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
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.
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]
Summary
Data
|
Peoples Financial
Services Corp.
|
Five Quarter
Trend
|
(In thousands,
except share and per share data)
|
|
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
|
|
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%.
|
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
|
|
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
|
|
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%
|
|
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
|
|
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
|
|
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
|
|
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%
|
|
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
|
|
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SOURCE Peoples Financial Services Corp.