UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: April 23, 2019
(Date of earliest event reported)
PEOPLES FINANCIAL SERVICES CORP.
(Exact name of registrant as specified in its charter)
001-36388
(Commission
File Number)
|
PA |
23-2391852 |
|
(State or other jurisdiction of incorporation) |
(IRS Employer of Identification No.) |
150 North Washington Avenue, Scranton, Pennsylvania 18503-1848
(Address of principal executive offices) (Zip Code)
(570) 346-7741
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
◻Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
◻Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
◻Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
◻Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ◻
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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻
Item 2.02 Results of Operations and Financial Condition.
On April 23, 2019, Peoples Financial Services Corp. issued a press release announcing unaudited results of operations for the three month period ended March 31, 2019 and financial condition at March 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are filed with this Form 8-K:
|
Exhibit |
|
Description |
|
99.1 |
Press release dated April 23, 2019 announcing results of operations and financial condition. |
2
Exhibit Index
|
Exhibit |
|
Description |
|
99.1 |
|
Press release dated April 23, 2019 announcing results of operations and financial condition. |
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PEOPLES FINANCIAL SERVICES CORP. |
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By: |
/s/ Craig W. Best |
|
|
|
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Craig W. Best |
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President and Chief Executive Officer |
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|
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(Principal Executive Officer) |
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By: |
/s/ John R. Anderson |
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John R. Anderson III |
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Executive Vice President |
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(Chief Financial Officer) |
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Date: April 23, 2019
4
Exhibit 99.1
NEWS RELEASE
TO BUSINESS EDITOR:
PEOPLES FINANCIAL SERVICES CORP. Reports First Quarter 2019 Earnings
Scranton, PA, April 23, 2019/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, 2019. Peoples reported net income of $6.4 million, or $0.87 per share for the first quarter of 2019, compared to $5.9 million, or $0.79 per share for the comparable period of 2018. The increase in earnings for the three months ended March 31, 2019 is the product of higher net interest income of $1.1 million due to growth in our average earning assets of $121.9 million from the year ago period which was partially offset by an increase of $0.4 million in other operating expenses.
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 herein contain items, which Peoples considers non-core, namely gains and losses incurred within the investment securities portfolio and gains on the sale of other business lines. 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.
NOTABLES
|
· |
Loans, net growth of $123.8 million or 7.2% since March 31, 2018, with growth of $26.3 million or 5.9% annualized for the three months ended March 31, 2019. |
|
· |
Deposits have grown $148.2 million or 8.6% compared to March 31, 2018. Deposits decreased $6.8 million or 1.5% annualized for the three months ended March 31, 2019. |
|
· |
Tangible book value per share improved to $29.61 at March 31, 2019 from $28.78 at December 31, 2018 and from $27.08 at March 31, 2018. |
|
· |
Tax-equivalent net interest income increased $1.1 million or 6.4% to $18.7 million for the three months ended March 31, 2019 compared to $17.6 million for the same period in 2018. |
|
· |
Return on average assets was 1.13% and return on average equity was 9.26% for the three months ended March 31, 2019 compared to 1.08% and 8.89%, respectively for the three months ended March 31, 2018. |
|
· |
The allowance for loan losses to loans, net was 1.20% at March 31, 2019, an increase from 1.17% at December 31, 2018 and 1.14% at March 31, 2018. |
INCOME STATEMENT REVIEW
Calculated on a fully taxable equivalent basis (“FTE”), our tax-equivalent net interest margin for the three months ended March 31 was 3.58% in 2019, compared to 3.57% for the same period in 2018. The tax-equivalent yield on earning assets increased 30 basis points to 4.44% for the three months ended March 31, 2019 from 4.14% during the corresponding period of 2018. At the same time, we experienced higher interest-bearing liability costs due to increases in short-term market rates. Our cost of funds, which represents our average rate paid on total interest-bearing liabilities, increased 40 basis points to 1.14% for the three months ended March 31, 2019 when compared to 0.74% for the same period in 2018, the result of the Federal Open Market Committee’s (FOMC) actions to increase the federal funds rate 100 basis points in 2018.
Tax-equivalent net interest income for the three months ended March 31, increased $1.1 million or 6.4% to $18.7 million in 2019 from $17.6 million in 2018. The increase in tax equivalent net interest income was primarily due to a $124.2 million increase in average loans for the three months ended March 31, 2019 when compared to the same period in 2018. The tax-equivalent yield on the loan portfolio increased to 4.72% for the three months ended March 31, 2019, compared to 4.38% for the comparable period in 2018. Loans, net averaged $1.8 billion for the three months ended
1
March 31, 2019 and $1.7 billion for the comparable period in 2018. For the three months ended March 31, the tax-equivalent yield on total investments decreased to 2.55% in 2019 from 2.61% in 2018. Average investments totaled $276.7 million in 2019 and $279.6 million in 2018. Average interest-bearing liabilities increased $69.0 million for the three months ended March 31, 2019, compared to the corresponding period last year.
For the three months ended March 31, noninterest income totaled $3.4 million in 2019, a decrease from $3.6 million in 2018. The decrease was due to lower service charges, fees and commissions related to the accrual of bank owned life insurance income in the year ago period, lower wealth management and merchant services revenue partially offset by an increase in revenue from interest rate swaps in the current period.
