PEOPLES FINANCIAL SERVICES CORP. SCRANTON, Pa., April 24, 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 ended March 31, 2017. Peoples reported net income of $4.8 million, or $0.65 per share for the first quarter of 2017, compared to $4.9 million, or $0.66 per share for the comparable period of 2016.
Our results for the three months ended March 31, 2017 did not include any items we consider to be non-core, however our results for the corresponding period in 2016 do include non-core items. Core net income, which we have defined to exclude net gains on the sale of investment securities available-for-sale, net of tax, for the three months ended March 31, 2017 was $4.8 million, a $75 thousand increase from $4.7 million for the same period in 2016. Core net income per share for the three months ended March 31, 2017 was $0.65, compared to $0.64 for the same period in 2016.
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 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 $26.9 million, or 7.1% annualized in the first quarter
of 2017.
-- Deposits grew $26.8 million or 6.8% annualized in the first quarter of
2017.
-- Book value per share improved to $35.07 at March 31, 2017 from $34.71 at
December 31, 2016, and $33.98 at March 31, 2016.
-- Tangible book value per share improved to $25.97 at March 31, 2017 from
$25.57 at December 31, 2016, and $24.73 at March 31, 2016.
-- Tax-equivalent net interest margin increased 6 basis points in the first
quarter of 2017 to 3.73%, compared to 3.67% for the quarter ended
December 31, 2016, and decreased 8 basis points compared to 3.81% for
the quarter ended March 31, 2016.
-- Tax-equivalent net interest income increased to $16.7 million for the
first quarter of 2017 compared to $16.6 million for the fourth quarter
of 2016, and $15.8 million for the first quarter of 2016.
-- Opened a regional business center on Emrick Boulevard, Bethlehem, PA
serving the Lehigh Valley.
-- The allowance for loan losses to loans, net increased to 1.09% at March
31, 2017, from 1.04% at December 31, 2016, and 1.00% at March 31, 2016.
INCOME STATEMENT REVIEW
The tax-equivalent net interest margin for the three months ended March 31, was 3.73% in 2017, compared to 3.81% in 2016. Loan accretion included in loan interest income for the three months ended March 31, 2017 was $187 thousand, resulting in an increase in the tax-equivalent net interest margin of 4 basis points. Comparatively, loan accretion included in loan interest income for the three months ended March 31, 2016 was $215 thousand, resulting in an increase in the tax-equivalent net interest margin of 5 basis points.
Tax-equivalent net interest income for the quarter ended March 31, increased $0.9 million to $16.7 million in 2017 from $15.8 million in 2016. The increase in tax equivalent net interest income was primarily due to a $137.3 million increase in average interest-bearing assets for the three months ended March 31, 2017 when compared to the same period in 2016. The tax-equivalent yield on the loan portfolio decreased to 4.40% for the three months ended March 31, 2017 compared to 4.52% for the comparable period in 2016. Loans, net averaged $1.5 billion for the quarter ended March 31, 2017 and $1.4 billion for the comparable period in 2016. For the three months ended March 31, the tax-equivalent yield on total investments increased to 2.89% in 2017 from 2.86% in 2016. Average investments totaled $274.9 million in the first quarter of 2017 and $287.2 million in the first quarter of 2016. Average interest-bearing liabilities increased $111.0 million for the three months ended March 31, 2017, compared to the corresponding period last year. The cost of funds increased to 0.57% in the three months ended March 31, 2017 from 0.54% for the same period of 2016.
For the quarter ended March 31, the provision for loan losses was $1.2 million in both 2017 and 2016.
For the three months ended March 31, 2017 and 2016, noninterest income totaled $3.8 million and $3.9 million, respectively. No gain or loss from the sale of investment securities available-for-sale was recognized during the three months ended March 31, 2017 while a gain from the sale of investment securities of $242 thousand was recognized during the corresponding period last year.
For the first quarter of 2017, noninterest expense increased to $12.4 million from $11.6 million for the same period in 2016, an increase of $0.8 million or 6.4%. The buildout of our expansion plan led to increases in salaries and employee benefit expense when comparing the two periods. Additionally, the year ago period included a one-time $208 thousand credit to salary and employee benefits for mortgage servicing rights retained by the bank that were not previously recorded.
