SCRANTON, Pa., Jan. 31, 2017 /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 and year ended December 31, 2016. Peoples reported net income of $4.7 million, or $0.64 per share for the fourth quarter of 2016, compared to $5.1 million, or $0.69 per share in the third quarter of 2016 and $3.8 million, or $0.52 per share in the fourth quarter of 2015.
Core net income, excluding net gains on sale of investment securities available-for-sale, net of tax for the three months ended December 31, 2016 was $4.7 million, a $1.0 million increase from $3.7 million for the same period in 2015. Core net income per share for the three months ended December 31, 2016 was $0.64, compared to $0.50 for the same period in 2015.
Net income for the year ended December 31, 2016, totaled $19.6 million or $2.65 per share compared to $17.7 million or $2.36 per share for 2015.
Core net income for the year ended December 31, 2016 was $19.2 million, an increase of 13.1% from $17.0 million for 2015. Core net income per share for the year ended December 31, 2016 was $2.59, an increase from $2.26 for 2015. The results for the year ended December 31, 2016 include net gains on sale of investment securities of $0.6 million compared to $1.2 million in 2015.
In addition to evaluating its results of operations in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Peoples routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as tangible stockholders' equity and core net income ratios. The reported results for 2016 and 2015 included herein contain items which Peoples considers non-core, namely net gains on sales of investment securities available-for-sale. 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 grew $192.1 million, or 14.3% in 2016. -- Deposits grew $132.9 million, or 9.1% in 2016. -- Book value per share improved $1.14 to $34.71 at December 31, 2016 from $33.57 at December 31, 2015. -- Tangible book value per share improved $1.28 to $25.57 at December 31, 2016 from $24.29 at December 31, 2015. -- Tax-equivalent net interest margin decreased to 3.67% in the fourth quarter of 2016 when compared to 3.79% for the fourth quarter of 2015. Tax-equivalent net interest margin decreased 9 basis points compared to 3.76% for the quarter ended September 30, 2016. -- Tax-equivalent net interest income remained the same at $16.6 million for the fourth quarter of 2016 compared to the third quarter of 2016, and increased $1.2 million when compared to $15.4 million for the fourth quarter of 2015. -- Opened a retail branch in King of Prussia, PA serving Bucks and Montgomery Counties. -- The allowance for loan losses to loans, net increased to 1.04% at December 31, 2016, from 1.03% at September 30, 2016, and 0.97% at December 31, 2015.
INCOME STATEMENT REVIEW
The tax-equivalent net interest margins for the three and twelve months ended December 31, were 3.67% and 3.77% in 2016, compared to 3.79% and 3.81% in 2015, respectively. Loan accretion included in loan interest income for the three and twelve months ended December 31, 2016 was $88 thousand and $649 thousand, resulting in an increase in the tax-equivalent net interest margin of 2 basis points and 4 basis points for the respective periods. Comparatively, loan accretion included in loan interest income for the three and twelve months ended December 31, 2015 was $190 thousand and $665 thousand, resulting in an increase in the tax-equivalent net interest margin of 5 basis points and 4 basis points for the respective periods.
Tax-equivalent net interest income for the twelve months ended December 31, increased $5.1 million to $65.2 million in 2016 from $60.1 million in 2015. The increase in tax equivalent net interest income was primarily due to a $152.3 million increase in average interest-bearing assets for the twelve months ended December 31, 2016 when compared to the same period in 2015. The tax-equivalent yield on the loan portfolio decreased to 4.43% for the twelve months ended December 31, 2016 compared to 4.59% for the comparable period in 2015. Loans, net averaged $1.5 billion in 2016 and $1.3 billion in 2015. For the twelve months ended December 31, the tax-equivalent yield on total investments increased to 2.89% in 2016 from 2.71% in 2015. Average investments totaled $271.3 million in 2016 and $311.2 million in 2015. Average interest-bearing liabilities increased $138.9 million for the twelve months ended December 31, 2016, compared to the corresponding period last year. The cost of funds increased to 0.55% in the twelve months ended December 31, 2016 from 0.51% for the same period of 2015. Tax-equivalent net interest income for the three months ended December 31, increased to $16.6 million in 2016 from $15.4 million in 2015.
