SCRANTON, Pa., Oct. 22, 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 nine months
ended September 30, 2019.
Peoples reported net income of $7.1
million, or $0.97 per share
for the three months ended September 30,
2019, compared to $6.7
million, or $0.91 per share
for the comparable period of 2018. The increase in earnings for the
three months ended September 30, 2019
is the product of higher net interest income of $1.3 million due to growth of $116.1 million in our average earning assets from
the year ago period and a decrease of $0.4
million to the provision for loan losses when comparing the
three months ended September 30, 2019
to the same period in 2018, partially offset by an increase of
$1.5 million in noninterest expenses
in the current period.
Net income for the nine months ended September 30, 2019, totaled $20.7 million or $2.80 per share, an 11.7% increase when compared
to $18.5 million or $2.50 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 $3.5
million due to our earning asset growth coupled with a
$1.1 million decrease in the
provision for loan losses when comparing the nine months ended
September 30, 2019 to the same period
in 2018. These positives were partially offset by an increase of
$2.4 million in salaries and employee
benefit expenses and $0.6 million in
occupancy and equipment expenses in support of our growth
initiative.
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 September 30, totaled $7.1
million and $6.7 million in
2019 and 2018, respectively. Core net income per share for the
three months ended September 30, 2019
was $0.97, an increase from
$0.91 for the same period in 2018.
The results in both 2019 and 2018 exclude a pre-tax $14 thousand gain in the value of our equity
investment securities portfolio.
Core net income for the nine months ended September 30, 2019 was $20.7 million or $2.80 per share, an increase of 13.1% compared to
$18.3 million or $2.47 per share for the same period of 2018.
Results for the nine months ended September
30, 2019 exclude a pre-tax gain of $23 thousand on the sale of debt securities and a
pre-tax $6 thousand gain in the value
of our equity investment securities portfolio. The 2018 results
were impacted by a pre-tax $14
thousand gain in the value of our equity investment
securities portfolio and the pre-tax gain of $291 thousand from the sale of our credit card
portfolio.
NOTABLES
- Loans, net growth of $101.6
million or 5.7% since September 30,
2018, with growth of $57.8
million or 4.2% annualized for the nine months ended
September 30, 2019.
- Deposit growth of $173.4 million
or 9.5% compared to September 30,
2018. Deposits increased $126.3
million or 9.0% annualized for the nine months ended
September 30, 2019.
- Tangible book value per share improved to $31.27 at September 30,
2019 from $28.78 at
December 31, 2018 and from
$27.99 at September 30, 2018.
- Tax-equivalent net interest income increased $3.5 million or 6.5% to $57.5 million for the nine months ended
September 30, 2019 compared to
$54.0 million for the same period in
2018.
- Return on average assets was 1.21% and 1.19% for the three and
nine months ended September 30, 2019
compared to 1.19% and 1.12%, respectively for the comparable
periods in 2018. Return on average equity was 9.65% and 9.63% for
the three and nine months ended September
30, 2019 compared to 9.81% and 9.21%, respectively for the
three and nine months ended September 30,
2018.
- The allowance for loan losses to loans, net was 1.19% at
September 30, 2019, an increase from
1.17% at December 31, 2018 and 1.15%
at September 30, 2018.
INCOME STATEMENT REVIEW
Calculated on a fully taxable equivalent basis ("FTE"), our
tax-equivalent net interest margin for the three and nine months
ended September 30 were 3.61% and
3.60% respectively in 2019, compared to 3.57% respectively for the
same periods in 2018. The tax-equivalent yield on earning
assets increased 17 and 26 basis points to 4.42% and 4.45% for the
three and nine months ended September 30,
2019 from 4.25% and 4.19% during the same periods in 2018.
At the same time, we experienced higher interest-bearing liability
costs due to higher short-term market rates. Our cost of funds,
which represents our average rate paid on total interest-bearing
liabilities, increased 21 and 33 basis points to 1.10% and 1.14%
respectively for the three and nine months ended September 30, 2019 when compared to 0.89% and
0.81% respectively for the same periods in 2018. Although the
Federal Open Market Committee (FOMC) has decreased the federal
funds rate target 50 basis points to a target range of 1.75% to
2.00%, the short end of the yield curve has remained elevated,
resulting in higher deposit costs.
Tax-equivalent net interest income for the nine months ended
September 30, increased $3.5 million or 6.5% to $57.5 million in 2019 from $54.0 million in 2018. The increase in tax
equivalent net interest income was primarily due to a $110.8 million increase in average loans for the
nine months ended September 30, 2019
when compared to the same period in 2018. The tax-equivalent yield
on the loan portfolio increased to 4.75% for the nine months ended
September 30, 2019, compared to 4.44%
for the comparable period in 2018. Loans, net averaged $1.9 billion for the nine months ended
September 30, 2019 and $1.7 billion for the comparable period in 2018.
For the nine months ended September
30, the tax-equivalent yield on total investments decreased
to 2.49% in 2019 from 2.60% in 2018. Average investments totaled
$273.1 million in 2019 and
$282.3 million in 2018. Average
interest-bearing liabilities increased $49.3
million for the nine months ended September 30, 2019, compared to the corresponding
period last year due to growth in average deposits.
