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02.02.2016 22:20
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Peoples Financial Services Corp. Reports Fourth Quarter 2015 Earnings
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PR Newswire
SCRANTON, Pa., Feb. 2, 2016
SCRANTON, Pa., Feb. 2, 2016 /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 year ended December 31, 2015. Peoples reported net income of $3.8 million, or $0.52 per basic and diluted weighted average share for the fourth quarter of 2015, compared to $4.4 million, or $0.58 per share, for each of the third quarter of 2015 and fourth quarter of 2014. Other expenses in the fourth quarter of 2015 included a charge for the disposal of a nonrecoverable asset attributable to the dissolution of Penseco Realty, Inc. which reduced net income by $440.7 thousand or $0.06 per share.
Core net income, excluding net gains on sale of investment securities available-for-sale, for the three months ended December 31, 2015 was $3.7 million, a decrease from $4.3 million for the third quarter of 2015 and $4.4 million for the fourth quarter of 2014. Core net income per share for the three months ended December 31, 2015 was $0.50, compared to $0.57 for the third quarter of 2015 and $0.58 for the fourth quarter of 2014.
Net income for the year ended December 31, 2015, totaled $17.7 million or $2.36 per share compared to $17.6 million or $2.34 per share for 2014. The results for 2015 include net gains on sale of investment securities of $1.2 million compared to $0.9 million during 2014. Pre-tax acquisition related expenses recognized for the year ended December 31, 2014 approximated $1.7 million. Core net income for 2015 was $17.0 million, compared to $18.2 million for 2014. Core net income per share for 2015 was $2.26, a decrease from $2.41 for 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 stockholders' equity and core net income ratios. The three and twelve month periods included herein contain items which Peoples considers non-core, namely net gains on sales of investment securities available-for-sale and one-time acquisition related expenses. 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 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 of other financial institutions.
NOTABLES
- Loans, net grew $70.3 million in the fourth quarter of 2015 as demand increased throughout all markets.
- Deposits grew $11.2 million in the fourth quarter of 2015.
- Tangible book value per share increased to $24.29 at December 31, 2015 from $23.57 at December 31, 2014.
- Tax-equivalent net interest margin increased 5 basis points in the fourth quarter of 2015 to 3.79% compared to 3.74% for the quarter ended September 30, 2015 and was unchanged from the fourth quarter of 2014 at 3.79%.
- Tax-equivalent net interest income increased $538.0 thousand for the fourth quarter of 2015 to $15.4 million compared to $14.9 million for the third quarter of 2015 and increased $375.0 thousand compared to $15.1 million for the fourth quarter of 2014.
- The effective tax rate for the year ended December 31, 2015 decreased to 20.3% from 23.6% in 2014.
- The Company established a loan production office located in King of Prussia, Montgomery County, Pennsylvania in the fourth quarter of 2015.
- Peoples Security Wealth Management Group acquired Gilmartin Associates, an asset management and retirement plan services company with $120.0 million of assets under management in the fourth quarter of 2015.
INCOME STATEMENT REVIEW
The tax-equivalent net interest margins for the three and twelve months ended December 31, were 3.79% and 3.81% in 2015, compared to 3.79% and 3.86% in 2014, respectively. Loan accretion included in loan interest income for the three and twelve months ended December 31, 2015 related to loans acquired in the fourth quarter of 2013 was $190.6 thousand and $665.5 thousand, resulting in an increase in the tax-equivalent net interest margin of 5 and 4 basis points, respectively. Comparatively, loan accretion included in loan interest income for the three and twelve months ended December 31, 2014 was $240.0 thousand and $2.1 million, resulting in an increase in the tax-equivalent net interest margin of 6 and 14 basis points, respectively.
Tax-equivalent net interest income for the quarter ended December 31, increased $375.0 thousand to $15.4 million in 2015 from $15.1 million in 2014. The tax-equivalent yield on the loan portfolio decreased to 4.52% for the fourth quarter of 2015 compared to 4.74% for the comparable period in 2014. For the fourth quarter, loans, net averaged $1.3 billion in 2015 compared to $1.2 billion in 2014. For the quarter ended December 31, the tax-equivalent yield on total investments increased to 2.74% in 2015 from 2.57% in 2014. Average investments totaled $300.3 million in the fourth quarter of 2015 and $360.0 million in the fourth quarter of 2014. The cost of funds declined to 0.51% in the three months ended December 31, 2015 from 0.54% for the same period of 2014. Average interest-bearing liabilities were $1.2 billion for the quarters ended December 31, 2015 and 2014. Tax-equivalent net interest income for the twelve months ended December 31, decreased $202.0 thousand to $60.1 million in 2015 from $60.3 million in 2014. The tax-equivalent yield on the loan portfolio decreased to 4.59% in 2015 compared to 4.87% in 2014. Loans, net averaged $1.3 billion in 2015 and $1.2 billion in 2014. For the twelve months ended December 31, the tax-equivalent yield on investments was 2.71% in 2015 compared to 2.67% in 2014. Average investments totaled $311.2 million in 2015 and $338.5 million in 2014. Average interest-bearing liabilities increased slightly for the twelve months ended December 31, 2015, compared to the corresponding period last year. The cost of funds declined to 0.51% in 2015 from 0.57% in 2014.