BALANCE SHEET REVIEW
At March 31, 2017, total assets, loans and deposits were $2.0 billion, $1.6 billion and $1.6 billion, respectively. Loans, net grew $26.9 million or 7.1% annualized in the first quarter of 2017. Loans, net grew $150.2 million or 10.7% from March 31, 2016 to March 31, 2017. Deposits grew $26.8 million or 6.8% annualized in the first quarter of 2017. Total deposits grew $140.1 million or 9.5% from March 31, 2016 to March 31, 2017. Noninterest-bearing deposits increased $4.9 million or 5.6% annualized while interest-bearing deposits increased $21.9 million or 7.2% annualized in the first quarter of 2017. Total investments were $274.8 million at March 31, 2017, including $264.6 million securities classified as available-for-sale and $10.2 million classified as held-to-maturity.
Stockholders' equity equaled $259.3 million or $35.07 per share at March 31, 2017, and $256.6 million or $34.71 per share at December 31, 2016. Tangible stockholders' equity improved to $25.97 per share at March 31, 2017, from $25.57 per share at December 31, 2016. Dividends declared for the three months ended March 31, 2017 amounted to $0.31 per share representing a dividend payout ratio of 47.7%.
ASSET QUALITY REVIEW
Nonperforming assets were $12.1 million or 0.78% of loans, net and foreclosed assets at March 31, 2017, compared to $14.2 million or 0.93% of loans, net and foreclosed assets at December 31, 2016. The allowance for loan losses equaled $17.0 million or 1.09% of loans, net at March 31, 2017 compared to $16.0 million or 1.04% of loans, net, at December 31, 2016. Loans charged-off, net of recoveries, for the three months ended March 31, 2017, equaled $192 thousand or 0.05% of average loans, compared to $17 thousand or 0.01% 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, Northampton, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 26 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)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Key performance data:
Per share data:
Net income $0.65 $0.64 $0.69 $0.66 $0.66
Core net income (1) $0.65 $0.64 $0.69 $0.62 $0.64
Cash dividends
declared $0.31 $0.31 $0.31 $0.31 $0.31
Book value $35.07 $34.71 $34.68 $34.40 $33.98
Tangible book value
(1) $25.97 $25.57 $25.50 $25.18 $24.73
Market value:
High $49.57 $50.54 $40.76 $40.55 $38.77
Low $39.66 $38.41 $37.93 $35.56 $33.22
Closing $41.80 $48.70 $40.76 $39.14 $37.20
Market capitalization $309,075 $360,095 $301,385 $289,407 $275,254
Common shares outstanding 7,394,143 7,394,143 7,394,143 7,394,143 7,399,298
Selected ratios:
Return on average
stockholders' equity 7.51% 7.29% 7.95% 7.72% 7.85%
Core return on average
stockholders' equity (1) 7.51% 7.29% 7.95% 7.33% 7.62%
Return on average tangible
stockholders' equity (1) 10.15% 9.88% 10.82% 10.59% 10.87%
Core return on average
tangible stockholders' equity
(1) 10.15% 9.88% 10.82% 10.05% 10.52%
Return on average assets 0.97% 0.94% 1.05% 1.03% 1.06%
Core return on average assets
(1) 0.97% 0.94% 1.05% 0.98% 1.03%
Stockholders' equity to total
assets 12.82% 12.83% 13.01% 13.30% 13.50%
Efficiency ratio (2) 59.13% 58.59% 56.89% 59.33% 58.05%
Nonperforming assets to loans,
net, and foreclosed assets 0.78% 0.93% 0.93% 0.90% 0.88%
Net charge-offs to average
loans, net 0.05% 0.30% 0.08% 0.16% 0.01%
Allowance for loan losses to
loans, net 1.09% 1.04% 1.03% 1.01% 1.00%
Interest-bearing assets yield
(FTE) (3) 4.17% 4.10% 4.17% 4.23% 4.22%
Cost of funds 0.57% 0.56% 0.54% 0.55% 0.54%
Net interest spread (FTE) (3) 3.60% 3.54% 3.63% 3.68% 3.68%
Net interest margin (FTE) (3) 3.73% 3.67% 3.76% 3.81% 3.81%
(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)
Mar 31 Mar 31
Three Months Ended 2017 2016
---- ----
Interest income:
Interest and fees on loans:
Taxable $15,541 $14,346
Tax-exempt 726 751
Interest and dividends on investment securities:
Taxable 697 687
Tax-exempt 794 875
Dividends 12 10
Interest on interest-bearing deposits in other banks 29 17
Interest on federal funds sold
Total interest income 17,799 16,686
Interest expense:
Interest on deposits 1,434 1,283
Interest on short-term borrowings 174 77
Interest on long-term debt 348 360