The provision for loan losses totaled $5.0 million for the twelve months ended December 31, 2016, compared to $3.7 million for the same period last year. For the quarter ended December 31, the provision for loan losses was $1.4 million in 2016 and $1.3 million in 2015. The increase in the provision for loan losses in 2016 was primarily the result of increased loan growth as well as an increase in loan balances charged off during the fourth quarter of 2016.
For the twelve months ended December 31, 2016 and 2015, noninterest income totaled $15.9 million and $15.7 million. Net gains on sale of investment securities were $0.6 million in 2016 compared to $1.2 million in 2015. Increases in revenues from merchant services, income from fiduciary activities, wealth management services, income from mortgage banking activities and life insurance investment income offset decreases in service charges, fees and commissions. For the three months ended December 31, 2016 and 2015, noninterest income totaled $3.9 million and $3.8 million, respectively. No gain or loss from the sale of investment securities available-for-sale was recognized during the three months ended December 31, 2016; a gain from the sale of investment securities of $210 thousand was recognized during the corresponding period last year.
Noninterest expense increased $1.2 million or 2.7% to $48.0 million for the twelve months ended December 31, 2016, from $46.8 million for the twelve months ended December 31, 2015. The buildout of our expansion plan, wealth management platform as well as severance costs led to increases in salaries and employee benefit expense. For the fourth quarter, noninterest expense amounted to $12.3 million in 2016 and $12.5 million in 2015, a decrease of $0.2 million or 1.5%.
BALANCE SHEET REVIEW
At December 31, 2016, total assets, loans and deposits were $2.0 billion, $1.5 billion and $1.6 billion, respectively. Loans, net grew $192.1 million or 14.3% from December 31, 2015 to 2016. Deposits grew $132.9 million or 9.1% in 2016 when compared to year-end 2015. Noninterest-bearing deposits increased $32.7 million or 10.2% while interest-bearing deposits increased $100.2 million or 8.7% in 2016. Total investments were $269.9 million at December 31, 2016, including $259.4 million securities classified as available-for-sale and $10.5 million classified as held-to-maturity.
Stockholders' equity equaled $256.6 million or $34.71 per share at December 31, 2016, and $248.8 million or $33.57 per share at December 31, 2015. Tangible stockholders' equity improved to $25.57 per share at December 31, 2016, from $24.29 per share at December 31, 2015. Dividends declared for the twelve months ended December 31, 2016 amounted to $1.24 per share representing a dividend payout ratio of 46.8%.
ASSET QUALITY REVIEW
Nonperforming assets were $14.2 million or 0.93% of loans, net and foreclosed assets at December 31, 2016, compared to $12.5 million or 0.93% of loans, net and foreclosed assets at December 31, 2015. The allowance for loan losses equaled $16.0 million or 1.04% of loans, net at December 31, 2016 compared to $13.0 million or 0.97% of loans, net, at December 31, 2015. Loans charged-off, net of recoveries, for the twelve months ended December 31, 2016, equaled $2.0 million or 0.14% of average loans, compared to $1.1 million or 0.08% 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, Lehigh, Luzerne, Monroe, Montgomery, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 25 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.
/Contact: MEDIA/INVESTORS, Marie L. Luciani, Investor Relations Officer, 570.346.7741 or marie.luciani@psbt.com
Co: Peoples Financial Services Corp. St: Pennsylvania In: Fin
Safe Harbor Forward-Looking Statements:
We make statements in this press release, and we may from time to time make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting Peoples Financial Services Corp., Peoples Security Bank and Trust Company, and its subsidiaries (collectively, "Peoples") that are considered "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, Peoples claims the protection of the statutory safe harbors for forward-looking statements.
Peoples cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and political conditions, particularly in our market area; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; our ability to identify and address cyber-security risks and other economic, competitive, governmental, regulatory and technological factors affecting Peoples' operations, pricing, products and services and other factors that may be described in Peoples' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.
