UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report – April 12, 2012
Commission File Number: 0-23863
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PEOPLES FINANCIAL SERVICES CORP.
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(Exact name of registrant as specified in its charter)
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PENNSYLVANIA
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23-2391852
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(State of Incorporation)
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(IRS Employer Identification No.)
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82 FRANKLIN AVE., HALLSTEAD, PA
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18822
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(Address of Principal Executive Offices)
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(Zip Code)
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(570) 879-2175
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(Registrant’s Telephone Number Including Area Code)
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Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate line below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 9.01
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Financial Statements and Exhibits
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Press Release of Peoples Financial Services Corp., dated April 12, 2012, regarding First Quarter 2012 Earnings.
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EXHIBIT INDEX
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Exhibit
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Page Number in Manually Signed Original
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99
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Press Release of Peoples Financial Services Corp., dated April 12, 2012, regarding First Quarter 2012 Earnings.
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3
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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/s/
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Alan W. Dakey
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Dated: April 12, 2012
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By: Alan W. Dakey
President/CEO
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/s/
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Debra E. Dissinger
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Dated: April 12, 2012
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By: Debra E. Dissinger
Executive Vice President/COO
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/s/
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Scott A. Seasock
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Dated: April 12, 2012
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By: Scott A. Seasock
Senior Vice President/CFO
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3
EXHIBIT 99
NEWS RELEASE
TO BUSINESS EDITOR:
PEOPLES FINANCIAL SERVICES CORP. REPORTS 35% EARNINGS INCREASE
Hallstead, PA, April 12 – Peoples Financial Services Corp. (OTCBB:PFIS) today reported first quarter 2012 earnings of $2,420 thousand or $0.78 per share, an increase of $621 thousand or 34.5% compared to $1,799 thousand or $0.57 per share for the first quarter of 2011. For the three months ended March 31, return on average assets and return on average stockholders’ equity equaled 1.56% and 16.70% in 2012, compared to 1.30% and 14.84% in 2011.
“Higher net interest income and noninterest income were the primary factors contributing to the increase in comparable first quarter earnings,” stated Alan W. Dakey, President and Chief Executive Officer. “We experienced strong growth in revenue generated by our Loan Division. Our loan portfolio grew significantly in the commercial and municipal sectors. In 2012, we continue to focus on improving our noninterest revenue sources. With this goal in mind, we began offering cash back rewards for non-pin based customer debit card transactions to improve efficiencies in our payment systems as well as generate increased revenues,” continued Dakey. “We are extremely excited about this new product and believe that it will provide us with the competitive advantage necessary to grow our core deposit base and strengthen our existing deposit relationships,” concluded Dakey.
HIGHLIGHTS
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•
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Earnings per share increased $0.21 comparing 2012 and 2011.
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•
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Noninterest revenue for the first quarter improved 50.4% over the prior year.
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•
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Year-to-year average loan growth approximated 12.5%.
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Deposits grew $7.8 million in the first quarter of 2012.
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Nonperforming assets decreased 19.4% comparing March 31, 2012 and 2011.
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INCOME STATEMENT REVIEW
For the three months ended March 31, tax-equivalent net interest income increased $369 thousand or 6.5% to $6,058 thousand in 2012 from $5,689 thousand in 2011. Due to declining market rates, interest expense decreased $104 thousand or 7.5%. Tax-equivalent interest revenue increased $265 thousand or 3.7%, in addition to the reduction in interest expense. With respect to interest expense, our cost of funds decreased 20 basis points to 1.10% for the first quarter of 2012 from 1.30% for the same quarter of last year. Although we experienced a reduction in the rates paid for the majority of interest-bearing liability categories, the average cost of savings accounts and short-term borrowings had the greatest impact on interest expense. For the three months ended March 31, the cost of savings accounts decreased 21 basis points to 0.65% in 2012 from 0.86% in 2011, while the rate paid for short-term borrowings fell 40 basis points. Partially offsetting the positive effect from the reduction in funding costs was growth in interest-bearing liabilities of $34.8 million. The tax-equivalent yield on earning assets decreased 46 basis points. Almost entirely offsetting the effects of the yield decline was growth in average earning assets of $65.6 million. The tax-equivalent net interest margin for the first quarter declined 26 basis points to 4.10% in 2012 compared to 4.36% in 2011. However, in comparison to the fourth quarter of 2011, our net interest margin was up slightly from 4.09%.