The provision for loan losses totaled $2.1 million for the nine months ended
September 30, 2019 and $3.2 million for the nine months ended
September 30, 2018. For the
quarter ended September 30, the
provision for loan losses was $0.7
million in 2019 and $1.1
million in 2018.
For the nine months ended September
30, noninterest income totaled $11.3
million in 2019, an increase from $10.5 million in 2018. Fee income generated by
commercial loan interest rate swap transactions totaled
$1.1 million in the nine months ended
September 30, 2019 compared to
$0.1 million during the corresponding
period of 2018 while in the year ago period, a gain on the sale of
our credit card portfolio of $291
thousand and 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 September 30, noninterest income totaled
$3.7 million in 2019, an increase
from $3.3 million in 2018. The
increase was due to higher revenue related to commercial loan
interest rate swaps, increases in revenues from merchant services,
income generated from wealth management services, and income from
mortgage banking activities partially offset by a slight decrease
in income from fiduciary activities and life insurance investment
income.
Noninterest expense increased $2.9
million or 7.4% to $42.0
million for the nine months ended September 30, 2019, from $39.1 million for the nine months ended
September 30, 2018. Salaries and
employee benefits increased $2.4
million or 11.3% due to annual merit increases and
additional staffing in support of our organic growth
strategy. Occupancy and equipment expenses also increased due
to our market expansion when comparing the nine months ended
September 30, 2019 and 2018 as those
expenses increased $0.6 million or
7.2%. In addition, during the nine months ended September 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
$1.5 million or 12.3% to $14.1 million for the three months ended
September 30, 2019, from $12.5 million for the three months ended
September 30, 2018. Salaries and
employee benefits increased $1.1
million or 16.0% 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 September 30, 2019 and
2018 as those expenses increased $0.3
million or 11.8%. 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 and FDIC insurance and assessments.
BALANCE SHEET REVIEW
At September 30, 2019, total
assets, loans and deposits were $2.4
billion, $1.9 billion and
$2.0 billion, respectively. Loans,
net increased $57.8 million or 4.2%
annualized from December 31, 2018.
The growth in loans was primarily from commercial real estate and
commercial and industrial loans. Total deposits increased
$126.3 million or 9.0% annualized
from December 31, 2018 due in part to
seasonal inflows of public deposits and growth in commercial
balances. Non-interest bearing deposits increased $30.3 million or 9.9% annualized while
interest-bearing deposits increased $96.0
million or 8.8% annualized during the nine months ended
September 30, 2019. The growth in
deposits has allowed us to pay down short-term debt and resulted in
a federal funds sold position of $10.1
million at September 30, 2019.
Total investments were $276.9 million
at September 30, 2019, including
$268.8 million securities classified
as available-for-sale and $7.8
million classified as held-to-maturity.
Stockholders' equity equaled $296.2
million or $40.08 per share at
September 30, 2019, and $278.6 million or $37.66 per share at December 31, 2018. Tangible stockholders' equity
improved to $31.27 per share at
September 30, 2019, from $28.78 per share at December 31, 2018. Dividends declared for the
nine months ended September 30, 2019
amounted to $1.02 per share, a 4.1%
increase from the year ago period, representing a dividend payout
ratio of 36.4%.
ASSET QUALITY REVIEW
Nonperforming assets were $11.5
million or 0.61% of loans, net and foreclosed assets at
September 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 $2.6 million commercial
credit on non-accrual. The allowance for loan losses equaled
$22.4 million or 1.19% of loans, net
at September 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 nine months ended September 30,
2019, equaled $1.1 million or
0.08% of average loans, compared to $1.7
million or 0.10% 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.
[TABULAR MATERIAL FOLLOWS]
Summary
Data
Peoples Financial
Services Corp.