In addition to these risks, acquisitions and business combinations, present risks other than those presented by the nature of the business acquired. Acquisitions and business combinations may be substantially more expensive to complete than originally anticipated, and the anticipated benefits may be significantly harder-or take longer-to achieve than expected. As regulated financial institutions, our pursuit of attractive acquisition and business combination opportunities could be negatively impacted by regulatory delays or other regulatory issues. Regulatory and/or legal issues related to the pre-acquisition operations of an acquired or combined business may cause reputational harm to Peoples following the acquisition or combination, and integration of the acquired or combined business with ours may result in additional future costs arising as a result of those issues.
The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Peoples assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
[TABULAR MATERIAL FOLLOWS]
Summary Data Peoples Financial Services Corp. Five Quarter Trend (In thousands, except per share data) Dec 31 Sept 30 June 30 Mar 31 Dec 31 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Key performance data: Per share data: Net income $0.64 $0.69 $0.66 $0.66 $0.52 Core net income (1) $0.64 $0.69 $0.62 $0.64 $0.50 Cash dividends declared $0.31 $0.31 $0.31 $0.31 $0.31 Book value $34.71 $34.68 $34.40 $33.98 $33.57 Tangible book value (1) $25.57 $25.50 $25.18 $24.73 $24.29 Market value: High $50.54 $40.76 $40.55 $38.77 $41.96 Low $38.41 $37.93 $35.56 $33.22 $34.43 Closing $48.70 $40.76 $39.14 $37.20 $38.08 Market capitalization $360,095 $301,385 $289,407 $275,254 $282,196 Common shares outstanding 7,394,143 7,394,143 7,394,143 7,399,298 7,410,606 Selected ratios: Return on average stockholders' equity 7.29% 7.95% 7.72% 7.85% 6.12% Core return on average stockholders' 7.29% 7.95% 7.33% 7.62% 5.90% equity (1) Return on average tangible stockholders' 9.88% 10.82% 10.59% 10.87% 8.43% equity (1) Core return on average tangible 9.88% 10.82% 10.05% 10.52% 8.14% stockholders' equity (1) Return on average assets 0.94% 1.05% 1.03% 1.06% 0.85% Core return on average assets (1) 0.94% 1.05% 0.98% 1.03% 0.82% Stockholders' equity to total assets 12.83% 13.01% 13.30% 13.50% 13.68% Efficiency ratio (2) 58.59% 56.89% 59.33% 58.05% 64.16% Nonperforming assets to loans, net, and 0.93% 0.93% 0.90% 0.88% 0.93% foreclosed assets Net charge-offs to average loans, net 0.30% 0.08% 0.16% 0.01% 0.11% Allowance for loan losses to loans, net 1.04% 1.03% 1.01% 1.00% 0.97% Interest-bearing assets yield (FTE) (3) 4.10% 4.17% 4.23% 4.22% 4.17% Cost of funds 0.56% 0.54% 0.55% 0.54% 0.51% Net interest spread (FTE) (3) 3.54% 3.63% 3.68% 3.68% 3.66% Net interest margin (FTE) (3) 3.67% 3.76% 3.81% 3.81% 3.79% (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 prevailing federal statutory tax rate of 35%.
