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Peoples Financial Services Corp. Reports Second Quarter 2014 Earnings

PR Newswire Association LLC

SCRANTON, Pa., July 25, 2014 /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 six months ended June 30, 2014.  Peoples, which completed a merger with Penseco Financial Services Corporation ("Penseco") on November 30, 2013, reported net income of $3.3 million, or $0.44 per basic and diluted weighted average share for the second quarter of 2014, compared to $2.8 million, or $0.64 per share, for the comparable period of 2013. The results for the three months ended June 30, 2014, include pre-tax merger related expenses of approximately $1.0 million. The comparable results in 2013 included nonrecurring noninterest income of $0.5 million from bank owned life insurance proceeds. Earnings for the six months ended June 30, 2014, totaled $8.0 million or $1.06 per share compared to $5.4 million or $1.20 per share for the same period last year. Pre-tax merger related expenses recognized in the first half of 2014 approximated $1.6 million. Earnings per share amounts in periods prior to the merger are based on restated shares outstanding. The merger between Peoples and Penseco was accounted for as a reverse acquisition of Peoples by Penseco.  As a result of the reverse merger, Peoples was the legal acquirer and Penseco was the accounting acquirer. In a reverse merger the historical financial statements are those of the accounting acquirer.

Peoples Financial Services Corp. Logo.

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 book value per share and return on average tangible stockholders' equity. Peoples believes these 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 other financial institutions use to measure their results of operations.

SECOND QUARTER NOTABLES


  • Successful completion of the merger with the conversion of the core processing system and rebranding of all products and services in the second quarter of 2014.
  • Earnings per share decreased $0.20 comparing the second quarter of 2014 to the corresponding period of 2013. The results include pre-tax merger related expenses of approximately $1.0 million. The comparable results in 2013 included nonrecurring noninterest income of $0.5 million from bank owned life insurance proceeds.  
  • Annualized return on average assets and average stockholders' equity were 0.78% and 5.61% for the second quarter of 2014 and 1.22% and 8.51% for the same period last year.
  • Loans, net totaled $1.2 billion at June 30, 2014, unchanged from year end 2013.
  • Deposits increased $43.3 million during the first half of 2014 to $1.4 billion at June 30, 2014.
  • Tangible book value per share improved $0.82 or 3.67% to $23.14 at the end of the second quarter of 2014 compared to $22.32 at year end 2013.

INCOME STATEMENT REVIEW

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The tax-equivalent net interest margin for the quarter and six months ended June 30, were 3.73% and 3.91% in 2014 compared to 3.90% and 3.96% in 2013. Loan accretion included in loan interest income in the first half of 2014 related to loans acquired in the fourth quarter of 2013 was $1.4 million, resulting in an increase in the tax-equivalent net interest margin of 18 basis points. For the second quarter of 2014, loan accretion included in loan interest income related to loans acquired was $526.0 thousand.

Tax-equivalent net interest income for the six months ended June 30, increased $13.3 million to $30.0 million in 2014 from $16.7 million in 2013.  The increase in tax equivalent net interest income was primarily due to the growth in average earning assets from the merger offset partially by a 5 basis point decrease in the tax-equivalent net interest margin. The tax-equivalent yield on the loan portfolio decreased to 4.92% for the six months ended June 30, 2014 compared to 5.02% for the comparable period in 2013. Loans, net averaged $1.2 billion in the first six months of 2014 compared to $636.0 million for the same period last year. For the first six months, the tax-equivalent yield on total investments decreased to 2.79% in 2014 from 3.25% in 2013. Average investments totaled $320.5 million in the first six months of 2014 and $174.3 million in the first six months of 2013. Average interest-bearing liabilities increased to $1.2 billion for the six months ended June 30, 2014, compared to $632.1 million for the corresponding period last year. The cost of funds declined to 0.59% in the first half of 2014 from 0.63% for the same period of 2013.

