Business
Peoples Financial Services Corp. Reports Fourth Quarter 2019 Earnings
SCRANTON, Pa., Jan. 24, 2020 /PRNewswire/ -- Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank
About this update from Peoples Financial Services Corp.
[{"type":"text","content":"SCRANTON, Pa., Jan. 24, 2020 /PRNewswire/ -- Peoples Financial Services Corp. (\"Peoples\") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three and twelve months ended December 31, 2019. Peoples reported net income of $6.8 million, or $0.92 per share for the three months ended December 31, 2019, a 7.0% increase when compared to $6.4 million, or $0.86 per share for the comparable period of 2018. The increase in earnings for the three months ended December 31, 2019 was the product of higher net interest income of $0.7 million due to growth of $137.7 million in our average earning assets from the year ago period and higher noninterest income of $0.7 million when comparing the three months ended December 31, 2019 to the same period in 2018, partially offset by higher noninterest expense of $0.6 million and an increase of $0.3 million in the provision for loan losses in the 2019 period.\n\n \n \n\n \nNet income for the twelve months ended December 31, 2019, totaled $27.5 million or $3.72 per share, a 10.5% increase when compared to $24.9 million or $3.37 per share for 2018. The increase in earnings in 2019 was the result of higher net interest income of $4.2 million due to our earning asset growth and higher noninterest income of $1.5 million combined with a $0.7 million decrease in the provision for loan losses when comparing the twelve months ended December 31, 2019 to the same period in 2018. These positives were partially offset by an increase of $3.3 million in salaries and employee benefit expenses and $1.0 million in occupancy and equipment expenses in support of our growth initiative.\nIn addition to evaluating its results of operations in accordance with GAAP, Peoples routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as tangible stockholders' equity and core net income ratios. The reported results included in this release contain items, which Peoples considers non-core, namely gains and losses incurred within the investment securities portfolio and gains on the sale of other business lines. Peoples believes the reported non-GAAP financial measures provide information useful to investors in understanding its operating performance and trends. Where non-GAAP disclosures are used in t...