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Peoples Financial Services Corp. Reports First Quarter 2015 Earnings

Peoples Financial Services Corp. Logo.

News provided by

Peoples Financial Services Corp.

Apr 22, 2015, 05:40 ET

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SCRANTON, Pa., April 22, 2015 /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 ended March 31, 2015.  Peoples reported net income of $5.0 million, or $0.67 per basic and diluted weighted average share for the first quarter of 2015, compared to net income of $4.7 million, or $0.62 per share, for the comparable period of 2014. The results for the three months ended March 31, 2014, include pre-tax acquisition related expenses of $608 thousand. Gains on sale of investment securities were $832 thousand for the three months ended March 31, 2015, while there were no gains recognized for the comparable period in 2014.

Core net income for the three months ended March 31, 2015 was $4.5 million, a $590 thousand decrease from $5.1 million for the same period in 2014. Core net income per share for the three months ended March 31, 2015 was $0.60, compared to $0.67 for the same period in 2014.

In addition to evaluating its results of operations in accordance with accounting principles generally accepted in the United States of America ("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 for 2015 and 2014 contained items which Peoples considers non-core, namely net gains on sales of investment securities available-for-sale and one-time acquisition related expenses. Peoples believes the reported non-GAAP financial measures provide information useful to investors in understanding its operating performance and trends. Where non-GAAP disclosures are used in this press release, a reconciliation to the comparable GAAP measure is provided in the accompanying tables. The non-GAAP financial measures Peoples uses may differ from the non-GAAP financial measures of other financial institutions.

FIRST QUARTER NOTABLES

  • Entrance into Luzerne County market through the acquisition of a commercial property located in Kingston, PA. The office is expected to be fully operational by the first quarter 2016.
  • Successful first full quarter of operations in newly established Lehigh Valley market through the origination of $36.5 million in loans and acquisition of $3.2 million in deposits at March 31, 2015.
  • Initiated process of reconstitution of the Wealth Management Division and Trust Department of Peoples Security Bank and Trust Company under the direction of a professional with 31 years of experience in reengineering fiduciary and investment advisory service functions.
  • Nonperforming assets to loans, net, and foreclosed assets was relatively constant at 0.91% at the end of the first quarter of 2015 compared to the end of the prior quarter and improved significantly from 1.30% at quarter end March 31, 2014.
  • Loans, net grew $27.3 million or 9.1% on an annualized basis in the first quarter of 2015 following growth of $30.0 million or 10.0% on an annualized basis in the fourth quarter of 2014.
  • Tangible book value per share improved $1.08 to $23.96 at the end of the first quarter of 2015 compared to $22.88 at March 31, 2014.

INCOME STATEMENT REVIEW

The tax-equivalent net interest margin for the quarter ended March 31, 2015 was 3.88% compared to 4.09% in 2014. Loan accretion included in loan interest income in the first quarter of 2015, related to loans acquired in the fourth quarter of 2013, was $225 thousand, resulting in an increase in the tax-equivalent net interest margin of 6 basis points. For the first quarter of 2014, loan accretion related to loans acquired was $1.1 million including accretion recognized on loan payoffs, resulting in an increase in the tax-equivalent net interest margin of 29 basis points.

Tax-equivalent net interest income for the quarter ended March 31, decreased $706 thousand to $14.8 million in 2015 from $15.5 million in 2014.  The decrease in tax equivalent net interest income was primarily due to the decrease in loan accretion for the first quarter of 2015, compared to the same period of 2014. The tax-equivalent yield on the loan portfolio decreased to 4.70% for the first quarter of 2015 compared to 5.14%, for the comparable period in 2014. For the first quarter, loans, net averaged $1.2 billion in both 2015 and 2014. For the quarter ended March 31, the tax-equivalent yield on total investments decreased to 2.78% in 2015, from 2.81% in 2014. Average investments totaled $313.1 million in the first quarter of 2015 and $319.8 million in the first quarter of 2014. The cost of funds declined to 0.54% in the three months ended March 31, 2015 from 0.59%, for the same period of 2014. Average interest-bearing liabilities were constant at $1.2 billion for the quarters ended March 31, 2015 and 2014.