Peoples Financial Services Corp. Consolidated Statements of Income (In thousands, except per share data) Dec 31 Dec 31 Year Ended 2016 2015 ---- ---- Interest income: Interest and fees on loans: Taxable $59,902 $54,004 Tax-exempt 3,031 2,351 Interest and dividends on investment securities: Taxable 2,515 3,207 Tax-exempt 3,438 3,385 Dividends 48 35 Interest on interest-bearing deposits in other banks 50 49 Interest on federal funds sold 10 Total interest income 68,984 63,041 Interest expense: Interest on deposits 5,429 4,953 Interest on short-term borrowings 402 53 Interest on long-term debt 1,420 1,031 Total interest expense 7,251 6,037 Net interest income 61,733 57,004 Provision for loan losses 5,000 3,700 Net interest income after provision for loan losses 56,733 53,304 Noninterest income: Service charges, fees, commissions 6,116 6,245 Merchant services income 4,199 3,855 Commissions and fees on fiduciary activities 1,976 1,946 Wealth management income 1,298 845 Mortgage banking income 885 872 Life insurance investment income 791 767 Net gains on sale of investment securities available-for-sale 623 1,189 Total noninterest income 15,888 15,719 Noninterest expense: Salaries and employee benefits expense 22,434 21,533 Net occupancy and equipment expense 9,422 9,104 Merchant services expense 2,993 2,643 Amortization of intangible assets 1,186 1,195 Other expenses 11,995 12,304 Total noninterest expense 48,030 46,779 Income before income taxes 24,591 22,244 Provision for income tax expense 5,008 4,521 Net income $19,583 $17,723 Other comprehensive income (loss): Unrealized loss on investment securities available-for-sale $(3,417) $(510) Reclassification adjustment for gains included in net income (623) (1,189) Change in pension liability 917 (296) Income tax (benefit) expense related to other comprehensive income (1,093) (699) Other comprehensive loss, net of income taxes (2,030) (1,296) Comprehensive income $17,553 $16,427 Per share data: Net income $2.65 $2.36 Cash dividends declared $1.24 $1.24 Average common shares outstanding 7,396,716 7,516,451
Peoples Financial Services Corp. Consolidated Statements of Income (In thousands, except per share data) Dec 31 Sept 30 June 30 Mar 31 Dec 31 Three months ended 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Interest income: Interest and fees on loans: Taxable $15,502 $15,294 $14,760 $14,346 $13,932 Tax-exempt 730 770 780 751 637 Interest and dividends on investment securities available-for-sale: Taxable 636 575 617 687 699 Tax-exempt 827 861 875 875 887 Dividends 17 10 11 10 11 Interest on interest-bearing deposits in other banks 3 15 15 17 10 Interest on federal funds sold 1 Total interest income 17,715 17,525 17,058 16,686 16,177 Interest expense: Interest on deposits 1,468 1,356 1,322 1,283 1,264 Interest on short-term borrowings 120 116 89 77 30 Interest on long-term debt 353 353 354 360 275 Total interest expense 1,941 1,825 1,765 1,720 1,569 Net interest income 15,774 15,700 15,293 14,966 14,608 Provision for loan losses 1,400 1,200 1,200 1,200 1,300 Net interest income after provision for loan losses 14,374 14,500 14,093 13,766 13,308 Noninterest income: Service charges, fees, commissions 1,603 1,542 1,527 1,444 1,560 Merchant services income 990 1,257 1,038 914 919 Commissions and fees on fiduciary activities 481 539 474 482 459 Wealth management income 319 271 296 412 218 Mortgage banking income 269 217 195 204 205 Life insurance investment income 197 199 202 193 198 Net gains on sale of investment securities available-for-sale 