# EDGAR Filing Document

**Accession Number:** 0001665518
**File Stem:** 0001665518-26-000001
**Filing Date:** 2026-1
**Character Count:** 13287
**Document Hash:** b8bb2d1884c1929d18dcdce2aaed3b44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001665518-26-000001.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001665518-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**EFFECTIVENESS DATE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHYSICIANS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001665518

**ORGANIZATION NAME:**
- **EIN:** 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:** 26546294

**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:** 12-31-2025

**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  01-21-2026<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:** 107

**Form 13F Information Table Value Total:** $372737

      (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 |  | 2289 | 14297 | SH |  | SOLE |  | 0 | 0 | 14297 |
| Abbott Labs | COM | 002824100 |  | 657 | 5240 | SH |  | SOLE |  | 0 | 0 | 5240 |
| AbbVie | COM | 00287Y109 |  | 2708 | 11850 | SH |  | SOLE |  | 0 | 0 | 11850 |
| Adobe Systems Inc. | COM | 00724F101 |  | 2533 | 7236 | SH |  | SOLE |  | 0 | 0 | 7236 |
| Advanced Micro Devices | COM | 007903107 |  | 1688 | 7883 | SH |  | SOLE |  | 0 | 0 | 7883 |
| AFLAC Inc. | COM | 001055102 |  | 726 | 6586 | SH |  | SOLE |  | 0 | 0 | 6586 |
| Alphabet Cl A | CAP STK CL A | 02079K305 |  | 24053 | 76846 | SH |  | SOLE |  | 0 | 0 | 76846 |
| Alphabet Cl C | CAP STK CL C | 02079K107 |  | 2435 | 7760 | SH |  | SOLE |  | 0 | 0 | 7760 |
| Amazon.com | COM | 023135106 |  | 22843 | 98963 | SH |  | SOLE |  | 0 | 0 | 98963 |
| American Express | COM | 025816109 |  | 1411 | 3815 | SH |  | SOLE |  | 0 | 0 | 3815 |
| Amgen | COM | 031162100 |  | 5594 | 17092 | SH |  | SOLE |  | 0 | 0 | 17092 |
| APA Corporation | COM | 03743Q108 |  | 489 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| Apple Computer | COM | 037833100 |  | 57319 | 210839 | SH |  | SOLE |  | 0 | 0 | 210839 |
| Applied Matls Inc | COM | 038222105 |  | 709 | 2758 | SH |  | SOLE |  | 0 | 0 | 2758 |
| Auto Data Processing | COM | 053015103 |  | 5790 | 22508 | SH |  | SOLE |  | 0 | 0 | 22508 |
| BankAmerica Corp | COM | 060505104 |  | 1265 | 22994 | SH |  | SOLE |  | 0 | 0 | 22994 |
| Becton Dickinson | COM | 075887109 |  | 243 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 755 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| Berkshire Hathaway Inc-B | CL B NEW | 084670702 |  | 4544 | 9040 | SH |  | SOLE |  | 0 | 0 | 9040 |
| Boeing | COM | 097023105 |  | 733 | 3375 | SH |  | SOLE |  | 0 | 0 | 3375 |
| Bristol-Meyers Squibb | COM | 110122108 |  | 678 | 12567 | SH |  | SOLE |  | 0 | 0 | 12567 |
| Broadcom Inc. | COM | 11135F101 |  | 5404 | 15615 | SH |  | SOLE |  | 0 | 0 | 15615 |
| Caterpillar | COM | 149123101 |  | 10855 | 18949 | SH |  | SOLE |  | 0 | 0 | 18949 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 239 | 1290 | SH |  | SOLE |  | 0 | 0 | 1290 |
| Chevron Corp. | COM | 166764100 |  | 5758 | 37783 | SH |  | SOLE |  | 0 | 0 | 37783 |
| Chipotle Mexican Grill Inc | COM | 169656105 |  | 460 | 12445 | SH |  | SOLE |  | 0 | 0 | 12445 |
| Church  Dwight | COM | 171340102 |  | 298 | 3553 | SH |  | SOLE |  | 0 | 0 | 3553 |
| Cisco Systems | COM | 17275R102 |  | 2473 | 32101 | SH |  | SOLE |  | 0 | 0 | 32101 |
| Clorox | COM | 189054109 |  | 366 | 3634 | SH |  | SOLE |  | 0 | 0 | 3634 |
| Coca-Cola | COM | 191216100 |  | 4236 | 60586 | SH |  | SOLE |  | 0 | 0 | 60586 |