The provision for loan losses totaled $2.1 million in 2014, compared to $0.8 million in 2013. The increase in the provision for loan losses in the first half of 2014 was primarily due to reporting a higher level of nonperforming assets as a percentage of loans and a greater net charge-off ratio compared to the prior year period. For the quarter ended June 30, the provision for loan losses was $1.2 million in 2014 and $0.5 million in 2013.

Noninterest income totaled $7.3 million in the first half of 2014, an increase of $1.4 million from $5.9 million in the corresponding prior year period. For the three months ended June 30, noninterest income totaled $3.8 million in 2014 and $3.1 million in 2013.  The results in 2013 included nonrecurring noninterest income of $0.5 million from bank owned life insurance proceeds. Increases in service charges, fees and commissions and income from fiduciary activities, wealth management services, mortgage banking activities and life insurance investment income more than offset a decrease in revenues from merchant services.

Noninterest expense for the six months ended June 30, 2014, increased $9.5 million or 67.9% to $23.5 million, from $14.0 million for the six months ended June 30, 2013. The recognition of merger related expense of $1.6 million along with the inclusion of the Peoples operations in 2014 were the primary causes for this increase. For the second quarter, noninterest expense amounted to $12.2 million in 2014 and $6.9 million in 2013. Included in salaries and employees benefits expense for the second quarter of 2014 was the recognition of a charge of $301.0 thousand related to stock appreciation rights.

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BALANCE SHEET REVIEW

Total assets, loans and deposits totaled $1.7 billion, $1.2 billion and $1.4 billion, respectively, at June 30, 2014. Loans, net was unchanged comparing the end of the second quarter 2014 to year-end 2013, while total deposits grew $43.3 million or 6.3% on an annualized basis in the first six months of 2014. Noninterest-bearing deposits grew $16.0 million or 11.5% on an annualized basis while interest-bearing deposits increased $27.3 million or 5.0% on an annualized basis  in the first six months of 2014. Total investments were $328.2 million at June 30, 2014, including $312.3 million securities classified as available-for-sale and $15.9 million classified as held-to-maturity.

Stockholders' equity equaled $244.2 million or $32.35 per share at June 30, 2014, and $238.8 million or $31.62 per share at December 31, 2013. Total tangible stockholders' equity improved to $174.6 million or $23.14 per share at June 30, 2014, compared to $168.6 million or $22.32 per share at year-end 2013. Dividends declared for the first six months of 2014 amounted to $0.62 per share representing a dividend payout ratio of 58.5%.

ASSET QUALITY REVIEW

Nonperforming assets were $15.9 million or 1.35% of loans, net and foreclosed assets at June 30, 2014, and $15.3 million or 1.30% at March 31, 2014. The allowance for loan losses equaled $9.7 million or 0.82% of loans, net compared to $8.7 million or 0.74% of loans, net, at December 31, 2013, and $7.6 million or 1.18% at June 30, 2013. The decrease in the allowance for loan losses as a percentage of loans, net, from June 30, 2013, is primarily a function of acquisition accounting, whereby the historical loan portfolio of Peoples was recorded at its estimated fair value, including a discount to reflect credit risk, and the Peoples historical allowance for loan losses was eliminated. Loans charged-off, net of recoveries, for the six months ended June 30, 2014, equaled $1.0 million or 0.18% of average loans, compared to $198.0 thousand or 0.06% of average loans for the six months ended June 30, 2013.

Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Lackawanna, Luzerne, Monroe, 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. The Company's 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.

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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; 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, such as Peoples recent merger with Penseco Financial Services Corporation, 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)








June 30

March 31

Dec 31

Sept 30

June 30


2014

2014

2013

2013

2013







Key performance data:












Per share data:






Net income (loss)

$  0.44

$  0.62

$  -0.39

$  0.56

$  0.64

Cash dividends declared

$  0.31

$  0.31

$  0.31

$  0.31

$  0.31

Book value

$32.35

$32.13

$31.62

$29.91

$29.75

Tangible book value (1)

$23.14

$22.88

$22.32

$23.87

$23.68

Market value:






High

$53.05

$42.26

$39.50

$33.37

$30.43

Low

$42.50

$37.85

$31.53

$29.70

$27.21

Closing

$51.39

$41.62

$38.00

$33.00

$30.43

Market capitalization

$387,910

$314,163

$287,012

$147,828

$135,939

Common shares outstanding

7,548,358

7,548,358

7,552,944

4,479,624

4,467,261







Selected ratios:












Return on average stockholders' equity

5.61%

8.03%

-5.01%

7.39%

8.51%







Return on average tangible stockholders' equity (1)

8.42%

11.88%

-6.69%

9.37%

10.80%







Return on average assets

0.78%

1.13%

-0.72%

1.08%

1.22%







Stockholders' equity to total assets

14.11%

14.12%

14.14%

14.60%

14.45%







Efficiency ratio (3)

67.91%

59.79%

117.51%

67.89%

62.77%







Nonperforming assets to loans, net, and foreclosed assets

1.35%

1.30%

1.65%

0.57%

0.71%







Net charge-offs to average loans, net

0.13%

0.22%

0.12%

0.13%

0.04%







Allowance for loan losses to loans, net

0.82%

0.75%

0.74%

1.20%

1.18%







Earning assets yield (FTE) (2)

4.17%

4.53%

4.27%

4.33%

4.35%







Cost of funds

0.59%

0.59%

0.60%

0.61%

0.61%







Net interest spread (FTE) (2)

3.58%

3.94%

3.67%

3.72%

3.74%







Net interest margin (FTE) (2)

3.73%

4.09%

3.82%

3.88%

3.90%







Reconciliation of Non-GAAP financial measures:






Return on average tangible equity:






Net Income (loss)

$     3,331

$     4,698

$    (2,130)

$     2,486

$     2,844

Amortization of intangibles, net of tax

216

223

98

36

36


$     3,547

$     4,921

$    (2,032)

$     2,522

$     2,880







Average stockholders' equity

$ 238,757

$ 237,953

$ 169,098

$ 133,817

$ 134,108

Less: average intangibles

69,696

70,033

48,633

27,089

27,144


$ 169,061

$ 167,920

$ 120,465

$ 106,728

$ 106,964













(1) Non-GAAP financial measure.






(2) Tax-equivalent adjustments were calculated using the prevailing federal statutory tax rate 

(3) Total noninterest expense less amortization of intangible assets divided by net interest income and noninterest income.

 

Peoples Financial Services Corp.

Consolidated Statements of Income

(In thousands, except per share data)




Six Months Ended

June 30

June 30


2014

2013




Interest income:



Interest and fees on loans:



Taxable

$27,159

$14,606

Tax-exempt

1,142

814

Interest and dividends on investment securities:



Taxable

1,870

853

Tax-exempt

1,646

1,269

Dividends

30

35

Interest on interest-bearing balances in other banks

19

50

Interest on federal funds sold

48


Total interest income

31,914

17,627




Interest expense:



Interest on deposits

2,771

1,321

Interest on short-term borrowings

58

11

Interest on long-term debt

585

662

Total interest expense

3,414

1,994

Net interest income

28,500

15,633

Provision for loan losses

2,058

800

Net interest income after provision for loan losses

26,442

14,833




Noninterest income:



Service charges, fees and commissions

3,181

2,420

Merchant services income

1,782

1,949

Commissions and fees on fiduciary activities

1,115

794

Wealth management income

352

190

Mortgage banking income

292

166

Life insurance investment income

456

239

Net gains on sale of investment securities available-for-sale

160

125

Total noninterest income

7,338

5,883




Noninterest expense:



Salaries and employee benefits expense

10,129

7,075

Net occupancy and equipment expense

4,060

1,502

Merchant services expense

1,060

1,207

Amortization of intangible assets

676

120

Acquisition related expenses

1,616

5

Other expenses

5,985

4,072

Total noninterest expense

23,526

13,981

Income before income taxes

10,254

6,735

Provision for income tax expense

2,225

1,370

Net income

$8,029

$5,365




Other comprehensive income (loss):



Unrealized gains (losses) on investment securities available-for-sale

$   3,636

$   (3,220)

Reclassification adjustment for gains included in net income

(160)

(125)

Change in unfunded pension liability



Income tax expense (benefit) related to other comprehensive income 

1,216

(1,137)

Other comprehensive income (loss), net of income taxes

2,260

(2,208)

Comprehensive income

$10,289

$3,157




Per share data:



Net income

$  1.06

$  1.20

Cash dividends declared

$  0.62

$  0.62

Average common shares outstanding

7,549,300

4,467,261

 

Peoples Financial Services Corp.