Noninterest expense increased $0.4 million or 3.1% to $13.5 million for the three months ended March 31, 2019, from $13.1 million for the three months ended March 31, 2018. Salaries and employee benefits increased $0.6 million or 9.2% due to merit increases and continued investment in our expansion. Occupancy and equipment expenses also increased due to our market expansion when comparing the three months ending March 31, 2019 and 2018 as those expenses increased $0.1 million or 5.2%. Offsetting the increase in salaries and occupancy expenses, professional fees and outside services decreased $0.3 million for the three months ended March 31, 2019.
BALANCE SHEET REVIEW
At March 31, 2019, total assets, loans and deposits were $2.3 billion, $1.8 billion and $1.9 billion, respectively. Loans, net increased $26.3 million or 5.9% annualized from December 31, 2018. The growth in loans was primarily from commercial real estate and commercial and industrial loans. Total deposits decreased $6.8 million or 1.5% annualized from December 31, 2018 as seasonal factors led to lower public fund balances. Non-interest bearing deposits increased $22.6 million or 22.3% annualized while interest-bearing deposits decreased $29.4 million or 8.1% annualized during the three months ended March 31, 2019. To fund balance sheet growth, short-term borrowings increased $22.5 million in conjunction with the decrease in deposits. Total investments were $278.8 million at March 31, 2019, including $270.4 million securities classified as available-for-sale and $8.2 million classified as held-to-maturity. Premises and equipment, net increased $5.8 million and other liabilities increased $8.1 million, primarily due to the adoption of Accounting Standards Update (“ASU”) 2016-02 using the optional transition method under ASU 2018-11 on January 1, 2019. With the adoption of this ASU, we recognized a right-of-use asset and corresponding lease liability in the amount of $5.5 million related to leased properties.
Stockholders’ equity equaled $284.6 million or $38.46 per share at March 31, 2019, and $278.6 million or $37.66 per share at December 31, 2018. Tangible stockholders’ equity improved to $29.61 per share at March 31, 2019, from $28.78 per share at December 31, 2018. Dividends declared for the three months ended March 31, 2019 amounted to $0.34 per share, a 6.3% increase from the year ago period, representing a dividend payout ratio of 39.1%.
ASSET QUALITY REVIEW
Nonperforming assets were $14.0 million or 0.76% of loans, net and foreclosed assets at March 31, 2019, compared to $10.0 million or 0.55% of loans, net and foreclosed assets at December 31, 2018. The increase in nonperforming assets was due to placing a $4.7 million credit on non-accrual. The allowance for loan losses equaled $22.1 million or 1.20% of loans, net at March 31, 2019 compared to $21.4 million or 1.17% of loans, net, at December 31, 2018. Loans charged-off, net of recoveries, for the three months ended March 31, 2019 and 2018, equaled $0.3 million or 0.07% of average loans.
About Peoples:
Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Bucks, Lackawanna, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 27 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.
2
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SOURCE: Peoples Financial Services Corp. |
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/Contact: |
MEDIA/INVESTORS, Marie L. Luciani, Investor Relations Officer, 570.346.7741 or marie.luciani@psbt.com |
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Co: |
Peoples Financial Services Corp. |
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St: |
Pennsylvania |
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In: |
Fin |
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; our ability to identify and address cyber-security risks 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]
3
Summary Data
Peoples Financial Services Corp.
Five Quarter Trend
(In thousands, except share and per share data)
|
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Mar 31 |
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Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
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|
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Key performance data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
0.87 |
|
$ |
0.86 |
|
$ |
0.91 |
|
$ |
0.81 |
|
$ |
0.79 |
|
|
Core net income (1) |
|
$ |
0.87 |
|
$ |
0.86 |
|
$ |
0.91 |
|
$ |
0.77 |
|
$ |
0.79 |
|
|
Cash dividends declared |
|
$ |
0.34 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.32 |
|
|
Book value |
|
$ |
38.46 |
|
$ |
37.72 |
|
$ |
36.89 |
|
$ |
36.43 |
|
$ |
36.05 |
|
|
Tangible book value (1) |
|
$ |
29.61 |
|
$ |
28.78 |
|
$ |
27.99 |
|
$ |
27.50 |
|
$ |
27.08 |
|
|
Market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
$ |
46.74 |
|
$ |
44.06 |
|
$ |
48.10 |
|
$ |
51.68 |
|
$ |
47.53 |
|
|
Low |
|
$ |
40.34 |
|
$ |
40.00 |
|
$ |
42.40 |
|
$ |
43.72 |
|
$ |
41.06 |
|
|
Closing |
|
$ |
45.24 |
|
$ |
44.06 |
|
$ |
42.40 |
|
