086 |
| Air Products  Chemical | COM | 009158106 |  | 1016 | 3295 | SH |  | SOLE |  | 0 | 0 | 3295 |
| Alphabet Cl A | CAP STK CL A | 02079K305 |  | 7308 | 82825 | SH |  | SOLE |  | 0 | 0 | 82825 |
| Alphabet Cl C | CAP STK CL C | 02079K107 |  | 679 | 7647 | SH |  | SOLE |  | 0 | 0 | 7647 |
| Altria Group | COM | 02209S103 |  | 308 | 6729 | SH |  | SOLE |  | 0 | 0 | 6729 |
| Amazon.com | COM | 023135106 |  | 7557 | 89968 | SH |  | SOLE |  | 0 | 0 | 89968 |
| American Express | COM | 025816109 |  | 306 | 2070 | SH |  | SOLE |  | 0 | 0 | 2070 |
| Amgen | COM | 031162100 |  | 4715 | 17952 | SH |  | SOLE |  | 0 | 0 | 17952 |
| Apple Computer | COM | 037833100 |  | 27103 | 208597 | SH |  | SOLE |  | 0 | 0 | 208597 |
| Applied Matls Inc | COM | 038222105 |  | 267 | 2741 | SH |  | SOLE |  | 0 | 0 | 2741 |
| Archer Daniels Midland | COM | 039483102 |  | 755 | 8127 | SH |  | SOLE |  | 0 | 0 | 8127 |
| Automatic Data Processing | COM | 053015103 |  | 5524 | 23125 | SH |  | SOLE |  | 0 | 0 | 23125 |
| BankAmerica Corp | COM | 060505104 |  | 1003 | 30286 | SH |  | SOLE |  | 0 | 0 | 30286 |
| Becton Dickinson | COM | 075887109 |  | 1164 | 4577 | SH |  | SOLE |  | 0 | 0 | 4577 |
| Berkshire Hathaway Inc-B | CL B NEW | 084670702 |  | 2559 | 8283 | SH |  | SOLE |  | 0 | 0 | 8283 |
| Boeing | COM | 097023105 |  | 3666 | 19246 | SH |  | SOLE |  | 0 | 0 | 19246 |
| Bristol-Meyers Squibb | COM | 110122108 |  | 1187 | 16504 | SH |  | SOLE |  | 0 | 0 | 16504 |
| Broadcom Inc. | COM | 11135F101 |  | 929 | 1661 | SH |  | SOLE |  | 0 | 0 | 1661 |
| Brown Forman Corp | CL B | 115637209 |  | 221 | 3362 | SH |  | SOLE |  | 0 | 0 | 3362 |
| Caterpillar | COM | 149123101 |  | 4365 | 18220 | SH |  | SOLE |  | 0 | 0 | 18220 |
| Chevron Corp. | COM | 166764100 |  | 6500 | 36211 | SH |  | SOLE |  | 0 | 0 | 36211 |
| Church  Dwight | COM | 171340102 |  | 282 | 3502 | SH |  | SOLE |  | 0 | 0 | 3502 |
| Cisco Systems | COM | 17275R102 |  | 1531 | 32146 | SH |  | SOLE |  | 0 | 0 | 32146 |
| Clorox | COM | 189054109 |  | 1047 | 7460 | SH |  | SOLE |  | 0 | 0 | 7460 |
| Coca-Cola | COM | 191216100 |  | 4111 | 64634 | SH |  | SOLE |  | 0 | 0 | 64634 |
| Columbia Sportswear Co | COM | 198516106 |  | 254 | 2900 | SH |  | SOLE |  | 0 | 0 | 2900 |
| ConocoPhillips | COM | 20825C104 |  | 282 | 2388 | SH |  | SOLE |  | 0 | 0 | 2388 |
| Costco Wholesale | COM | 22160K105 |  | 2263 | 4957 | SH |  | SOLE |  | 0 | 0 | 4957 |
| Cummins Inc. | COM | 231021106 |  | 3115 | 12857 | SH |  | SOLE |  | 0 | 0 | 12857 |
| CVS Health Corp. | COM | 126650100 |  | 215 | 2308 | SH |  | SOLE |  | 0 | 0 | 2308 |
| Deere  Co. | COM | 244199105 |  | 2149 | 5012 | SH |  | SOLE |  | 0 | 0 | 5012 |
| Duke Energy Corp New | COM NEW | 26441C204 |  | 2044 | 19844 | SH |  | SOLE |  | 0 | 0 | 19844 |
| Edwards Lifesciences | COM | 28176E108 |  | 622 | 8331 | SH |  | SOLE |  | 0 | 0 | 8331 |
| Eli Lilly | COM | 532457108 |  | 976 | 2668 | SH |  | SOLE |  | 0 | 0 | 2668 |
| Emerson Electric Company | COM | 291011104 |  | 499 | 5198 | SH |  | SOLE |  | 0 | 0 | 5198 |
| Equinix Inc | COM | 29444U700 |  | 1288 | 1967 | SH |  | SOLE |  | 0 | 0 | 1967 |