For the three months ended March 31, 2012, the provision for loan losses totaled $645 thousand, an increase of $224 thousand compared to $421 thousand for the same three months of 2011.
Noninterest revenue for the first quarter rose $414 thousand or 50.4% to $1,236 thousand in 2012 from $822 thousand in 2011. Increases in deposit-related service charges resulted in a $34 thousand or 4.8% rise in service charges, fees and commissions in 2012. In addition, we experienced a $26 thousand or 54.2% increase in mortgage banking income. Additionally, gains realized from investment security sales totaled $284 for the first quarter of 2012 compared to $10 for the same period in 2011.
For the three months ended March 31, noninterest expense decreased $81 thousand or 2.4% to $3,314 thousand in 2012 from $3,395 thousand in 2011. The decrease resulted primarily from a $479 thousand or 37.6% decrease in other expenses offset by a $284 thousand or 19.6% increase in salaries and employee benefits expense. Additional staffing factored into the higher employee-related costs. Changes in occupancy and equipment expense amounted to an increase of $114 thousand or 16.9% as recovery efforts continue from flood damage incurred in September 2011. The decrease in other expenses was primarily attributable to the receipt of insurance proceeds from flood related damages.
4
BALANCE SHEET REVIEW
Total assets equaled $631.7 million at March 31, 2012, an increase of $61.4 million compared to $570.3 million at March 31, 2011. Strong loan demand resulted in an increase of $51.4 million or 12.6% in loans, net of unearned income, to $459.2 million at the close of the first quarter of 2012 from $407.8 million one year earlier. There were no federal funds sold as of the end of the first quarter of 2012 compared to $15.8 million at the same point in 2011 as funds were shifted into the investment portfolio. Investment securities available-for-sale amounted to $132.9 million at March 31, 2012, and $107.1 million at March 31, 2011. Despite strong competition for deposits within our market area, total deposits increased $48.6 million comparing the first quarters of 2012 and 2011. Short-term borrowings outstanding at the end of the first quarter were $45.4 million in 2012 and $35.3 million in 2011.
Stockholders’ equity equaled $61.2 million or $19.61 per share at March 31, 2012, and $52.5 million or $16.70 per share at March 31, 2011. Included in stockholders’ equity was accumulated other comprehensive income related entirely to net unrealized holding gains on available-for-sale investment securities of $3,442 thousand at the end of the first quarter of 2012, compared to an accumulated other comprehensive loss of $59 thousand at the end of the same period of 2011. Dividends declared for the first quarter were $0.21 per share in 2012 and $0.20 per share in 2011.
Nonperforming assets equaled $9.9 million or 2.14% of loans, net of unearned income and foreclosed assets at March 31, 2012, compared to $12.2 million or 2.97% one year earlier. The improvement in asset quality resulted from a decrease in nonaccrual loans and foreclosed assets, partially offset by an increase in accruing loans past due 90 days or more. The provision for loan losses increased 53.2% comparing the first quarters of 2012 and 2011 corresponding with the increase in the volume of loans in 2012. In addition, loans charged off, net of recoveries, for the first quarter equaled 0.36% of average loans outstanding for the three months ended March 31, 2012 and 0.17% for the same period in 2011. The allowance for loan losses equaled $5.6 million or 1.22% of loans, net of unearned income, at March 31, 2012, compared to $4.4 million or 1.07% at March 31, 2011.
Peoples Financial Services Corporation is the parent company of Peoples Neighborhood Bank (the “Bank”), an independent community bank serving Lackawanna, Wyoming and Susquehanna Counties in Pennsylvania and Broome County in New York through eleven 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. In addition, customers can take advantage of PNB Online Banking services by accessing the Company's website at http://www.peoplesnatbank.com. Peoples Wealth Management, a division of the Bank’s subsidiary Peoples Advisors LLC, provides investment advisory services to the general public. 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.
5
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Summary Data
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Peoples Financial Services Corp.