381 242 210 Total noninterest income 3,859 4,025 4,113 3,891 3,769 Noninterest expense: Salaries and employee benefits expense 5,732 5,466 5,904 5,332 5,290 Net occupancy and equipment expense 2,424 2,316 2,245 2,437 2,241 Merchant services expense 723 890 748 632 637 Amortization of intangible assets 287 297 297 305 286 Other expenses 3,116 3,048 2,919 2,912 4,014 Total noninterest expense 12,282 12,017 12,113 11,618 12,468 Income before income taxes 5,951 6,508 6,093 6,039 4,609 Income tax expense 1,223 1,390 1,238 1,157 770 Net income $4,728 $5,118 $4,855 $4,882 $3,839 Other comprehensive (loss) income : Unrealized (losses) gains on investment securities available-for-sale $(4,420) $(1,120) $1,128 $995 $(644) Reclassification adjustment for gains included in net income (381) (242) (210) Change in pension liability 917 (296) Income tax (benefit) expense related to other comprehensive (loss) income (1,226) (392) 262 264 (404) Other comprehensive (loss) income, net of income taxes (2,277) (728) 485 489 (746) Comprehensive income $2,451 $4,390 $5,340 $5,371 $3,093 Per share data: Net income $0.64 $0.69 $0.66 $0.66 $0.52 Cash dividends declared $0.31 $0.31 $0.31 $0.31 $0.31 Average common shares outstanding 7,394,143 7,394,143 7,395,127 7,403,510 7,435,440
Peoples Financial Services Corp. Details of Net Interest and Net Interest Margin (In thousands, fully taxable equivalent basis) Dec 31 Sept 30 June 30 Mar 31 Dec 31 Three months ended 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Net interest income: Interest income Loans, net: Taxable $15,502 $15,294 $14,760 $14,346 $13,932 Tax-exempt 1,123 1,184 1,200 1,155 979 Total loans, net 16,625 16,478 15,960 15,501 14,911 Investments: Taxable 653 585 628 697 710 Tax-exempt 1,272 1,325 1,346 1,346 1,366 Total investments 1,925 1,910 1,974 2,043 2,076 Interest on interest-bearing balances in other banks 3 15 15 17 10 Federal funds sold 1 Total interest income 18,553 18,403 17,949 17,561 16,998 Interest expense: Deposits 1,468 1,356 1,322 1,283 1,264 Short-term borrowings 120 116 89 77 30 Long-term debt 353 353 354 360 275 Total interest expense 1,941 1,825 1,765 1,720 1,569 Net interest income $16,612 $16,578 $16,184 $15,841 $15,429 Loans, net: Taxable 4.33% 4.39% 4.47% 4.52% 4.51% Tax-exempt 4.25% 4.36% 4.40% 4.45% 4.67% Total loans, net 4.33% 4.39% 4.47% 4.52% 4.52% Investments: Taxable 1.72% 1.74% 1.79% 1.76% 1.60% Tax-exempt 4.22% 4.28% 4.28% 4.24% 4.34% Total investments 2.83% 2.94% 2.95% 2.86% 2.74% Interest-bearing balances with banks 3.58% 1.93% 2.16% 1.46% 0.83% Federal funds sold % 0.54 Total interest-bearing assets 4.10% 4.17% 4.23% 4.22% 4.17% Interest expense: Deposits 0.47% 0.45% 0.45% 0.45% 0.44% Short-term borrowings 0.63% 0.58% 0.57% 0.58% 0.42% Long-term debt 2.40% 2.38% 2.39% 2.41% 2.83% Total interest-bearing liabilities 0.56% 0.54% 0.55% 0.54% 0.51% Net interest spread 3.54% 3.63% 3.68% 3.68% 3.66% Net interest margin 3.67% 3.76% 3.81% 3.81% 3.79%
Peoples Financial Services Corp. Consolidated Balance Sheets (In thousands, except per share data) Dec 31 Sept 30 June 30 Mar 31 Dec 31 At period end 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Assets: Cash and due from banks $39,496 $31,620 $29,805 $23,699 $28,218 Interest-bearing balances in other banks 445 294 272 299 4,699 Federal funds sold Investment securities: Available-for-sale 259,410 249,913 251,382 264,175 284,935 Held-to-maturity 10,517 10,864 11,262 11,681 12,109 Total investments 269,927 260,777 262,644 275,856 297,044 Loans held for sale 360 78 Loans, net 