| FedEx Corp | COM | 31428X106 |  | 1160 | 6700 | SH |  | SOLE |  | 0 | 0 | 6700 |
| First Citizens Bank | CL A | 31946M103 |  | 394 | 520 | SH |  | SOLE |  | 0 | 0 | 520 |
| Fiserv Inc | COM | 337738108 |  | 229 | 2265 | SH |  | SOLE |  | 0 | 0 | 2265 |
| General Mills Inc. | COM | 370334104 |  | 1103 | 13150 | SH |  | SOLE |  | 0 | 0 | 13150 |
| Genuine Parts | COM | 372460105 |  | 972 | 5601 | SH |  | SOLE |  | 0 | 0 | 5601 |
| Hershey | COM | 427866108 |  | 2321 | 10022 | SH |  | SOLE |  | 0 | 0 | 10022 |
| Home Depot Inc. | COM | 437076102 |  | 3668 | 11613 | SH |  | SOLE |  | 0 | 0 | 11613 |
| Honeywell International | COM | 438516106 |  | 1646 | 7680 | SH |  | SOLE |  | 0 | 0 | 7680 |
| HP Inc. | COM | 40434L105 |  | 224 | 8325 | SH |  | SOLE |  | 0 | 0 | 8325 |
| Illinois Tool Works | COM | 452308109 |  | 1472 | 6682 | SH |  | SOLE |  | 0 | 0 | 6682 |
| Illumina Inc | COM | 452327109 |  | 906 | 4480 | SH |  | SOLE |  | 0 | 0 | 4480 |
| Intel | COM | 458140100 |  | 513 | 19403 | SH |  | SOLE |  | 0 | 0 | 19403 |
| International Business Machine | COM | 459200101 |  | 1463 | 10381 | SH |  | SOLE |  | 0 | 0 | 10381 |
| JM Smucker Co | COM NEW | 832696405 |  | 583 | 3680 | SH |  | SOLE |  | 0 | 0 | 3680 |
| Johnson  Johnson | COM | 478160104 |  | 4955 | 28050 | SH |  | SOLE |  | 0 | 0 | 28050 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 1016 | 7577 | SH |  | SOLE |  | 0 | 0 | 7577 |
| Kellogg Co | COM | 487836108 |  | 325 | 4564 | SH |  | SOLE |  | 0 | 0 | 4564 |
| Kimberly Clark | COM | 494368103 |  | 264 | 1942 | SH |  | SOLE |  | 0 | 0 | 1942 |
| Laboratory Corp of Amer Hldgs | COM NEW | 50540R409 |  | 307 | 1302 | SH |  | SOLE |  | 0 | 0 | 1302 |
| LAM Research Corp | COM | 512807108 |  | 287 | 683 | SH |  | SOLE |  | 0 | 0 | 683 |
| Lockheed Martin Corp. | COM | 539830109 |  | 3760 | 7728 | SH |  | SOLE |  | 0 | 0 | 7728 |
| Lowes | COM | 548661107 |  | 4906 | 24624 | SH |  | SOLE |  | 0 | 0 | 24624 |
| Marriott Intl | CL A | 571903202 |  | 498 | 3347 | SH |  | SOLE |  | 0 | 0 | 3347 |
| Mastercard Inc Cl A | CL A | 57636Q104 |  | 6207 | 17850 | SH |  | SOLE |  | 0 | 0 | 17850 |
| McCormick  Co. | COM NON VTG | 579780206 |  | 510 | 6148 | SH |  | SOLE |  | 0 | 0 | 6148 |
| McDonalds | COM | 580135101 |  | 5202 | 19740 | SH |  | SOLE |  | 0 | 0 | 19740 |
| Merck | COM | 58933Y105 |  | 1353 | 12195 | SH |  | SOLE |  | 0 | 0 | 12195 |
| Microsoft | COM | 594918104 |  | 10252 | 42750 | SH |  | SOLE |  | 0 | 0 | 42750 |
| Nextera Energy | COM | 65339F101 |  | 203 | 2434 | SH |  | SOLE |  | 0 | 0 | 2434 |
| Nike Inc. | CL B | 654106103 |  | 1858 | 15877 | SH |  | SOLE |  | 0 | 0 | 15877 |
| Norfolk Southern | COM | 655844108 |  | 2565 | 10409 | SH |  | SOLE |  | 0 | 0 | 10409 |
| Northrop Grumman | COM | 666807102 |  | 532 | 975 | SH |  | SOLE |  | 0 | 0 | 975 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 1278 | 14083 | SH |  | SOLE |  | 0 | 0 | 14083 |
| Nucor Corp | COM | 670346105 |  | 392 | 2975 | SH |  | SOLE |  | 0 | 0 | 2975 |
| Nvidia Corp. | COM | 67066G104 |  | 2010 | 13752 | SH |  | SOLE |  | 0 | 0 | 13752 |
| Oracle Systems | COM | 68389X105 |  | 1980 | 24218 | SH |  | SOLE |  | 0 | 0 | 24218 |