| ConocoPhillips | COM | 20825C104 |  | 279 | 2982 | SH |  | SOLE |  | 0 | 0 | 2982 |
| Costco Wholesale | COM | 22160K105 |  | 5668 | 6572 | SH |  | SOLE |  | 0 | 0 | 6572 |
| Cummins Inc. | COM | 231021106 |  | 6236 | 12217 | SH |  | SOLE |  | 0 | 0 | 12217 |
| Deere  Co. | COM | 244199105 |  | 2311 | 4964 | SH |  | SOLE |  | 0 | 0 | 4964 |
| Delta Air Lines Inc DEL | COM NEW | 247361702 |  | 354 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| Duke Energy Corp New | COM NEW | 26441C204 |  | 4108 | 35047 | SH |  | SOLE |  | 0 | 0 | 35047 |
| Eaton Corp PLC | SHS | G29183103 |  | 2027 | 6363 | SH |  | SOLE |  | 0 | 0 | 6363 |
| Eli Lilly | COM | 532457108 |  | 4404 | 4098 | SH |  | SOLE |  | 0 | 0 | 4098 |
| Emerson Electric Company | COM | 291011104 |  | 612 | 4609 | SH |  | SOLE |  | 0 | 0 | 4609 |
| Equinix Inc | COM | 29444U700 |  | 1510 | 1971 | SH |  | SOLE |  | 0 | 0 | 1971 |
| Exxon Mobil Corp | COM | 30231G102 |  | 252 | 2097 | SH |  | SOLE |  | 0 | 0 | 2097 |
| FedEx Corp | COM | 31428X106 |  | 1743 | 6034 | SH |  | SOLE |  | 0 | 0 | 6034 |
| First Citizens Bank | CL A | 31946M103 |  | 1095 | 510 | SH |  | SOLE |  | 0 | 0 | 510 |
| GE Aerospace | COM NEW | 369604301 |  | 437 | 1420 | SH |  | SOLE |  | 0 | 0 | 1420 |
| GE VERNOVA INC | COM | 36828A101 |  | 1416 | 2166 | SH |  | SOLE |  | 0 | 0 | 2166 |
| Generac | COM | 368736104 |  | 205 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| General Mills Inc. | COM | 370334104 |  | 228 | 4897 | SH |  | SOLE |  | 0 | 0 | 4897 |
| Genuine Parts | COM | 372460105 |  | 236 | 1920 | SH |  | SOLE |  | 0 | 0 | 1920 |
| Hershey | COM | 427866108 |  | 1803 | 9908 | SH |  | SOLE |  | 0 | 0 | 9908 |
| Home Depot Inc. | COM | 437076102 |  | 4051 | 11773 | SH |  | SOLE |  | 0 | 0 | 11773 |
| Illinois Tool Works | COM | 452308109 |  | 1564 | 6352 | SH |  | SOLE |  | 0 | 0 | 6352 |
| International Business Machines | COM | 459200101 |  | 2988 | 10087 | SH |  | SOLE |  | 0 | 0 | 10087 |
| INTUIT | COM | 461202103 |  | 252 | 381 | SH |  | SOLE |  | 0 | 0 | 381 |
| Johnson  Johnson | COM | 478160104 |  | 4859 | 23479 | SH |  | SOLE |  | 0 | 0 | 23479 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 2506 | 7777 | SH |  | SOLE |  | 0 | 0 | 7777 |
| Labcorp Holdings | COM SHS | 504922105 |  | 302 | 1202 | SH |  | SOLE |  | 0 | 0 | 1202 |
| LAM Research | COM NEW | 512807306 |  | 1152 | 6730 | SH |  | SOLE |  | 0 | 0 | 6730 |
| Lockheed Martin Corp. | COM | 539830109 |  | 3586 | 7415 | SH |  | SOLE |  | 0 | 0 | 7415 |
| Lowes | COM | 548661107 |  | 5450 | 22599 | SH |  | SOLE |  | 0 | 0 | 22599 |
| Marriott Intl | CL A | 571903202 |  | 1109 | 3575 | SH |  | SOLE |  | 0 | 0 | 3575 |
| Mastercard Inc Cl A | CL A | 57636Q104 |  | 10281 | 18008 | SH |  | SOLE |  | 0 | 0 | 18008 |
| McCormick  Co. | COM NON VTG | 579780206 |  | 361 | 5299 | SH |  | SOLE |  | 0 | 0 | 5299 |
| McDonalds | COM | 580135101 |  | 6140 | 20088 | SH |  | SOLE |  | 0 | 0 | 20088 |
| Merck | COM | 58933Y105 |  | 1143 | 10860 | SH |  | SOLE |  | 0 | 0 | 10860 |
| Meta Platforms A | CL A | 30303M102 |  | 8615 | 13051 | SH |  | SOLE |  | 0 | 0 | 12520 |
| Microsoft | COM | 594918104 |  | 19966 | 41285 | SH |  | SOLE |  | 0 | 0 | 41285 |
| NETFLIX INC | COM | 64110L106 |  | 907 | 9670 | SH |  | SOLE |  | 0 | 0 | 9670 |
| Nike Inc. | CL B | 654106103 |  | 889 | 13953 | SH |  | SOLE |  | 0 | 0 | 13953 |
| Norfolk Southern | COM | 655844108 |  | 224 | 775 | SH |  | SOLE |  | 0 | 0 | 775 |