The provision for loan losses was $750 thousand for the quarter ended March 31, 2015, compared to $857 thousand for the same period last year. The reduction in the provision for loan losses in 2015 was due to the application of our allowance for loan losses methodology, which was primarily influenced by reporting a lower level of nonperforming assets as a percentage of loans and foreclosed assets compared to the prior year period.

For the quarter ended March 31, noninterest income totaled $4.3 million in 2015 and $3.6 million in 2014. Increases in wealth management services and mortgage banking activities offset decreases in service charges, fees and commissions, revenues from merchant services and income from fiduciary activities. Net gains on sale of investment securities were $832 thousand, for the three months ended March 31, 2015, compared to no gains for the comparable period in 2014.

Noninterest expense for the first quarter of 2015 decreased to $11.1 million from $11.3 million for the same period in 2014. The recognition of acquisition related expense of $608 thousand, in the first quarter of 2014, was the primary cause for this decrease as there was no comparable expense for the first quarter of 2015. The remaining categories of noninterest expense increased in total by $415 thousand. Increases in employee related costs and net occupancy expenses were partially offset by decreases in merchant services expense, amortization of intangible assets and other expenses.

BALANCE SHEET REVIEW

Total assets decreased $27.5 million or 6.4% on an annualized basis for the quarter ended March 31, 2015. Strong loan demand resulted in an increase in loans, net of $27.3 million or 9.1% on an annualized basis in the first quarter of 2015. The increase was attributable to organic growth fostered through our entrance into the Lehigh Valley market as well as renewed interest in business lending in existing markets. The loan growth was funded through the sale of certain investment securities available for sale. Total investments declined to $294.5 million at March 31, 2015 from $354.3 million at the end of 2014.  Along with the increase in loans and the decrease to investment securities, deposits decreased $9.3 million for the first quarter of 2015 while short-term, overnight borrowings decreased $19.6 million. The majority of the decline in deposits was in noninterest bearing deposits, which decreased 10.9% on an annualized basis to $305.0 million at March 31, 2015 compared to $313.5 million at the end of 2014.

 Stockholders' equity equaled $249.5 million or $33.05 per share at March 31, 2015, and $246.8 million or $32.69 per share at December 31, 2014. Total tangible stockholders' equity improved to $180.9 million or $23.96 per share at March 31, 2015, compared to $177.9 million or $23.57 per share at December 31, 2014. Stockholders' equity grew $2.7 million in the first quarter of 2015 as net income was partially offset by dividends and an increase in accumulated other comprehensive loss. Dividends declared for the three months ended March 31, 2015 amounted to $0.31 per share. The dividend payout ratio was of 46.4% in the first quarter of 2015.

ASSET QUALITY REVIEW

Nonperforming assets were $11.3 million or 0.91% of loans, net and foreclosed assets at March 31, 2015, a slight degradation from $10.9 million or 0.90% at December 31, 2014, and an improvement from $15.3 million or 1.30% at March 31, 2014. The allowance for loan losses equaled $10.8 million or 0.87% of loans, net at March 31, 2015, compared to $10.3 million or 0.85% of loans, net, at December 31, 2014, and $8.9 million or 0.75% of loans, net, at March 31, 2014. Loans charged-off, net of recoveries, for the three months ended March 31, 2015, equaled $285 thousand or 0.09% of average loans, compared to $649 thousand or 0.22% of average loans for the comparable period last year.

Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Lackawanna, Lehigh, Luzerne, Monroe, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 26 offices. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. Peoples' business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision making, flexible and reasonable operating procedures and consistently applied credit policies.

Safe Harbor Forward-Looking Statements:

We make statements in this press release, and we may from time to time make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting Peoples Financial Services Corp., Peoples Security Bank and Trust Company, and its subsidiaries (collectively, "Peoples") that are considered "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, Peoples claims the protection of the statutory safe harbors for forward-looking statements.

Peoples cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and political conditions, particularly in our market area; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting Peoples' operations, pricing, products and services and other factors that may be described in Peoples' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.