Five Quarter
Trend
(In thousands,
except share and per share data)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Key performance
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.97
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
Core net income
(1)
|
|
$
|
0.97
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
Cash dividends
declared
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.33
|
|
$
|
0.33
|
|
Book value
|
|
$
|
40.08
|
|
$
|
39.41
|
|
$
|
38.46
|
|
$
|
37.66
|
|
$
|
36.89
|
|
Tangible book value
(1)
|
|
$
|
31.27
|
|
$
|
30.58
|
|
$
|
29.61
|
|
$
|
28.78
|
|
$
|
27.99
|
|
Market
value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
$
|
48.38
|
|
$
|
45.41
|
|
$
|
46.74
|
|
$
|
44.06
|
|
$
|
48.10
|
|
Low
|
|
$
|
42.90
|
|
$
|
42.00
|
|
$
|
40.34
|
|
$
|
40.00
|
|
$
|
42.40
|
|
Closing
|
|
$
|
45.29
|
|
$
|
44.99
|
|
$
|
45.24
|
|
$
|
44.06
|
|
$
|
42.40
|
|
Market
capitalization
|
|
$
|
334,637
|
|
$
|
332,885
|
|
$
|
334,733
|
|
$
|
326,002
|
|
$
|
313,720
|
|
Common shares
outstanding
|
|
|
7,388,759
|
|
|
7,399,078
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
|
|
9.65
|
%
|
|
9.98
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.81
|
%
|
Core return on
average stockholders' equity (1)
|
|
|
9.63
|
%
|
|
9.97
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.79
|
%
|
Return on average
tangible stockholders' equity
|
|
|
12.40
|
%
|
|
12.93
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.95
|
%
|
Core return on
average tangible stockholders' equity (1)
|
|
|
12.38
|
%
|
|
12.91
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.93
|
%
|
Return on average
assets
|
|
|
1.21
|
%
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
Core return on
average assets (1)
|
|
|
1.21
|
%
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
Stockholders' equity
to total assets
|
|
|
12.48
|
%
|
|
12.55
|
%
|
|
12.28
|
%
|
|
12.17
|
%
|
|
12.09
|
%
|
Efficiency ratio
(2)
|
|
|
59.65
|
%
|
|
61.15
|
%
|
|
60.03
|
%
|
|
59.42
|
%
|
|
57.00
|
%
|
Nonperforming assets
to loans, net, and foreclosed assets
|
|
|
0.61
|
%
|
|
0.68
|
%
|
|
0.76
|
%
|
|
0.55
|
%
|
|
0.65
|
%
|
Net charge-offs to
average loans, net
|
|
|
0.05
|
%
|
|
0.11
|
%
|
|
0.07
|
%
|
|
0.02
|
%
|
|
0.05
|
%
|
Allowance for loan
losses to loans, net
|
|
|
1.19
|
%
|
|
1.18
|
%
|
|
1.20
|
%
|
|
1.17
|
%
|
|
1.15
|
%
|
Interest-bearing
assets yield (FTE) (3)
|
|
|
4.42
|
%
|
|
4.49
|
%
|
|
4.44
|
%
|
|
4.38
|
%
|
|
4.25
|
%
|
Cost of
funds
|
|
|
1.10
|
%
|
|
1.17
|
%
|
|
1.14
|
%
|
|
0.99
|
%
|
|
0.89
|
%
|
Net interest spread
(FTE) (3)
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
3.30
|
%
|
|
3.39
|
%
|
|
3.36
|
%
|
Net interest margin
(FTE) (3)
|
|
|
3.61
|
%
|
|
3.62
|
%
|
|
3.58
|
%
|
|
3.63
|
%
|
|
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)
|
|
|
|
Sept 30
|
|
Sept 30
|
|
Nine Months
Ended
|
|
2019
|
|
2018
|
|
Interest
income:
|
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
61,684
|
|
$
|
54,546
|
|
Tax-exempt
|
|
|
3,274
|
|
|
2,660
|
|
Interest and
dividends on investment securities:
|
|
|
|
|
|
|
|
Taxable
|
|
|
3,127
|
|
|
2,790
|
|
Tax-exempt
|
|
|
1,493
|
|
|
2,001
|
|
Dividends
|
|
|
60
|
|
|
51
|
|
Interest on
interest-bearing deposits in other banks
|
|
|
50
|
|
|
131
|
|
Interest on federal
funds sold
|
|
|
77
|
|
|
|
|
Total interest
income
|
|
|
69,765
|
|
|
62,179
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
11,090
|
|
|
6,135
|
|
Interest on
short-term borrowings
|
|
|
1,491
|
|
|
2,317
|
|
Interest on long-term
debt
|
|
|
923
|
|
|
936
|
|
Total interest
expense
|
|
|
13,504
|
|
|
9,388
|
|
Net interest
income
|
|
|
56,261
|
|
|
52,791
|
|
Provision for loan
losses
|
|
|
2,100
|
|
|
3,150
|
|
Net interest income
after provision for loan losses
|
|
|
54,161
|
|
|
49,641
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
Service charges,
fees, commissions
|
|
|
6,650
|
|
|
5,856
|
|
Merchant services
income
|
|
|
837
|
|
|
687
|
|
Commissions and fees
on fiduciary activities
|
|
|
1,568
|
|
|
1,552
|
|
Wealth management
income
|
|
|
1,142
|
|
|
1,048
|
|
Mortgage banking
income
|
|
|
457
|
|
|
472
|
|
Life insurance
investment income
|
|
|
567
|
|
|
568
|
|
Net gain on
investment securities
|
|
|
29
|
|
|
14
|
|
Net gains on sale of
credit card loans
|
|
|
|
|
|
291
|
|
Total noninterest
income
|
|
|
11,250
|
|
|
10,488
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
|
|
23,688
|
|
|
21,291
|
|
Net occupancy and
equipment expense
|
|
|
8,807
|
|
|
8,215
|
|
Merchant services
expense
|
|
|
|
|
|
6
|
|
Amortization of
intangible assets
|
|
|
557
|
|
|
670
|
|
Other
expenses
|
|
|
8,946
|
|
|
8,932
|
|
Total noninterest
expense
|
|
|
41,998
|
|
|
39,114
|
|
Income before income
taxes
|
|
|
23,413
|
|
|
21,015
|
|
Provision for income
tax expense
|
|
|
2,709
|
|
|
2,487
|
|
Net income
|
|
$
|
20,704
|
|
$
|
18,528
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
|
$
|
5,211
|
|
$
|
(4,394)
|
|
Reclassification
adjustment for gains included in net income
|
|
|
(23)
|
|
|
|
|
Change in derivative
fair value
|
|
|
659
|
|
|
|
|
Income tax related to
other comprehensive income (loss)
|
|
|
1,228
|
|
|
(925)
|
|
Other comprehensive
income (loss), net of income taxes
|
|
|
4,619
|
|
|
(3,469)
|
|
Comprehensive
income
|
|
$
|
25,323
|
|
$
|
15,059
|
|
Per share
data:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2.80
|
|
$
|
2.50
|
|
Cash dividends
declared
|
|
$
|
1.02
|
|
$
|
0.98
|
|
Average common shares
outstanding
|
|
|
7,397,768
|
|
|
7,397,373
|
|
Peoples Financial
Services Corp.