$ |
47.02 |
|
$ |
45.65 |
|
|
Market capitalization |
|
$ |
334,733 |
|
$ |
326,002 |
|
$ |
313,720 |
|
$ |
347,904 |
|
$ |
337,650 |
|
|
Common shares outstanding |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,396,505 |
|
|
Selected ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders’ equity |
|
|
9.26 |
% |
|
9.21 |
% |
|
9.81 |
% |
|
8.90 |
% |
|
8.89 |
% |
|
Core return on average stockholders’ equity (1) |
|
|
9.26 |
% |
|
9.21 |
% |
|
9.79 |
% |
|
8.55 |
% |
|
8.90 |
% |
|
Return on average tangible stockholders’ equity |
|
|
12.08 |
% |
|
12.10 |
% |
|
12.95 |
% |
|
11.81 |
% |
|
11.84 |
% |
|
Core return on average tangible stockholders’ equity (1) |
|
|
12.08 |
% |
|
12.10 |
% |
|
12.93 |
% |
|
11.34 |
% |
|
11.85 |
% |
|
Return on average assets |
|
|
1.13 |
% |
|
1.12 |
% |
|
1.19 |
% |
|
1.08 |
% |
|
1.08 |
% |
|
Core return on average assets (1) |
|
|
1.13 |
% |
|
1.12 |
% |
|
1.19 |
% |
|
1.03 |
% |
|
1.08 |
% |
|
Stockholders’ equity to total assets |
|
|
12.28 |
% |
|
12.20 |
% |
|
12.09 |
% |
|
12.06 |
% |
|
12.17 |
% |
|
Efficiency ratio (2) |
|
|
60.03 |
% |
|
59.42 |
% |
|
57.00 |
% |
|
61.98 |
% |
|
60.69 |
% |
|
Nonperforming assets to loans, net, and foreclosed assets |
|
|
0.76 |
% |
|
0.55 |
% |
|
0.65 |
% |
|
0.63 |
% |
|
0.72 |
% |
|
Net charge-offs to average loans, net |
|
|
0.07 |
% |
|
0.02 |
% |
|
0.05 |
% |
|
0.28 |
% |
|
0.07 |
% |
|
Allowance for loan losses to loans, net |
|
|
1.20 |
% |
|
1.17 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
1.14 |
% |
|
Interest-bearing assets yield (FTE) (3) |
|
|
4.44 |
% |
|
4.38 |
% |
|
4.25 |
% |
|
4.20 |
% |
|
4.14 |
% |
|
Cost of funds |
|
|
1.14 |
% |
|
0.99 |
% |
|
0.89 |
% |
|
0.81 |
% |
|
0.74 |
% |
|
Net interest spread (FTE) (3) |
|
|
3.30 |
% |
|
3.39 |
% |
|
3.36 |
% |
|
3.39 |
% |
|
3.40 |
% |
|
Net interest margin (FTE) (3) |
|
|
3.58 |
% |
|
3.63 |
% |
|
3.57 |
% |
|
3.58 |
% |
|
3.57 |
% |
|
(1) |
See Reconciliation of Non-GAAP financial measures. |
|
(2) |
Total noninterest expense less amortization of intangible assets divided by tax-equivalent net interest income and noninterest income less net gains(losses) on investment securities available-for-sale. |
|
(3) |
Tax-equivalent adjustments were calculated using the federal statutory tax rate prevailing during the indicated periods of 21%. |
4
Peoples Financial Services Corp.
Consolidated Statements of Income
(In thousands, except per share data)
|
|
|
Mar 31 |
|
Mar 31 |
|
||
|
Three Months Ended |
|
2019 |
|
2018 |
|
||
|
Interest income: |
|
|
|
|
|
|
|
|
Interest and fees on loans: |
|
|
|
|
|
|
|
|
Taxable |
|
$ |
20,103 |
|
$ |
17,509 |
|
|
Tax-exempt |
|
|
1,099 |
|
|
870 |
|
|
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
Taxable |
|
|
1,012 |
|
|
858 |
|
|
Tax-exempt |
|
|
562 |
|
|
701 |
|
|
Dividends |
|
|
19 |
|
|
16 |
|
|
Interest on interest-bearing deposits in other banks |
|
|
6 |
|
|
40 |
|
|
Total interest income |
|
|
22,801 |
|
|
19,994 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
3,411 |
|
|
1,834 |
|
|
Interest on short-term borrowings |
|
|
813 |
|
|
667 |
|
|
Interest on long-term debt |
|
|
280 |
|
|
306 |
|
|
Total interest expense |
|
|
4,504 |
|
|
2,807 |
|
|
Net interest income |
|
|
18,297 |
|
|
17,187 |
|
|
Provision for loan losses |
|
|
1,050 |
|
|
1,050 |
|
|
Net interest income after provision for loan losses |
|
|
17,247 |
|
|
16,137 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
Service charges, fees, commissions |
|
|
1,999 |
|
|
2,088 |
|
|
Merchant services income |
|
|
198 |
|
|
250 |
|
|
Commissions and fees on fiduciary activities |
|
|
507 |
|
|
497 |
|
|
Wealth management income |
|
|
377 |
|
|
411 |
|
|
Mortgage banking income |
|
|
148 |
|
|
147 |
|
|
Life insurance investment income |
|
|
186 |
|
|
187 |
|
|
Net gain on investment securities |
|
|
1 |
|
|
(8) |
|
|
Total noninterest income |
|
|
3,416 |
|
|
3,572 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
Salaries and employee benefits expense |
|
|
7,595 |
|
|
6,955 |
|
|
Net occupancy and equipment expense |
|
|
2,961 |
|
|
2,814 |
|
|
Amortization of intangible assets |
|
|
192 |
|
|
230 |
|
|
Other expenses |
|
|
2,742 |
|
|
3,082 |
|
|
Total noninterest expense |
|
|
13,490 |
|
|
13,081 |
|
|
Income before income taxes |
|
|
7,173 |
|
|
6,628 |
|
|
Provision for income tax expense |
|
|
761 |
|
|
774 |
|
|
Net income |
|
$ |
6,412 |
|
$ |
5,854 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Unrealized gain (loss) on investment securities available-for-sale |
|
$ |
2,439 |
|
$ |
(2,376) |
|
|
Change in value-interest rate floor |
|
|
63 |
|
|
|
|
|
Income tax related to other comprehensive income |
|
|
525 |
|
|
(501) |
|
|
Other comprehensive income (loss), net of income taxes |
|
|
1,977 |
|
|
(1,875) |
|
|
Comprehensive income |
|
$ |
8,389 |
|
$ |
3,979 |
|
|
Per share data: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
0.87 |
|
$ |
0.79 |
|
|
Cash dividends declared |
|
$ |
0.34 |
|
$ |
0.32 |
|
|
Average common shares outstanding |
|
|
7,399,054 |
|
|
7,396,505 |
|
5
Peoples Financial Services Corp.
