SCRANTON, Pa., July 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 and six months
ended June 30, 2019. Peoples
reported net income of $7.1 million,
or $0.96 per share for the three
months ended June 30, 2019, compared
to $6.0 million, or $0.81 per share for the comparable period of
2018. The increase in earnings for the three months ended
June 30, 2019 is the product of
higher net interest income of $1.1
million due to growth in our average earning assets of
$102.3 million from the year ago
period and a decrease to the provision for loan losses of
$0.7 million when comparing the three
months ended June 30, 2019 to the
same period in 2018, partially offset by an increase of
$0.9 million in noninterest expenses
in the current period.
Net income for the six months ended June
30, 2019, totaled $13.6
million or $1.83 per share, a
14.8% increase when compared to $11.8
million or $1.60 per share for
the same period last year. The increase in earnings in the
current period is the result of higher net interest income of
$2.2 million due to our earning asset
growth coupled with a reduction in the provision for loan losses
which resulted in a decrease to the provision of $0.7 million when comparing the six months ended
June 30, 2019 to the same period in
2018.
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.
Core net income, which we have defined to exclude losses or
gains on investment securities and gains from other nonrecurring
sources, for the three months ended June
30, totaled $7.1 million and
$5.7 million in 2019 and 2018,
respectively. Core net income per share for the three months ended
June 30, 2019 was $0.96, an increase from $0.77 for the same period in 2018. These results
in 2019 exclude a pre-tax $23
thousand gain on the sale of debt securities and a
$9 thousand unrealized loss on our
equity investment portfolio while the results for 2018 exclude a
pre-tax $8 thousand gain in the value
of our equity investment securities portfolio and a pre-tax
$291 thousand gain from the sale of
our credit card portfolio.
Core net income for the six months ended June 30, 2019 was $13.5
million or $1.83 per share, an
increase of 16.9% compared to $11.6
million or $1.57 per share for
the same period of 2018. Results for the six months ended
June 30, 2019 exclude a pre-tax gain
of $23 thousand on the sale of debt
securities and a $8 thousand
unrealized loss on our equity investment securities portfolio. The
2018 results were impacted by the pre-tax gain of $291 thousand from the sale of our credit card
portfolio.
NOTABLES
- Loans, net growth of $105.4
million or 6.0% since June 30,
2018, with growth of $35.5
million or 3.9% annualized for the six months ended
June 30, 2019.
- Deposits have grown $157.9
million or 9.2% compared to June 30,
2018. Deposits increased $1.8
million or 0.2% annualized for the six months ended
June 30, 2019.
- Tangible book value per share improved to $30.58 at June 30,
2019 from $28.78 at
December 31, 2018 and from
$27.50 at June
30, 2018.
- Tax-equivalent net interest income increased $2.2 million or 6.3% to $37.9 million for the six months ended
June 30, 2019 compared to
$35.7 million for the same period in
2018.
- Return on average assets was 1.18% and return on average equity
was 9.63% for the six months ended June 30,
2019 compared to 1.08% and 8.90%, respectively for the six
months ended June 30, 2018.
- The allowance for loan losses to loans, net was 1.18% at
June 30, 2019, an increase from 1.17%
at December 31, 2018 and 1.12% at
June 30, 2018.
- Opened our newest office in Lebanon
County in June of 2019 servicing portions of Central Pennsylvania.
INCOME STATEMENT REVIEW
Calculated on a fully taxable equivalent basis ("FTE"), our
tax-equivalent net interest margin for the three and six months
ended June 30 were 3.62% and 3.60%
respectively in 2019, compared to 3.58% and 3.57% respectively for
the same periods in 2018. The tax-equivalent yield on earning
assets increased 29 basis points to 4.49% and 4.46% for the three
and six months ended June 30, 2019
from 4.20% and 4.17% during the corresponding periods 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 36 and 37 basis points to
1.17% and 1.15% respectively for the three and six months ended
June 30, 2019 when compared to 0.81%
and 0.78% respectively for the same periods in 2018. Although the
Federal Open Market Committee (FOMC) has maintained the federal
funds rate in a range of 2.25% to 2.50% through the first half of
2019, the short end of the yield curve has remained elevated
resulting in higher deposit costs.
Tax-equivalent net interest income for the six months ended
June 30, increased $2.2 million or 6.3% to $37.9 million in 2019 from $35.7 million in 2018. The increase in tax
equivalent net interest income was primarily due to a $117.3 million increase in average loans for the
six months ended June 30, 2019 when
compared to the same period in 2018. The tax-equivalent yield on
the loan portfolio increased to 4.75% for the six months ended
June 30, 2019, compared to 4.42% for
the comparable period in 2018. Loans, net averaged $1.8 billion for the six months ended
June 30, 2019 and $1.7 billion for the comparable period in 2018.