In addition to these risks, acquisitions and business combinations, present risks other than those presented by the nature of the business acquired. Acquisitions and business combinations may be substantially more expensive to complete than originally anticipated, and the anticipated benefits may be significantly harder-or take longer-to achieve than expected. As regulated financial institutions, our pursuit of attractive acquisition and business combination opportunities could be negatively impacted by regulatory delays or other regulatory issues. Regulatory and/or legal issues related to the pre­ acquisition operations of an acquired or combined business may cause reputational harm to Peoples following the acquisition or combination, and integration of the acquired or combined business with ours may result in additional future costs arising as a result of those issues.

The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Peoples assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

[TABULAR MATERIAL FOLLOWS]

Summary Data

Peoples Financial Services Corp.

Five Quarter Trend

(In thousands, except per share data)








Mar 31

Dec 31

Sept 30

June 30

Mar 31


2015

2014

2014

2014

2014







Key performance data:






Per share data:






Net income

$   0.67

$   0.58

$   0.70

$   0.44

$   0.62

Core net income (1)

$   0.60

$   0.58

$   0.65

$   0.51

$   0.67

Cash dividends declared

$   0.31

$   0.31

$   0.31

$   0.31

$   0.31

Book value

$33.05

$32.69

$32.60

$32.35

$32.13

Tangible book value (1)

$23.96

$23.57

$23.43

$23.14

$22.88

Market value:






High

$49.26

$52.52

$52.52

$53.05

$42.26

Low

$39.35

$44.17

$45.99

$42.50

$37.85

Closing

$44.87

$49.68

$45.99

$51.39

$41.62

Market capitalization

$338,695

$375,002

$347,149

$387,910

$314,163

Common shares outstanding

7,548,358

7,548,358

7,548,358

7,548,358

7,548,358







Selected ratios:












Return on average stockholders' equity

8.28%

7.06%

8.49%

5.60%

8.01%







Core return on average stockholders' equity (1)

7.40%

7.06%

7.87%

6.52%

8.68%







Return on average tangible stockholders' equity (1)

11.93%

10.28%

12.34%

8.42%

11.89%







Core return on average tangible stockholders' equity (1)

10.25%

9.81%

10.98%

9.21%

12.30%







Return on average assets

1.20%

1.01%

1.20%

0.78%

1.12%







Core return on average assets (1)

1.07%

1.01%

1.11%

0.91%

1.22%







Stockholders' equity to total assets

14.55%

14.17%

14.27%

14.10%

14.12%







Efficiency ratio (2)

58.63%

61.81%

56.79%

67.91%

59.79%







Nonperforming assets to loans, net, and foreclosed assets

0.91%

0.90%

1.11%

1.35%

1.30%







Net charge-offs to average loans, net

0.09%

0.21%

0.04%

0.15%

0.22%







Allowance for loan losses to loans, net

0.87%

0.85%

0.86%

0.82%

0.75%







Earning assets yield (FTE) (3)

4.28%

4.19%

4.25%

4.17%

4.53%







Cost of funds

0.54%

0.54%

0.56%

0.59%

0.59%







Net interest spread (FTE) (3)

3.74%

3.65%

3.69%

3.58%

3.94%







Net interest margin (FTE) (3)

3.88%

3.79%

3.84%

3.73%

4.09%








(1) See Reconciliation of Non-GAAP financial measures.

(2) Total noninterest expense less amortization of intangible assets divided by net interest income and noninterest income.

(3) Tax-equivalent adjustments were calculated using the prevailing federal statutory tax rate.

Peoples Financial Services Corp.

Consolidated Statements of Income

(In thousands, except per share data)




Three Months Ended

Mar 31

Mar 31


2015

2014

Interest income:



Interest and fees on loans:



Taxable

$13,340

$14,000

Tax-exempt

559

635

Interest and dividends on investment securities:



Taxable

900

928

Tax-exempt

805

829

Dividends

9

16

Interest on interest-bearing deposits in other banks

8

10

Interest on federal funds sold

7

14

Total interest income

15,628

16,432




Interest expense:



Interest on deposits

1,268

1,357

Interest on short-term borrowings

8

34

Interest on long-term debt

259

296

Total interest expense

1,535

1,687

Net interest income

14,093

14,745

Provision for loan losses

750

857

Net interest income after provision for loan losses

13,343

13,888




Noninterest income:



Service charges, fees, commissions

1,612

1,624

Merchant services income

790

894

Commissions and fees on fiduciary activities

459

567

Wealth management income

205

187

Mortgage banking income

222

99

Life insurance investment income

189

189

Net gains on sale of investment securities available-for-sale

832


Total noninterest income

4,309

3,560




Noninterest expense:



Salaries and employee benefits expense

5,233

5,168

Net occupancy and equipment expense

2,468

1,733

Merchant services expense

533

565

Amortization of intangible assets

305

343

Acquisition related expenses


608

Other expenses

2,555

2,870

Total noninterest expense

11,094

11,287

Income before income taxes

6,558

6,161

Provision for income tax expense

1,514

1,463

Net income

$5,044

$4,698




Other comprehensive income (loss):



Unrealized gains (losses) on investment securities available-for-sale

$767

$2,394

Reclassification adjustment for gains included in net income

(832)


Income tax expense (benefit) related to other comprehensive income

(23)

838

Other comprehensive income (loss), net of income taxes

(42)

1,556

Comprehensive income

$5,002

$6,254




Per share data:



Net income

$0.67

$0.62

Cash dividends declared

$0.31

$0.31

Average common shares outstanding

7,548,358

7,550,253




Peoples Financial Services Corp.

Consolidated Statements of Income

(In thousands, except per share data)







Three months ended

Mar 31

Dec 31

Sept 30

June 30

March 31


2015

2014

2014

2014

2014

Interest income:






Interest and fees on loans:






Taxable

$13,340

$13,281

$13,876

$13,159

$14,000

Tax-exempt

559

658

465

507

635

Interest and dividends on investment securities available-for-sale:






Taxable

900

1,069

1,007

942

928

Tax-exempt

805

809

816

817

829

Dividends

9

18

2

14

16

Interest on interest-bearing deposits  in other banks

8

9

10

9

10

Interest on federal funds sold

7

6

16

34

14

Total interest income

15,628

15,850

16,192

15,482

16,432







Interest expense:






Interest on deposits

1,268

1,306

1,354

1,414

1,357

Interest on short-term borrowings

8

4

9

24

34

Interest on long-term debt

259

276

279

289

296

Total interest expense

1,535

1,586

1,642

1,727

1,687

Net interest income

14,093

14,264

14,550

13,755

14,745

Provision for loan losses

750

800

666

1,201

857

Net interest income after provision for loan losses

13,343

13,464

13,884

12,554

13,888







Noninterest income:






Service charges, fees, commissions

1,612

1,669

1,634

1,557

1,624

Merchant services income

790

765

1,002

888

894

Commissions and fees on fiduciary activities

459

489

575

548

567

Wealth management income

205

183

217

165

187

Mortgage banking income

222

214

142

193

99

Life insurance investment income

189

213

109

267

189

Net gains on sale of investment securities available-for-sale

832


701

160


Total noninterest income

4,309

3,533

4,380

3,778

3,560







Noninterest expense:






Salaries and employee benefits expense

5,233

5,769

4,754

4,961

5,168

Net occupancy and equipment expense

2,468

2,022

2,020

2,327

1,733

Merchant services expense

533

514

662

495

565

Amortization of intangible assets

305

324

334

333

343

Acquisition related expenses



109

1,008

608

Other expenses

2,555

2,694

3,205

3,115

2,870

Total noninterest expense

11,094

11,323

11,084

12,239

11,287

Income before income taxes

6,558

5,674

7,180

4,093

6,161

Income tax expense

1,514

1,290

1,944

762

1,463

Net income

5,044

$4,384

$5,236

$3,331

$4,698







Other comprehensive income (loss):






Unrealized gains (losses) on investment securities available-for-sale

767

$1,532

$  (825)

$1,242

$2,394

Reclassification adjustment for gains included in net income

(832)


(701)

(160)


Change in pension liability


(3,684)




Income tax expense (benefit) related to other comprehensive income (loss)

(23)

(753)

(534)

378

838

Other comprehensive income (loss), net of income taxes

(42)

(1,399)

(992)

704

1,556

Comprehensive income (loss)

$5,002

$2,985

$4,244

$4,035

$6,254







Per share data:






Net income

$0.67

$0.58

$0.70

$0.44

$0.62

Cash dividends declared

$0.31

$0.31

$0.31

$0.31

$0.31

Average common shares outstanding

7,548,358

7,548,358

7,548,358

7,548,358

7,550,253

Peoples Financial Services Corp.

