Attached files
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| 8-K - PFSC 2ND QUARTER EARNINGS 8K - PEOPLES FINANCIAL SERVICES CORP. | form8k.htm |
NEWS RELEASE
TO BUSINESS EDITOR:
PEOPLES FINANCIAL SERVICES CORP. REPORTS EARNINGS
Hallstead, PA, July 13 – Peoples Financial Services Corp. (OTCBB:PFIS) today reported earnings for the six months ended June 30, 2012, of $4,704 thousand or $1.51 per share, an increase of $546 thousand or 13.1%, compared to $4,158 thousand or $1.32 per share for the same period last year. Earnings for the second quarter 2012 totaled $2,284 thousand or $0.73 per share, a decrease of $75 thousand or 3.2%, compared to $2,359 thousand or $0.75 per share for the second quarter of 2011. Included in income in the second quarter of 2011 was a $1,583 thousand nonrecurring gain on the sale of a commercial property held as other real estate owned.
Return on average assets was 1.46% for the second quarter and 1.51% for the first half of 2012, compared to 1.63% and 1.47% for the respective periods of 2011. Return on average stockholders’ equity was 15.36% and 16.02%, respectively, for the second quarter and year-to-date 2012, compared to 18.56% and 16.74% for the same periods of 2011.
“Higher net interest income was the primary factor contributing to the increase in comparable first half earnings,” stated Alan W. Dakey, President and Chief Executive Officer. “We also experienced strong growth in revenue generated by our mortgage banking sector and our loan portfolio grew significantly in the commercial sector. In 2012, we continue to focus on improving our noninterest revenue sources as well as maintaining a favorable net interest margin,” concluded Dakey.
HIGHLIGHTS
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Earnings per share increased $0.19 comparing 2012 and 2011.
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Net interest income for the first six months improved 7.2% over the prior year.
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Year-to-year average loan growth approximated 11.8%.
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Deposits grew $43.8 million in the first half of 2012.
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Nonperforming assets decreased 6.1% comparing June 30, 2012 and 2011.
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INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the six months ended June 30, improved $722 thousand or 6.3% to $12,154 thousand in 2012 from $11,432 thousand in 2011. A $437 thousand increase in tax-equivalent interest revenue was supplemented by a decrease in interest expense of $285 thousand. Growth in average earning assets of $57.6 million offset partially by a 39 basis point decrease in the tax-equivalent yield on earning assets were the primary factors contributing to the increase in interest revenue. Specifically, the tax-equivalent yield on the loan portfolio decreased 26 basis points to 5.45% for the first half of 2012 from 5.71% for the same period of 2011. In addition, average loans increased $48.4 million or 11.8% comparing the six months ended June 30, 2012 and 2011. The tax-equivalent yield on the investment portfolio decreased 130 basis points to 3.40% in 2012 from 4.70% in 2011. Average investments increased $21.5 million or 18.8% in 2012. Partially offsetting the negative effects of the yield decrease and aiding the positive effects of earning asset growth was a decrease of 21 basis points in the cost of funds, which was the primary factor leading to the decreased interest expense. The tax-equivalent net interest margin for the six months ended June 30, decreased 18 basis points to 4.10% in 2012 from 4.28% in 2011. The net interest margin for the second quarter of 2012 was 4.09%, compared to 4.10% the previous quarter.
The provision for loan losses was $1,035 thousand for the six months ended June 30, 2012, and $1,225 thousand for the same six months of 2011. The provision for loan losses was $390 thousand for the second quarter of 2012 compared to $804 thousand for the same period last year.
Noninterest income totaled $2,573 thousand for the six months ended June 30, 2012, a decrease of $879 thousand or 25.5% from $3,452 thousand for the same six months of last year. Mortgage banking income increased 157.5% to $376 thousand in 2012 from $146 thousand in 2011. For the second quarter, noninterest income decreased $1,293 thousand to $1,337 thousand in 2012, from $2,630 thousand in 2011. As previously mentioned, the second quarter of 2011 included a $1,583 thousand gain on the sale of a other real estate owned property.