For the six months ended June 30, the
tax-equivalent yield on total investments decreased to 2.53% in
2019 from 2.60% in 2018. Average investments totaled $274.2 million in 2019 and $280.9 million in 2018. Average interest-bearing
liabilities increased $54.8 million
for the six months ended June 30,
2019, compared to the corresponding period last year.
The provision for loan losses totaled $1.4 million for the six months ended
June 30, 2019 and $2.1 million for the six months ended
June 30, 2018. For the quarter
ended June 30, the provision for loan
losses was $0.4 million in 2019 and
$1.1 million in 2018.
For the six months ended June 30,
noninterest income totaled $7.6
million in 2019, an increase from $7.2 million in 2018. Fee income generated by
commercial loan interest rate swap transactions totaled
$0.8 million in the six months ended
June 30, 2019 compared to
$0.1 million during the corresponding
period of 2018. In the year ago period, a gain on the sale of our
credit card portfolio of $291
thousand and the accrual of bank owned life insurance income
of $365 thousand were recognized.
Increases in revenues from merchant services, income from fiduciary
activities, and income generated from wealth management services,
more than offset a slight decrease in income from mortgage banking
activities. For the three months ended June
30, noninterest income totaled $4.2
million in 2019, an increase from $3.7 million in 2018. The increase was due
to higher service charges, fees and commissions related to fee
income generated from commercial loan interest rate swap
transactions, increases in revenues from merchant services, income
from fiduciary activities, and income generated from wealth
management services, partially offset by a slight decrease in
income from mortgage banking activities.
Noninterest expense increased $1.3
million or 5.1% to $27.9
million for the six months ended June
30, 2019, from $26.6 million
for the six months ended June 30,
2018. Salaries and employee benefits increased $1.3 million or 9.0% due to annual merit
increases and continued investment in our expansion markets in the
Lehigh Valley, King of Prussia and Central
Pennsylvania. Occupancy and equipment expenses also increased
due to our market expansion when comparing the first half of 2019
and 2018 as those expenses increased $0.3
million or 5.0%. In addition, during the six months ended
June 30, 2019, increases to other
expenses and donations, were more than offset by decreases in
professional fees and outside services, amortization expense
recognized and FDIC insurance premiums and assessments. Noninterest
expense increased $0.9 million or
6.9% to $14.4 million for the three
months ended June 30, 2019, from
$13.5 million for the three months
ended June 30, 2018. Salaries and
employee benefits increased $0.6
million or 8.8% due to annual 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 June 30, 2019 and 2018
as those expenses increased $0.1
million or 4.7%. In the other noninterest expense
categories, increases in professional fees and outside services,
donations and other expenses were partially offset by decreases in
amortization expense recognized and FDIC insurance and
assessments.
BALANCE SHEET REVIEW
At June 30, 2019, total assets,
loans and deposits were $2.3 billion,
$1.9 billion and $1.9 billion, respectively. Loans, net increased
$35.5 million or 3.9% annualized from
December 31, 2018. The growth in
loans was primarily from commercial real estate and commercial and
industrial loans. Total deposits increased $1.8 million or 0.2% annualized from December 31, 2018. Non-interest bearing deposits
increased $9.7 million or 4.8%
annualized while interest-bearing deposits decreased $7.9 million or 1.1% annualized during the six
months ended June 30, 2019. To fund
balance sheet growth, long-term borrowings increased $15.1 million. Total investments were
$269.9 million at June 30, 2019, including $261.7 million securities classified as
available-for-sale and $8.0 million
classified as held-to-maturity.
Stockholders' equity equaled $291.6
million or $39.41 per share at
June 30, 2019, and $278.6 million or $37.66 per share at December 31, 2018. Tangible stockholders' equity
improved to $30.58 per share at
June 30, 2019, from $28.78 per share at December 31, 2018. Dividends declared for the six
months ended June 30, 2019 amounted
to $0.68 per share, a 4.6% increase
from the year ago period, representing a dividend payout ratio of
37.2%.
ASSET QUALITY REVIEW
Nonperforming assets were $12.7
million or 0.68% of loans, net and foreclosed assets at
June 30, 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 primarily due
to placing a large commercial credit on non-accrual. The allowance
for loan losses equaled $21.9 million
or 1.18% of loans, net at June 30,
2019 compared to $21.4 million
or 1.17% of loans, net, at December 31, 2018. Loans
charged-off, net of recoveries, for the six months ended
June 30, 2019, equaled $0.8 million or 0.09% of average loans, compared
to $1.5 million or 0.17% of average
loans for the comparable period last year.
About Peoples:
Peoples Financial Services Corp. is the parent company of
Peoples Security Bank and Trust Company, a community bank serving
Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 28 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.