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Five Quarter Trend
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(In thousands, except per share data)
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March 31
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Dec 31
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Sept 30
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June 30
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March 31
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2012
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2011
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2011
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2011
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2011
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Key performance data:
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Per share data:
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Net income
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$ | 0.78 | $ | 0.57 | $ | 0.60 | $ | 0.75 | $ | 0.57 | ||||||||||
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Cash dividends declared
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$ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
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Book value
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$ | 19.61 | $ | 19.11 | $ | 18.86 | $ | 17.90 | $ | 16.70 | ||||||||||
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Tangible book value
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$ | 19.41 | $ | 18.89 | $ | 18.59 | $ | 17.62 | $ | 16.39 | ||||||||||
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Market value:
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High
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$ | 29.00 | $ | 28.25 | $ | 28.25 | $ | 27.50 | $ | 28.00 | ||||||||||
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Low
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$ | 27.50 | $ | 27.05 | $ | 26.90 | $ | 25.50 | $ | 26.31 | ||||||||||
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Closing
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$ | 28.00 | $ | 28.25 | $ | 27.55 | $ | 27.05 | $ | 26.31 | ||||||||||
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Market capitalization
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$ | 87,327 | $ | 88,108 | $ | 86,205 | $ | 85,036 | $ | 82,700 | ||||||||||
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Common shares outstanding
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3,118,806 | 3,118,856 | 3,129,056 | 3,143,656 | 3,143,281 | |||||||||||||||
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Selected ratios:
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Return on average stockholders' equity
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16.70 | % | 12.54 | % | 13.62 | % | 18.56 | % | 14.84 | % | ||||||||||
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Return on average assets
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1.56 | % | 1.17 | % | 1.24 | % | 1.63 | % | 1.30 | % | ||||||||||
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Stockholders' equity to total assets
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9.68 | % | 9.59 | % | 9.72 | % | 9.59 | % | 9.20 | % | ||||||||||
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Efficiency ratio
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48.08 | % | 60.61 | % | 58.09 | % | 50.98 | % | 55.82 | % | ||||||||||
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Nonperforming assets to loans, net, and foreclosed assets
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2.14 | % | 2.39 | % | 2.45 | % | 2.45 | % | 2.97 | % | ||||||||||
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Net charge-offs to average loans, net
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0.36 | % | 0.06 | % | 0.28 | % | 0.01 | % | 0.17 | % | ||||||||||
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Allowance for loan losses to loans, net
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1.22 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.07 | % | ||||||||||
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Earning assets yield (FTE)
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4.97 | % | 5.00 | % | 5.08 | % | 5.27 | % | 5.43 | % | ||||||||||
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Cost of funds
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1.10 | % | 1.14 | % | 1.27 | % | 1.31 | % | 1.30 | % | ||||||||||
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Net interest spread (FTE)
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3.87 | % | 3.86 | % | 3.81 | % | 3.96 | % | 4.13 | % | ||||||||||
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Net interest margin (FTE)
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4.10 | % | 4.09 | % | 4.07 | % | 4.20 | % | 4.36 | % | ||||||||||
6
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Consolidated Statements of Income
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(In thousands, except per share data)
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Three Months Ended
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March 31
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March 31
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2012
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2011
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Interest income:
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Interest and fees on loans:
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Taxable
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$ | 5,515 | $ | 5,136 | ||||
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Tax-exempt
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419 | 357 | ||||||