Details of Net Interest and Net Interest Margin

(In thousands, fully taxable equivalent basis)







Three months ended

Mar 31

Dec 31

Sept 30

June 30

March 31


2015

2014

2014

2014

2014







Net interest income:






Interest income






Loans, net:






Taxable

$13,340

$13,281

$13,876

$13,159

$14,000

Tax-exempt

860

1,013

715

779

978

Total loans, net

14,200

14,294

14,591

13,938

14,978

Investments:






Taxable

909

1,087

1,009

956

944

Tax-exempt

1,238

1,244

1,256

1,258

1,274

Total investments

2,147

2,331

2,265

2,214

2,218

Interest on interest-bearing balances in other banks

8

9

10

9

10

Federal funds sold

7

6

16

34

14

Total interest income

16,362

16,640

16,882

16,195

17,220

Interest expense:






Deposits

1,268

1,306

1,354

1,414

1,357

Short-term borrowings

8

4

9

24

34

Long-term debt

259

276

279

289

296

Total interest expense

1,535

1,586

1,642

1,727

1,687

Net interest income

$14,827

$15,054

$15,240

$14,468

$15,533













Loans, net:






Taxable

4.68%

4.67%

4.88%

4.69%

5.18%

Tax-exempt

4.96%

5.85%

5.05%

4.94%

4.69%

Total loans, net

4.70%

4.74%

4.89%

4.71%

5.14%

Investments:






Taxable

1.68%

1.63%

1.57%

1.72%

1.77%

Tax-exempt

5.36%

5.20%

5.10%

5.15%

4.99%

Total investments

2.78%

2.57%

2.55%

2.77%

2.81%

Interest-bearing balances with banks

1.19%

0.34%

0.68%

0.83%

0.55%

Federal funds sold

0.33%

0.31%

0.19%

0.31%

0.18%

Total earning assets

4.28%

4.19%

4.25%

4.17%

4.53%

Interest expense:






Deposits

0.46%

0.46%

0.48%

0.51%

0.50%

Short-term borrowings

0.31%

0.14%

0.42%

0.51%

0.65%

Long-term debt

3.21%

3.26%

3.21%

3.27%

3.30%

Total interest-bearing liabilities

0.54%

0.54%

0.56%

0.59%

0.59%

Net interest spread

3.74%

3.65%

3.69%

3.58%

3.94%

Net interest margin

3.88%

3.79%

3.84%

3.73%

4.09%

Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands, except per share data)








Mar 31

Dec 31

Sept 30

June 30

March 31

At period end

2015

2014

2014

2014

2014







Assets:






Cash and due from banks

$     24,193

$     24,656

$     21,179

$     51,416

$     26,204

Interest-bearing balances in other banks

6,813

6,770

6,932

10,592

7,168

Federal funds sold

8,625


6,100

15,400

45,840

Investment securities:






Available-for-sale

280,300

339,586

350,825

312,323

302,226

Held-to-maturity

14,172

14,665

15,264

15,915

16,607

Total investments

294,472

354,251

366,089

328,238

318,833

Loans held for sale

3,101

3,486

2,961

2,757

1,816

Loans, net

1,237,168

1,209,894

1,179,942

1,179,847

1,177,122

Less: allowance for loan losses

10,803

10,338

10,171

9,622

8,859

Net loans

1,226,365

1,199,556

1,169,771

1,170,225

1,168,263

Premises and equipment, net

26,117

25,433

25,692

25,670

25,579

Accrued interest receivable

4,922

5,580

5,381

5,576

5,366

Goodwill

63,370

63,370

63,370

63,370

63,370

Other intangible assets, net

5,197

5,501

5,826

6,159

6,492

Other assets

50,966

53,066

51,477

51,703

49,330

Total assets

$1,714,141

$1,741,669

$1,724,778

$1,731,106

$1,718,261













Liabilities:






Deposits:






Noninterest-bearing

$    305,037

$   313,498

$   302,279

$   295,922

$   282,060

Interest-bearing

1,111,241

1,112,060

1,123,349

1,126,880

1,122,006

Total deposits

1,416,278

1,425,558

1,425,628

1,422,802

1,404,066

Short-term borrowings


19,557

6,514

14,088

22,539

Long-term debt

32,318

33,140

34,020

34,925

35,838

Accrued interest payable

460

574

597

580

610

Other liabilities

15,627

16,061

11,950

14,546

12,643

Total liabilities

1,464,683

1,494,890

1,478,709

1,486,941

1,475,696



















Stockholders' equity:






Common stock

15,097

15,097

15,097

15,097

15,607

Capital surplus

140,232

140,214

140,150

140,150

146,035

Retained earnings

95,000

92,297

90,252

87,356

86,365

Accumulated other comprehensive income (loss)

(871)

(829)

570

1,562

858

Less: Treasury stock, at cost





6,300

Total stockholders' equity

249,458

246,779

246,069

244,165

242,565

Total liabilities and stockholders' equity

$1,714,141

$1,741,669

$1,724,778

$1,731,106

$1,718,261







Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands except per share data)








Mar 31

Dec 31

Sept 30

June 30

March 31

Average quarterly balances

2015

2014

2014

2014

2014







Assets:






Loans, net:






Taxable

$1,155,435

$1,127,719

$1,127,888

$1,124,273

$1,096,793

Tax-exempt

70,334

68,731

56,214

63,295

84,688

Total loans, net

1,225,769

1,196,450

1,184,102

1,187,568

1,181,481

Investments:






Taxable

219,360

265,132

254,556

223,220

216,173

Tax-exempt

93,715

94,870

97,822

97,879

103,625

Total investments

313,075

360,002

352,378

321,099

319,798

Interest-bearing balances with banks

2,718

10,620

5,875

4,342

7,327

Federal funds sold

8,674

7,663

34,227

44,553

32,444

Total earning assets

1,550,236

1,574,735

1,576,582

1,557,562

1,541,050

Other assets

161,103

149,001

152,821

150,877

154,020

Total assets

$1,711,339

$1,723,736

$1,729,403

$1,708,439

$1,695,070







Liabilities and stockholders' equity:






Deposits:






Interest-bearing

$1,109,914

$1,124,702

$1,126,915

$1,118,108

$1,109,085

Noninterest-bearing

298,166

300,287

303,441

288,015

274,584

Total deposits

1,408,080

1,424,989

1,430,356

1,406,123

1,383,669

Short-term borrowings

10,373

11,046

8,511

18,759

21,351

Long-term debt

32,726

33,612

34,510

35,419

36,330

Other liabilities

13,240

7,693

11,330

9,381

15,767

Total liabilities

1,464,419

1,477,340

1,484,707

1,469,682

1,457,117

Stockholders' equity

246,920

246,396

244,696

238,757

237,953

Total liabilities and stockholders' equity

$1,711,339

$1,723,736

$1,729,403

$1,708,439

$1,695,070

Peoples Financial Services Corp.

Asset Quality Data

(In thousands)








Mar 31

Dec 31

Sept 30

June 30

March 31

At quarter end

2015

2014

2014

2014

2014







Nonperforming assets:






Nonaccrual/restructured loans

$   9,736

$   8,699

$11,324

$13,616

$12,922

Accruing loans past due 90 days or more

1,237

1,623

955

1,693

1,663

Foreclosed assets

324

561

840

626

678

Total nonperforming assets

$11,297

$10,883

$13,119

$15,935

$15,263







Three months ended












Allowance for loan losses:






Beginning balance

$10,338

$10,171

$   9,622

$   8,859

$   8,651

Charge-offs

365

641

177

790

683

Recoveries

80

8

60

352

34

Provision for loan losses

750

800

666

1,201

857

Ending balance

$10,803

$10,338

$10,171

$   9,622

$   8,859













Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except per share data)








Mar 31

Dec 31

Sept 30

June 30

Mar 31


2015

2014

2014

2014

2014

Three months ended












Core net income (loss) per share:






Net income (loss) GAAP

$5,044

$4,384

$5,236

$3,331

$4,698

Adjustments:






Less: Gains on sale of investment securities, net of tax

541


456

104


Add: Acquisition related expenses, net of tax



71

655

395

Net income (loss) Core

$4,503

$4,384

$4,851

$3,882

$5,093







Average common shares outstanding

7,548,358

7,548,358

7,548,358

7,548,358

7,550,253







Core net income (loss) per share

$0.60

$0.58

$0.65

$0.51

$0.67







Tangible book value:






Total stockholders' equity

$249,458

$246,779

$246,069

$244,165

$242,565

Less: Goodwill

63,370

63,370

63,370

63,370

63,370

Less: Other intangible assets, net

5,197

5,501

5,826

6,159

6,492

Total tangible stockholders' equity

$180,891

$177,908

$176,873

$174,636

$172,703







Common shares outstanding

7,548,358

7,548,358

7,548,358

7,548,358

7,548,358







Tangible book value per share

$23.96

$23.57

$23.43

$23.14

$22.88







Core return on average stockholders' equity:






Net income (loss) GAAP

$5,044

$4,384

$5,236

$3,331

$4,698

Adjustments:






Less: Gains on sale of investment securities, net of tax

541


456

104


Add: Acquisition related expenses, net of tax



71

655

395

Net income (loss) Core

$4,503

$4,384

$4,851

$3,882

$5,093







Average stockholders' equity

$246,920

$246,396

$244,696

$238,757

$237,953







Core return on average stockholders' equity

7.40%

7.06%

7.87%

6.52%

8.68%







Return on average tangible equity:






Net income (loss) GAAP

$5,044

$4,384

$5,236

$3,331

$4,698

Amortization of intangibles, net of tax

198

210

217

216

223

Adjusted net income (loss)

$5,242

$4,594

$5,453

$3,547

$4,921







Average stockholders' equity

$246,920

$246,396

$244,696

$238,757

$237,953

Less: average intangibles

68,719

69,034

69,363

69,696

70,034

Average tangible stockholders' equity

$178,201

$177,362

$175,333

$169,061

$167,919







Return on average tangible stockholders' equity

11.93%

10.28%

12.34%

8.42%

11.89%







Core return on average tangible stockholders' equity:






Net income (loss) GAAP

$5,044

$4,384

$5,236

$3,331

$4,698

Adjustments:






Less: Gains on sale of investment securities, net of tax

541


456

104


Add: Acquisition related expenses, net of tax



71

655

395

Net income (loss) Core

$4,503

$4,384

$4,851

$3,882

$5,093







Average stockholders' equity

$246,920

$246,396

$244,696

$238,757

$237,953

Less: average intangibles

68,719

69,034

69,363

69,696

70,034

Average tangible stockholders' equity

$178,201

$177,362

$175,333

$169,061

$167,919







Core return on average tangible stockholders' equity

10.25%

9.81%

10.98%

9.21%

12.30%







Core return on average assets:






Net income (loss) GAAP

$5,044

$4,384

$5,236

$3,331

$4,698

Adjustments:






Less: Gains on sale of investment securities, net of tax

541


456

104


Add: Acquisition related expenses, net of tax



71

655

395

Net income (loss) Core

$4,503

$4,384

$4,851

$3,882

$5,093







Average assets

$1,711,339

$1,723,736

$1,729,403

$1,708,439

$1,695,070







Core return on average assets

1.07%

1.01%

1.11%

0.91%

1.22%

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except per share data)







Mar 31

Mar 31



2015

2014

Three months ended








Core net income (loss) per share:




Net income (loss) GAAP


$5,044

$4,698

Adjustments:




Less: Gains on sale of investment securities, net of tax


541


Add: Acquisition related expenses, net of tax



395

Net income (loss) Core


$4,503

$5,093





Average common shares outstanding


7,548,358

7,550,253





Core net income (loss) per share


$0.60

$0.67





Logo - http://photos.prnewswire.com/prnh/20140212/PH63961LOGO

SOURCE Peoples Financial Services Corp.

Related Links

http://www.pennsecurity.com

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