Total interest expense 1,956 1,720
Net interest income 15,843 14,966
Provision for loan losses 1,200 1,200
Net interest income after provision for loan losses 14,643 13,766
Noninterest income:
Service charges, fees, commissions 1,572 1,444
Merchant services income 1,015 914
Commissions and fees on fiduciary activities 508 482
Wealth management income 319 412
Mortgage banking income 179 204
Life insurance investment income 189 193
Net gains on sale of investment securities available-
for-sale 242
Total noninterest income 3,782 3,891
Noninterest expense:
Salaries and employee benefits expense 6,275 5,332
Net occupancy and equipment expense 2,394 2,437
Merchant services expense 730 632
Amortization of intangible assets 268 305
Other expenses 2,689 2,912
Total noninterest expense 12,356 11,618
Income before income taxes 6,069 6,039
Provision for income tax expense 1,269 1,157
Net income $4,800 $4,882
Other comprehensive income (loss):
Unrealized gains on investment securities
available-for-sale $273 $995
Reclassification adjustment for gains included in net
income (242)
Change in pension liability
Income tax expense related to other comprehensive income 96 264
Other comprehensive income, net of income taxes 177 489
Comprehensive income $4,977 $5,371
Per share data:
Net income $0.65 $0.66
Cash dividends declared $0.31 $0.31
Average common shares outstanding 7,394,143 7,403,510
Peoples Financial Services Corp.
Consolidated Statements of Income
(In thousands, except per share data)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
Three months ended 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Interest income:
Interest and fees on loans:
Taxable $15,541 $15,502 $15,294 $14,760 $14,346
Tax-exempt 726 730 770 780 751
Interest and dividends on investment securities
available-for-sale:
Taxable 697 636 575 617 687
Tax-exempt 794 827 861 875 875
Dividends 12 17 10 11 10
Interest on interest-bearing deposits in other banks 29 3 15 15 17
Total interest income 17,799 17,715 17,525 17,058 16,686
Interest expense:
Interest on deposits 1,434 1,468 1,356 1,322 1,283
Interest on short-term borrowings 174 120 116 89 77
Interest on long-term debt 348 353 353 354 360
Total interest expense 1,956 1,941 1,825 1,765 1,720
Net interest income 15,843 15,774 15,700 15,293 14,966
Provision for loan losses 1,200 1,400 1,200 1,200 1,200
Net interest income after provision for loan losses 14,643 14,374 14,500 14,093 13,766
Noninterest income:
Service charges, fees, commissions 1,572 1,603 1,542 1,527 1,444
Merchant services income 1,015 990 1,257 1,038 914
Commissions and fees on fiduciary activities 508 481 539 474 482
Wealth management income 319 319 271 296 412
Mortgage banking income 179 269 217 195 204
Life insurance investment income 189 197 199 202 193
Net gains on sale of investment securities available-
for-sale 381 242
Total noninterest income 3,782 3,859 4,025 4,113 3,891
Noninterest expense:
Salaries and employee benefits expense 6,275 5,732 5,466 5,904 5,332
Net occupancy and equipment expense 2,394 2,424 2,316 2,245 2,437
Merchant services expense 730 723 890 748 632
Amortization of intangible assets 268 287 297 297 305
Other expenses 2,689 3,116 3,048 2,919 2,912
Total noninterest expense 12,356 12,282 12,017 12,113 11,618
Income before income taxes 6,069 5,951 6,508 6,093 6,039
Income tax expense 1,269 1,223 1,390 1,238 1,157
Net income $4,800 $4,728 $5,118 $4,855 $4,882
Other comprehensive (loss) income :
Unrealized gains (losses) on investment
securities available-for-sale $273 $(4,420) $(1,120) $1,128 $995
Reclassification adjustment for gains included in net
income (381) (242)
Change in pension liability 917
Income tax expense (benefit) related to other
comprehensive income (loss) 96 (1,226) (392) 262 264
Other comprehensive income (loss), net of income taxes 177 (2,277) (728) 485 489
Comprehensive income $4,977 $2,451 $4,390 $5,340 $5,371
Per share data:
Net income $0.65 $0.64 $0.69 $0.66 $0.66
Cash dividends declared $0.31 $0.31 $0.31 $0.31 $0.31
Average common shares outstanding 7,394,143 7,394,143 7,394,143 7,395,127 7,403,510
Peoples Financial Services Corp.
