PEOPLES FINANCIAL SERVICES CORP. Reports First Quarter 2014 Earnings - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

PEOPLES FINANCIAL SERVICES CORP. Reports First Quarter 2014 Earnings

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SOURCE Peoples Financial Services Corp.

SCRANTON, Pa., April 25, 2014 /PRNewswire/ -- Peoples Financial Services Corp. ("Peoples") (NASDAQ OMX: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three months ended March 31, 2014.  Peoples, which completed a merger with Penseco Financial Services Corporation ("Penseco") on November 30, 2013, reported net income of $4.7 million, or $0.62 per basic and diluted weighted average share for the quarter ended March 31, 2014, compared to $2.5 million, or $0.56 per share, for the comparable quarter of 2013. Earnings per share amounts in prior periods 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 is the legal acquirer and Penseco is the accounting acquirer. In a reverse merger the historical financial statements are those of the accounting acquirer. The results for the quarter ended March 31, 2014, include pre-tax merger related expenses of approximately $608.0 thousand. The conversion of the core processing system is scheduled to be completed at the end of April, 2014. Accordingly, cost savings associated with such action are not anticipated to be realized until sometime beginning in the third quarter of 2014.

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, and facilitates comparisons with the performance of its peers. 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.

HIGHLIGHTS

  • First quarter 2014 earnings per share increased $0.06 or 10.71% compared to the corresponding quarter of 2013.
  • Annualized return on average assets and average tangible stockholders' equity were 1.13% and 11.88% for the first quarter of 2014.
  • The efficiency ratio improved to 59.79% in the first quarter of 2014 compared to 66.10% in the first quarter of 2013.
  • Nonperforming assets to loans, net and foreclosed assets decreased to 1.30% in the first quarter of 2014 from 1.42% in the prior quarter.
  • Loans, net increased to $1.2 billion at March 31, 2014, including loans acquired from the merger having an acquisition date fair value of $504.0 million, from $636.3 million at March 31, 2013.
  • Deposits improved to $1.4 billion at the end of the first quarter 2014, including deposits assumed from the merger having an acquisition date fair value of $628.3 million, from $741.3 at the end of the first quarter 2013.
  • Tangible book value per share improved $0.56 at the end of the first quarter of 2014 to $22.88 compared to year end 2013.

INCOME STATEMENT REVIEW

The tax-equivalent net interest margin for the three months ended March 31, was 4.09% in 2014 compared to 4.05% in 2013. Loan accretion included in loan interest income in the first quarter of 2014 related to loans acquired in the fourth quarter of 2013 was $904.0 thousand, resulting in an increase in the tax-equivalent net interest margin of 24 basis points. The tax-equivalent net interest margin for the fourth quarter of 2013 was 3.82%.

Tax-equivalent net interest income for the three months ended March 31, increased $7.1 million to $15.5 million in 2014 from $8.4 million in 2013.  The increase in tax equivalent net interest income was primarily due to the growth in average earning assets from the merger and a 4 basis point improvement in the tax-equivalent net interest margin. The tax-equivalent yield on the loan portfolio was constant at 5.14% in 2014 and 2013. Loans, net averaged $1.2 billion in the first quarter of 2014 compared to $630.8 million for the same quarter last year. For the first three months, the tax-equivalent yield on total investments decreased to 2.81% in 2014 from 3.17% in 2013. Average investments totaled $319.8 million in the first quarter of 2014 and $175.3 million in the first quarter of 2013. Average interest-bearing liabilities increased to $1.2 billion for the three months ended March 31, 2014, compared to $625.2 million for the corresponding period last year. The cost of funds declined to 0.59% in the first quarter of 2014 from 0.67% for the first quarter of 2013.

The provision for loan losses totaled $857.0 thousand in 2014, compared to $300.0 thousand in 2013. The increase in the provision for loan losses in the first quarter of 2014 was primarily due to reporting a higher level of nonperforming assets as a percentage of loans and other real estate owned and a greater net charge-off ratio comparing the first three months of 2014 and 2013.

Noninterest income totaled $3.6 million in 2014, an increase of $0.8 million from $2.8 million in 2013. Increases in service charges, fees and commissions and income from fiduciary and wealth management services more than offset decreases in revenues from merchant services and mortgage banking activities.