Noninterest expense for the six months ended June 30, decreased $253 thousand or 3.4% to $7,212 thousand in 2012 from $7,465 thousand in 2011. Employee-related costs rose $405 thousand or 13.2% as a result of increases in staffing, higher health insurance costs and normal merit increases. Additional equipment-related costs resulted in a $168 thousand or 12.2% increase in net occupancy and equipment expense. The main contributor to the $826 thousand or 27.4% decrease in other expenses was a $509 thousand prepayment penalty on the extinguishment of a $5.0 million long-term debt with the Federal Home Loan Bank which occurred in the second quarter of 2011. For the second quarter, noninterest expense totaled $3,898 thousand in 2012, a decrease of $172 thousand or 4.2% from $4,070 thousand in 2011.
1
BALANCE SHEET REVIEW
Total assets equaled $638.7 million at June 30, 2012, an increase of $52.1 million compared to $586.6 million at June 30, 2011. Strong loan demand resulted in an increase of $30.4 million or 7.1% in loans, net of unearned income, to $457.1 million at the close of the second quarter of 2012 from $426.7 million one year earlier. There were $13.1 million in federal funds sold as of the end of the second quarter of 2012 compared to $9.4 million at the same point in 2011 as deposit growth ramped up in the second quarter of 2012. Investment securities available-for-sale amounted to $128.6 million at June 30, 2012, and $114.1 million at June 30, 2011. Despite strong competition for deposits within our market area, total deposits increased $67.5 million comparing the first half of 2012 and 2011.
Stockholders’ equity equaled $63.9 million or $20.48 per share at June 30, 2012, and $56.3 million or $17.90 per share at June 30, 2011. Included in stockholders’ equity was accumulated other comprehensive income related entirely to net unrealized holding gains on available-for-sale investment securities of $4,559 thousand at June 30, 2012, compared to accumulated other comprehensive income of $2,040 thousand at the end of the same period of 2011. Dividends declared for the first six months were $0.42 per share in 2012 and $0.40 per share in 2011.
Nonperforming assets equaled $9.8 million or 2.14% of loans, net of unearned income and foreclosed assets at June 30, 2012, compared to $10.4 million or 2.45% one year earlier. The improvement in asset quality resulted from a decrease in nonaccrual loans partially offset by an increase in foreclosed assets and accruing loans past due 90 days or more. The provision for loan losses decreased 15.5% comparing the first half of 2012 and 2011 corresponding with the decrease in nonperforming assets in 2012.
The allowance for loan losses equaled $5.9 million or 1.29% of loans, net of unearned income, at June 30, 2012, compared to $5.6 million or 1.22% at March 31, 2012, and $5.3 million or 1.20% at December 31, 2011. The allowance for loan losses covered 60.3% of nonperforming assets at the end of the second quarter of 2012, compared to 56.7% at the end of the first quarter and 50.2% at year-end 2011. Loans charged-off, net of recoveries, for the six months ended June 30, equaled $468 thousand or 0.21% of average loans outstanding in 2012 compared to $172 thousand or 0.04% of average loans outstanding in 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.