Consolidated Statements of Income

(In thousands, except per share data)







Three months ended

June 30

March 31

Dec 31

Sept 30

June 30


2014

2014

2013

2013

2013







Interest income:






Interest and fees on loans:






Taxable

$   13,159

$14,000

$ 9,283

$ 7,213

$   7,229

Tax-exempt

507

635

464

396

404

Interest and dividends on investment securities available-for-sale:






Taxable

942

928

554

386

414

Tax-exempt

817

829

698

658

646

Dividends

14

16

31

22

16

Interest on interest-bearing balances in other banks

9

10

18

18

28

Interest on federal funds sold

34

14

2



Total interest income

15,482

16,432

11,050

8,693

8,737







Interest expense:






Interest on deposits

1,414

1,357

908

647

650

Interest on short-term borrowings

24

34

17

6

6

Interest on long-term debt

289

296

298

299

305

Total interest expense

1,727

1,687

1,223

952

961

Net interest income

13,755

14,745

9,827

7,741

7,776

Provision for loan losses

1,201

857

1,036

525

500

Net interest income after provision for loan losses

12,554

13,888

8,791

7,216

7,276







Noninterest income:






Service charges, fees and commissions

1,557

1,624

666

1,006

1,459

Merchant services income

888

894

813

1,174

918

Commissions and fees on fiduciary activities

548

567

454

487

403

Wealth management income

165

187

185

130

100

Mortgage banking income

193

99

117

80

33

Life insurance investment income

267

189

612

117

120

Net gains on sale of investment securities available-for-sale

160


5

33

24

Total noninterest income

3,778

3,560

2,852

3,027

3,057







Noninterest expense:






Salaries and employee benefits expense

4,961

5,168

5,568

3,340

3,492

Net occupancy and equipment expense

2,327

1,733

1,801

685

701

Merchant services expense

495

565

543

740

582

Amortization of intangible assets

333

343

151

55

56

Acquisition related expenses

1,008

608

4,384

220

5

Other expenses

3,115

2,870

2,603

2,325

2,020

Total noninterest expense

12,239

11,287

15,050

7,365

6,856

Income before income taxes

4,093

6,161

(3,407)

2,878

3,477

Provision for income tax expense

762

1,463

(1,277)

392

633

Net income

$   3,331

$4,698

$ (2,130)

$ 2,486

$   2,844







Other comprehensive income (loss):






Unrealized gains (losses) on investment securities available-for-sale

$   1,242

$2,394

$ (642)

$ (20)

$   (2,744)

Reclassification adjustment for gains included in net income

(160)


(5)

(33)

(24)

Change in unfunded pension liability



3,642



Income tax expense (benefit) related to other comprehensive income 

378

838

1,160

(18)

(941)

Other comprehensive income (loss), net of income taxes

704

1,556

1,835

(35)

(1,827)

Comprehensive income (loss)

$   4,035

$6,254

$ (295)

$ 2,451

$   1,017







Per share data:






Net income

$  0.44

$  0.62

$  (0.39)

$  0.56

$  0.64

Cash dividends declared

$  0.31

$  0.31

$  0.31

$  0.31

$  0.31

Average common shares outstanding

7,548,357

7,550,253

5,515,199

4,473,846

4,467,261



 

Peoples Financial Services Corp.

