Peoples Financial Services Corp

NASDAQ:PFISUnited States

Nov 5, 2024

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• PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Third Quarter and Year to Date 2024 Earnings, from 6:53PM ET on Tuesday Nov 05, 2024 by PR Newswire

  6:53PM ET on Tuesday Nov 05, 2024 by PR Newswire
  Companies Mentioned: PFIS

  Peoples Financial Services Corp. ("Peoples" or the "Company") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three and nine months ended September 30, 2024.

• PEOPLES FINANCIAL SERVICES CORP. Reports Unaudited Third Quarter and Year to Date 2024 Earnings, from 6:53PM ET on Tuesday Nov 05, 2024 by Dow Jones

  6:53PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: PFIS
  Net income GAAP $ 2,411 $ 23,750 Adjustments: Add: ACL provision for FNCB acquired legacy loans 14,328 Less: ACL provision for FNCB acquired legacy loans tax adjustment 1,307 Less: Gain on sale of available for sale securities 81 Add: Gain on sale of available for sale securities tax adjustment 17 Add: Acquisition related expenses 11,210 990 Less: Acquisition related expenses tax adjustment 1,023 159 --------- --------- Core net income $ 25,619 $ 24,517 Average stockholders' equity 388,206 329,909 Core return on average stockholders' equity 13.27% 14.99% Return on average tangible equity: Net income GAAP $ 2,411 $ 23,750 Average stockholders' equity 388,206 329,909 Less: average intangibles 79,924 63,694 --------- --------- Average tangible stockholders' equity $ 308,282 $ 266,215 Return on average tangible stockholders' equity 1.57% 17.99% Core return on average tangible stockholders' equity: Net income GAAP $ 2,411 $ 23,750 Adjustments: Add: ACL provision for FNCB acquired legacy loans 14,328 Less: ACL provision for FNCB acquired legacy loans tax adjustment 1,307 Less: Gain on sale of available for sale securities 81 Add: Gain on sale of available for sale securities tax adjustment 17 Add: Acquisition related expenses 11,210 990 Less: Acquisition related expenses tax adjustment 1,023 159 --------- --------- Core net income $ 25,619 $ 24,517 Average stockholders' equity 388,206 329,909 Less: average intangibles 79,924 63,694 --------- --------- Average tangible stockholders' equity $ 308,282 $ 266,215 Core return on average tangible stockholders' equity 16.71% 18.57% Core return on average assets: Net income GAAP $ 2,411 $ 23,750 Adjustments: Add: ACL provision for FNCB acquired legacy loans 14,328 Less: ACL provision for FNCB acquired legacy loans tax adjustment 1,307 Less: Gain on sale of available for sale securities 81 Add: Gain on sale of available for sale securities tax adjustment 17 Add: Acquisition related expenses 11,210 990 Less: Acquisition related expenses tax adjustment 1,023 159 --------- --------- Core net income $ 25,619 $ 24,517 Average assets 4,191,695 3,652,490 Core return on average assets 1.23% 1.35% Core pre-provision net revenue (PPNR) per share: Income before taxes (GAAP) $ 2,653 $ 28,284 Add: ACL provision for FNCB acquired legacy loans 14,328 Add: Acquisition related expenses 11,210 990 Add: Provision for (credit to) credit losses 1,434 (1,103) Add: Provision for (credit to) credit losses on unfunded commitments (495) (197) --------- --------- Core PPNR (non-GAAP) $ 29,130 $ 27,974 Average common shares outstanding-diluted 8,094,036 7,165,570 Core PPNR per share (non-GAAP) $ 3.60 $ 3.90 Peoples Financial Services Corp. Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands, except share and per share data) The following tables reconcile the non-GAAP financial measures of FTE net interest income for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30 2024 2023 --------------------------------------------- ---------- ---------- Interest income (GAAP) $ 68,284 $ 38,765 Adjustment to FTE 720 475 --------- --------- Interest income adjusted to FTE (non-GAAP) 69,004 39,240 Interest expense 29,040 17,488 --------- --------- Net interest income adjusted to FTE (non-GAAP) $ 39,964 $ 21,752 ========= ========= Nine months ended September 30 2024 2023 --------------------------------------------- ---------- ---------- Interest income (GAAP) $ 145,657 $ 109,779 Adjustment to FTE 1,666 1,440 --------- --------- Interest income adjusted to FTE (non-GAAP) 147,323 111,219 Interest expense 68,179 43,294 --------- --------- Net interest income adjusted to FTE (non-GAAP) $ 79,144 $ 67,925 ========= ========= The efficiency ratio is noninterest expenses, less amortization of intangible assets and acquisition related costs, as a percentage of FTE net interest income plus noninterest income. The following tables reconcile the non-GAAP financial measures of the efficiency ratio to GAAP for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30 2024 2023 --------------------------------------------- ------- ------- Efficiency ratio (non-GAAP): Noninterest expense (GAAP) $35,502 $17,054 Less: Amortization of intangible assets expense 1,665 29 Less: Acquisition related expenses 9,653 869 ------ ------ Noninterest expense (non-GAAP) 24,184 16,156 Net interest income (GAAP) 39,244 21,277 Plus: Taxable equivalent adjustment 720 475 Noninterest income (GAAP) 5,722 3,692 Less: Net gains (losses) on equity securities 175 Less: Gain (loss) on sale of available for sale securities 1 ------ ------ Net interest income (FTE) plus noninterest income (non-GAAP) $45,510 $25,444 ------ ------ Efficiency ratio (non-GAAP) 53.14% 63.50% ====== ====== Nine months ended September 30 2024 2023 --------------------------------------------- ------- ------- Efficiency ratio (non-GAAP): Noninterest expense (GAAP) $71,728 $50,222 Less: Amortization of intangible assets expense 1,665 86 Less: Acquisition related expenses 11,210 990 ------ ------ Noninterest expense (non-GAAP) 58,853 49,146 Net interest income (GAAP) 77,478 66,485 Plus: Taxable equivalent adjustment 1,666 1,440 Noninterest income (GAAP) 12,665 10,918 Less: Net losses on equity securities 155 (17) Less: Gains on sale of available for sale securities 1 81 ------ ------ Net interest income (FTE) plus noninterest income (non-GAAP) $91,653 $78,779 ------ ------ Efficiency ratio (non-GAAP) 64.21% 62.38% ====== ====== (1) See reconciliation of non-GAAP financial measures on pg.19-21. (2) See reconciliation of non-GAAP financial measures on pg.19-21. (3) See reconciliation of non-GAAP financial measures on pg.19-21. (4) See reconciliation of non-GAAP financial measures on pg.19-21. (5) See reconciliation of non-GAAP financial measures on pg.19-21.
  

• *DJ Peoples Financial Svcs 3Q Loss $4.34M >PFIS, from 6:53PM ET on Tuesday Nov 05, 2024 by Dow Jones

  6:53PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: PFIS