Consolidated Statements of Income
(In thousands, except per share data)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
Three months ended |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
20,103 |
|
$ |
19,806 |
|
$ |
18,798 |
|
$ |
18,239 |
|
$ |
17,509 |
|
|
Tax-exempt |
|
|
1,099 |
|
|
1,006 |
|
|
919 |
|
|
871 |
|
|
870 |
|
|
Interest and dividends on investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,012 |
|
|
1,009 |
|
|
998 |
|
|
934 |
|
|
858 |
|
|
Tax-exempt |
|
|
562 |
|
|
620 |
|
|
639 |
|
|
661 |
|
|
701 |
|
|
Dividends |
|
|
19 |
|
|
21 |
|
|
16 |
|
|
19 |
|
|
16 |
|
|
Interest on interest-bearing deposits in other banks |
|
|
6 |
|
|
20 |
|
|
49 |
|
|
42 |
|
|
40 |
|
|
Total interest income |
|
|
22,801 |
|
|
22,482 |
|
|
21,419 |
|
|
20,766 |
|
|
19,994 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
3,411 |
|
|
3,211 |
|
|
2,342 |
|
|
1,959 |
|
|
1,834 |
|
|
Interest on short-term borrowings |
|
|
813 |
|
|
421 |
|
|
809 |
|
|
841 |
|
|
667 |
|
|
Interest on long-term debt |
|
|
280 |
|
|
302 |
|
|
315 |
|
|
315 |
|
|
306 |
|
|
Total interest expense |
|
|
4,504 |
|
|
3,934 |
|
|
3,466 |
|
|
3,115 |
|
|
2,807 |
|
|
Net interest income |
|
|
18,297 |
|
|
18,548 |
|
|
17,953 |
|
|
17,651 |
|
|
17,187 |
|
|
Provision for loan losses |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
Net interest income after provision for loan losses |
|
|
17,247 |
|
|
17,498 |
|
|
16,903 |
|
|
16,601 |
|
|
16,137 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges, fees, commissions |
|
|
1,999 |
|
|
1,822 |
|
|
1,883 |
|
|
1,885 |
|
|
2,088 |
|
|
Merchant services income |
|
|
198 |
|
|
122 |
|
|
128 |
|
|
309 |
|
|
250 |
|
|
Commissions and fees on fiduciary activities |
|
|
507 |
|
|
484 |
|
|
570 |
|
|
485 |
|
|
497 |
|
|
Wealth management income |
|
|
377 |
|
|
399 |
|
|
305 |
|
|
332 |
|
|
411 |
|
|
Mortgage banking income |
|
|
148 |
|
|
155 |
|
|
163 |
|
|
162 |
|
|
147 |
|
|
Life insurance investment income |
|
|
186 |
|
|
189 |
|
|
190 |
|
|
191 |
|
|
187 |
|
|
Net gain (loss) on investment securities |
|
|
1 |
|
|
|
|
|
14 |
|
|
8 |
|
|
(8) |
|
|
Net gain on sale of credit card loans |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
|
|
Total noninterest income |
|
|
3,416 |
|
|
3,171 |
|
|
3,253 |
|
|
3,663 |
|
|
3,572 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits expense |
|
|
7,595 |
|
|
7,116 |
|
|
6,946 |
|
|
7,390 |
|
|
6,955 |
|
|
Net occupancy and equipment expense |
|
|
2,961 |
|
|
2,682 |
|
|
2,681 |
|
|
2,720 |
|
|
2,814 |
|
|
Amortization of intangible assets |
|
|
192 |
|
|
211 |
|
|
220 |
|
|
220 |
|
|
230 |
|
|
Other expenses |
|
|
2,742 |
|
|
3,364 |
|
|
2,690 |
|
|
3,166 |
|
|
3,082 |
|
|
Total noninterest expense |
|
|
13,490 |
|
|
13,373 |
|
|
12,537 |
|
|
13,496 |
|
|
13,081 |
|
|
Income before income taxes |
|
|
7,173 |
|
|
7,296 |
|
|
7,619 |
|
|
6,768 |
|
|
6,628 |
|
|
Income tax expense |
|
|
761 |
|
|
904 |
|
|
902 |
|
|
811 |
|
|
774 |
|
|
Net income |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on investment securities available-for-sale |
|
$ |
2,439 |
|
$ |
2,380 |
|
$ |
(1,179) |
|
$ |
(839) |
|
$ |
(2,376) |
|
|
Change in pension liability |
|
|
|
|
|
(591) |
|
|
|
|
|
|
|
|
|
|
|
Change in value-interest rate floor |
|
|
63 |
|
|
246 |
|
|
|
|
|
|
|
|
|
|
|
Income tax related to other comprehensive income (loss) |
|
|
525 |
|
|
429 |
|
|
(248) |
|
|
(176) |
|
|
(501) |
|
|
Other comprehensive income (loss), net of income taxes |
|
|
1,977 |
|
|
1,606 |
|
|
(931) |
|
|
(663) |
|
|
(1,875) |
|
|
Comprehensive income |
|
$ |
8,389 |
|
$ |
7,998 |
|
$ |
5,786 |
|
$ |
5,294 |
|
$ |
3,979 |
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
0.87 |
|
$ |
0.86 |
|
$ |
0.91 |
|
$ |
0.81 |
|
$ |
0.79 |
|
|
Cash dividends declared |
|
$ |
0.34 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.32 |
|
|
Average common shares outstanding |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,396,533 |
|
|
7,396,505 |
|
6
Peoples Financial Services Corp.