2
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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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June 30
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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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2012
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2012
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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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$ | 0.73 | $ | 0.78 | $ | 0.57 | $ | 0.60 | $ | 0.75 | ||||||||||
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Cash dividends declared
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$ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
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Book value
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$ | 20.48 | $ | 19.61 | $ | 19.11 | $ | 18.86 | $ | 17.90 | ||||||||||
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Tangible book value
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$ | 20.29 | $ | 19.41 | $ | 18.89 | $ | 18.59 | $ | 17.62 | ||||||||||
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Market value:
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High
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$ | 30.00 | $ | 29.00 | $ | 28.25 | $ | 28.25 | $ | 27.50 | ||||||||||
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Low
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$ | 28.00 | $ | 27.50 | $ | 27.05 | $ | 26.90 | $ | 25.50 | ||||||||||
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Closing
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$ | 29.00 | $ | 28.00 | $ | 28.25 | $ | 27.55 | $ | 27.05 | ||||||||||
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Market capitalization
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$ | 90,432 | $ | 87,327 | $ | 88,108 | $ | 86,205 | $ | 85,036 | ||||||||||
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Common shares outstanding
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3,118,356 | 3,118,806 | 3,118,856 | 3,129,056 | 3,143,656 | |||||||||||||||
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Selected ratios:
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Return on average stockholders' equity
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15.36 | % | 16.70 | % | 12.54 | % | 13.62 | % | 18.56 | % | ||||||||||
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Return on average assets
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1.46 | % | 1.56 | % | 1.17 | % | 1.24 | % | 1.63 | % | ||||||||||
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Stockholders' equity to total assets
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10.00 | % | 9.68 | % | 9.59 | % | 9.72 | % | 9.59 | % | ||||||||||
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Efficiency ratio
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55.20 | % | 48.08 | % | 60.61 | % | 58.09 | % | 50.98 | % | ||||||||||
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Nonperforming assets to loans, net, and foreclosed assets
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2.14 | % | 2.14 | % | 2.39 | % | 2.45 | % | 2.45 | % | ||||||||||
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Net charge-offs to average loans, net
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0.05 | % | 0.36 | % | 0.06 | % | 0.28 | % | 0.01 | % | ||||||||||
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Allowance for loan losses to loans, net
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1.29 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.21 | % | ||||||||||
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Earning assets yield (FTE)
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4.96 | % | 4.97 | % | 5.00 | % | 5.08 | % | 5.27 | % | ||||||||||
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Cost of funds
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1.10 | % | 1.10 | % | 1.14 | % | 1.27 | % | 1.31 | % | ||||||||||
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Net interest spread (FTE)
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3.86 | % | 3.87 | % | 3.86 | % | 3.81 | % | 3.96 | % | ||||||||||
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Net interest margin (FTE)
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4.09 | % | 4.10 | % | 4.09 | % | 4.07 | % | 4.20 | % | ||||||||||
3
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Consolidated Statements of Income
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(In thousands, except per share data)
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Six Months Ended
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June 30
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June 30
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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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$ | 11,197 | $ | 10,549 | ||||
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Tax-exempt
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812 | 703 | ||||||
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Interest and dividends on investment securities available-for-sale:
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Taxable
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1,239 | 1,299 | ||||||
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Tax-exempt
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687 | 886 | ||||||
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Dividends
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15 | 17 | ||||||
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Interest on interest-bearing balances with banks
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5 | 5 | ||||||
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Interest on federal funds sold
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13 | |||||||
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Total interest income
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13,955 | 13,472 | ||||||
