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PEOPLES FINANCIAL SERVICES CORP. Reports Third Quarter 2021 Earnings
SCRANTON, Pa., Oct. 22, 2021 /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., Oct. 22, 2021 /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 months and nine months ended September 30, 2021. Peoples reported net income of $9.1 million, or $1.26 per diluted share for the three months ended September 30, 2021, an increase of 10.5% when compared to $8.3 million, or $1.14 per diluted share for the comparable period of 2020. The increase in earnings for the three months ended September 30, 2021 is primarily the result of a $2.1 million increase to pre-provision net interest income and a $0.6 million decrease to the provision for loan losses, partially offset by a $1.5 million decrease to noninterest income, primarily from lower interest rate swap revenue, and an increase to noninterest expense of $0.3 million. \n\n \n \n \n \n \n \n\n \nNet income for the nine months ended September 30, 2021, totaled $27.1 million or $3.74 per diluted share, a 30.3% increase when compared to $21.2 million or $2.87 per diluted share for the comparable period of 2020. The increase in earnings in the 2021 nine month period is the product of a decrease to our provision for loan losses of $6.3 million, primarily due to an adjustment in the year ago period to the economic qualitative factors included in our allowance for loan losses methodology relating to the impact of COVID-19, an increase to pre-provision net interest income of $3.1 million and a decrease to noninterest expense of $0.4 million. Partially offsetting the increase were a higher income tax provision of $2.3 million and a decrease in noninterest income of $1.6 million.\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. 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 this press release, a reco...