Details of Net Interest and Net Interest Margin

(In thousands, fully taxable equivalent basis)







Three months ended

June 30

March 31

Dec 31

Sept 30

June 30


2014

2014

2013

2013

2013







Net interest income:






Interest income






Loans, net:






Taxable

$13,159

$14,000

$9,283

$7,213

$7,229

Tax-exempt

779

978

703

600

612

Total loans, net

13,938

14,978

9,986

7,813

7,841

Investments:






Taxable

956

944

585

408

430

Tax-exempt

1,258

1,274

1,058

997

979

Total investments

2,214

2,218

1,643

1,405

1,409

    Interest on interest-bearing balances in other banks

9

10

18

18

28

    Federal funds sold 

34

14

2



Total interest income

16,195

17,220

11,649

9,236

9,278

Interest expense:






Deposits

1,414

1,357

908

647

650

   Short-term borrowings

24

34

17

6

6

   Long-term debt

289

296

298

299

305

Total interest expense

1,727

1,687

1,223

952

961

Net interest income

$14,468

$15,533

$10,426

$8,284

$8,317







Loans, net:






Taxable

4.69%

5.18%

4.72%

4.77%

4.89%

Tax-exempt

4.94%

4.69%

5.23%

4.63%

5.16%

Total loans, net

4.71%

5.14%

4.76%

4.76%

4.91%

Investments:






Taxable

1.72%

1.77%

1.59%

1.51%

1.55%

Tax-exempt

5.15%

4.99%

5.58%

6.34%

6.30%

Total investments

2.77%

2.81%

2.95%

3.28%

3.26%

    Interest-bearing balances with banks

0.83%

0.55%

0.28%

0.28%

0.27%

    Federal funds sold 

0.31%

0.18%

0.22%



Total earning assets

4.17%

4.53%

4.27%

4.33%

4.35%

Interest expense:






Deposits

0.51%

0.50%

0.48%

0.44%

0.44%

   Short-term borrowings

0.51%

0.65%

0.42%

0.26%

0.28%

   Long-term debt

3.27%

3.30%

3.33%

3.36%

3.40%

Total interest-bearing liabilities

0.59%

0.59%

0.60%

0.61%

0.61%

Net interest spread

3.58%

3.94%

3.67%

3.72%

3.74%

Net interest margin

3.73%

4.09%

3.82%

3.88%

3.90%

 

Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands, except per share data)








June 30

March 31

Dec 31

Sept 30

June 30

At period end

2014

2014

2013

2013

2013







Assets:






Cash and due from banks

$    51,416

$  26,204

$  30,004

$  14,306

$  14,199

Interest-bearing balances in other banks

10,592

7,168

11,846

14,016

22,561

Federal funds sold

15,400

45,840

9,460



Investment securities:






  Available-for-sale

312,323

302,226

299,715

148,921

152,511

  Held-to-maturity

15,915

16,607

17,295

18,079

19,707

Total investments

328,238

318,833

317,010

167,000

172,218

Loans held for sale

2,757

1,816

1,757



Loans, net

1,179,847

1,177,122

1,176,617

655,946

642,353

Less: allowance for loan losses

9,677

8,859

8,651

7,871

7,552

Net loans

1,170,170

1,168,263

1,167,966

648,075

634,801

Premises and equipment, net

25,670

25,579

26,119

14,823

14,960

Accrued interest receivable

5,576

5,366

5,866

2,641

3,004

Goodwill

63,370

63,370

63,370

26,398

26,398

Other intangible assets, net

6,159

6,492

6,835

663

719

Other assets

51,703

49,330

47,988

29,575

30,809

Total assets

$1,731,051

$1,718,261

$1,688,221

$917,497

$919,669













Liabilities:






Deposits:






Noninterest-bearing

$  295,922

$  282,060

$  279,942

$  153,552

$  146,583

Interest-bearing

1,126,880

1,122,006

1,099,565

574,748

586,551

Total deposits

1,422,802

1,404,066

1,379,507

728,300

733,134

Short-term borrowings

14,088

22,539

22,052

10,144

8,188

Long-term debt

34,925

35,838

36,743

34,971

35,633

Accrued interest payable

580

610

723

502

466

Other liabilities

14,491

12,643

10,404

9,607

9,363

Total liabilities

1,486,886

1,475,696

1,449,429

783,524

786,784



















Stockholders' equity:






Common stock

15,097

15,607

15,614

8,935

8,935

Capital surplus

140,150

146,035

146,109

40,054

40,036

Retained earnings

87,356

86,365

84,008

87,517

86,412

Accumulated other comprehensive income

1,562

858

(698)

(2,533)

(2,498)

Less: Treasury stock, at cost,


6,300

6,241



Total stockholders' equity

244,165

242,565

238,792

133,973

132,885

      Total liabilities and stockholders' equity

$1,731,051

$1,718,261

$1,688,221

$917,497

$919,669







Reconciliation of Non-GAAP financial measures: (1)






Total stockholders' equity

$244,165

$242,565

$238,792

$133,973

$132,885

Less: Goodwill

63,370

63,370

63,370

26,398

26,398

Less: Other intangible assets, net

6,159

6,492

6,835

663

719

Total tangible stockholders' equity

$174,636

$172,703

$168,587

$106,912

$105,768







(1) Non-GAAP financial measurement






 

Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands, except per share data)








June 30

March 31

Dec 31

Sept 30

June 30

Average quarterly balances

2014

2014

2013

2013

2013







Assets:






Loans, net:






Taxable

$1,124,273

$1,096,793

$779,687

$599,417

$593,557

Tax-exempt

63,295

84,688

53,381

51,391

47,595

Total loans, net

1,187,568

1,181,481

833,068

650,808

641,152

Investments:






Taxable

223,220

216,173

145,677

107,486

110,973

Tax-exempt

97,879

103,625

75,215

62,422

62,304

Total investments

321,099

319,798

220,892

169,908

173,277

Interest-bearing balances with banks

4,342

7,327

25,156

25,629

41,604

Federal funds sold

44,553

32,444

3,579



Total earning assets

1,557,562

1,541,050

1,082,695

846,345

856,033

Other assets

150,877

154,020

101,902

72,529

76,839

Total assets

$1,708,439

$1,695,070

$1,184,597

$918,874

$932,872







Liabilities and stockholders' equity:






Deposits:






Interest-bearing

$1,118,108

$1,109,085

$756,833

$579,189

$594,471

Noninterest-bearing

288,015

274,584

193,481

150,486

145,757

Total deposits

1,406,123

1,383,669

950,314

729,675

740,228

Short-term borrowings

18,759

21,351

16,019

9,091

8,490

Long-term debt

35,419

36,330

35,542

35,331

35,985

Other liabilities

9,381

15,767

13,624

10,960

14,061

Total liabilities

1,469,682

1,457,117

1,015,499

785,057

798,764

Stockholders' equity

238,757

237,953

169,098

133,817

134,108

Total liabilities and stockholders' equity

$1,708,439

$1,695,070

$1,184,597

$918,874

$932,872

 

Peoples Financial Services Corp.

Asset Quality Data

(In thousands)








June 30

March 31

Dec 31

Sept 30

June 30

At quarter end

2014

2014

2013

2013

2013







Nonperforming assets:






Nonaccrual/restructured loans

$13,616

$12,922

$17,352

$3,032

$2,939

Accruing loans past due 90 days or more

1,693

1,663

1,455

636

702

Foreclosed assets

626

678

648

94

949

Total nonperforming assets

$15,935

$15,263

$19,455

$3,762

$4,590







Three months ended












Allowance for loan losses:






Beginning balance

$  8,859

$  8,651

$  7,871

$  7,552

$7,110

Charge-offs

792

683

301

216

102

Recoveries

409

34

45

10

44

Provision for loan losses

1,201

857

1,036

525

500

Ending balance

$  9,677

$  8,859

$  8,651

$  7,871

$7,552

 

Logo - http://photos.prnewswire.com/prnh/20140212/PH63961LOGO

SOURCE Peoples Financial Services Corp.

Wordcount: 3977



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