Noninterest expense for the three months ended March 31, 2014, increased $4.2 million or 59.2% to $11.3 million, from $7.1 million in 2013. The recognition of merger related expense of $608.0 thousand along with the inclusion of the Peoples operations in 2014 were the primary causes for the increase over the first quarter of 2013.

BALANCE SHEET REVIEW

Total assets, loans and deposits totaled $1.7 billion, $1.2 billion and $1.4 billion, respectively, at March 31, 2014. Loans, net was unchanged comparing the end of the first quarter 2014 to year-end 2013,while total deposits grew $24.6 million or 7.2% annualized in the first three months of 2014. Noninterest-bearing deposits grew $2.1 million or 3.1% annualized while interest-bearing deposits increased $22.5 million or 8.3% annualized in the first quarter of 2014. Total investments were $318.8 million at March 31, 2014, including $302.2 million securities classified as available-for sale and $16.6 million classified as held-to-maturity.

Stockholders' equity equaled $242.6 million or $32.13 per share at March 31, 2014, and $238.8 million or $31.62 per share at December 31, 2013. Total tangible stockholders' equity improved to $172.7 million or $22.88 per share at March 31, 2014, compared to $168.6 million or $22.32 per share at year-end 2013. Dividends declared for the first three months of 2014 amounted to $0.31 per share representing a dividend payout ratio of 50.0%.

ASSET QUALITY REVIEW

Nonperforming assets decreased to $15.3 million or 1.30% of loans, net and foreclosed assets at March 31, 2014, from $16.8 million or 1.42% at December 31, 2013. The allowance for loan losses equaled $8.9 million or 0.75% of loans, net compared to $8.7 million or 0.74% of loans, net, at December 31, 2013, and $7.1 million or 1.12% at March 31, 2013. The decrease in the ratio of the allowance for loan losses as a percentage of loans, net, from March 31, 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 three months ended March 31, 2014, equaled $649.0 thousand or 0.22% of average loans, compared to $140.0 thousand or 0.09% of average loans in 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.

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]

Peoples Financial Services Corp. Logo.

 


Summary Data

Peoples Financial Services Corp.

Five Quarter Trend

(In thousands, except per share data)








Mar 31

Dec 31

Sept 30

June 30

March 31


2014

2013

2013

2013

2013







Key performance data:






Per share data:






Net income (loss)

$   0.62

$ (0.39)

$   0.56

$   0.64

$   0.56

Cash dividends declared

$   0.31

$   0.31

$   0.31

$   0.31

$   0.31

Book value

$32.13

$31.62

$29.91

$29.75

$29.82

Tangible book value (1)

$22.88

$22.32

$23.87

$23.68

$23.74

Market value:






High

$42.26

$39.50

$33.37

$30.43

$27.87

Low

$37.85

$31.53

$29.70

$27.21

$27.13

Closing

$41.62

$38.00

$33.00

$30.43

$27.54

Market capitalization

$314,163

$287,012

$147,828

$135,939

$123,028

Common shares outstanding

7,548,358

7,552,944

4,479,624

4,467,261

4,467,261







 

Selected ratios:












Return on average stockholders' equity

8.03%

(5.01)%

7.39%

8.53%

7.65%







Return on average tangible stockholders' equity (1)

11.88%

(6.69)%

9.37%

10.80%

9.76%







Return on average assets

1.13%

(0.72)%

1.08%

1.23%

1.11%







Stockholders' equity to total assets

14.12%

14.14%

14.60%

14.45%

14.33%







Efficiency ratio (3)

59.79%

117.51%

67.89%

62.77%

66.10%







Nonperforming assets to loans, net, and foreclosed assets

1.30%

1.42%

0.57%

0.71%

0.78%







Net charge-offs to average loans, net

0.22%

0.12%

0.13%

0.04%

0.09%







Allowance for loan losses to loans, net

0.75%

0.74%

1.20%

1.18%

1.12%







Earning assets yield (FTE) (2)

4.53%

4.27%

4.38%

4.40%

4.45%







Cost of funds

0.59%

0.60%

0.61%

0.61%

0.66%







Net interest spread (FTE) (2)

3.94%

3.67%

3.76%

3.79%

3.88%







Net interest margin (FTE) (2)

4.09%

3.82%

3.93%

3.94%

4.05%







 

Reconciliation of Non-GAAP financial measures:






Return on average tangible equity:






Net income

$4,698

$(2,130)

$2,486

$2,844

$2,521

Amortization of intangibles, net of tax

223

98

36

36

42


$4,921

$(2,032)