Summary
Data
|
Peoples Financial
Services Corp.
|
Five Quarter
Trend
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Key performance
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
$
|
0.81
|
|
Core net income
(1)
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
$
|
0.77
|
|
Cash dividends
declared
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.33
|
|
$
|
0.33
|
|
$
|
0.33
|
|
Book value
|
|
$
|
39.41
|
|
$
|
38.46
|
|
$
|
37.66
|
|
$
|
36.89
|
|
$
|
36.43
|
|
Tangible book value
(1)
|
|
$
|
30.58
|
|
$
|
29.61
|
|
$
|
28.78
|
|
$
|
27.99
|
|
$
|
27.50
|
|
Market
value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
$
|
45.41
|
|
$
|
46.74
|
|
$
|
44.06
|
|
$
|
48.10
|
|
$
|
51.68
|
|
Low
|
|
$
|
42.00
|
|
$
|
40.34
|
|
$
|
40.00
|
|
$
|
42.40
|
|
$
|
43.72
|
|
Closing
|
|
$
|
44.99
|
|
$
|
45.24
|
|
$
|
44.06
|
|
$
|
42.40
|
|
$
|
47.02
|
|
Market
capitalization
|
|
$
|
332,885
|
|
$
|
334,733
|
|
$
|
326,002
|
|
$
|
313,720
|
|
$
|
347,904
|
|
Common shares
outstanding
|
|
|
7,399,078
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
|
|
9.98
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.81
|
%
|
|
8.90
|
%
|
Core return on
average stockholders'
equity (1)
|
|
|
9.97
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.79
|
%
|
|
8.55
|
%
|
Return on average
tangible stockholders' equity
|
|
|
12.93
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.95
|
%
|
|
11.81
|
%
|
Core return on
average tangible
stockholders'
equity (1)
|
|
|
12.91
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.93
|
%
|
|
11.34
|
%
|
Return on average
assets
|
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
|
1.08
|
%
|
Core return on
average assets (1)
|
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
|
1.03
|
%
|
Stockholders' equity
to total assets
|
|
|
12.55
|
%
|
|
12.28
|
%
|
|
12.17
|
%
|
|
12.09
|
%
|
|
12.06
|
%
|
Efficiency ratio
(2)
|
|
|
61.15
|
%
|
|
60.03
|
%
|
|
59.42
|
%
|
|
57.00
|
%
|
|
61.98
|
%
|
Nonperforming assets
to loans, net, and
foreclosed
assets
|
|
|
0.68
|
%
|
|
0.76
|
%
|
|
0.55
|
%
|
|
0.65
|
%
|
|
0.63
|
%
|
Net charge-offs to
average loans, net
|
|
|
0.11
|
%
|
|
0.07
|
%
|
|
0.02
|
%
|
|
0.05
|
%
|
|
0.28
|
%
|
Allowance for loan
losses to loans, net
|
|
|
1.18
|
%
|
|
1.20
|
%
|
|
1.17
|
%
|
|
1.15
|
%
|
|
1.12
|
%
|
Interest-bearing
assets yield (FTE) (3)
|
|
|
4.49
|
%
|
|
4.44
|
%
|
|
4.38
|
%
|
|
4.25
|
%
|
|
4.20
|
%
|
Cost of
funds
|
|
|
1.17
|
%
|
|
1.14
|
%
|
|
0.99
|
%
|
|
0.89
|
%
|
|
0.81
|
%
|
Net interest spread
(FTE) (3)
|
|
|
3.32
|
%
|
|
3.30
|
%
|
|
3.39
|
%
|
|
3.36
|
%
|
|
3.39
|
%
|
Net interest margin
(FTE) (3)
|
|
|
3.62
|
%
|
|
3.58
|
%
|
|
3.63
|
%
|
|
3.57
|
%
|
|
3.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
June 30
|
|
Six Months
Ended
|
|
2019
|
|
2018
|
|
Interest
income:
|
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
40,744
|
|
$
|
35,748
|
|
Tax-exempt
|
|
|
2,208
|
|
|
1,741
|
|
Interest and
dividends on investment securities:
|
|
|
|
|
|
|
|
Taxable
|
|
|
2,035
|
|
|
1,792
|
|
Tax-exempt
|
|
|
1,082
|
|
|
1,362
|
|
Dividends
|
|
|
41
|
|
|
35
|
|
Interest on
interest-bearing deposits in other banks
|
|
|
23
|
|
|
82
|
|
Total interest
income
|
|
|
46,133
|
|
|
40,760
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
7,124
|
|
|
3,793
|
|
Interest on
short-term borrowings
|
|
|