Consolidated
Statements of Income
(In thousands,
except per share data)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
20,940
|
|
$
|
20,641
|
|
$
|
20,103
|
|
$
|
19,806
|
|
$
|
18,798
|
|
Tax-exempt
|
|
|
1,066
|
|
|
1,109
|
|
|
1,099
|
|
|
1,006
|
|
|
919
|
|
Interest and
dividends on investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
1,092
|
|
|
1,025
|
|
|
1,012
|
|
|
1,009
|
|
|
998
|
|
Tax-exempt
|
|
|
411
|
|
|
520
|
|
|
562
|
|
|
620
|
|
|
639
|
|
Dividends
|
|
|
19
|
|
|
22
|
|
|
19
|
|
|
21
|
|
|
16
|
|
Interest on
interest-bearing deposits in other banks
|
|
|
27
|
|
|
15
|
|
|
6
|
|
|
20
|
|
|
49
|
|
Interest on federal
funds sold
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
|
23,632
|
|
|
23,332
|
|
|
22,801
|
|
|
22,482
|
|
|
21,419
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
3,966
|
|
|
3,713
|
|
|
3,411
|
|
|
3,211
|
|
|
2,342
|
|
Interest on
short-term borrowings
|
|
|
83
|
|
|
595
|
|
|
813
|
|
|
421
|
|
|
809
|
|
Interest on long-term
debt
|
|
|
347
|
|
|
296
|
|
|
280
|
|
|
302
|
|
|
315
|
|
Total interest
expense
|
|
|
4,396
|
|
|
4,604
|
|
|
4,504
|
|
|
3,934
|
|
|
3,466
|
|
Net interest
income
|
|
|
19,236
|
|
|
18,728
|
|
|
18,297
|
|
|
18,548
|
|
|
17,953
|
|
Provision for loan
losses
|
|
|
700
|
|
|
350
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
Net interest income
after provision for loan losses
|
|
|
18,536
|
|
|
18,378
|
|
|
17,247
|
|
|
17,498
|
|
|
16,903
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges,
fees, commissions
|
|
|
2,161
|
|
|
2,490
|
|
|
1,999
|
|
|
1,822
|
|
|
1,883
|
|
Merchant services
income
|
|
|
182
|
|
|
457
|
|
|
198
|
|
|
122
|
|
|
128
|
|
Commissions and fees
on fiduciary activities
|
|
|
569
|
|
|
492
|
|
|
507
|
|
|
484
|
|
|
570
|
|
Wealth management
income
|
|
|
395
|
|
|
370
|
|
|
377
|
|
|
399
|
|
|
305
|
|
Mortgage banking
income
|
|
|
172
|
|
|
137
|
|
|
148
|
|
|
155
|
|
|
163
|
|
Life insurance
investment income
|
|
|
189
|
|
|
192
|
|
|
186
|
|
|
189
|
|
|
190
|
|
Net gain on
investment securities
|
|
|
14
|
|
|
14
|
|
|
1
|
|
|
|
|
|
14
|
|
Total noninterest
income
|
|
|
3,682
|
|
|
4,152
|
|
|
3,416
|
|
|
3,171
|
|
|
3,253
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
|
|
8,056
|
|
|
8,037
|
|
|
7,595
|
|
|
7,116
|
|
|
6,946
|
|
Net occupancy and
equipment expense
|
|
|
2,997
|
|
|
2,849
|
|
|
2,961
|
|
|
2,682
|
|
|
2,681
|
|
Amortization of
intangible assets
|
|
|
183
|
|
|
182
|
|
|
192
|
|
|
211
|
|
|
220
|
|
Other
expenses
|
|
|
2,843
|
|
|
3,361
|
|
|
2,742
|
|
|
3,364
|
|
|
2,690
|
|
Total noninterest
expense
|
|
|
14,079
|
|
|
14,429
|
|
|
13,490
|
|
|
13,373
|
|
|
12,537
|
|
Income before income
taxes
|
|
|
8,139
|
|
|
8,101
|
|
|
7,173
|
|
|
7,296
|
|
|
7,619
|
|
Income tax
expense
|
|
|
991
|
|
|
957
|
|
|
761
|
|
|
904
|
|
|
902
|
|
Net income
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
|
$
|
161
|
|
$
|
2,611
|
|
$
|
2,439
|
|
$
|
2,380
|
|
$
|
(1,179)
|
|
Reclassification
adjustment for gains included in net income
|
|
|
|
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
Change in pension
liability
|
|
|
|
|
|
|
|
|
|
|
|
(591)
|
|
|
|
|
Change in derivative
fair value
|
|
|
153
|
|
|
443
|
|
|
63
|
|
|
246
|
|
|
|
|
Income tax related to
other comprehensive income (loss)
|
|
|
66
|
|
|
637
|
|
|
525
|
|
|
429
|
|
|
(248)
|
|
Other comprehensive
income (loss), net of income taxes
|
|
|
248
|
|
|
2,394
|
|
|
1,977
|
|
|
1,606
|
|
|
(931)
|
|
Comprehensive
income
|
|
$
|
7,396
|
|
$
|
9,538
|
|
$
|
8,389
|
|
$
|
7,998
|
|
$
|
5,786
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.97
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
Cash dividends
declared
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.33
|
|
$
|
0.33
|
|
Average common shares
outstanding
|
|
|
7,394,992
|
|
|
7,399,302
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Peoples Financial
Services Corp.
