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.