Peoples Financial Services Corp. Reports Unaudited Consolidated Financial Results for the Three Months and Year Ended December 31, 2016; Reports Charge-Offs for the Quarter Ended December 31, 2016
January 01, 2017 at 12:57 am IST
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Peoples Financial Services Corp. reported unaudited consolidated financial results for the three months and year ended December 31, 2016. The company 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. Return on average stockholders equity was 7.29% against 6.12% a year ago. Core return on average stockholders equity was 7.29% against 5.90% a year ago. Return on average tangible stockholders equity was 9.88% against 8.43% a year ago. Core return on average tangible stockholders equity was 9.88% against 8.14% a year ago. Return on average assets was 0.94% against 0.85% a year ago. Core return on average assets was 0.94% against 0.82% a year ago. Core net income per share was $0.64 against $0.50 a year ago. Net income core was $4.728 million against $3.703 million a year ago.
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. Book value per share improved $1.14 to $34.71 at December 31, 2016 from $33.57 at December 31, 2015. Core net income per share was $2.59 against $2.26 a year ago. Net income core was $19.178 million against $16.950 million a year ago.
For the quarter, the company reported charge-offs of $1.358 million against $0.573 million a year ago.
Peoples Financial Services Corp. is a bank holding company, which provides a full range of financial services through its wholly owned subsidiary, Peoples Security Bank and Trust Company, collectively Peoples Bank. Peoples Bank is a state-chartered bank and trust company. It offers a variety of commercial and retail banking services to business, non-profits, governmental, municipal agencies, and professional customers, as well as retail customers, on a personalized basis. Its primary lending products are real estate, commercial and consumer loans. It also offers automated teller machine access, credit cards, active investment accounts, trust department services and other various lending, depository, and related financial services. Its primary deposit products are savings and demand deposit accounts and certificates of deposit. Its retail lending products include the various types of loans, including residential real estate; automobiles; manufactured housing; personal and home equity.
Peoples Financial Services Corp. Reports Unaudited Consolidated Financial Results for the Three Months and Year Ended December 31, 2016; Reports Charge-Offs for the Quarter Ended December 31, 2016