Details of Net Interest and Net Interest Margin
(In thousands, fully taxable equivalent basis)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
Three months ended |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Net interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
20,103 |
|
$ |
19,806 |
|
$ |
18,798 |
|
$ |
18,239 |
|
$ |
17,509 |
|
|
Tax-exempt |
|
|
1,391 |
|
|
1,274 |
|
|
1,162 |
|
|
1,103 |
|
|
1,101 |
|
|
Total loans, net |
|
|
21,494 |
|
|
21,080 |
|
|
19,960 |
|
|
19,342 |
|
|
18,610 |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,031 |
|
|
1,047 |
|
|
1,062 |
|
|
991 |
|
|
912 |
|
|
Tax-exempt |
|
|
711 |
|
|
785 |
|
|
811 |
|
|
837 |
|
|
887 |
|
|
Total investments |
|
|
1,742 |
|
|
1,832 |
|
|
1,873 |
|
|
1,828 |
|
|
1,799 |
|
|
Interest on interest-bearing balances in other banks |
|
|
6 |
|
|
3 |
|
|
1 |
|
|
2 |
|
|
2 |
|
|
Federal funds sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
|
23,242 |
|
|
22,915 |
|
|
21,834 |
|
|
21,172 |
|
|
20,411 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,411 |
|
|
3,211 |
|
|
2,342 |
|
|
1,959 |
|
|
1,834 |
|
|
Short-term borrowings |
|
|
813 |
|
|
421 |
|
|
809 |
|
|
841 |
|
|
667 |
|
|
Long-term debt |
|
|
280 |
|
|
302 |
|
|
315 |
|
|
315 |
|
|
306 |
|
|
Total interest expense |
|
|
4,504 |
|
|
3,934 |
|
|
3,466 |
|
|
3,115 |
|
|
2,807 |
|
|
Net interest income |
|
$ |
18,738 |
|
$ |
18,981 |
|
$ |
18,368 |
|
$ |
18,057 |
|
$ |
17,604 |
|
|
Loans, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
4.79 |
% |
|
4.73 |
% |
|
4.57 |
% |
|
4.52 |
% |
|
4.45 |
% |
|
Tax-exempt |
|
|
3.91 |
% |
|
3.80 |
% |
|
3.74 |
% |
|
3.60 |
% |
|
3.57 |
% |
|
Total loans, net |
|
|
4.72 |
% |
|
4.66 |
% |
|
4.51 |
% |
|
4.46 |
% |
|
4.38 |
% |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
2.25 |
% |
|
2.25 |
% |
|
2.28 |
% |
|
2.22 |
% |
|
2.15 |
% |
|
Tax-exempt |
|
|
3.17 |
% |
|
3.25 |
% |
|
3.25 |
% |
|
3.25 |
% |
|
3.33 |
% |
|
Total investments |
|
|
2.55 |
% |
|
2.60 |
% |
|
2.62 |
% |
|
2.60 |
% |
|
2.61 |
% |
|
Interest-bearing balances with banks |
|
|
2.37 |
% |
|
2.28 |
% |
|
1.05 |
% |
|
2.35 |
% |
|
1.74 |
% |
|
Federal funds sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing assets |
|
|
4.44 |
% |
|
4.38 |
% |
|
4.25 |
% |
|
4.20 |
% |
|
4.14 |
% |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
0.96 |
% |
|
0.87 |
% |
|
0.69 |
% |
|
0.59 |
% |
|
0.56 |
% |
|
Short-term borrowings |
|
|
2.70 |
% |
|
2.56 |
% |
|
2.23 |
% |
|
2.06 |
% |
|
1.66 |
% |
|
Long-term debt |
|
|
3.02 |
% |
|
2.63 |
% |
|
2.57 |
% |
|
2.57 |
% |
|
2.51 |
% |
|
Total interest-bearing liabilities |
|
|
1.14 |
% |
|
0.99 |
% |
|
0.89 |
% |
|
0.81 |
% |
|
0.74 |
% |
|
Net interest spread |
|
|
3.30 |
% |
|
3.39 |
% |
|
3.36 |
% |
|
3.39 |
% |
|
3.40 |
% |
|
Net interest margin |
|
|
3.58 |
% |
|
3.63 |
% |
|
3.57 |
% |
|
3.58 |
% |
|
3.57 |
% |
7
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
At period end |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
24,364 |
|
$ |
32,569 |
|
$ |
40,458 |
|
$ |
35,249 |
|
$ |
26,699 |
|
|
Interest-bearing balances in other banks |
|
|
1,688 |
|
|
47 |
|
|
137 |
|
|
130 |
|
|
76 |
|
|
Federal funds sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
270,384 |
|
|
269,682 |
|
|
274,794 |
|
|
275,050 |
|
|
271,378 |
|
|
Equity investments carried at fair value |
|
|
292 |
|
|
291 |
|
|
291 |
|
|
278 |
|
|
189 |
|
|
Held-to-maturity |
|
|
8,162 |
|
|
8,361 |
|
|
8,551 |
|
|
8,780 |
|
|
9,028 |
|
|
Loans held for sale |
|
|
|
|
|
749 |
|
|
98 |
|
|
|
|
|
|
|
|
Loans, net |
|
|
1,849,602 |
|
|
1,823,266 |
|
|
1,779,445 |
|
|