Details of Net
Interest and Net Interest Margin
(In thousands,
fully taxable equivalent basis)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Net interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
20,940
|
|
$
|
20,641
|
|
$
|
20,103
|
|
$
|
19,806
|
|
$
|
18,798
|
|
Tax-exempt
|
|
|
1,348
|
|
|
1,404
|
|
|
1,391
|
|
|
1,274
|
|
|
1,162
|
|
Total loans,
net
|
|
|
22,288
|
|
|
22,045
|
|
|
21,494
|
|
|
21,080
|
|
|
19,960
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
1,111
|
|
|
1,045
|
|
|
1,031
|
|
|
1,047
|
|
|
1,062
|
|
Tax-exempt
|
|
|
520
|
|
|
659
|
|
|
711
|
|
|
785
|
|
|
811
|
|
Total
investments
|
|
|
1,631
|
|
|
1,704
|
|
|
1,742
|
|
|
1,832
|
|
|
1,873
|
|
Interest on
interest-bearing balances in other banks
|
|
|
27
|
|
|
17
|
|
|
6
|
|
|
3
|
|
|
1
|
|
Federal funds
sold
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
|
24,023
|
|
|
23,766
|
|
|
23,242
|
|
|
22,915
|
|
|
21,834
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,966
|
|
|
3,713
|
|
|
3,411
|
|
|
3,211
|
|
|
2,342
|
|
Short-term
borrowings
|
|
|
83
|
|
|
595
|
|
|
813
|
|
|
421
|
|
|
809
|
|
Long-term
debt
|
|
|
347
|
|
|
296
|
|
|
280
|
|
|
302
|
|
|
315
|
|
Total interest
expense
|
|
|
4,396
|
|
|
4,604
|
|
|
4,504
|
|
|
3,934
|
|
|
3,466
|
|
Net interest
income
|
|
$
|
19,627
|
|
$
|
19,162
|
|
$
|
18,738
|
|
$
|
18,981
|
|
$
|
18,368
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
4.80
|
%
|
|
4.85
|
%
|
|
4.79
|
%
|
|
4.73
|
%
|
|
4.57
|
%
|
Tax-exempt
|
|
|
3.94
|
%
|
|
3.96
|
%
|
|
3.91
|
%
|
|
3.80
|
%
|
|
3.74
|
%
|
Total loans,
net
|
|
|
4.74
|
%
|
|
4.78
|
%
|
|
4.72
|
%
|
|
4.66
|
%
|
|
4.51
|
%
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
2.20
|
%
|
|
2.21
|
%
|
|
2.25
|
%
|
|
2.25
|
%
|
|
2.28
|
%
|
Tax-exempt
|
|
|
2.93
|
%
|
|
3.20
|
%
|
|
3.17
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
Total
investments
|
|
|
2.39
|
%
|
|
2.51
|
%
|
|
2.55
|
%
|
|
2.60
|
%
|
|
2.62
|
%
|
Interest-bearing
balances with banks
|
|
|
2.14
|
%
|
|
2.67
|
%
|
|
2.37
|
%
|
|
2.28
|
%
|
|
1.05
|
%
|
Federal funds
sold
|
|
|
2.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
assets
|
|
|
4.42
|
%
|
|
4.49
|
%
|
|
4.44
|
%
|
|
4.38
|
%
|
|
4.25
|
%
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1.03
|
%
|
|
1.03
|
%
|
|
0.96
|
%
|
|
0.87
|
%
|
|
0.69
|
%
|
Short-term
borrowings
|
|
|
2.62
|
%
|
|
2.69
|
%
|
|
2.70
|
%
|
|
2.56
|
%
|
|
2.23
|
%
|
Long-term
debt
|
|
|
2.61
|
%
|
|
2.83
|
%
|
|
3.02
|
%
|
|
2.63
|
%
|
|
2.57
|
%
|
Total interest-bearing
liabilities
|
|
|
1.10
|
%
|
|
1.17
|
%
|
|
1.14
|
%
|
|
0.99
|
%
|
|
0.89
|
%
|
Net interest
spread
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
3.30
|
%
|
|
3.39
|
%
|
|
3.36
|
%
|
Net interest
margin
|
|
|
3.61
|
%
|
|
3.62
|
%
|
|
3.58
|
%
|
|
3.63
|
%
|
|
3.57
|
%
|
Peoples Financial
Services Corp.