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Interest expense:
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Interest on deposits
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2,119 | 2,176 | ||||||
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Interest on short-term borrowings
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111 | 162 | ||||||
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Interest on long-term debt
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343 | 520 | ||||||
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Total interest expense
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2,573 | 2,858 | ||||||
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Net interest income
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11,382 | 10,614 | ||||||
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Provision for loan losses
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1,035 | 1,225 | ||||||
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Net interest income after provision for loan losses
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10,347 | 9,389 | ||||||
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Noninterest income:
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Service charges, fees, commissions and others
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1,540 | 1,420 | ||||||
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Wealth management income
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281 | 375 | ||||||
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Mortgage banking income
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376 | 146 | ||||||
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Net gains on sale of investment securities available-for-sale
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383 | 12 | ||||||
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Other than temporary investment securities impairment
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(84 | ) | ||||||
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Net gains (losses) on sale of other real estate
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(7 | ) | 1,583 | |||||
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Total noninterest income
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2,573 | 3,452 | ||||||
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Noninterest expense:
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Salaries and employee benefits expense
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3,479 | 3,074 | ||||||
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Net occupancy and equipment expense
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1,543 | 1,375 | ||||||
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Other expenses
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2,190 | 3,016 | ||||||
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Total noninterest expense
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7,212 | 7,465 | ||||||
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Income before income taxes
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5,708 | 5,376 | ||||||
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Provision for income tax expense
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1,004 | 1,218 | ||||||
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Net income
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$ | 4,704 | $ | 4,158 | ||||
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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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$ | 1,768 | $ | 4,283 | ||||
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Reclassification adjustment for gains included in net income
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(383 | ) | (12 | ) | ||||
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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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471 | 1,481 | ||||||
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Other comprehensive income (loss), net of income taxes
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914 | 2,874 | ||||||
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Comprehensive income
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$ | 5,618 | $ | 7,032 | ||||
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Per share data:
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Net income
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$ | 1.51 | $ | 1.32 | ||||
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Cash dividends declared
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$ | 0.42 | $ | 0.40 | ||||
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Average common shares outstanding
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3,118,269 | 3,144,386 | ||||||
4
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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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June 30
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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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2012
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2012
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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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$ | 5,682 | $ | 5,515 | $ | 5,585 | $ | 5,505 | $ | 5,413 | ||||||||||
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Tax-exempt
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393 | 419 | 328 | 331 | 346 | |||||||||||||||
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Interest and dividends on investment securities available-for-sale:
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Taxable
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603 | 636 | 672 | 639 | 633 | |||||||||||||||
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Tax-exempt
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328 | 359 | 377 | 397 | 411 | |||||||||||||||
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Dividends