Details of Net Interest and Net Interest Margin
(In thousands, fully taxable equivalent basis)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
Three months ended 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Net interest income:
Interest income
Loans, net:
Taxable $15,541 $15,502 $15,294 $14,760 $14,346
Tax-exempt 1,117 1,123 1,184 1,200 1,155
Total loans, net 16,658 16,625 16,478 15,960 15,501
Investments:
Taxable 709 653 585 628 697
Tax-exempt 1,222 1,272 1,325 1,346 1,346
Total investments 1,931 1,925 1,910 1,974 2,043
Interest on interest-bearing balances in other
banks 29 3 15 15 17
Federal funds sold
Total interest income 18,618 18,553 18,403 17,949 17,561
Interest expense:
Deposits 1,434 1,468 1,356 1,322 1,283
Short-term borrowings 174 120 116 89 77
Long-term debt 348 353 353 354 360
Total interest expense 1,956 1,941 1,825 1,765 1,720
Net interest income $16,662 $16,612 $16,578 $16,184 $15,841
Loans, net:
Taxable 4.41% 4.33% 4.39% 4.47% 4.52%
Tax-exempt 4.30% 4.25% 4.36% 4.40% 4.45%
Total loans, net 4.40% 4.33% 4.39% 4.47% 4.52%
Investments:
Taxable 1.87% 1.72% 1.74% 1.79% 1.76%
Tax-exempt 4.30% 4.22% 4.28% 4.28% 4.24%
Total investments 2.89% 2.83% 2.94% 2.95% 2.86%
Interest-bearing balances with banks 1.16% 3.58% 1.93% 2.16% 1.46%
Federal funds sold
Total interest-bearing assets 4.17% 4.10% 4.17% 4.23% 4.22%
Interest expense:
Deposits 0.47% 0.47% 0.45% 0.45% 0.45%
Short-term borrowings 0.86% 0.63% 0.58% 0.57% 0.58%
Long-term debt 2.44% 2.40% 2.38% 2.39% 2.41%
Total interest-bearing liabilities 0.57% 0.56% 0.54% 0.55% 0.54%
Net interest spread 3.60% 3.54% 3.63% 3.68% 3.68%
Net interest margin 3.73% 3.67% 3.76% 3.81% 3.81%
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
At period end 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Assets:
Cash and due from banks $31,511 $39,496 $31,620 $29,805 $23,699
Interest-bearing balances in other
banks 304 445 294 272 299
Federal funds sold
Investment securities:
Available-for-sale 264,644 259,410 249,913 251,382 264,175
Held-to-maturity 10,180 10,517 10,864 11,262 11,681
Total investments 274,824 269,927 260,777 262,644 275,856
Loans held for sale 444 360 78
Loans, net 1,559,867 1,532,965 1,522,391 1,464,808 1,409,691
Less: allowance for loan losses 16,969 15,961 15,712 14,799 14,158
Net loans 1,542,898 1,517,004 1,506,679 1,450,009 1,395,533
Premises and equipment, net 34,967 33,260 33,049 29,510 29,386
Accrued interest receivable 5,604 6,228 5,309 5,952 5,455
Goodwill 63,370 63,370 63,370 63,370 63,370