Consolidated
Balance Sheets
(In
thousands)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
At period end
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
35,908
|
|
$
|
26,615
|
|
$
|
24,364
|
|
$
|
32,569
|
|
$
|
40,458
|
|
Interest-bearing
balances in other banks
|
|
|
5,275
|
|
|
3,347
|
|
|
1,688
|
|
|
47
|
|
|
137
|
|
Federal funds
sold
|
|
|
10,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
268,823
|
|
|
261,665
|
|
|
270,384
|
|
|
269,682
|
|
|
274,794
|
|
Equity investments
carried at fair value
|
|
|
297
|
|
|
283
|
|
|
292
|
|
|
291
|
|
|
291
|
|
Held-to-maturity
|
|
|
7,808
|
|
|
7,969
|
|
|
8,162
|
|
|
8,361
|
|
|
8,551
|
|
Loans held for
sale
|
|
|
1,390
|
|
|
831
|
|
|
|
|
|
749
|
|
|
98
|
|
Loans, net
|
|
|
1,881,090
|
|
|
1,858,799
|
|
|
1,849,602
|
|
|
1,823,266
|
|
|
1,779,445
|
|
Less: allowance for
loan losses
|
|
|
22,392
|
|
|
21,930
|
|
|
22,105
|
|
|
21,379
|
|
|
20,413
|
|
Net loans
|
|
|
1,858,698
|
|
|
1,836,869
|
|
|
1,827,497
|
|
|
1,801,887
|
|
|
1,759,032
|
|
Premises and
equipment, net
|
|
|
47,437
|
|
|
46,468
|
|
|
44,728
|
|
|
38,889
|
|
|
37,467
|
|
Accrued interest
receivable
|
|
|
6,655
|
|
|
7,303
|
|
|
7,211
|
|
|
7,115
|
|
|
6,565
|
|
Goodwill
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
Other intangible
assets, net
|
|
|
1,738
|
|
|
1,921
|
|
|
2,104
|
|
|
2,296
|
|
|
2,507
|
|
Other
assets
|
|
|
65,200
|
|
|
67,625
|
|
|
68,144
|
|
|
63,737
|
|
|
64,573
|
|
Total
assets
|
|
$
|
2,372,699
|
|
$
|
2,324,266
|
|
$
|
2,317,944
|
|
$
|
2,288,993
|
|
$
|
2,257,843
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
$
|
440,582
|
|
$
|
419,995
|
|
$
|
432,830
|
|
$
|
410,260
|
|
$
|
404,293
|
|
Interest-bearing
|
|
|
1,560,703
|
|
|
1,456,804
|
|
|
1,435,400
|
|
|
1,464,762
|
|
|
1,423,571
|
|
Total
deposits
|
|
|
2,001,285
|
|
|
1,876,799
|
|
|
1,868,230
|
|
|
1,875,022
|
|
|
1,827,864
|
|
Short-term
borrowings
|
|
|
|
|
|
82,700
|
|
|
109,000
|
|
|
86,500
|
|
|
99,450
|
|
Long-term
debt
|
|
|
52,509
|
|
|
52,980
|
|
|
37,446
|
|
|
37,906
|
|
|
48,461
|
|
Accrued interest
payable
|
|
|
1,461
|
|
|
1,058
|
|
|
878
|
|
|
1,195
|
|
|
745
|
|
Other
liabilities
|
|
|
21,277
|
|
|
19,146
|
|
|
17,821
|
|
|
9,756
|
|
|
8,352
|
|
Total
liabilities
|
|
|
2,076,532
|
|
|
2,032,683
|
|
|
2,033,375
|
|
|
2,010,379
|
|
|
1,984,872
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
14,778
|
|
|
14,798
|
|
|
14,798
|
|
|
14,798
|
|
|
14,798
|
|
Capital
surplus
|
|
|
135,106
|
|
|
135,384
|
|
|
135,393
|
|
|
135,310
|
|
|
135,226
|
|
Retained
earnings
|
|
|
149,740
|
|
|
145,106
|
|
|
140,478
|
|
|
136,582
|
|
|
132,631
|
|
Accumulated other
comprehensive loss
|
|
|
(3,457)
|
|
|
(3,705)
|
|
|
(6,100)
|
|
|
(8,076)
|
|
|
(9,684)
|
|
Total stockholders'
equity
|
|
|
296,167
|
|
|
291,583
|
|
|
284,569
|
|
|
278,614
|
|
|
272,971
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,372,699
|
|
$
|
2,324,266
|
|
$
|
2,317,944
|
|
$
|
2,288,993
|
|
$
|
2,257,843
|
|
Peoples Financial
Services Corp.