1,532,965 1,522,391 1,464,808 1,409,691 1,340,865 Less: allowance for loan losses 15,961 15,712 14,799 14,158 12,975 Net loans 1,517,004 1,506,679 1,450,009 1,395,533 1,327,890 Premises and equipment, net 33,260 33,049 29,510 29,386 28,157 Accrued interest receivable 6,228 5,309 5,952 5,455 5,796 Goodwill 63,370 63,370 63,370 63,370 63,370 Other intangible assets, net 4,211 4,498 4,795 5,091 5,397 Other assets 65,712 65,283 65,253 63,603 58,487 Total assets $1,999,653 $1,971,239 $1,911,610 $1,862,370 $1,819,058 Liabilities: Deposits: Noninterest-bearing $353,686 $342,782 $323,785 $323,456 $320,978 Interest-bearing 1,235,071 1,223,028 1,173,078 1,152,003 1,134,832 Total deposits 1,588,757 1,565,810 1,496,863 1,475,459 1,455,810 Short-term borrowings 82,700 75,300 86,300 60,350 38,325 Long-term debt 58,134 58,685 59,232 59,773 60,354 Accrued interest payable 462 434 453 506 560 Other liabilities 12,982 14,570 14,437 14,837 15,241 Total liabilities 1,743,035 1,714,799 1,657,285 1,610,925 1,570,290 Stockholders' equity: Common stock 14,788 14,788 14,788 14,799 14,821 Capital surplus 134,871 134,853 134,835 134,994 135,371 Retained earnings 111,114 108,677 105,852 103,288 100,701 Accumulated other comprehensive loss (4,155) (1,878) (1,150) (1,636) (2,125) Total stockholders' equity 256,618 256,440 254,325 251,445 248,768 Total liabilities and stockholders' equity $1,999,653 $1,971,239 $1,911,610 $1,862,370 $1,819,058
Peoples Financial Services Corp. Consolidated Balance Sheets (In thousands except per share data) Dec 31 Sept 30 June 30 Mar 31 Dec 31 Average quarterly balances 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Assets: Loans, net: Taxable $1,422,725 $1,385,800 $1,327,003 $1,276,491 $1,226,295 Tax-exempt 105,119 108,105 109,770 104,326 83,176 Total loans, net 1,527,844 1,493,905 1,436,773 1,380,817 1,309,471 Investments: Taxable 150,697 136,645 144,223 159,584 175,620 Tax-exempt 119,805 123,177 126,620 127,623 124,694 Total investments 270,502 259,822 270,843 287,207 300,314 Interest-bearing balances with banks 333 412 372 4,686 4,791 Federal funds sold 735 Total interest-bearing assets 1,798,679 1,754,139 1,707,988 1,672,710 1,615,311 Other assets 192,266 188,256 184,714 178,933 171,839 Total assets $1,990,945 $1,942,395 $1,892,702 $1,851,643 $1,787,150 Liabilities and stockholders' equity: Deposits: Interest-bearing $1,241,586 $1,195,645 $1,174,686 $1,159,159 $1,147,296 Noninterest-bearing 341,795 337,337 327,937 313,908 309,665 Total deposits 1,583,381 1,532,982 1,502,623 1,473,067 1,456,961 Short-term borrowings 75,518 78,974 62,659 53,436 28,016 Long-term debt 58,404 58,960 59,504 60,064 38,494 Other liabilities 15,616 15,349 15,131 15,755 14,722 Total liabilities 1,732,919 1,686,265 1,639,917 1,602,322 1,538,193 Stockholders' equity 258,026 256,130 252,785 249,321 248,957 Total liabilities and stockholders' equity $1,990,945 $1,942,395 $1,892,702 $1,851,643 $1,787,150
Peoples Financial Services Corp. Asset Quality Data (In thousands) Dec 31 Sept 30 June 30 Mar 31 Dec 31 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- At quarter end Nonperforming assets: Nonaccrual/restructured loans $12,974 $12,409 $9,778 $10,020 $10,744 Accruing loans past due 90 days or more 844 1,109 2,071 977 763 Foreclosed assets 393 703 1,353 1,409 957 Total nonperforming assets $14,211 $14,221 $13,202 $12,406 $12,464 Three months ended Allowance for loan losses: Beginning balance $15,712 $14,799 $14,158 $12,975 $12,043 Charge-offs 1,358 355 632 123 573 Recoveries 207 68 73 106 205 Provision for loan losses 1,400 1,200 1,200 1,200 1,300 Ending balance $15,961 $15,712 $14,799 $14,158 $12,975