1,408
|
|
|
1,508
|
|
Interest on long-term
debt
|
|
|
576
|
|
|
621
|
|
Total interest
expense
|
|
|
9,108
|
|
|
5,922
|
|
Net interest
income
|
|
|
37,025
|
|
|
34,838
|
|
Provision for loan
losses
|
|
|
1,400
|
|
|
2,100
|
|
Net interest income
after provision for loan losses
|
|
|
35,625
|
|
|
32,738
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
Service charges,
fees, commissions
|
|
|
4,489
|
|
|
3,973
|
|
Merchant services
income
|
|
|
655
|
|
|
559
|
|
Commissions and fees
on fiduciary activities
|
|
|
999
|
|
|
982
|
|
Wealth management
income
|
|
|
747
|
|
|
743
|
|
Mortgage banking
income
|
|
|
285
|
|
|
309
|
|
Life insurance
investment income
|
|
|
378
|
|
|
378
|
|
Net gain on
investment securities
|
|
|
15
|
|
|
|
|
Net gains on sale of
credit card loans
|
|
|
|
|
|
291
|
|
Total noninterest
income
|
|
|
7,568
|
|
|
7,235
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
|
|
15,632
|
|
|
14,345
|
|
Net occupancy and
equipment expense
|
|
|
5,810
|
|
|
5,534
|
|
Amortization of
intangible assets
|
|
|
374
|
|
|
450
|
|
Other
expenses
|
|
|
6,103
|
|
|
6,248
|
|
Total noninterest
expense
|
|
|
27,919
|
|
|
26,577
|
|
Income before income
taxes
|
|
|
15,274
|
|
|
13,396
|
|
Provision for income
tax expense
|
|
|
1,718
|
|
|
1,585
|
|
Net income
|
|
$
|
13,556
|
|
$
|
11,811
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
|
$
|
5,050
|
|
$
|
(3,215)
|
|
Reclassification
adjustment for gains included in net income
|
|
|
(23)
|
|
|
|
|
Change in derivative
fair value
|
|
|
506
|
|
|
|
|
Income tax related to
other comprehensive income (loss)
|
|
|
1,162
|
|
|
(677)
|
|
Other comprehensive
income (loss), net of income taxes
|
|
|
4,371
|
|
|
(2,538)
|
|
Comprehensive
income
|
|
$
|
17,927
|
|
$
|
9,273
|
|
Per share
data:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1.83
|
|
$
|
1.60
|
|
Cash dividends
declared
|
|
$
|
0.68
|
|
$
|
0.65
|
|
Average common shares
outstanding
|
|
|
7,399,178
|
|
|
7,396,519
|
|
Peoples Financial
Services Corp.
|
Consolidated
Statements of Income
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
20,641
|
|
$
|
20,103
|
|
$
|
19,806
|
|
$
|
18,798
|
|
$
|
18,239
|
|
Tax-exempt
|
|
|
1,109
|
|
|
1,099
|
|
|
1,006
|
|
|
919
|
|
|
871
|
|
Interest and
dividends on investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
1,025
|
|
|
1,012
|
|
|
1,009
|
|
|
998
|
|
|
934
|
|
Tax-exempt
|
|
|
520
|
|
|
562
|
|
|
620
|
|
|
639
|
|
|
661
|
|
Dividends
|
|
|
22
|
|
|
19
|
|
|
21
|
|
|
16
|
|
|
19
|
|
Interest on
interest-bearing deposits in other banks
|
|
|
15
|
|
|
6
|
|
|
20
|
|
|
49
|
|
|
42
|
|
Total interest
income
|
|
|
23,332
|
|
|
22,801
|
|
|
22,482
|
|
|
21,419
|
|
|
20,766
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
3,713
|
|
|
3,411
|
|
|
3,211
|
|
|
2,342
|
|
|
1,959
|
|
Interest on
short-term borrowings
|
|
|
595
|
|
|
813
|
|
|
421
|
|
|
809
|
|
|
841
|
|
Interest on long-term
debt
|
|
|
296
|
|
|
280
|
|
|
302
|
|
|
315
|
|
|
315
|
|
Total interest
expense
|
|
|
4,604
|
|
|
4,504
|
|
|
3,934
|
|
|
3,466
|
|
|
3,115
|
|
Net interest
income
|
|
|
18,728
|
|
|
18,297
|
|
|
18,548
|
|
|
17,953
|
|
|
17,651
|
|
Provision for loan
losses
|
|
|
350
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
Net interest income
after provision for loan losses
|
|
|
18,378
|
|
|
17,247
|
|
|
17,498
|
|
|
16,903
|
|
|
16,601