Consolidated
Balance Sheets
(In
thousands)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
Average quarterly balances
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
1,729,741
|
|
$
|
1,707,730
|
|
$
|
1,701,737
|
|
$
|
1,662,290
|
|
$
|
1,632,012
|
|
Tax-exempt
|
|
|
135,580
|
|
|
142,310
|
|
|
144,119
|
|
|
133,100
|
|
|
123,199
|
|
Total loans,
net
|
|
|
1,865,321
|
|
|
1,850,040
|
|
|
1,845,856
|
|
|
1,795,390
|
|
|
1,755,211
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
200,444
|
|
|
189,265
|
|
|
185,696
|
|
|
184,345
|
|
|
184,623
|
|
Tax-exempt
|
|
|
70,381
|
|
|
82,565
|
|
|
90,961
|
|
|
95,698
|
|
|
99,142
|
|
Total
investments
|
|
|
270,825
|
|
|
271,830
|
|
|
276,657
|
|
|
280,043
|
|
|
283,765
|
|
Interest-bearing
balances with banks
|
|
|
5,006
|
|
|
2,554
|
|
|
1,028
|
|
|
523
|
|
|
377
|
|
Federal funds
sold
|
|
|
14,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
assets
|
|
|
2,155,419
|
|
|
2,124,424
|
|
|
2,123,541
|
|
|
2,075,956
|
|
|
2,039,353
|
|
Other
assets
|
|
|
193,041
|
|
|
190,583
|
|
|
187,537
|
|
|
186,491
|
|
|
198,229
|
|
Total
assets
|
|
$
|
2,348,460
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
|
|
$
|
1,521,047
|
|
$
|
1,449,665
|
|
$
|
1,445,861
|
|
$
|
1,459,155
|
|
$
|
1,351,709
|
|
Noninterest-bearing
|
|
|
445,238
|
|
|
426,791
|
|
|
406,733
|
|
|
403,488
|
|
|
405,671
|
|
Total
deposits
|
|
|
1,966,285
|
|
|
1,876,456
|
|
|
1,852,594
|
|
|
1,862,643
|
|
|
1,757,380
|
|
Short-term
borrowings
|
|
|
12,563
|
|
|
88,792
|
|
|
121,954
|
|
|
65,192
|
|
|
144,162
|
|
Long-term
debt
|
|
|
52,731
|
|
|
41,948
|
|
|
37,663
|
|
|
45,503
|
|
|
48,670
|
|
Other
liabilities
|
|
|
22,900
|
|
|
20,773
|
|
|
17,977
|
|
|
13,794
|
|
|
15,609
|
|
Total
liabilities
|
|
|
2,054,479
|
|
|
2,027,969
|
|
|
2,030,188
|
|
|
1,987,132
|
|
|
1,965,821
|
|
Stockholders'
equity
|
|
|
293,981
|
|
|
287,038
|
|
|
280,890
|
|
|
275,315
|
|
|
271,761
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,348,460
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
Peoples Financial
Services Corp.
Asset Quality
Data
(In
thousands)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
At quarter end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual/restructured loans
|
|
$
|
10,657
|
|
$
|
11,926
|
|
$
|
12,803
|
|
$
|
8,669
|
|
$
|
10,576
|
|
Accruing loans past
due 90 days or more
|
|
|
387
|
|
|
341
|
|
|
829
|
|
|
923
|
|
|
584
|
|
Foreclosed
assets
|
|
|
485
|
|
|
408
|
|
|
360
|
|
|
376
|
|
|
342
|
|
Total nonperforming
assets
|
|
$
|
11,529
|
|
$
|
12,675
|
|
$
|
13,992
|
|
$
|
9,968
|
|
$
|
11,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
21,930
|
|
$
|
22,105
|
|
$
|
21,379
|
|
$
|
20,413
|
|
$
|
19,573
|
|
Charge-offs
|
|
|
308
|
|
|
576
|
|
|
374
|
|
|
202
|
|
|
328
|
|
Recoveries
|
|
|
70
|
|
|
51
|
|
|
50
|
|
|
118
|
|
|
118
|
|
Provision for loan
losses
|
|
|
700
|
|
|
350
|
|
|
1,050
|
|
|
1,050
|
|
|
1,050
|
|
Ending
balance
|
|
$
|
22,392
|
|
$
|
21,930
|
|
$
|
22,105
|
|
$
|
21,379
|
|
$
|
20,413
|
|
Peoples Financial
Services Corp.