1,753,389 |
|
|
1,725,781 |
|
|
Less: allowance for loan losses |
|
|
22,105 |
|
|
21,379 |
|
|
20,413 |
|
|
19,573 |
|
|
19,718 |
|
|
Net loans |
|
|
1,827,497 |
|
|
1,801,887 |
|
|
1,759,032 |
|
|
1,733,816 |
|
|
1,706,063 |
|
|
Premises and equipment, net |
|
|
44,728 |
|
|
38,889 |
|
|
37,467 |
|
|
37,148 |
|
|
37,511 |
|
|
Accrued interest receivable |
|
|
7,211 |
|
|
7,115 |
|
|
6,565 |
|
|
6,802 |
|
|
6,482 |
|
|
Goodwill |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
Other intangible assets, net |
|
|
2,104 |
|
|
2,296 |
|
|
2,507 |
|
|
2,727 |
|
|
2,948 |
|
|
Other assets |
|
|
68,144 |
|
|
63,737 |
|
|
64,573 |
|
|
72,276 |
|
|
66,644 |
|
|
Total assets |
|
$ |
2,317,944 |
|
$ |
2,288,993 |
|
$ |
2,257,843 |
|
$ |
2,235,626 |
|
$ |
2,190,388 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
432,830 |
|
$ |
410,260 |
|
$ |
404,293 |
|
$ |
400,518 |
|
$ |
394,729 |
|
|
Interest-bearing |
|
|
1,435,400 |
|
|
1,464,762 |
|
|
1,423,571 |
|
|
1,318,343 |
|
|
1,325,289 |
|
|
Total deposits |
|
|
1,868,230 |
|
|
1,875,022 |
|
|
1,827,864 |
|
|
1,718,861 |
|
|
1,720,018 |
|
|
Short-term borrowings |
|
|
109,000 |
|
|
86,500 |
|
|
99,450 |
|
|
187,450 |
|
|
142,500 |
|
|
Long-term debt |
|
|
37,446 |
|
|
37,906 |
|
|
48,461 |
|
|
48,911 |
|
|
49,265 |
|
|
Accrued interest payable |
|
|
878 |
|
|
1,195 |
|
|
745 |
|
|
538 |
|
|
518 |
|
|
Other liabilities |
|
|
17,821 |
|
|
9,756 |
|
|
8,352 |
|
|
10,322 |
|
|
11,463 |
|
|
Total liabilities |
|
|
2,033,375 |
|
|
2,010,379 |
|
|
1,984,872 |
|
|
1,966,082 |
|
|
1,923,764 |
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
14,798 |
|
|
14,798 |
|
|
14,798 |
|
|
14,798 |
|
|
14,793 |
|
|
Capital surplus |
|
|
135,393 |
|
|
135,310 |
|
|
135,226 |
|
|
135,143 |
|
|
135,080 |
|
|
Retained earnings |
|
|
140,478 |
|
|
136,582 |
|
|
132,631 |
|
|
128,356 |
|
|
124,841 |
|
|
Accumulated other comprehensive loss |
|
|
(6,100) |
|
|
(8,076) |
|
|
(9,684) |
|
|
(8,753) |
|
|
(8,090) |
|
|
Total stockholders’ equity |
|
|
284,569 |
|
|
278,614 |
|
|
272,971 |
|
|
269,544 |
|
|
266,624 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,317,944 |
|
$ |
2,288,993 |
|
$ |
2,257,843 |
|
$ |
2,235,626 |
|
$ |
2,190,388 |
|
8
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
Average quarterly balances |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
1,701,737 |
|
$ |
1,662,290 |
|
$ |
1,632,012 |
|
$ |
1,616,729 |
|
$ |
1,596,493 |
|
|
Tax-exempt |
|
|
144,119 |
|
|
133,100 |
|
|
123,199 |
|
|
122,876 |
|
|
125,142 |
|
|
Total loans, net |
|
|
1,845,856 |
|
|
1,795,390 |
|
|
1,755,211 |
|
|
1,739,605 |
|
|
1,721,635 |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
185,696 |
|
|
184,345 |
|
|
184,623 |
|
|
178,957 |
|
|
171,634 |
|
|
Tax-exempt |
|
|
90,961 |
|
|
95,698 |
|
|
99,142 |
|
|
103,279 |
|
|
107,917 |
|
|
Total investments |
|
|
276,657 |
|
|
280,043 |
|
|
283,765 |
|
|
282,236 |
|
|
279,551 |
|
|
Interest-bearing balances with banks |
|
|
1,028 |
|
|
523 |
|
|
377 |
|
|
342 |
|
|
467 |
|
|
Total interest-bearing assets |
|
|
2,123,541 |
|
|
2,075,956 |
|
|
2,039,353 |
|
|
2,022,183 |
|
|
2,001,653 |
|
|
Other assets |
|
|
187,537 |
|
|
186,491 |
|
|
198,229 |
|
|
195,919 |
|
|
194,928 |
|
|
Total assets |
|
$ |
2,311,078 |
|
$ |
2,262,447 |
|
$ |
2,237,582 |
|
$ |
2,218,102 |
|
$ |
2,196,581 |
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing |
|
$ |
1,445,861 |
|
$ |
1,459,155 |
|
$ |
1,351,709 |
|
$ |
1,327,036 |
|
$ |
1,323,993 |
|
|
Noninterest-bearing |
|
|
406,733 |
|
|
403,488 |
|
|
405,671 |
|
|
394,461 |
|
|
377,124 |
|
|
Total deposits |
|
|
1,852,594 |
|
|
1,862,643 |