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Interest and dividends on investment securities available-for-sale:
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Taxable
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636 | 666 | ||||||
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Tax-exempt
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359 | 475 | ||||||
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Dividends
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7 | 9 | ||||||
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Interest on interest-bearing balances with banks
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4 | 2 | ||||||
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Interest on federal funds sold
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2 | |||||||
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Total interest income
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6,940 | 6,647 | ||||||
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Interest expense:
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Interest on deposits
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1,048 | 1,044 | ||||||
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Interest on short-term borrowings
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62 | 86 | ||||||
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Interest on long-term debt
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173 | 257 | ||||||
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Total interest expense
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1,283 | 1,387 | ||||||
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Net interest income
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5,657 | 5,260 | ||||||
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Provision for loan losses
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645 | 421 | ||||||
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Net interest income after provision for loan losses
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5,012 | 4,839 | ||||||
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Noninterest income:
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Service charges, fees, commissions and others
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743 | 709 | ||||||
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Wealth management income
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143 | 139 | ||||||
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Mortgage banking income
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74 | 48 | ||||||
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Net gains on sale of investment securities available-for-sale
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284 | 10 | ||||||
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Other than temporary investment securities impairment
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(84 | ) | ||||||
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Net losses on sale of other real estate
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(8 | ) | ||||||
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Total noninterest income
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1,236 | 822 | ||||||
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Noninterest expense:
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Salaries and employee benefits expense
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1,730 | 1,446 | ||||||
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Net occupancy and equipment expense
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790 | 676 | ||||||
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Other expenses
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794 | 1,273 | ||||||
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Total noninterest expense
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3,314 | 3,395 | ||||||
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Income before income taxes
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2,934 | 2,266 | ||||||
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Provision for income tax expense
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514 | 467 | ||||||
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Net income
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$ | 2,420 | $ | 1,799 | ||||
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Other comprehensive income (loss):
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Unrealized holding gains (losses) on investment securities available-for-sale
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$ | (23 | ) | $ | 1,100 | |||
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Reclassification adjustment for gains included in net income
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(284 | ) | (10 | ) | ||||
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Reclassification adjustment for other than temporary impairment charges
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84 | |||||||
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Income tax expense (benefit) related to other comprehensive income
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(104 | ) | 399 | |||||
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Other comprehensive income (loss), net of income taxes
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(203 | ) | 775 | |||||
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Comprehensive income
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$ | 2,217 | $ | 2,574 | ||||
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Per share data:
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Net income
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$ | 0.78 | $ | 0.57 | ||||