Other intangible assets, net 3,944 4,211 4,498 4,795 5,091
Other assets 65,640 65,501 65,283 65,253 63,603
Total assets $2,023,506 $1,999,442 $1,971,239 $1,911,610 $1,862,370
Liabilities:
Deposits:
Noninterest-bearing $358,538 $353,686 $342,782 $323,785 $323,456
Interest-bearing 1,257,006 1,235,071 1,223,028 1,173,078 1,152,003
Total deposits 1,615,544 1,588,757 1,565,810 1,496,863 1,475,459
Short-term borrowings 77,475 82,700 75,300 86,300 60,350
Long-term debt 57,615 58,134 58,685 59,232 59,773
Accrued interest payable 457 462 434 453 506
Other liabilities 13,096 12,771 14,570 14,437 14,837
Total liabilities 1,764,187 1,742,824 1,714,799 1,657,285 1,610,925
Stockholders' equity:
Common stock 14,788 14,788 14,788 14,788 14,799
Capital surplus 134,888 134,871 134,853 134,835 134,994
Retained earnings 113,621 111,114 108,677 105,852 103,288
Accumulated other comprehensive loss (3,978) (4,155) (1,878) (1,150) (1,636)
Total stockholders' equity 259,319 256,618 256,440 254,325 251,445
Total liabilities and
stockholders' equity $2,023,506 $1,999,442 $1,971,239 $1,911,610 $1,862,370
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
Average quarterly balances 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Assets:
Loans, net:
Taxable $1,429,323 $1,422,725 $1,385,800 $1,327,003 $1,276,491
Tax-exempt 105,442 105,119 108,105 109,770 104,326
Total loans, net 1,534,765 1,527,844 1,493,905 1,436,773 1,380,817
Investments:
Taxable 159,593 150,697 136,645 144,223 159,584
Tax-exempt 115,347 119,805 123,177 126,620 127,623
Total investments 274,940 270,502 259,822 270,843 287,207
Interest-bearing balances with banks 349 333 412 372 4,686
Total interest-bearing assets 1,810,054 1,798,679 1,754,139 1,707,988 1,672,710
Other assets 194,499 192,266 188,256 184,714 178,933
Total assets $2,004,553 $1,990,945 $1,942,395 $1,892,702 $1,851,643
Liabilities and stockholders' equity:
Deposits:
Interest-bearing $1,244,021 $1,241,586 $1,195,645 $1,174,686 $1,159,159
Noninterest-bearing 346,567 341,795 337,337 327,937 313,908
Total deposits 1,590,588 1,583,381 1,532,982 1,502,623 1,473,067
Short-term borrowings 82,002 75,518 78,974 62,659 53,436
Long-term debt 57,856 58,404 58,960 59,504 60,064
Other liabilities 14,872 15,616 15,349 15,131 15,755
Total liabilities 1,745,318 1,732,919 1,686,265 1,639,917 1,602,322
Stockholders' equity 259,235 258,026 256,130 252,785 249,321
Total liabilities and stockholders' equity $2,004,553 $1,990,945 $1,942,395 $1,892,702 $1,851,643
Peoples Financial Services Corp.