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges,
fees, commissions
|
|
|
2,490
|
|
|
1,999
|
|
|
1,822
|
|
|
1,883
|
|
|
1,885
|
|
Merchant services
income
|
|
|
457
|
|
|
198
|
|
|
122
|
|
|
128
|
|
|
309
|
|
Commissions and fees
on fiduciary activities
|
|
|
492
|
|
|
507
|
|
|
484
|
|
|
570
|
|
|
485
|
|
Wealth management
income
|
|
|
370
|
|
|
377
|
|
|
399
|
|
|
305
|
|
|
332
|
|
Mortgage banking
income
|
|
|
137
|
|
|
148
|
|
|
155
|
|
|
163
|
|
|
162
|
|
Life insurance
investment income
|
|
|
192
|
|
|
186
|
|
|
189
|
|
|
190
|
|
|
191
|
|
Net gain on
investment securities
|
|
|
14
|
|
|
1
|
|
|
|
|
|
14
|
|
|
8
|
|
Net gain on sale of
credit card loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291
|
|
Total noninterest
income
|
|
|
4,152
|
|
|
3,416
|
|
|
3,171
|
|
|
3,253
|
|
|
3,663
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
|
|
8,037
|
|
|
7,595
|
|
|
7,116
|
|
|
6,946
|
|
|
7,390
|
|
Net occupancy and
equipment expense
|
|
|
2,849
|
|
|
2,961
|
|
|
2,682
|
|
|
2,681
|
|
|
2,720
|
|
Amortization of
intangible assets
|
|
|
182
|
|
|
192
|
|
|
211
|
|
|
220
|
|
|
220
|
|
Other
expenses
|
|
|
3,361
|
|
|
2,742
|
|
|
3,364
|
|
|
2,690
|
|
|
3,166
|
|
Total noninterest
expense
|
|
|
14,429
|
|
|
13,490
|
|
|
13,373
|
|
|
12,537
|
|
|
13,496
|
|
Income before income
taxes
|
|
|
8,101
|
|
|
7,173
|
|
|
7,296
|
|
|
7,619
|
|
|
6,768
|
|
Income tax
expense
|
|
|
957
|
|
|
761
|
|
|
904
|
|
|
902
|
|
|
811
|
|
Net income
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
|
$
|
2,611
|
|
$
|
2,439
|
|
$
|
2,380
|
|
$
|
(1,179)
|
|
$
|
(839)
|
|
Reclassification
adjustment for gains included in net income
|
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in pension
liability
|
|
|
|
|
|
|
|
|
(591)
|
|
|
|
|
|
|
|
Change in derivative
fair value
|
|
|
443
|
|
|
63
|
|
|
246
|
|
|
|
|
|
|
|
Income tax related to
other comprehensive income (loss)
|
|
|
637
|
|
|
525
|
|
|
429
|
|
|
(248)
|
|
|
(176)
|
|
Other comprehensive
income (loss), net of income taxes
|
|
|
2,394
|
|
|
1,977
|
|
|
1,606
|
|
|
(931)
|
|
|
(663)
|
|
Comprehensive
income
|
|
$
|
9,538
|
|
$
|
8,389
|
|
$
|
7,998
|
|
$
|
5,786
|
|
$
|
5,294
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
$
|
0.81
|
|
Cash dividends
declared
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.33
|
|
$
|
0.33
|
|
$
|
0.33
|
|
Average common shares
outstanding
|
|
|
7,399,302
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,396,533
|
|
Peoples Financial
Services Corp.
|
Details of Net
Interest and Net Interest Margin
|
(In thousands,
fully taxable equivalent basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Net interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
20,641
|
|
$
|
20,103
|
|
$
|
19,806
|
|
$
|
18,798
|
|
$
|
18,239
|
|
Tax-exempt
|
|
|
1,404
|
|
|
1,391
|
|
|
1,274
|
|
|
1,162
|
|
|
1,103
|
|
Total loans,
net
|
|
|
22,045
|
|
|
21,494
|
|
|
21,080
|
|
|
19,960
|
|
|
19,342
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
1,045
|
|
|
1,031
|
|
|
1,047
|
|
|
1,062
|
|
|
991
|
|
Tax-exempt
|
|
|
659
|
|
|
711
|
|
|
785
|
|
|
811
|
|
|
837
|
|
Total
investments
|
|
|
1,704
|
|
|
1,742
|
|
|
1,832
|
|
|
1,873
|
|
|
1,828
|
|
Interest on
interest-bearing balances in other banks
|
|
|
17
|
|
|
6
|
|
|
3
|
|
|
1
|
|
|
2
|
|
Total interest
income
|
|
|
23,766
|
|
|
23,242
|
|
|
22,915
|
|
|
21,834
|
|
|
21,172