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8 | 7 | 7 | 9 | 8 | |||||||||||||||
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Interest on interest-bearing balances with banks
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1 | 4 | 4 | 3 | 3 | |||||||||||||||
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Interest on federal funds sold
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8 | 13 | 11 | |||||||||||||||||
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Total interest income
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7,015 | 6,940 | 6,981 | 6,897 | 6,825 | |||||||||||||||
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Interest expense:
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Interest on deposits
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1,071 | 1,048 | 1,079 | 1,168 | 1,132 | |||||||||||||||
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Interest on short-term borrowings
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49 | 62 | 72 | 76 | 76 | |||||||||||||||
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Interest on long-term debt
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170 | 173 | 178 | 208 | 263 | |||||||||||||||
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Total interest expense
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1,290 | 1,283 | 1,329 | 1,452 | 1,471 | |||||||||||||||
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Net interest income
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5,725 | 5,657 | 5,652 | 5,445 | 5,354 | |||||||||||||||
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Provision for loan losses
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390 | 645 | 300 | 269 | 804 | |||||||||||||||
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Net interest income after provision for loan losses
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5,335 | 5,012 | 5,352 | 5,176 | 4,550 | |||||||||||||||
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Noninterest income:
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Service charges, fees, commissions and others
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797 | 743 | 799 | 736 | 711 | |||||||||||||||
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Wealth management income
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138 | 143 | 140 | 142 | 236 | |||||||||||||||
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Mortgage banking income
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302 | 74 | 168 | 32 | 98 | |||||||||||||||
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Net gains on sale of investment securities available-for-sale
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99 | 284 | (12 | ) | 25 | 2 | ||||||||||||||
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Other than temporary investment securities impairment
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(3 | ) | ||||||||||||||||||
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Net gains (losses) on sale of other real estate
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1 | (8 | ) | (2 | ) | 90 | 1,583 | |||||||||||||
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Total noninterest income
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1,337 | 1,236 | 1,093 | 1,022 | 2,630 | |||||||||||||||
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Noninterest expense:
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Salaries and employee benefits expense
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1,749 | 1,730 | 1,713 | 1,648 | 1,628 | |||||||||||||||
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Net occupancy and equipment expense
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753 | 790 | 766 | 738 | 699 | |||||||||||||||
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Other expenses
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1,396 | 794 | 1,609 | 1,371 | 1,743 | |||||||||||||||
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Total noninterest expense
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3,898 | 3,314 | 4,088 | 3,757 | 4,070 | |||||||||||||||
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Income before income taxes
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2,774 | 2,934 | 2,357 | 2,441 | 3,110 | |||||||||||||||
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Provision for income tax expense
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490 | 514 | 557 | 582 | 751 | |||||||||||||||
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Net income
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$ | 2,284 | $ | 2,420 | $ | 1,800 | $ | 1,859 | $ | 2,359 | ||||||||||
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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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$ | 1,791 | $ | (23 | ) | $ | (466 | ) | $ | 2,908 | $ | 3,183 | ||||||||
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Reclassification adjustment for losses (gains) included in net income
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(99 | ) | (284 | ) | 12 | (25 | ) | (2 | ) | |||||||||||
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Reclassification adjustment for other than temporary impairment charges
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3 | |||||||||||||||||||
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Income tax expense (benefit) related to other comprehensive income
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575 | (104 | ) | (154 | ) | 981 | 1,082 | |||||||||||||
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Other comprehensive income (loss), net of income taxes
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1,117 | (203 | ) | (300 | ) | 1,905 | 2,099 | |||||||||||||
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Comprehensive income
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$ | 3,401 | $ | 2,217 | $ | 1,500 | $ | 3,764 | $ | 4,458 | ||||||||||
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Per share data:
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Net income