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Cash dividends declared
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$ | 0.21 | $ | 0.20 | ||||
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Average common shares outstanding
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3,118,109 | 3,142,137 | ||||||
7
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Consolidated Statements of Income
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(In thousands, except per share data)
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Three months ended
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March 31
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Dec 31
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Sept 30
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June 30
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March 31
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2012
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2011
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2011
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2011
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2011
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Interest income:
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Interest and fees on loans:
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Taxable
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$ | 5,515 | $ | 5,585 | $ | 5,505 | $ | 5,413 | $ | 5,136 | |||||||||
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Tax-exempt
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419 | 328 | 331 | 346 | 357 | ||||||||||||||
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Interest and dividends on investment securities available-for-sale:
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Taxable
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636 | 672 | 639 | 633 | 666 | ||||||||||||||
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Tax-exempt
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359 | 377 | 397 | 411 | 475 | ||||||||||||||
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Dividends
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7 | 7 | 9 | 8 | 9 | ||||||||||||||
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Interest on interest-bearing balances with banks
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4 | 4 | 3 | 3 | 2 | ||||||||||||||
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Interest on federal funds sold
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8 | 13 | 11 | 2 | |||||||||||||||
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Total interest income
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6,940 | 6,981 | 6,897 | 6,825 | 6,647 | ||||||||||||||
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Interest expense:
|
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Interest on deposits
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1,048 | 1,079 | 1,168 | 1,132 | 1,044 | ||||||||||||||
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Interest on short-term borrowings
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62 | 72 | 76 | 76 | 86 | ||||||||||||||
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Interest on long-term debt
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173 | 178 | 208 | 263 | 257 | ||||||||||||||
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Total interest expense
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1,283 | 1,329 | 1,452 | 1,471 | 1,387 | ||||||||||||||
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Net interest income
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5,657 | 5,652 | 5,445 | 5,354 | 5,260 | ||||||||||||||
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Provision for loan losses
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645 | 300 | 269 | 804 | 421 | ||||||||||||||
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Net interest income after provision for loan losses
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5,012 | 5,352 | 5,176 | 4,550 | 4,839 | ||||||||||||||
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Noninterest income:
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Service charges, fees, commissions and others
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743 | 799 | 736 | 711 | 709 | ||||||||||||||
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Wealth management income
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143 | 140 | 142 | 236 | 139 | ||||||||||||||
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Mortgage banking income
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74 | 168 | 32 | 98 | 48 | ||||||||||||||
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Net gains on sale of investment securities available-for-sale
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284 | (12 | ) | 25 | 2 | 10 | |||||||||||||
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Other than temporary investment securities impairment
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(3 | ) | (84 | ) | |||||||||||||||
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Net gains (losses) on sale of other real estate
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(8 | ) | (2 | ) | 90 | 1,583 | |||||||||||||
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Total noninterest income
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1,236 | 1,093 | 1,022 | 2,630 | 822 | ||||||||||||||
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Noninterest expense:
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Salaries and employee benefits expense
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1,730 | 1,713 | 1,648 | 1,628 | 1,446 | ||||||||||||||