Peoples Financial Services Corp. Reconciliation of Non-GAAP Financial Measures (In thousands, except per share data) Dec 31 Sept 30 June 30 Mar 31 Dec 31 Three months ended 2016 2016 2016 2016 2015 ---- ---- ---- ---- ---- Core net income per share: Net income GAAP $4,728 $5,118 $4,855 $4,882 $3,839 Adjustments: Less: Gains on sale of investment securities 381 242 210 Add: Gains on sale of investment securities tax adjustment 133 85 74 Net income Core $4,728 $5,118 $4,607 $4,725 $3,703 Average common shares outstanding 7,394,143 7,394,143 7,395,127 7,403,510 7,435,440 Core net income per share $0.64 $0.69 $0.62 $0.64 $0.50 Tangible book value: Total stockholders' equity $256,618 $256,440 $254,325 $251,445 $248,768 Less: Goodwill 63,370 63,370 63,370 63,370 63,370 Less: Other intangible assets, net 4,211 4,498 4,795 5,091 5,397 Total tangible stockholders' equity $189,037 $188,572 $186,160 $182,984 $180,001 Common shares outstanding 7,394,143 7,394,143 7,394,143 7,399,298 7,410,606 Tangible book value per share $25.57 $25.50 $25.18 $24.73 $24.29 Core return on average stockholders' equity: Net income GAAP $4,728 $5,118 $4,855 $4,882 $3,839 Adjustments: Less: Gains on sale of investment securities 381 242 210 Add: Gains on sale of investment securities tax adjustment 133 85 74 Net income Core $4,728 $5,118 $4,607 $4,725 $3,703 Average stockholders' equity $258,026 $256,130 $252,785 $249,321 $248,957 Core return on average stockholders' equity 7.29% 7.95% 7.33% 7.62% 5.90% Return on average tangible equity: Net income GAAP $4,728 $5,118 $4,855 $4,882 $3,839 Average stockholders' equity $258,026 $256,130 $252,785 $249,321 $248,957 Less: average intangibles 67,725 68,017 68,313 68,614 68,372 Average tangible stockholders' equity $190,301 $188,113 $184,472 $180,707 $180,585 Return on average tangible stockholders' equity 9.88% 10.82% 10.59% 10.87% 8.43% Core return on average tangible stockholders' equity: Net income GAAP $4,728 $5,118 $4,855 $4,882 $3,839 Adjustments: Less: Gains on sale of investment securities 381 242 210 Add: Gains on sale of investment securities tax adjustment 133 85 74 Net income Core $4,728 $5,118 $4,607 $4,725 $3,703 Average stockholders' equity $258,026 $256,130 $252,785 $249,321 $248,957 Less: average intangibles 67,725 68,017 68,313 68,614 68,372 Average tangible stockholders' equity $190,301 $188,113 $184,472 $180,707 $180,585 Core return on average tangible stockholders' equity 9.88% 10.82% 10.05% 10.52% 8.14% Core return on average assets: Net income GAAP $4,728 $5,118 $4,855 $4,882 $3,839 Adjustments: Less: Gains on sale of investment securities 381 242 210 Add: Gains on sale of investment securities tax adjustment 133 85 74 Net income Core $4,728 $5,118 $4,607 $4,725 $3,703 Average assets $1,990,945 $1,942,395 $1,892,702 $1,851,643 $1,787,150 Core return on average assets 0.94% 1.05% 0.98% 1.03% 0.82%
Peoples Financial Services Corp. Reconciliation of Non-GAAP Financial Measures (In thousands, except per share data) Dec 31 Dec 31 Year Ended 2016 2015 ---- ---- Core net income per share: Net income GAAP $19,583 $17,723 Adjustments: Less: Gains on sale of investment securities 623 1,189 Add: Gains on sale of investment securities tax adjustment 218 416 Net income Core $19,178 $16,950 Average common shares outstanding 7,396,716 7,516,451 Core net income per share $2.59 $2.26
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SOURCE Peoples Financial Services Corp.