For the quarter ended December 31, the provision for loan losses was $1.3 million in 2015 and $800.0 thousand in 2014. The provision for loan losses totaled $3.7 million for the twelve months ended December 31, 2015, compared to $3.5 million for the same period last year. The increase in the provision for loan losses in 2015 was a result of loan growth and an increase in the level of nonperforming loans.
For the three months ended December 31, noninterest income totaled $3.8 million in 2015 and $3.5 million in 2014. For the twelve months ended December 31, noninterest income totaled $15.7 million in 2015, an increase from $15.3 million in 2014. Net gains on sale of investment securities were $1.2 million in 2015 compared to $861.0 thousand in 2014. Increases in revenues from merchant services income, wealth management services and mortgage banking activities more than offset a decrease in service charges, fees and commissions, income from fiduciary activities and life insurance investment income.
For the fourth quarter, noninterest expense amounted to $12.5 million in 2015 and $11.3 million in 2014. The fourth quarter of 2015 included a $678.0 thousand charge for the disposal of a nonrecoverable asset. Noninterest expense increased $0.9 million or 1.8% to $46.8 million for the twelve months ended December 31, 2015, from $45.9 million for the twelve months ended December 31, 2014. Increases in salaries and employee benefits, net occupancy and equipment, merchant services expense and other expenses were partially offset by decreases in amortization of intangible assets and acquisition related expenses. The market expansion into Lehigh Valley and King of Prussia along with the buildout of our wealth management platform led to the increases in salaries and employee benefit and occupancy expenses.
BALANCE SHEET REVIEW
Total assets, loans and deposits totaled $1.8 billion, $1.3 billion and $1.5 billion, respectively, at December 31, 2015. Loans, net grew $70.3 million or 22.0% on an annualized basis in the fourth quarter of 2015. Loans, net increased $131.0 million or 10.8% from December 31, 2014 to 2015. Deposits grew $11.2 million or 3.1% on an annualized basis in the fourth quarter of 2015. Total deposits increased $30.3 million or 2.1% in 2015 when compared to year-end 2014. Noninterest-bearing deposits increased $7.5 million or 2.4% while interest-bearing deposits increased $22.8 million or 2.0% in 2015. Total investments were $297.0 million at December 31, 2015, including $284.9 million securities classified as available-for-sale and $12.1 million classified as held-to-maturity.
Stockholders' equity equaled $248.8 million or $33.57 per share at December 31, 2015, and $246.8 million or $32.69 per share at December 31, 2014. Tangible stockholders' equity improved to $24.29 per share at December 31, 2015, from $23.57 per share at year-end 2014. Dividends declared for the twelve months ended December 31, 2015 amounted to $1.24 per share representing a dividend payout ratio of 52.5%.
ASSET QUALITY REVIEW
Nonperforming assets were $12.5 million or 0.93% of loans, net and foreclosed assets at December 31, 2015, compared to $11.7 million or 0.92% at September 30, 2015, and $10.9 million or 0.90% at December 31, 2014. The allowance for loan losses equaled $13.0 million or 0.97% of loans, net at December 31, 2015 compared to $10.3 million or 0.85% of loans, net, at December 31, 2014. Loans charged-off, net of recoveries, for the twelve months ended December 31, 2015, equaled $1.1 million or 0.08% of average loans, compared to $1.8 million or 0.15% of average loans for the twelve months ended December 31, 2014.
Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Lackawanna, Lehigh, Luzerne, Monroe, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 24 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. Peoples' 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; our ability to identify and address cyber-security risks 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, 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]
| Summary Data Peoples Financial Services Corp. Five Quarter Trend (In thousands, except per share data) | ||||||||||||||||
| | | | | | | | | | | | | | | | | |
| | | Dec 31 | | Sept 30 | | June 30 | | Mar 31 | | Dec 31 | | |||||
| | | 2015 | | 2015 | | 2015 | | 2015 | | 2014 | | |||||
| Key performance data: | | | | | | | | | | | | | | | | |
| Per share data: | | | | | | | | | | | | | | | | |
| Net income | | $ | 0.52 | | $ | 0.58 | | $ | 0.59 | | $ | 0.67 | | $ | 0.58 | |
| Core net income (1) | | $ | 0.50 | | $ | 0.57 | | $ | 0.59 | | $ | 0.60 | | $ | 0.58 | |
| Cash dividends declared | | $ | 0.31 | | $ | 0.31 | | $ | 0.31 | | $ | 0.31 | | $ | 0.31 | |
| Book value | | $ | 33.57 | | $ | 33.53 | | $ | 33.20 | | $ | 33.05 | | $ | 32.69 | |
| Tangible book value (1) | | $ | 24.29 | | $ | 24.49 | | $ | 24.15 | | $ | 23.96 | | $ | 23.57 | |
| Market value: | | | | | | | | | | | | | | | | |
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