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,713
|
|
|
3,411
|
|
|
3,211
|
|
|
2,342
|
|
|
1,959
|
|
Short-term
borrowings
|
|
|
595
|
|
|
813
|
|
|
421
|
|
|
809
|
|
|
841
|
|
Long-term
debt
|
|
|
296
|
|
|
280
|
|
|
302
|
|
|
315
|
|
|
315
|
|
Total interest
expense
|
|
|
4,604
|
|
|
4,504
|
|
|
3,934
|
|
|
3,466
|
|
|
3,115
|
|
Net interest
income
|
|
$
|
19,162
|
|
$
|
18,738
|
|
$
|
18,981
|
|
$
|
18,368
|
|
$
|
18,057
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
4.85
|
%
|
|
4.79
|
%
|
|
4.73
|
%
|
|
4.57
|
%
|
|
4.52
|
%
|
Tax-exempt
|
|
|
3.96
|
%
|
|
3.91
|
%
|
|
3.80
|
%
|
|
3.74
|
%
|
|
3.60
|
%
|
Total loans,
net
|
|
|
4.78
|
%
|
|
4.72
|
%
|
|
4.66
|
%
|
|
4.51
|
%
|
|
4.46
|
%
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
2.21
|
%
|
|
2.25
|
%
|
|
2.25
|
%
|
|
2.28
|
%
|
|
2.22
|
%
|
Tax-exempt
|
|
|
3.20
|
%
|
|
3.17
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
Total
investments
|
|
|
2.51
|
%
|
|
2.55
|
%
|
|
2.60
|
%
|
|
2.62
|
%
|
|
2.60
|
%
|
Interest-bearing
balances with banks
|
|
|
2.67
|
%
|
|
2.37
|
%
|
|
2.28
|
%
|
|
1.05
|
%
|
|
2.35
|
%
|
Total interest-bearing
assets
|
|
|
4.49
|
%
|
|
4.44
|
%
|
|
4.38
|
%
|
|
4.25
|
%
|
|
4.20
|
%
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1.03
|
%
|
|
0.96
|
%
|
|
0.87
|
%
|
|
0.69
|
%
|
|
0.59
|
%
|
Short-term
borrowings
|
|
|
2.69
|
%
|
|
2.70
|
%
|
|
2.56
|
%
|
|
2.23
|
%
|
|
2.06
|
%
|
Long-term
debt
|
|
|
2.83
|
%
|
|
3.02
|
%
|
|
2.63
|
%
|
|
2.57
|
%
|
|
2.57
|
%
|
Total interest-bearing
liabilities
|
|
|
1.17
|
%
|
|
1.14
|
%
|
|
0.99
|
%
|
|
0.89
|
%
|
|
0.81
|
%
|
Net interest
spread
|
|
|
3.32
|
%
|
|
3.30
|
%
|
|
3.39
|
%
|
|
3.36
|
%
|
|
3.39
|
%
|
Net interest
margin
|
|
|
3.62
|
%
|
|
3.58
|
%
|
|
3.63
|
%
|
|
3.57
|
%
|
|
3.58
|
%
|
Peoples Financial
Services Corp.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
At period end
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
26,615
|
|
$
|
24,364
|
|
$
|
32,569
|
|
$
|
40,458
|
|
$
|
35,249
|
|
Interest-bearing
balances in other banks
|
|
|
3,347
|
|
|
1,688
|
|
|
47
|
|
|
137
|
|
|
130
|
|
Federal funds
sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
261,665
|
|
|
270,384
|
|
|
269,682
|
|
|
274,794
|
|
|
275,050
|
|
Equity investments
carried at fair value
|
|
|
283
|
|
|
292
|
|
|
291
|
|
|
291
|
|
|
278
|
|
Held-to-maturity
|
|
|
7,969
|
|
|
8,162
|
|
|
8,361
|
|
|
8,551
|
|
|
8,780
|
|
Loans held for
sale
|
|
|
831
|
|
|
|
|
|
749
|
|
|
98
|
|
|
|
|
Loans, net
|
|
|
1,858,799
|
|
|
1,849,602
|
|
|
1,823,266
|
|
|
1,779,445
|
|
|
1,753,389
|
|
Less: allowance for
loan losses
|
|
|
21,930
|
|
|
22,105
|
|
|
21,379
|
|
|
20,413
|
|
|
19,573
|
|
Net loans
|
|
|
1,836,869
|
|
|
1,827,497
|
|
|
1,801,887
|
|
|
1,759,032
|
|
|
1,733,816
|
|
Premises and
equipment, net
|
|
|
46,468
|
|
|
44,728
|
|
|
38,889
|
|
|
37,467
|
|
|
37,148
|
|
Accrued interest
receivable
|
|
|
7,303
|
|
|
7,211
|
|
|
7,115
|
|
|
6,565
|
|
|
6,802
|
|
Goodwill
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
Other intangible
assets, net
|
|
|
1,921
|
|
|
2,104
|
|
|
2,296
|
|
|
2,507
|
|
|
2,727
|
|
Other
assets
|
|
|
67,625
|
|
|
68,144
|
|
|
63,737
|
|
|
64,573
|
|
|
72,276
|
|
Total
assets
|
|
$
|
2,324,266
|
|
$
|
2,317,944
|
|
$
|
2,288,993
|
|
$
|
2,257,843
|
|
$
|
2,235,626
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
$
|
419,995