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Net occupancy and equipment expense
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790 | 766 | 738 | 699 | 676 | ||||||||||||||
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Other expenses
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794 | 1,609 | 1,371 | 1,743 | 1,273 | ||||||||||||||
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Total noninterest expense
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3,314 | 4,088 | 3,757 | 4,070 | 3,395 | ||||||||||||||
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Income before income taxes
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2,934 | 2,357 | 2,441 | 3,110 | 2,266 | ||||||||||||||
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Provision for income tax expense
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514 | 557 | 582 | 751 | 467 | ||||||||||||||
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Net income
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$ | 2,420 | $ | 1,800 | $ | 1,859 | $ | 2,359 | $ | 1,799 | |||||||||
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Other comprehensive income (loss):
|
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|
Unrealized holding gains (losses) on investment securities available-for-sale
|
$ | (23 | ) | $ | (466 | ) | $ | 2,908 | $ | 3,183 | $ | 1,100 | |||||||
|
Reclassification adjustment for losses (gains) included in net income
|
(284 | ) | 12 | (25 | ) | (2 | ) | (10 | ) | ||||||||||
|
Reclassification adjustment for other than temporary impairment charges
|
3 | 84 | |||||||||||||||||
|
Income tax expense (benefit) related to other comprehensive income
|
(104 | ) | (154 | ) | 981 | 1,082 | 399 | ||||||||||||
|
Other comprehensive income (loss), net of income taxes
|
(203 | ) | (300 | ) | 1,905 | 2,099 | 775 | ||||||||||||
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Comprehensive income
|
$ | 2,217 | $ | 1,500 | $ | 3,764 | $ | 4,458 | $ | 2,574 | |||||||||
|
Per share data:
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|
Net income
|
$ | 0.78 | $ | 0.57 | $ | 0.60 | $ | 0.75 | $ | 0.57 | |||||||||
|
Cash dividends declared
|
$ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||
|
Average common shares outstanding
|
3,118,109 | 3,123,569 | 3,134,591 | 3,146,584 | 3,142,137 | ||||||||||||||
8
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Peoples Financial Services Corp.
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Details of Net Interest and Net Interest Margin
|
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(In thousands, fully taxable equivalent basis)
|
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Three months ended
|
March 31
|
Dec 31
|
Sept 30
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June 30
|
March 31
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|||||||||||||||
|
2012
|
2011
|
2011
|
2011
|
2011
|
||||||||||||||||
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Net interest income:
|
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|
Interest income
|
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Loans, net:
|
||||||||||||||||||||
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Taxable
|
$ | 5,515 | $ | 5,585 | $ | 5,505 | $ | 5,413 | $ | 5,136 | ||||||||||
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Tax-exempt
|
635 | 497 | 502 | 524 | 541 | |||||||||||||||
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Total loans, net
|
6,150 | 6,082 | 6,007 | 5,937 | 5,677 | |||||||||||||||
|
Investments:
|
||||||||||||||||||||
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Taxable
|
643 | 679 | 648 | 641 | 675 | |||||||||||||||
|
Tax-exempt
|
544 | 571 | 601 | 623 | 720 | |||||||||||||||
|
Total investments
|
1,187 | 1,250 | 1,249 | 1,264 | 1,395 | |||||||||||||||
|
Interest-bearing balances with banks
|
4 | 4 | 3 | 3 | 2 | |||||||||||||||
|
Federal funds sold
|
8 | 13 | 11 | 2 | ||||||||||||||||
|
Total interest income
|
7,341 | 7,344 | 7,271 | 7,215 | 7,076 | |||||||||||||||
|
Interest expense:
|
||||||||||||||||||||
|
Deposits
|
1,048 | 1,079 | 1,168 | 1,132 | 1,044 | |||||||||||||||
|
Short-term borrowings
|
62 | 72 | 76 | 76 | 86 | |||||||||||||||
|
Long-term debt
|
173 | 178 | 208 | 263 | 257 | |||||||||||||||
|
Total interest expense
|
1,283 | 1,329 | 1,452 | 1,471 | 1,387 | |||||||||||||||
|
Net interest income
|
$ | 6,058 | $ | 6,015 | $ | 5,819 | $ | 5,744 | $ | 5,689 | ||||||||||
|
Loans, net:
|
||||||||||||||||||||
|
Taxable
|
5.39 | % | 5.51 | % | 5.59 | % | 5.71 | % | 5.70 | % | ||||||||||
|
Tax-exempt
|
5.96 | % | 5.83 | % | 5.74 | % | 5.73 | % | 5.77 | % | ||||||||||
|
Total loans, net
|
5.45 | % | 5.53 | % | 5.61 | % | 5.71 | % | 5.70 | % | ||||||||||
|
Investments:
|
||||||||||||||||||||
|
Taxable
|
2.53 | % | 2.71 | % | 3.20 | % | 3.75 | % | 3.87 | % | ||||||||||
|
Tax-exempt
|
5.98 | % | 5.93 | % | 5.94 | % | 6.03 | % | 6.15 | % | ||||||||||
|
Total investments
|
3.44 | % | 3.61 | % | 4.12 | % | 4.61 | % | 4.78 | % | ||||||||||
|
Interest-bearing balances with banks
|
1.50 | % | 1.28 | % | 0.86 | % | 0.88 | % | 1.14 | % | ||||||||||
|
Federal funds sold
|
0.40 | % | 0.25 | % | 0.22 | % | 0.13 | % | ||||||||||||
|
Total earning assets
|
4.97 | % | 5.00 | % | 5.08 | % | 5.27 | % | 5.43 | % | ||||||||||
|
Interest expense:
|
||||||||||||||||||||
|
Deposits
|
1.05 | % | 1.07 | % | 1.17 | % | 1.17 | % | 1.15 | % | ||||||||||
|
Short-term borrowings
|
0.51 | % | 0.68 | % | 0.81 | % | 0.89 | % | 0.91 | % | ||||||||||
|
Long-term debt
|
3.69 | % | 3.69 | % | 3.79 | % | 3.92 | % | 3.83 | % | ||||||||||
|
Total interest-bearing liabilities
|
1.10 | % | 1.14 | % | 1.27 | % | 1.31 | % | 1.30 | % | ||||||||||
|
Net interest spread
|
3.87 | % | 3.86 | % | 3.81 | % | 3.96 | % | 4.13 | % | ||||||||||
|
Net interest margin
|
4.10 | % | 4.09 | % | 4.07 | % | 4.20 | % | 4.36 | % | ||||||||||
9
|
Peoples Financial Services Corp.