$2,522

$2,880

$2,563







 

Average stockholders' equity

$237,953

$169,098

$133,817

$134,108

$133,698

Less:  average intangibles

70,033

48,633

27,089

27,144

27,204


$167,920

$120,465

$106,728

$106,964

$106,494


(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)






Three Months Ended

Mar 31

Mar 31



2014

2013


Interest income:




Interest and fees on loans:




Taxable

$14,000

$7,377


Tax-exempt

635

410


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




Taxable

928

439


Tax-exempt

829

623


Dividends

16

19


Interest on interest-bearing deposits in other banks

10

22


Interest on federal funds sold

14



Total interest income

16,432

8,890






Interest expense:




Interest on deposits

1,357

671


Interest on short-term borrowings

34

5


Interest on long-term debt

296

357


Total interest expense

1,687

1,033


Net interest income

14,745

7,857


Provision for loan losses

857

300


Net interest income after provision for loan losses

13,888

7,557






Noninterest income:




Service charges, fees, commissions

1,624

961


Merchant services income

894

1,031


Commissions and fees on fiduciary activities

567

391


Wealth management income

187

90


Mortgage banking income

99

133


Life insurance investment income

189

119


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


101


Total noninterest income

3,560

2,826






Noninterest expense:




Salaries and employee benefits expense

5,168

3,583


Net occupancy and equipment expense

1,733

801


Merchant services expense

565

625


Amortization of intangible assets

343

64


Acquisition related expenses

608



Other expenses

2,870

2,052


Total noninterest expense

11,287

7,125


Income before income taxes

6,161

3,258


Income tax expense

1,463

737


Net income

$4,698

$2,521






Other comprehensive income (loss):




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

$2,394

$  (476)


Reclassification adjustment for gains included in net income


(101)


Change in pension liability




Income tax expense (benefit) related to other comprehensive income (loss)

838

(196)


Other comprehensive income (loss), net of income taxes

1,556

(381)


Comprehensive income

$6,254

$2,140






Per share data:




Net income

$0.62

$0.56


Cash dividends declared

$0.31

$0.31


Average common shares outstanding

7,550,253

4,467,261


 


Consolidated Statements of Income

(In thousands, except per share data)







Three months ended

March 31

Dec 31

Sept 30

June 30

March 31


2014

2013

2013

2013

2013







Interest income:






Interest and fees on loans:






Taxable

$14,000

$9,283

$7,213

$7,229

$7,377

Tax-exempt

635

464

396

404

410

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






Taxable

928

554

386

414

439

Tax-exempt

829

698

658

646

623

Dividends

16

31

22

16

19

Interest on interest-bearing deposits  in other banks

10

18

18

28

22

Interest on federal funds sold

14

2




Total interest income

16,432

11,050

8,693

8,737

8,890







Interest expense:






Interest on deposits

1,357

908

647

650

671

Interest on short-term borrowings

34

17

6

6

5

Interest on long-term debt

296

298

299

305

357

Total interest expense

1,687

1,223

952

961

1,033

Net interest income

14,745

9,827

7,741

7,776

7,857

Provision for loan losses

857

1,036

525

500

300

Net interest income after provision for loan losses

13,888

8,791

7,216

7,276

7,557







Noninterest income:






Service charges, fees, commissions

1,624

666

1,006

1,459

961

Merchant services income

894

813

1,174

918

1,031

Commissions and fees on fiduciary activities

567

454

487

403

391

Wealth management income

187

185

130

100

90

Mortgage banking income

99

117

80

33

133

Life insurance investment income

189

612

117

120

119

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


5

33

24

101

Total noninterest income

3,560

2,852

3,027

3,057

2,826







Noninterest expense:






Salaries and employee benefits expense

5,168

5,568

3,340

3,492

3,583

Net occupancy and equipment expense

1,733

1,801

685

701

801

Merchant services expense

565

543

740

582

625

Amortization of intangible assets

343

151

55

56

64

Acquisition related expenses

608

4,384

220

5


Other expenses

2,870

2,603

2,325

2,020

2,052

Total noninterest expense

11,287

15,050

7,365

6,856

7,125

Income (loss) before income taxes

6,161

(3,407)

2,878

3,477

3,258

Income tax expense (benefit)

1,463

(1,277)

392

633

737

Net income (loss)

$4,698

$(2,130)