|
|
$
|
432,830
|
|
$
|
410,260
|
|
$
|
404,293
|
|
$
|
400,518
|
|
Interest-bearing
|
|
|
1,456,804
|
|
|
1,435,400
|
|
|
1,464,762
|
|
|
1,423,571
|
|
|
1,318,343
|
|
Total
deposits
|
|
|
1,876,799
|
|
|
1,868,230
|
|
|
1,875,022
|
|
|
1,827,864
|
|
|
1,718,861
|
|
Short-term
borrowings
|
|
|
82,700
|
|
|
109,000
|
|
|
86,500
|
|
|
99,450
|
|
|
187,450
|
|
Long-term
debt
|
|
|
52,980
|
|
|
37,446
|
|
|
37,906
|
|
|
48,461
|
|
|
48,911
|
|
Accrued interest
payable
|
|
|
1,058
|
|
|
878
|
|
|
1,195
|
|
|
745
|
|
|
538
|
|
Other
liabilities
|
|
|
19,146
|
|
|
17,821
|
|
|
9,756
|
|
|
8,352
|
|
|
10,322
|
|
Total
liabilities
|
|
|
2,032,683
|
|
|
2,033,375
|
|
|
2,010,379
|
|
|
1,984,872
|
|
|
1,966,082
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
14,798
|
|
|
14,798
|
|
|
14,798
|
|
|
14,798
|
|
|
14,798
|
|
Capital
surplus
|
|
|
135,384
|
|
|
135,393
|
|
|
135,310
|
|
|
135,226
|
|
|
135,143
|
|
Retained
earnings
|
|
|
145,106
|
|
|
140,478
|
|
|
136,582
|
|
|
132,631
|
|
|
128,356
|
|
Accumulated other
comprehensive loss
|
|
|
(3,705)
|
|
|
(6,100)
|
|
|
(8,076)
|
|
|
(9,684)
|
|
|
(8,753)
|
|
Total stockholders'
equity
|
|
|
291,583
|
|
|
284,569
|
|
|
278,614
|
|
|
272,971
|
|
|
269,544
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,324,266
|
|
$
|
2,317,944
|
|
$
|
2,288,993
|
|
$
|
2,257,843
|
|
$
|
2,235,626
|
|
Peoples Financial
Services Corp.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
Average quarterly balances
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
1,707,730
|
|
$
|
1,701,737
|
|
$
|
1,662,290
|
|
$
|
1,632,012
|
|
$
|
1,616,729
|
|
Tax-exempt
|
|
|
142,310
|
|
|
144,119
|
|
|
133,100
|
|
|
123,199
|
|
|
122,876
|
|
Total loans,
net
|
|
|
1,850,040
|
|
|
1,845,856
|
|
|
1,795,390
|
|
|
1,755,211
|
|
|
1,739,605
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
189,265
|
|
|
185,696
|
|
|
184,345
|
|
|
184,623
|
|
|
178,957
|
|
Tax-exempt
|
|
|
82,565
|
|
|
90,961
|
|
|
95,698
|
|
|
99,142
|
|
|
103,279
|
|
Total
investments
|
|
|
271,830
|
|
|
276,657
|
|
|
280,043
|
|
|
283,765
|
|
|
282,236
|
|
Interest-bearing
balances with banks
|
|
|
2,554
|
|
|
1,028
|
|
|
523
|
|
|
377
|
|
|
342
|
|
Total interest-bearing
assets
|
|
|
2,124,424
|
|
|
2,123,541
|
|
|
2,075,956
|
|
|
2,039,353
|
|
|
2,022,183
|
|
Other
assets
|
|
|
190,583
|
|
|
187,537
|
|
|
186,491
|
|
|
198,229
|
|
|
195,919
|
|
Total
assets
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
$
|
2,218,102
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
|
|
$
|
1,449,665
|
|
$
|
1,445,861
|
|
$
|
1,459,155
|
|
$
|
1,351,709
|
|
$
|
1,327,036
|
|
Noninterest-bearing
|
|
|
426,791
|
|
|
406,733
|
|
|
403,488
|
|
|
405,671
|
|
|
394,461
|
|
Total
deposits
|
|
|
1,876,456
|
|
|
1,852,594
|
|
|
1,862,643
|
|
|
1,757,380
|
|
|
1,721,497
|
|
Short-term
borrowings
|
|
|
88,792
|
|
|
121,954
|
|
|
65,192
|
|
|
144,162
|
|
|
163,596
|
|
Long-term
debt
|
|
|
41,948
|
|
|
37,663
|
|
|
45,503
|
|
|
48,670
|
|
|
49,136
|
|
Other
liabilities
|
|
|
20,773
|
|
|
17,977
|
|
|
13,794
|
|
|
15,609
|
|
|
15,376
|
|
Total
liabilities
|
|
|
2,027,969
|
|
|
2,030,188
|
|
|
1,987,132
|
|
|
1,965,821
|
|
|
1,949,605
|
|
Stockholders'
equity
|
|
|
287,038
|
|
|
280,890
|
|
|
275,315
|
|
|
271,761
|
|
|
268,497
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
$
|
2,218,102
|
|
Peoples Financial
Services Corp.