|
|
1,757,380 |
|
|
1,721,497 |
|
|
1,701,117 |
|
|
Short-term borrowings |
|
|
121,954 |
|
|
65,192 |
|
|
144,162 |
|
|
163,596 |
|
|
162,965 |
|
|
Long-term debt |
|
|
37,663 |
|
|
45,503 |
|
|
48,670 |
|
|
49,136 |
|
|
49,486 |
|
|
Other liabilities |
|
|
17,977 |
|
|
13,794 |
|
|
15,609 |
|
|
15,376 |
|
|
16,054 |
|
|
Total liabilities |
|
|
2,030,188 |
|
|
1,987,132 |
|
|
1,965,821 |
|
|
1,949,605 |
|
|
1,929,622 |
|
|
Stockholders’ equity |
|
|
280,890 |
|
|
275,315 |
|
|
271,761 |
|
|
268,497 |
|
|
266,959 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,311,078 |
|
$ |
2,262,447 |
|
$ |
2,237,582 |
|
$ |
2,218,102 |
|
$ |
2,196,581 |
|
9
Peoples Financial Services Corp.
Asset Quality Data
(In thousands)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
|
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
At quarter end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual/restructured loans |
|
$ |
12,803 |
|
$ |
8,669 |
|
$ |
10,576 |
|
$ |
10,424 |
|
$ |
11,283 |
|
|
Accruing loans past due 90 days or more |
|
|
829 |
|
|
923 |
|
|
584 |
|
|
84 |
|
|
435 |
|
|
Foreclosed assets |
|
|
360 |
|
|
376 |
|
|
342 |
|
|
500 |
|
|
685 |
|
|
Total nonperforming assets |
|
$ |
13,992 |
|
$ |
9,968 |
|
$ |
11,502 |
|
$ |
11,008 |
|
$ |
12,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
21,379 |
|
$ |
20,413 |
|
$ |
19,573 |
|
$ |
19,718 |
|
$ |
18,960 |
|
|
Charge-offs |
|
|
374 |
|
|
202 |
|
|
328 |
|
|
1,398 |
|
|
426 |
|
|
Recoveries |
|
|
50 |
|
|
118 |
|
|
118 |
|
|
203 |
|
|
134 |
|
|
Provision for loan losses |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
1,050 |
|
|
Ending balance |
|
$ |
22,105 |
|
$ |
21,379 |
|
$ |
20,413 |
|
$ |
19,573 |
|
$ |
19,718 |
|
10
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share data)
|
|
|
Mar 31 |
|
Dec 31 |
|
Sept 30 |
|
June 30 |
|
Mar 31 |
|
|||||
|
Three months ended |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|||||
|
Core net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of business line |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
|
|
Add: (gains) losses on investment securities |
|
|
(1) |
|
|
|
|
|
(14) |
|
|
(8) |
|
|
8 |
|
|
Less: (gains) losses on investment securities tax adjustment |
|
|
|
|
|
|
|
|
(3) |
|
|
(2) |
|
|
2 |
|
|
Add: Gain on sale of business line tax adjustment |
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
Net income Core |
|
$ |
6,411 |
|
$ |
6,392 |
|
$ |
6,706 |
|
$ |
5,721 |
|
$ |
5,860 |
|
|
Average common shares outstanding |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,396,533 |
|
|
7,396,505 |
|
|
Core net income per share |
|
$ |
0.87 |
|
$ |
0.86 |
|
$ |
0.91 |
|
$ |
0.77 |
|
$ |
0.79 |
|
|
Tangible book value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
$ |
284,569 |
|
$ |
279,080 |
|
$ |
272,971 |
|
$ |
269,544 |
|
$ |
266,624 |
|
|
Less: Goodwill |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
63,370 |
|
|
Less: Other intangible assets, net |
|
|
2,104 |
|
|
2,296 |
|
|
2,507 |
|
|
2,727 |
|
|
2,948 |
|
|
Total tangible stockholders’ equity |
|
$ |
219,095 |
|
$ |
213,414 |
|
$ |
207,094 |
|
$ |
203,447 |
|
$ |
200,306 |
|
|
Common shares outstanding |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,399,054 |
|
|
7,396,505 |
|
|
Tangible book value per share |
|
$ |
29.61 |
|
$ |
28.84 |
|
$ |
27.99 |
|
$ |
27.50 |
|
$ |
27.08 |
|
|
Core return on average stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of business line |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
|
|
Add: (gains) losses on investment securities |
|
|
(1) |
|
|
|
|
|
(14) |
|
|
(8) |
|
|