|
||||||||||||||||||||
|
Consolidated Balance Sheets
|
||||||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||
|
March 31
|
Dec 31
|
Sept 30
|
June 30
|
March 31
|
||||||||||||||||
|
At period end
|
2012
|
2011
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 8,563 | $ | 9,488 | $ | 9,787 | $ | 12,736 | $ | 9,661 | ||||||||||
|
Interest-bearing balances with banks
|
1,075 | 1,071 | 1,007 | 1,007 | 1,110 | |||||||||||||||
|
Federal funds sold
|
17,174 | 9,357 | 15,791 | |||||||||||||||||
|
Investment securities available-for-sale
|
132,882 | 139,899 | 128,956 | 114,096 | 107,091 | |||||||||||||||
|
Loans held for sale
|
2,724 | 569 | 1,206 | 92 | 517 | |||||||||||||||
|
Loans, net
|
459,223 | 445,103 | 427,249 | 426,655 | 407,842 | |||||||||||||||
|
Less: allowance for loan losses
|
5,589 | 5,349 | 5,119 | 5,153 | 4,356 | |||||||||||||||
|
Net loans
|
453,634 | 439,754 | 422,130 | 421,502 | 403,486 | |||||||||||||||
|
Premises and equipment, net
|
8,235 | 7,916 | 8,039 | 8,171 | 8,361 | |||||||||||||||
|
Accrued interest receivable
|
3,472 | 3,448 | 3,240 | 3,272 | 3,020 | |||||||||||||||
|
Other assets
|
21,164 | 19,259 | 15,616 | 16,347 | 21,291 | |||||||||||||||
|
Total assets
|
$ | 631,749 | $ | 621,404 | $ | 607,155 | $ | 586,580 | $ | 570,328 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||
|
Noninterest-bearing
|
$ | 97,353 | $ | 92,985 | $ | 84,572 | $ | 78,216 | $ | 76,958 | ||||||||||
|
Interest-bearing
|
404,779 | 401,298 | 401,588 | 392,353 | 376,614 | |||||||||||||||
|
Total deposits
|
502,132 | 494,283 | 486,160 | 470,569 | 453,572 | |||||||||||||||
|
Short-term borrowings
|
45,375 | 43,791 | 38,892 | 36,352 | 35,293 | |||||||||||||||
|
Long-term debt
|
18,731 | 18,927 | 21,620 | 21,862 | 27,100 | |||||||||||||||
|
Accrued interest payable
|
244 | 284 | 282 | 307 | 398 | |||||||||||||||
|
Other liabilities
|
4,106 | 4,506 | 1,178 | 1,220 | 1,471 | |||||||||||||||
|
Total liabilities
|
570,588 | 561,791 | 548,132 | 530,310 | 517,834 | |||||||||||||||
|
Stockholders' equity:
|
||||||||||||||||||||
|
Common stock, par value $2.00 authorized
|
||||||||||||||||||||
|
12,500,000, shares issued 3,341,251;
|
6,683 | 6,683 | 6,683 | 6,683 | 6,683 | |||||||||||||||
|
Capital surplus
|
3,147 | 3,141 | 3,141 | 3,122 | 3,122 | |||||||||||||||
|
Retained earnings
|
53,108 | 51,342 | 50,173 | 48,938 | 47,219 | |||||||||||||||
|
Accumulated other comprehensive income (loss)
|
3,442 | 3,645 | 3,945 | 2,040 | (59 | ) | ||||||||||||||
|
Less: Treasury stock, at cost, shares held 222,445; 222,395;
|
5,219 | 5,198 | 4,919 | 4,513 | 4,471 | |||||||||||||||
|
212,195; 197,595; 197,970
|
||||||||||||||||||||
|
Total stockholders' equity
|
61,161 | 59,613 | 59,023 | 56,270 | 52,494 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 631,749 | $ | 621,404 | $ | 607,155 | $ | 586,580 | $ | 570,328 | ||||||||||
10
|
Consolidated Balance Sheets
|
||||||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||
|
March 31
|
Dec 31
|
Sept 30
|
June 30
|
March 31
|
||||||||||||||||
|
Average quarterly balances
|
2012
|
2011
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Loans, net:
|
||||||||||||||||||||
|
Taxable
|
$ | 411,306 | $ | 402,315 | $ | 390,478 | $ | 380,528 | $ | 365,573 | ||||||||||
|
Tax-exempt
|
42,852 | 33,812 | 34,711 | 36,685 | 38,008 | |||||||||||||||
|
Total loans, net
|
454,158 | 436,127 | 425,189 | 417,213 | 403,581 | |||||||||||||||
|
Investments:
|
||||||||||||||||||||
|
Taxable
|