| Northrop Grumman | COM | 666807102 |  | 479 | 840 | SH |  | SOLE |  | 0 | 0 | 840 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 1694 | 12284 | SH |  | SOLE |  | 0 | 0 | 12284 |
| Nucor Corp | COM | 670346105 |  | 1072 | 6575 | SH |  | SOLE |  | 0 | 0 | 6575 |
| Nvidia Corp. | COM | 67066G104 |  | 25116 | 134672 | SH |  | SOLE |  | 0 | 0 | 134672 |
| Oracle Systems | COM | 68389X105 |  | 4657 | 23893 | SH |  | SOLE |  | 0 | 0 | 23893 |
| Packaging Corp Amer | COM | 695156109 |  | 237 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| Palantir Technologies | CL A | 69608A108 |  | 1028 | 5782 | SH |  | SOLE |  | 0 | 0 | 5782 |
| Palto Alto Networks Inc | COM | 697435105 |  | 400 | 2171 | SH |  | SOLE |  | 0 | 0 | 2171 |
| Parker Hannifin | COM | 701094104 |  | 5129 | 5835 | SH |  | SOLE |  | 0 | 0 | 5835 |
| Paychex Inc. | COM | 704326107 |  | 415 | 3702 | SH |  | SOLE |  | 0 | 0 | 3702 |
| Pepsi Co | COM | 713448108 |  | 2929 | 20407 | SH |  | SOLE |  | 0 | 0 | 20407 |
| Pfizer Incorporated | COM | 717081103 |  | 338 | 13575 | SH |  | SOLE |  | 0 | 0 | 13575 |
| Philip Morris Intl Inc | COM | 718172109 |  | 1282 | 7991 | SH |  | SOLE |  | 0 | 0 | 7991 |
| Procter  Gamble | COM | 742718109 |  | 3490 | 24355 | SH |  | SOLE |  | 0 | 0 | 24355 |
| Qualcomm Inc. | COM | 747525103 |  | 2816 | 16465 | SH |  | SOLE |  | 0 | 0 | 16465 |
| Regeneron Pharms Inc | COM | 75886F107 |  | 309 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| Royal Bank of Canada | COM | 780087102 |  | 235 | 1379 | SH |  | SOLE |  | 0 | 0 | 1379 |
| RTX Corporation | COM | 75513E101 |  | 2572 | 14024 | SH |  | SOLE |  | 0 | 0 | 14024 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 305 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| Select Sector SPDR TR | State Street ENE | 81369Y506 |  | 276 | 6178 | SH |  | SOLE |  | 0 | 0 | 6178 |
| Sherwin Williams | COM | 824348106 |  | 677 | 2090 | SH |  | SOLE |  | 0 | 0 | 2090 |
| Starbucks Corp. | COM | 855244109 |  | 642 | 7619 | SH |  | SOLE |  | 0 | 0 | 7619 |
| Stryker Corp | COM | 863667101 |  | 833 | 2371 | SH |  | SOLE |  | 0 | 0 | 2371 |
| T. Rowe Price Group | COM | 74144T108 |  | 801 | 7821 | SH |  | SOLE |  | 0 | 0 | 7821 |
| Target Corp. | COM | 87612E106 |  | 975 | 9978 | SH |  | SOLE |  | 0 | 0 | 9978 |
| TE Connectivity PLC | ORD SHS | G87052109 |  | 251 | 1102 | SH |  | SOLE |  | 0 | 0 | 1102 |
| Tesla Inc. | COM | 88160R101 |  | 999 | 2221 | SH |  | SOLE |  | 0 | 0 | 2221 |
| Texas Instruments Inc | COM | 882508104 |  | 1145 | 6599 | SH |  | SOLE |  | 0 | 0 | 6599 |
| Toyota | SP ADR REP2COM | 892331307 |  | 1005 | 4697 | SH |  | SOLE |  | 0 | 0 | 4697 |
| Truist Financial Corp | COM | 89832Q109 |  | 1689 | 34315 | SH |  | SOLE |  | 0 | 0 | 34315 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 871 | 10661 | SH |  | SOLE |  | 0 | 0 | 10661 |
| Unilever PLC | SPON ADR NEW | 904767704 |  | 577 | 8828 | SH |  | SOLE |  | 0 | 0 | 8828 |
| Union Pacific Corp. | COM | 907818108 |  | 1317 | 5694 | SH |  | SOLE |  | 0 | 0 | 5694 |
| Vanguard Information Tech ETF | INF TECH ETF | 92204A702 |  | 855 | 1135 | SH |  | SOLE |  | 0 | 0 | 1135 |
| Veeva SyS Inc | CL A COM | 922475108 |  | 422 | 1890 | SH |  | SOLE |  | 0 | 0 | 1890 |
| Verizon Communications Inc. | COM | 92343V104 |  | 621 | 15255 | SH |  | SOLE |  | 0 | 0 | 15255 |
| Visa Inc | COM CL A | 92826C839 |  | 5933 | 16918 | SH |  | SOLE |  | 0 | 0 | 16918 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 17525 | 157303 | SH |  | SOLE |  | 0 | 0 | 157303 |

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