8 |
|
|
Less: (gains) losses on investment securities tax adjustment |
|
|
|
|
|
|
|
|
(3) |
|
|
(2) |
|
|
2 |
|
|
Add: Gain on sale of business line tax adjustment |
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
Net income Core |
|
$ |
6,411 |
|
$ |
6,392 |
|
$ |
6,706 |
|
$ |
5,721 |
|
$ |
5,860 |
|
|
Average stockholders’ equity |
|
$ |
280,890 |
|
$ |
275,315 |
|
$ |
271,761 |
|
$ |
268,497 |
|
$ |
266,959 |
|
|
Core return on average stockholders’ equity |
|
|
9.26 |
% |
|
9.21 |
% |
|
9.79 |
% |
|
8.55 |
% |
|
8.90 |
% |
|
Return on average tangible equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Average stockholders’ equity |
|
$ |
280,890 |
|
$ |
275,315 |
|
$ |
271,761 |
|
$ |
268,497 |
|
$ |
266,959 |
|
|
Less: average intangibles |
|
|
65,570 |
|
|
65,772 |
|
|
65,987 |
|
|
66,208 |
|
|
66,433 |
|
|
Average tangible stockholders’ equity |
|
$ |
215,320 |
|
$ |
209,543 |
|
$ |
205,774 |
|
$ |
202,289 |
|
$ |
200,526 |
|
|
Return on average tangible stockholders’ equity |
|
|
12.08 |
% |
|
12.10 |
% |
|
12.95 |
% |
|
11.81 |
% |
|
11.84 |
% |
|
Core return on average tangible stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of business line |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
|
|
Add: (gains) losses on investment securities |
|
|
(1) |
|
|
|
|
|
(14) |
|
|
(8) |
|
|
8 |
|
|
Less: (gains) losses on investment securities tax adjustment |
|
|
|
|
|
|
|
|
(3) |
|
|
(2) |
|
|
2 |
|
|
Add: Gain on sale of business line tax adjustment |
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
Net income Core |
|
$ |
6,411 |
|
$ |
6,392 |
|
$ |
6,706 |
|
$ |
5,721 |
|
$ |
5,860 |
|
|
Average stockholders’ equity |
|
$ |
280,890 |
|
$ |
275,315 |
|
$ |
271,761 |
|
$ |
268,497 |
|
$ |
266,959 |
|
|
Less: average intangibles |
|
|
65,570 |
|
|
65,772 |
|
|
65,987 |
|
|
66,208 |
|
|
66,433 |
|
|
Average tangible stockholders’ equity |
|
$ |
215,320 |
|
$ |
209,543 |
|
$ |
205,774 |
|
$ |
202,289 |
|
$ |
200,526 |
|
|
Core return on average tangible stockholders’ equity |
|
|
12.08 |
% |
|
12.10 |
% |
|
12.93 |
% |
|
11.34 |
% |
|
11.85 |
% |
|
Core return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
6,392 |
|
$ |
6,717 |
|
$ |
5,957 |
|
$ |
5,854 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of business line |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
|
|
Add: (gains) losses on investment securities |
|
|
(1) |
|
|
|
|
|
(14) |
|
|
(8) |
|
|
8 |
|
|
Less: (gains) losses on investment securities tax adjustment |
|
|
|
|
|
|
|
|
(3) |
|
|
(2) |
|
|
2 |
|
|
Add: Gain on sale of business line tax adjustment |
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
Net income Core |
|
$ |
6,411 |
|
$ |
6,392 |
|
$ |
6,706 |
|
$ |
5,721 |
|
$ |
5,860 |
|
|
Average assets |
|
$ |
2,311,078 |
|
$ |
2,262,447 |
|
$ |
2,237,582 |
|
$ |
2,218,102 |
|
$ |
2,196,581 |
|
|
Core return on average assets |
|
|
1.13 |
% |
|
1.12 |
% |
|
1.19 |
% |
|
1.03 |
% |
|
1.08 |
% |
11
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share data)
|
|
|
Mar 31 |
|
Mar 31 |
|
||
|
Three Months Ended |
|
2019 |
|
2018 |
|
||
|
Core net income per share: |
|
|
|
|
|
|
|
|
Net income GAAP |
|
$ |
6,412 |
|
$ |
5,854 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Less: Gain on investment securities |
|
|
1 |
|
|
|
|
|
Add: Losses on investment securities |
|
|
|
|
|
8 |
|
|
Less: Losses on investment securities tax adjustment |
|
|
|
|
|
2 |
|
|
Net income Core |
|
$ |
6,411 |
|
$ |
5,860 |
|
|
Average common shares outstanding |
|
|
7,399,054 |
|
|
7,396,505 |
|
|
Core net income per share |
|
$ |
0.87 |
|
$ |
0.79 |
|
12