$2,486

$2,844

$2,521







Other comprehensive income (loss):






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

$2,394

$(642)

$(20)

$(2,744)

$(476)

Reclassification adjustment for gains included in net income


(5)

(33)

(24)

(101)

Change in pension liability


3,642




Income tax expense (benefit) related to other comprehensive income (loss)

838

1,160

(18)

(941)

(196)

Other comprehensive income (loss), net of income taxes

1,556

1,835

(35)

(1,827)

(381)

Comprehensive income (loss)

$6,254

$(295)

$2,451

$1,017

$2,140







Per share data:






Net income (loss)

$0.62

$(0.39)

$0.56

$0.64

$0.56

Cash dividends declared

$0.31

$0.31

$0.31

$0.31

$0.31

Average common shares outstanding

7,550,253

5,515,199

4,473,846

4,467,261

4,467,261







 


Peoples Financial Services Corp.

Details of Net Interest and Net Interest Margin

(In thousands, fully taxable equivalent basis)







Three months ended

March 31

Dec 31

Sept 30

June 30

March 31


2014

2013

2013

2013

2013







Net interest income:






Interest income






Loans, net:






Taxable

$14,000

$9,283

$7,213

$7,229

$7,377

Tax-exempt

978

703

600

612

621

Total loans, net

14,978

9,986

7,813

7,841

7,998

Investments:






Taxable

944

585

408

430

458

Tax-exempt

1,274

1,058

997

979

944

Total investments

2,218

1,643

1,405

1,409

1,402

    Interest-bearing deposits in other banks

10

18

18

28

22

    Federal funds sold

14

2




Total interest income

17,220

11,649

9,236

9,278

9,422

Interest expense:






Deposits

1,357

908

647

650

671

   Short-term borrowings

34

17

6

6

5

   Long-term debt

296

298

299

305

357

Total interest expense

1,687

1,223

952

961

1,033

Net interest income

$15,533

$10,426

$8,284

$8,317

$8,389







Loans, net:






Taxable

5.18%

4.72%

4.83%

4.94%

5.21%

Tax-exempt

4.69%

5.23%

4.68%

5.22%

4.44%

Total loans, net

5.14%

4.76%

4.82%

4.96%

5.14%

Investments:






Taxable

1.77%

1.59%

1.52%

1.57%

1.61%

Tax-exempt

4.99%

5.58%

6.41%

6.37%

6.36%

Total investments

2.81%

2.95%

3.32%

3.30%

3.17%

    Interest-bearing balances with banks

0.14%

0.28%

0.28%

0.27%

0.25%

    Federal funds sold

0.58%

0.22%




Total earning assets

4.53%

4.27%

4.38%

4.40%

4.55%

Interest expense:






Deposits

0.50%

0.48%

0.45%

0.44%

0.46%

   Short-term borrowings

0.63%

0.42%

0.26%

0.29%

0.29%

   Long-term debt

3.32%

3.33%

3.39%

3.44%

3.46%

Total interest-bearing liabilities

0.59%

0.60%

0.61%

0.61%

0.67%

Net interest spread

3.95%

3.67%

3.76%

3.79%

3.88%

Net interest margin

4.09%

3.82%

3.93%

3.94%

4.05%

 

Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands)








March 31

Dec 31

Sept 30

June 30

March 31

At period end

2014

2013

2013

2013

2013







Assets:






Cash and due from banks

$     26,204

$   30,004

$  14,306

$  14,199

$  10,321

Interest-bearing deposits in other banks

7,168

11,846

14,016

22,561

42,945

Federal funds sold

45,840

9,460




Investment securities:






Available-for-sale

302,226

299,715

148,921

152,511

157,047

Held-to-maturity

16,607

17,295

18,079

19,707

15,201

Total investments

318,833

317,010

167,000

172,218

172,248

Loans held for sale

1,816

1,757




Loans, net

1,177,122

1,176,617

655,946

642,353

636,283

Less: allowance for loan losses

8,859

8,651

7,871

7,552

7,110

Net loans

1,168,263

1,167,966

648,075

634,801

629,173

Premises and equipment, net

25,579

26,119

14,823

14,960

14,984

Accrued interest receivable

5,366

5,866

2,641

3,004

2,844

Goodwill

63,370

63,370

26,398

26,398

26,398

Other intangible assets, net

6,492

6,835

663

719

774

Other assets

49,330

47,988

29,575

30,809

30,101

Total assets

$1,718,261

$1,688,221

$917,497

$919,669

$929,788













Liabilities:






Deposits:






Noninterest-bearing

$   282,060

$  279,942

$  153,552

$  146,583

$144,128

Interest-bearing

1,122,006

1,099,565

574,748

586,551

597,209

Total deposits

1,404,066

1,379,507

728,300

733,134

741,337

Short-term borrowings

22,539

22,052

10,144

8,188

8,011

Long-term debt

35,838

36,743

34,971

35,633

36,287

Accrued interest payable

610

723

502

466

544

Other liabilities

12,643

10,404

9,607

9,363

10,384

Total liabilities

1,475,696

1,449,429

783,524

786,784

796,563



















Stockholders' equity:






Common stock

15,607

15,614

8,935

8,935

8,935

Capital surplus

146,035

146,109

40,054

40,036

40,018

Retained earnings

86,365

84,008

87,517

86,412

84,943

Accumulated other comprehensive income (loss)

858

(698)

(2,533)

(2,498)

(671)

Less: Treasury stock, at cost

6,300

6,241




Total stockholders' equity

242,565

238,792

133,973

132,885

133,225

      Total liabilities and stockholders' equity

$1,718,261

$1,688,221

$917,497

$919,669

$929,788

 

Reconciliation of  Non-GAAP financial measures:






Tangible book value per share:

Total stockholders' equity

$242,565

$238,792

$133,973

$132,885

$133,225

Less: Goodwill

63,370

63,370

26,398

26,398

26,398

Less: Other intangible assets, net

6,492

6,835

663

719

774

Total tangible stockholders' equity

$172,703

$168,587

$106,912

$105,768

$106,053

 


Peoples Financial Services Corp.

Consolidated Balance Sheets

(In thousands)








March 31

Dec 31

Sept 30

June 30

March 31

Average quarterly balances

2014

2013

2013

2013

2013







Assets:






Loans, net:






Taxable

$1,096,793

$779,687

$599,417

$593,557

$574,105

Tax-exempt

84,688

53,381

51,391

47,595

56,717

Total loans, net

1,181,481

833,068

650,808

641,152

630,822

Investments:






Taxable

216,173

145,677

107,486

110,973

115,130

Tax-exempt

103,625

75,215

62,422

62,304

60,216

Total investments

319,798

220,892

169,908

173,277

175,346

    Interest-bearing deposits in other banks

7,327

25,156

25,629

41,604

34,414

    Federal funds sold

32,444

3,579




Total earning assets

1,541,050

1,082,695

846,345

856,033

840,582

Other assets

154,020

101,903

72,529

76,839

77,371

Total assets

$1,695,070

$1,184,598

$918,874

$932,872

$917,953







Liabilities and stockholders' equity:






Deposits:






Interest-bearing

$1,109,085

$756,833

$579,189

$594,471

$576,464

Noninterest-bearing

274,584

193,481

150,486

145,757

144,993

Total deposits

1,383,669

950,314

729,675

740,228

721,457

Short-term borrowings

21,351

16,019

9,091

8,490

6,943

Long-term debt

36,330

35,542

35,331

35,985

41,835

Other liabilities

15,767

13,624

10,960

14,061

14,020

Total liabilities

1,457,117

1,015,499

785,057

798,764

784,255

Stockholders' equity

237,953

169,098

133,817

134,108

133,698

Total liabilities and stockholders' equity

$1,695,070

$1,184,597

$918,874

$932,872

$917,953

 

Peoples Financial Services Corp.

Asset Quality Data

(In thousands)








March 31

Dec 31

Sept 30

June 30

March 31

At quarter end

2014

2013

2013

2013

2013







Nonperforming assets:






Nonaccrual/restructured loans

$12,922

$14,653

$3,032

$2,939

$3,292

Accruing loans past due 90 days or more

1,663

1,455

636

702

939

Foreclosed assets

678

648

94

949

713

Total nonperforming assets

$15,263

$16,756

$3,762

$4,590

$4,944







Three months ended












Allowance for loan losses:






Beginning balance

$8,651

$7,871

$7,552

$7,110

$6,950

Charge-offs

683

301

216

102

222

Recoveries

34

45

10

44

82

Provision for loan losses

857

1,036

525

500

300

Ending balance

$8,859

$8,651

$7,871

$7,552

$7,110













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