Reconciliation of
Non-GAAP Financial Measures
(In thousands,
except share and per share data)
|
|
|
|
Sept 30
|
|
June 30
|
|
Mar 31
|
|
Dec 31
|
|
Sept 30
|
|
Three months ended
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
Core net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
Net income
Core
|
|
$
|
7,137
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
Average common shares
outstanding
|
|
|
7,394,992
|
|
|
7,399,302
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Core net income per
share
|
|
$
|
0.97
|
|
$
|
0.96
|
|
$
|
0.87
|
|
$
|
0.86
|
|
$
|
0.91
|
|
Tangible book
value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
$
|
296,167
|
|
$
|
291,583
|
|
$
|
284,569
|
|
$
|
278,614
|
|
$
|
272,971
|
|
Less:
Goodwill
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
|
63,370
|
|
Less: Other
intangible assets, net
|
|
|
1,738
|
|
|
1,921
|
|
|
2,104
|
|
|
2,296
|
|
|
2,507
|
|
Total tangible
stockholders' equity
|
|
$
|
231,059
|
|
$
|
226,292
|
|
$
|
219,095
|
|
$
|
212,948
|
|
$
|
207,094
|
|
Common shares
outstanding
|
|
|
7,388,759
|
|
|
7,399,078
|
|
|
7,399,054
|
|
|
7,399,054
|
|
|
7,399,054
|
|
Tangible book value
per share
|
|
$
|
31.27
|
|
$
|
30.58
|
|
$
|
29.61
|
|
$
|
28.78
|
|
$
|
27.99
|
|
Core return on
average stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
Net income
Core
|
|
$
|
7,137
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
Average stockholders'
equity
|
|
$
|
293,981
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
Core return on
average stockholders' equity
|
|
|
9.63
|
%
|
|
9.97
|
%
|
|
9.26
|
%
|
|
9.21
|
%
|
|
9.79
|
%
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Average stockholders'
equity
|
|
$
|
293,981
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
Less: average
intangibles
|
|
|
65,200
|
|
|
65,406
|
|
|
65,570
|
|
|
65,772
|
|
|
65,987
|
|
Average tangible
stockholders' equity
|
|
$
|
228,781
|
|
$
|
221,632
|
|
$
|
215,320
|
|
$
|
209,543
|
|
$
|
205,774
|
|
Return on average
tangible stockholders' equity
|
|
|
12.40
|
%
|
|
12.93
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.95
|
%
|
Core return on
average tangible stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
Net income
Core
|
|
$
|
7,137
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
Average stockholders'
equity
|
|
$
|
293,981
|
|
$
|
287,038
|
|
$
|
280,890
|
|
$
|
275,315
|
|
$
|
271,761
|
|
Less: average
intangibles
|
|
|
65,200
|
|
|
65,406
|
|
|
65,570
|
|
|
65,772
|
|
|
65,987
|
|
Average tangible
stockholders' equity
|
|
$
|
228,781
|
|
$
|
221,632
|
|
$
|
215,320
|
|
$
|
209,543
|
|
$
|
205,774
|
|
Core return on
average tangible stockholders' equity
|
|
|
12.38
|
%
|
|
12.91
|
%
|
|
12.08
|
%
|
|
12.10
|
%
|
|
12.93
|
%
|
Core return on
average assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
7,148
|
|
$
|
7,144
|
|
$
|
6,412
|
|
$
|
6,392
|
|
$
|
6,717
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (gain) loss on
investment securities
|
|
|
(14)
|
|
|
(14)
|
|
|
(1)
|
|
|
|
|
|
(14)
|
|
Add: (gain) loss on
investment securities tax adjustment
|
|
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
Net income
Core
|
|
$
|
7,137
|
|
$
|
7,133
|
|
$
|
6,411
|
|
$
|
6,392
|
|
$
|
6,706
|
|
Average
assets
|
|
$
|
2,348,460
|
|
$
|
2,315,007
|
|
$
|
2,311,078
|
|
$
|
2,262,447
|
|
$
|
2,237,582
|
|
Core return on
average assets
|
|
|
1.21
|
%
|
|
1.24
|
%
|
|
1.13
|
%
|
|
1.12
|
%
|
|
1.19
|
%
|
Peoples Financial
Services Corp.
Reconciliation of
Non-GAAP Financial Measures
(In thousands,
except share and per share data)
|
|
|
|
Sept 30
|
|
Sept 30
|
|
Nine Months
Ended
|
|
2019
|
|
2018
|
|
Core net income per
share:
|
|
|
|
|
|
|
|
Net income
GAAP
|
|
$
|
20,704
|
|
$
|
18,528
|
|
Adjustments:
|
|
|
|
|
|
|
|
Less: Gain on sale of
business line
|
|
|
|
|
|
291
|
|
Less: Gain on
investment securities
|
|
|
(29)
|
|
|
14
|
|
Add: Gain on sale of
business line tax adjustment
|
|
|
|
|
|
61
|
|
Add: Gain on
investment securities tax adjustment
|
|
|
(6)
|
|
|
3
|
|
Net income
Core
|
|
$
|
20,681
|
|
$
|
18,287
|
|
Average common shares
outstanding
|
|
|
7,397,768
|
|
|
7,397,373
|
|
Core net income per
share
|
|
$
|
2.80
|
|
$
|
2.47
|
|
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SOURCE Peoples Financial Services Corp.