|
Asset Quality
Data
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
At quarter end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual/restructured loans
|
|
$
|
11,926
|
|
$
|
12,803
|
|
$
|
8,669
|
|
$
|
10,576
|
|
$
|
10,424
|
|
Accruing loans past
due 90 days or more
|
|
|
341
|
|
|
829
|
|
|
923
|
|
|
584
|
|
|
84
|
|
Foreclosed
assets
|
|
|
408
|
|
|
360
|
|
|
376
|
|
|
342
|
|
|
500
|
|
Total nonperforming
assets
|
|
$
|
12,675
|
|
$
|
13,992
|
|
$
|
9,968
|
|
$
|
11,502
|
|
$
|
11,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
22,105
|
|
$
|
21,379
|
|
$
|
20,413
|
|
$
|
19,573
|
|
$
|
19,718
|
|
Charge-offs
|
|
|
576
|
|
|
374
|
|
|
202
|
|
|
328
|
|
|
1,398
|
|
Recoveries
|
|
|
51
|
|
|
50
|
|
|
118
|
|
|
118
|
|
|
203
|
|
Provision for loan
losses
|
|
|
350
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
Ending
balance
|
|
$
|
21,930
|
|
$
|
22,105
|
|
$
|
21,379
|
|
$
|
20,413
|
|
$
|
19,573
|
|
Peoples Financial
Services Corp.
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
June 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
Core net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
|
(8)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(2)
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Net income
Core
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
$
|
5,721
|
|
Average common shares
outstanding
|
|
|
7,399,302
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,396,533
|
|
Core net income per
share
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
$
|
0.77
|
|
Tangible book
value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
$
|
291,583
|
|
$
|
284,569
|
|
$
|
278,614
|
|
$
|
272,971
|
|
$
|
269,544
|
|
Less:
Goodwill
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
Less: Other
intangible assets, net
|
|
|
1,921
|
|
|
2,104
|
|
|
2,296
|
|
|
2,507
|
|
|
2,727
|
|
Total tangible
stockholders' equity
|
|
$
|
226,292
|
|
$
|
219,095
|
|
$
|
212,948
|
|
$
|
207,094
|
|
$
|
203,447
|
|
Common shares
outstanding
|
|
|
7,399,078
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Tangible book value
per share
|
|
$
|
30.58
|
|
$
|
29.61
|
|
$
|
28.78
|
|
$
|
27.99
|
|
$
|
27.50
|
|
Core return on
average stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
|
(8)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(2)
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Net income
Core
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
$
|
5,721
|
|
Average stockholders'
equity
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
$
|
268,497
|
|
Core return on
average stockholders' equity
|
|
|
9.97
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.79
|
%
|
|
8.55
|
%
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Average stockholders'
equity
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
$
|
268,497
|
|
Less: average
intangibles
|
|
|
65,406
|
|
|
65,570
|
|
|
65,772
|
|
|
65,987
|
|
|
66,208
|
|
Average tangible
stockholders' equity
|
|
$
|
221,632
|
|
$
|
215,320
|
|
$
|
209,543
|
|
$
|
205,774
|
|
$
|
202,289
|
|
Return on average
tangible stockholders' equity
|
|
|
12.93
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.95
|
%
|
|
11.81
|
%
|
Core return on
average tangible stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
|
(8)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(2)
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Net income
Core
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
$
|
5,721
|
|
Average stockholders'
equity
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
$
|
268,497
|
|
Less: average
intangibles
|
|
|
65,406
|
|
|
65,570
|
|
|
65,772
|
|
|
65,987
|
|
|
66,208
|
|
Average tangible
stockholders' equity
|
|
$
|
221,632
|
|
$
|
215,320
|
|
$
|
209,543
|
|
$
|
205,774
|
|
$
|
202,289
|
|
Core return on
average tangible stockholders' equity
|
|
|
12.91
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.93
|
%
|
|
11.34
|
%
|
Core return on
average assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
$
|
5,957
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
|
(8)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(2)
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Net income
Core
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
$
|
5,721
|
|
Average
assets
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
$
|
2,218,102
|
|
Core return on
average assets
|
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
|
1.03
|
%
|
Peoples Financial
Services Corp.
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
June 30
|
|
Six Months
Ended
|
|
2019
|
|
2018
|
|
Core net income per
share:
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
13,556
|
|
$
|
11,811
|
|
Adjustments:
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
291
|
|
Less: Gain on
investment securities
|
|
|
(15)
|
|
|
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
61
|
|
Add: Gain on
investment securities tax adjustment
|
|
|
(3)
|
|
|
|
|
Net income
Core
|
|
$
|
13,544
|
|
$
|
11,581
|
|
Average common shares
outstanding
|
|
|
7,399,178
|
|
|
7,396,519
|
|
Core net income per
share
|
|
$
|
1.83
|
|
$
|
1.57
|
|
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SOURCE Peoples Financial Services Corp.