Asset Quality Data
(In thousands)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
At quarter end
Nonperforming assets:
Nonaccrual/restructured loans $11,446 $12,974 $12,409 $9,778 $10,020
Accruing loans past due 90 days or more 462 844 1,109 2,071 977
Foreclosed assets 236 393 703 1,353 1,409
Total nonperforming assets $12,144 $14,211 $14,221 $13,202 $12,406
Three months ended
Allowance for loan losses:
Beginning balance $15,961 $15,712 $14,799 $14,158 $12,975
Charge-offs 311 1,358 355 632 123
Recoveries 119 207 68 73 106
Provision for loan losses 1,200 1,400 1,200 1,200 1,200
Ending balance $16,969 $15,961 $15,712 $14,799 $14,158
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share data)
Mar 31 Dec 31 Sept 30 June 30 Mar 31
Three months ended 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Core net income per share:
Net income GAAP $4,800 $4,728 $5,118 $4,855 $4,882
Adjustments:
Less: Gains on sale of investment
securities 381 242
Add: Gains on sale of investment
securities tax adjustment 133 85
Net income Core $4,800 $4,728 $5,118 $4,607 $4,725
Average common shares outstanding 7,394,143 7,394,143 7,394,143 7,395,127 7,403,510
Core net income per share $0.65 $0.64 $0.69 $0.62 $0.64
Tangible book value:
Total stockholders' equity $259,319 $256,618 $256,440 $254,325 $251,445
Less: Goodwill 63,370 63,370 63,370 63,370 63,370
Less: Other intangible assets, net 3,944 4,211 4,498 4,795 5,091
Total tangible stockholders'
equity $192,005 $189,037 $188,572 $186,160 $182,984
Common shares outstanding 7,394,143 7,394,143 7,394,143 7,394,143 7,399,298
Tangible book value per share $25.97 $25.57 $25.50 $25.18 $24.73
Core return on average stockholders'
equity:
Net income GAAP $4,800 $4,728 $5,118 $4,855 $4,882
Adjustments:
Less: Gains on sale of investment
securities 381 242
Add: Gains on sale of investment
securities tax adjustment 133 85
Net income Core $4,800 $4,728 $5,118 $4,607 $4,725
Average stockholders' equity $259,235 $258,026 $256,130 $252,785 $249,321
Core return on average stockholders'
equity 7.51% 7.29% 7.95% 7.33% 7.62%
Return on average tangible equity:
Net income GAAP $4,800 $4,728 $5,118 $4,855 $4,882
Average stockholders' equity $259,235 $258,026 $256,130 $252,785 $249,321
Less: average intangibles 67,448 67,725 68,017 68,313 68,614
Average tangible stockholders'
equity $191,787 $190,301 $188,113 $184,472 $180,707
Return on average tangible stockholders'
equity 10.15% 9.88% 10.82% 10.59% 10.87%
Core return on average tangible
stockholders' equity:
Net income GAAP $4,800 $4,728 $5,118 $4,855 $4,882
Adjustments:
Less: Gains on sale of investment
securities 381 242
Add: Gains on sale of investment
securities tax adjustment 133 85
Net income Core $4,800 $4,728 $5,118 $4,607 $4,725
Average stockholders' equity $259,235 $258,026 $256,130 $252,785 $249,321
Less: average intangibles 67,448 67,725 68,017 68,313 68,614
Average tangible stockholders'
equity $191,787 $190,301 $188,113 $184,472 $180,707
Core return on average tangible
stockholders' equity 10.15% 9.88% 10.82% 10.05% 10.52%
Core return on average assets:
Net income GAAP $4,800 $4,728 $5,118 $4,855 $4,882
Adjustments:
Less: Gains on sale of investment
securities 381 242
Add: Gains on sale of investment
securities tax adjustment 133 85
Net income Core $4,800 $4,728 $5,118 $4,607 $4,725
Average assets $2,004,553 $1,990,945 $1,942,395 $1,892,702 $1,851,643
Core return on average assets 0.97% 0.94% 1.05% 0.98% 1.03%
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share data)
Mar 31 Mar 31
Three Months
Ended 2017 2016
---- ----
Core net
income per
share:
Net income
GAAP $4,800 $4,882
Adjustments:
Less: Gains
on sale of
investment
securities 242
Add: Gains on
sale of
investment
securities
tax
adjustment 85
Net income
Core $4,800 $4,725
Average
common
shares
outstanding 7,394,143 7,403,510
Core net
income per
share $0.65 $0.64
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/peoples-financial-services-corp-reports-first-quarter-2017-earnings-300444615.html
SOURCE Peoples Financial Services Corp.