102,375 | 99,252 | 80,221 | 68,614 | 70,781 | |||||||||||||||
|
Tax-exempt
|
36,608 | 38,217 | 40,105 | 41,434 | 47,488 | |||||||||||||||
|
Total investments
|
138,983 | 137,469 | 120,326 | 110,048 | 118,269 | |||||||||||||||
|
Interest-bearing balances with banks
|
1,074 | 1,236 | 1,386 | 1,364 | 714 | |||||||||||||||
|
Federal funds sold
|
8,010 | 20,693 | 20,504 | 6,028 | ||||||||||||||||
|
Total earning assets
|
594,215 | 582,842 | 567,594 | 549,129 | 528,592 | |||||||||||||||
|
Other assets
|
27,943 | 27,950 | 28,378 | 32,970 | 32,316 | |||||||||||||||
|
Total assets
|
$ | 622,158 | $ | 610,792 | $ | 595,972 | $ | 582,099 | $ | 560,908 | ||||||||||
|
Liabilities and stockholders' equity:
|
||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||
|
Interest-bearing
|
$ | 399,755 | $ | 400,678 | $ | 395,354 | $ | 387,655 | $ | 366,632 | ||||||||||
|
Noninterest-bearing
|
92,492 | 87,573 | 83,458 | 78,959 | 74,742 | |||||||||||||||
|
Total deposits
|
492,247 | 488,251 | 478,812 | 466,614 | 441,374 | |||||||||||||||
|
Short-term borrowings
|
48,582 | 42,290 | 37,231 | 34,373 | 38,532 | |||||||||||||||
|
Long-term debt
|
18,837 | 19,140 | 21,749 | 26,935 | 27,227 | |||||||||||||||
|
Other liabilities
|
4,223 | 4,176 | 4,014 | 3,192 | 4,613 | |||||||||||||||
|
Total liabilities
|
563,889 | 553,857 | 541,806 | 531,114 | 511,746 | |||||||||||||||
|
Stockholders' equity
|
58,269 | 56,935 | 54,166 | 50,985 | 49,162 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 622,158 | $ | 610,792 | $ | 595,972 | $ | 582,099 | $ | 560,908 | ||||||||||
11
|
Peoples Financial Services Corp.
|
||||||||||||||||||||
|
Asset Quality Data
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||
|
March 31
|
Dec 31
|
Sept 30
|
June 30
|
March 31
|
||||||||||||||||
|
At quarter end
|
2012
|
2011
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Nonperforming assets:
|
||||||||||||||||||||
|
Nonaccrual/restructured loans
|
$ | 7,473 | $ | 9,597 | $ | 9,651 | $ | 10,002 | $ | 8,437 | ||||||||||
|
Accruing loans past due 90 days or more
|
691 | 660 | 429 | 443 | 542 | |||||||||||||||
|
Foreclosed assets
|
1,692 | 399 | 399 | 3,246 | ||||||||||||||||
|
Total nonperforming assets
|
$ | 9,856 | $ | 10,656 | $ | 10,479 | $ | 10,445 | $ | 12,225 | ||||||||||
|
Three months ended
|
||||||||||||||||||||
|
Allowance for loan losses:
|
||||||||||||||||||||
|
Beginning balance
|
$ | 5,349 | $ | 5,119 | $ | 5,153 | $ | 4,356 | $ | 4,100 | ||||||||||
|
Charge-offs
|
421 | 83 | 317 | 23 | 176 | |||||||||||||||
|
Recoveries
|
16 | 13 | 14 | 16 | 11 | |||||||||||||||
|
Provision for loan losses
|
645 | 300 | 269 | 804 | 421 | |||||||||||||||
|
Ending balance
|
$ | 5,589 | $ | 5,349 | $ | 5,119 | $ | 5,153 | $ | 4,356 | ||||||||||
|
|
||||||||||||||||||||
|
SOURCE Peoples Financial Services Corp.
|
||||||||||||||||||||
|
/Contact: MEDIA/INVESTORS, Scott A. Seasock, 570.879.2175 or scotts@peoplesnatbank.com
|
||||||||||||||||||||
|
Co: Peoples Financial Services Corp.
|
||||||||||||||||||||
|
St: Pennsylvania
|
||||||||||||||||||||
|
In: Fin
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Except for the historical information contained, herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties in the banking industry and overall economy. Such risks and uncertainties are detailed in the Company's Securities and Exchange Commission reports, including the Annual Report on Form 10-K and quarterly reports on Form 10-Q.
|
||||||||||||||||||||
12