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$ | 0.73 | $ | 0.78 | $ | 0.57 | $ | 0.60 | $ | 0.75 | ||||||||||
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Cash dividends declared
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$ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
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Average common shares outstanding
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3,118,429 | 3,118,109 | 3,123,569 | 3,134,591 | 3,146,584 | |||||||||||||||
5
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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
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June 30
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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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2012
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2012
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2011
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2011
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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
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$ | 5,682 | $ | 5,515 | $ | 5,585 | $ | 5,505 | $ | 5,413 | ||||||||||
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Tax-exempt
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595 | 635 | 497 | 502 | 524 | |||||||||||||||
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Total loans, net
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6,277 | 6,150 | 6,082 | 6,007 | 5,937 | |||||||||||||||
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Investments:
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Taxable
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611 | 643 | 679 | 648 | 641 | |||||||||||||||
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Tax-exempt
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497 | 544 | 571 | 601 | 623 | |||||||||||||||
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Total investments
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1,108 | 1,187 | 1,250 | 1,249 | 1,264 | |||||||||||||||
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Interest-bearing balances with banks
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1 | 4 | 4 | 3 | 3 | |||||||||||||||
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Federal funds sold
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8 | 13 | 11 | |||||||||||||||||
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Total interest income
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7,386 | 7,341 | 7,344 | 7,271 | 7,215 | |||||||||||||||
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Interest expense:
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Deposits
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1,071 | 1,048 | 1,079 | 1,168 | 1,132 | |||||||||||||||
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Short-term borrowings
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49 | 62 | 72 | 76 | 76 | |||||||||||||||
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Long-term debt
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170 | 173 | 178 | 208 | 263 | |||||||||||||||
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Total interest expense
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1,290 | 1,283 | 1,329 | 1,452 | 1,471 | |||||||||||||||
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Net interest income
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$ | 6,096 | $ | 6,058 | $ | 6,015 | $ | 5,819 | $ | 5,744 | ||||||||||
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Loans, net:
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Taxable
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5.43 | % | 5.39 | % | 5.51 | % | 5.59 | % | 5.71 | % | ||||||||||
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Tax-exempt
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5.65 | % | 5.96 | % | 5.83 | % | 5.74 | % | 5.73 | % | ||||||||||
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Total loans, net
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5.45 | % | 5.45 | % | 5.53 | % | 5.61 | % | 5.71 | % | ||||||||||
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Investments:
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Taxable
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2.49 | % | 2.53 | % | 2.71 | % | 3.20 | % | 3.75 | % | ||||||||||
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Tax-exempt
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5.94 | % | 5.98 | % | 5.93 | % | 5.94 | % | 6.03 | % | ||||||||||
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Total investments
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3.37 | % | 3.43 | % | 3.61 | % | 4.12 | % | 4.61 | % | ||||||||||
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Interest-bearing balances with banks
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0.37 | % | 1.50 | % | 1.28 | % | 0.86 | % | 0.88 | % | ||||||||||
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Federal funds sold
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0.40 | % | 0.25 | % | 0.22 | % | ||||||||||||||
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Total earning assets
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4.96 | % | 4.97 | % | 5.00 | % | 5.08 | % | 5.27 | % | ||||||||||
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Interest expense:
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Deposits
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1.03 | % | 1.05 | % | 1.07 | % | 1.17 | % | 1.17 | % | ||||||||||
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Short-term borrowings
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0.61 | % | 0.51 | % | 0.68 | % | 0.81 | % | 0.89 | % | ||||||||||
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Long-term debt
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3.67 | % | 3.69 | % | 3.69 | % | 3.79 | % | 3.92 | % | ||||||||||
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Total interest-bearing liabilities
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1.10 | % | 1.10 | % | 1.14 | % | 1.27 | % | 1.31 | % | ||||||||||