| Parker Hannifin | COM | 701094104 |  | 1721 | 5915 | SH |  | SOLE |  | 0 | 0 | 5915 |
| Paychex Inc. | COM | 704326107 |  | 434 | 3752 | SH |  | SOLE |  | 0 | 0 | 3752 |
| Paypal Holdings | COM | 70450Y103 |  | 491 | 6894 | SH |  | SOLE |  | 0 | 0 | 6894 |
| Pepsi Co | COM | 713448108 |  | 3775 | 20897 | SH |  | SOLE |  | 0 | 0 | 20897 |
| Pfizer Incorporated | COM | 717081103 |  | 2645 | 51618 | SH |  | SOLE |  | 0 | 0 | 51618 |
| Philip Morris Intl Inc | COM | 718172109 |  | 589 | 5815 | SH |  | SOLE |  | 0 | 0 | 5815 |
| Procter  Gamble | COM | 742718109 |  | 4090 | 26989 | SH |  | SOLE |  | 0 | 0 | 26989 |
| Prudential Financial | COM | 744320102 |  | 318 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| Qualcomm Inc. | COM | 747525103 |  | 2008 | 18264 | SH |  | SOLE |  | 0 | 0 | 18264 |
| Raytheon Company | COM NEW | 755111507 |  | 1471 | 14579 | SH |  | SOLE |  | 0 | 0 | 14579 |
| Regeneron Pharms Inc | COM | 75886F107 |  | 285 | 395 | SH |  | SOLE |  | 0 | 0 | 395 |
| Select SPDR Energy ETF | ENERGY | 81369Y506 |  | 376 | 4304 | SH |  | SOLE |  | 0 | 0 | 4304 |
| Sherwin Williams | COM | 824348106 |  | 456 | 1920 | SH |  | SOLE |  | 0 | 0 | 1920 |
| Skyworks Solutions | COM | 83088M102 |  | 389 | 4270 | SH |  | SOLE |  | 0 | 0 | 4270 |
| Starbucks Corp. | COM | 855244109 |  | 787 | 7937 | SH |  | SOLE |  | 0 | 0 | 7937 |
| Stryker Corp | COM | 863667101 |  | 555 | 2271 | SH |  | SOLE |  | 0 | 0 | 2271 |
| T. Rowe Price Group | COM | 74144T108 |  | 1067 | 9781 | SH |  | SOLE |  | 0 | 0 | 9781 |
| Target Corp. | COM | 87612E106 |  | 2182 | 14643 | SH |  | SOLE |  | 0 | 0 | 14643 |
| Tesla Inc. | COM | 88160R101 |  | 312 | 2531 | SH |  | SOLE |  | 0 | 0 | 2531 |
| Texas Instruments Inc | COM | 882508104 |  | 1189 | 7199 | SH |  | SOLE |  | 0 | 0 | 7199 |
| Toro Company | COM | 891092108 |  | 288 | 2540 | SH |  | SOLE |  | 0 | 0 | 2540 |
| Toyota | SP ADR REP2COM | 892331307 |  | 476 | 3482 | SH |  | SOLE |  | 0 | 0 | 3482 |
| Truist Financial Corp | COM | 89832Q109 |  | 1672 | 38861 | SH |  | SOLE |  | 0 | 0 | 38861 |
| Unilever PLC | SPON ADR NEW | 904767704 |  | 554 | 11001 | SH |  | SOLE |  | 0 | 0 | 11001 |
| Union Pacific Corp. | COM | 907818108 |  | 1266 | 6113 | SH |  | SOLE |  | 0 | 0 | 6113 |
| United Parcel Services CL B | CL B | 911312106 |  | 3704 | 21304 | SH |  | SOLE |  | 0 | 0 | 21304 |
| Vanguard Information Tech ETF | INF TECH ETF | 92204A702 |  | 362 | 1135 | SH |  | SOLE |  | 0 | 0 | 1135 |
| Verizon Communications Inc. | COM | 92343V104 |  | 2222 | 56392 | SH |  | SOLE |  | 0 | 0 | 56392 |
| Visa Inc | COM CL A | 92826C839 |  | 3881 | 18680 | SH |  | SOLE |  | 0 | 0 | 18680 |
| Vmware Inc. | CL A COM | 928563402 |  | 297 | 2417 | SH |  | SOLE |  | 0 | 0 | 2417 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 7555 | 53284 | SH |  | SOLE |  | 0 | 0 | 53284 |
| Walt Disney Company | COM DISNEY | 254687106 |  | 1920 | 22097 | SH |  | SOLE |  | 0 | 0 | 22097 |
| Zimmer Biomet Holdings | COM | 98956P102 |  | 271 | 2129 | SH |  | SOLE |  | 0 | 0 | 2129 |

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