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Net interest spread
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3.86 | % | 3.87 | % | 3.86 | % | 3.81 | % | 3.96 | % | ||||||||||
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Net interest margin
|
4.09 | % | 4.10 | % | 4.09 | % | 4.07 | % | 4.20 | % | ||||||||||
6
|
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
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 8,084 | $ | 8,563 | $ | 9,488 | $ | 9,787 | $ | 12,736 | ||||||||||
|
Interest-bearing balances with banks
|
1,175 | 1,075 | 1,071 | 1,007 | 1,007 | |||||||||||||||
|
Federal funds sold
|
13,130 | 17,174 | 9,357 | |||||||||||||||||
|
Investment securities available-for-sale
|
128,596 | 132,882 | 139,899 | 128,956 | 114,096 | |||||||||||||||
|
Loans held for sale
|
2,242 | 2,724 | 569 | 1,206 | 92 | |||||||||||||||
|
Loans, net
|
457,054 | 459,223 | 445,103 | 427,249 | 426,655 | |||||||||||||||
|
Less: allowance for loan losses
|
5,916 | 5,589 | 5,349 | 5,119 | 5,153 | |||||||||||||||
|
Net loans
|
451,138 | 453,634 | 439,754 | 422,130 | 421,502 | |||||||||||||||
|
Premises and equipment, net
|
8,716 | 8,235 | 7,916 | 8,039 | 8,171 | |||||||||||||||
|
Accrued interest receivable
|
2,903 | 3,472 | 3,448 | 3,240 | 3,272 | |||||||||||||||
|
Other assets
|
22,730 | 21,164 | 19,259 | 15,616 | 16,347 | |||||||||||||||
|
Total assets
|
$ | 638,714 | $ | 631,749 | $ | 621,404 | $ | 607,155 | $ | 586,580 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||
|
Noninterest-bearing
|
$ | 96,692 | $ | 97,353 | $ | 92,985 | $ | 84,572 | $ | 78,216 | ||||||||||
|
Interest-bearing
|
441,419 | 404,779 | 401,298 | 401,588 | 392,353 | |||||||||||||||
|
Total deposits
|
538,111 | 502,132 | 494,283 | 486,160 | 470,569 | |||||||||||||||
|
Short-term borrowings
|
13,233 | 45,375 | 43,791 | 38,892 | 36,352 | |||||||||||||||
|
Long-term debt
|
18,533 | 18,731 | 18,927 | 21,620 | 21,862 | |||||||||||||||
|
Accrued interest payable
|
248 | 244 | 284 | 282 | 307 | |||||||||||||||
|
Other liabilities
|
4,713 | 4,106 | 4,506 | 1,178 | 1,220 | |||||||||||||||
|
Total liabilities
|
574,838 | 570,588 | 561,791 | 548,132 | 530,310 | |||||||||||||||
|
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
|
3,155 | 3,147 | 3,141 | 3,141 | 3,122 | |||||||||||||||
|
Retained earnings
|
54,738 | 53,108 | 51,342 | 50,173 | 48,938 | |||||||||||||||
|
Accumulated other comprehensive income (loss)
|
4,559 | 3,442 | 3,645 | 3,945 | 2,040 | |||||||||||||||
|
Less: Treasury stock, at cost, shares held 222,895; 222,445;
|
5,259 | 5,219 | 5,198 | 4,919 | 4,513 | |||||||||||||||
|
222,395; 212,195; 197,595
|
||||||||||||||||||||
|
Total stockholders' equity
|
63,876 | 61,161 | 59,613 | 59,023 | 56,270 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 638,714 | $ | 631,749 | $ | 621,404 | $ | 607,155 | $ | 586,580 | ||||||||||
7
|
Consolidated Balance Sheets
|
||||||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||
|
June 30
|
March 31
|
Dec 31
|
Sept 30
|
June 30
|
||||||||||||||||
|
Average quarterly balances
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Loans, net:
|
||||||||||||||||||||
|
Taxable
|
$ | 421,204 | $ | 411,306 | $ | 402,315 | $ | 390,478 | $ | 380,528 | ||||||||||
|
Tax-exempt
|
42,392 | 42,852 | 33,812 | 34,711 | 36,685 | |||||||||||||||
|
Total loans, net
|
463,596 | 454,158 | 436,127 | 425,189 | 417,213 | |||||||||||||||
|
Investments:
|
||||||||||||||||||||
|
Taxable
|
98,659 | 102,375 | 99,252 | 80,221 | 68,614 | |||||||||||||||
|
Tax-exempt
|
33,624 | 36,608 | 38,217 | 40,105 | 41,434 | |||||||||||||||
|
Total investments
|
132,283 | 138,983 | 137,469 | 120,326 | 110,048 | |||||||||||||||
|
Interest-bearing balances with banks
|
1,078 | 1,074 | 1,236 | 1,386 | 1,364 | |||||||||||||||
|
Federal funds sold
|
1,936 | 8,010 | 20,693 | 20,504 | ||||||||||||||||
|
Total earning assets
|
598,893 | 594,215 | 582,842 | 567,594 | 549,129 | |||||||||||||||
|
Other assets
|
31,073 | 27,943 | 27,950 | 28,378 | 32,970 | |||||||||||||||
|
Total assets
|
$ | 629,966 | $ | 622,158 | $ | 610,792 | $ | 595,972 | $ | 582,099 | ||||||||||
|
Liabilities and stockholders' equity:
|
||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||
|
Interest-bearing
|
$ | 419,987 | $ | 399,755 | $ | 400,678 | $ | 395,354 | $ | 387,655 | ||||||||||
|
Noninterest-bearing
|
94,920 | 92,492 | 87,573 | 83,458 | 78,959 | |||||||||||||||
|
Total deposits
|
514,907 | 492,247 | 488,251 | 478,812 | 466,614 | |||||||||||||||
|
Short-term borrowings
|
32,446 | 48,582 | 42,290 | 37,231 | 34,373 | |||||||||||||||
|
Long-term debt
|
18,641 | 18,837 | 19,140 | 21,749 | 26,935 | |||||||||||||||
|
Other liabilities
|
4,175 | 4,223 | 4,176 | 4,014 | 3,192 | |||||||||||||||
|
Total liabilities
|
570,169 | 563,889 | 553,857 | 541,806 | 531,114 | |||||||||||||||
|
Stockholders' equity
|
59,797 | 58,269 | 56,935 | 54,166 | 50,985 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 629,966 | $ | 622,158 | $ | 610,792 | $ | 595,972 | $ | 582,099 | ||||||||||
8
|
Peoples Financial Services Corp.
|
||||||||||||||||||||
|
Asset Quality Data
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||
|
June 30
|
March 31
|
Dec 31
|
Sept 30
|
June 30
|
||||||||||||||||
|
At quarter end
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
|
Nonperforming assets:
|
||||||||||||||||||||
|
Nonaccrual/restructured loans
|
$ | 7,177 | $ | 7,473 | $ | 9,597 | $ | 9,651 | $ | 10,002 | ||||||||||
|
Accruing loans past due 90 days or more
|
737 | 691 | 660 | 429 | 443 | |||||||||||||||
|
Foreclosed assets
|
1,889 | 1,692 | 399 | 399 | ||||||||||||||||
|
Total nonperforming assets
|
$ | 9,803 | $ | 9,856 | $ | 10,656 | $ | 10,479 | $ | 10,445 | ||||||||||
|
Three months ended
|
||||||||||||||||||||
|
Allowance for loan losses:
|
||||||||||||||||||||
|
Beginning balance
|
$ | 5,589 | $ | 5,349 | $ | 5,119 | $ | 5,153 | $ | 4,356 | ||||||||||
|
Charge-offs
|
84 | 421 | 83 | 317 | 23 | |||||||||||||||
|
Recoveries
|
21 | 16 | 13 | 14 | 16 | |||||||||||||||
|
Provision for loan losses
|
390 | 645 | 300 | 269 | 804 | |||||||||||||||
|
Ending balance
|
$ | 5,916 | $ | 5,589 | $ | 5,349 | $ | 5,119 | $ | 5,153 | ||||||||||
|
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.
|
||||||||||||||||||||
9