form8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report – April 12, 2012


Commission File Number: 0-23863

PEOPLES FINANCIAL SERVICES CORP.
(Exact name of registrant as specified in its charter)
     
PENNSYLVANIA
  
23-2391852
(State of Incorporation)
  
(IRS Employer Identification No.)
     
82 FRANKLIN AVE., HALLSTEAD, PA
  
18822
(Address of Principal Executive Offices)
  
(Zip Code)
     
(570) 879-2175
(Registrant’s Telephone Number Including Area Code)
     
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate line below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 

o
  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
 

 
 

 
Item 9.01
Financial Statements and Exhibits
 
Press Release of Peoples Financial Services Corp., dated April 12, 2012, regarding First Quarter 2012 Earnings.

 
 
 

 
EXHIBIT INDEX

     
 
 
Exhibit
  
 
 
Page Number in Manually Signed Original
99
Press Release of Peoples Financial Services Corp., dated April 12, 2012, regarding First Quarter 2012 Earnings.
3

 
 
 
 
 
 
2
 
 
 
 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
/s/
Alan W. Dakey
Dated: April 12, 2012
  
By: Alan W. Dakey
President/CEO
     
     
 
/s/
Debra E. Dissinger
Dated: April 12, 2012
  
By: Debra E. Dissinger
Executive Vice President/COO
     
     
 
/s/
Scott A. Seasock
Dated: April 12, 2012
  
By: Scott A. Seasock
Senior Vice President/CFO
     



 
 
3
 
 

EXHIBIT 99
 
NEWS RELEASE
 
TO BUSINESS EDITOR:
 
PEOPLES FINANCIAL SERVICES CORP. REPORTS 35% EARNINGS INCREASE
 
Hallstead, PA, April 12 – Peoples Financial Services Corp. (OTCBB:PFIS) today reported first quarter 2012 earnings of $2,420 thousand or $0.78 per share, an increase of $621 thousand or 34.5% compared to $1,799 thousand or $0.57 per share for the first quarter of 2011. For the three months ended March 31, return on average assets and return on average stockholders’ equity equaled 1.56% and 16.70% in 2012, compared to 1.30% and 14.84% in 2011.
 
     “Higher net interest income and noninterest income were the primary factors contributing to the increase in comparable first quarter earnings,” stated Alan W. Dakey, President and Chief Executive Officer. “We experienced strong growth in revenue generated by our Loan Division. Our loan portfolio grew significantly in the commercial and municipal sectors. In 2012, we continue to focus on improving our noninterest revenue sources. With this goal in mind, we began offering cash back rewards for non-pin based customer debit card transactions to improve efficiencies in our payment systems as well as generate increased revenues,” continued Dakey. “We are extremely excited about this new product and believe that it will provide us with the competitive advantage necessary to grow our core deposit base and strengthen our existing deposit relationships,” concluded Dakey.
 
HIGHLIGHTS

 
•
  
Earnings per share increased $0.21 comparing 2012 and 2011.
   
 
•
  
Noninterest revenue for the first quarter improved 50.4% over the prior year.
   
 
•
  
Year-to-year average loan growth approximated 12.5%.
   
 
•
  
Deposits grew $7.8 million in the first quarter of 2012.
       
 
•
  
Nonperforming assets decreased 19.4% comparing March 31, 2012 and 2011.
 
INCOME STATEMENT REVIEW
 
     For the three months ended March 31, tax-equivalent net interest income increased $369 thousand or 6.5% to $6,058 thousand in 2012 from $5,689 thousand in 2011. Due to declining market rates, interest expense decreased $104 thousand or 7.5%. Tax-equivalent interest revenue increased $265 thousand or 3.7%, in addition to the reduction in interest expense. With respect to interest expense, our cost of funds decreased 20 basis points to 1.10% for the first quarter of 2012 from 1.30% for the same quarter of last year. Although we experienced a reduction in the rates paid for the majority of interest-bearing liability categories, the average cost of savings accounts and short-term borrowings had the greatest impact on interest expense. For the three months ended March 31, the cost of savings accounts decreased 21 basis points to 0.65% in 2012 from 0.86% in 2011, while the rate paid for short-term borrowings fell 40 basis points. Partially offsetting the positive effect from the reduction in funding costs was growth in interest-bearing liabilities of $34.8 million. The tax-equivalent yield on earning assets decreased 46 basis points. Almost entirely offsetting the effects of the yield decline was growth in average earning assets of $65.6 million. The tax-equivalent net interest margin for the first quarter declined 26 basis points to 4.10% in 2012 compared to 4.36% in 2011. However, in comparison to the fourth quarter of 2011, our net interest margin was up slightly from 4.09%.
 
     For the three months ended March 31, 2012, the provision for loan losses totaled $645 thousand, an increase of $224 thousand compared to $421 thousand for the same three months of 2011.
 
     Noninterest revenue for the first quarter rose $414 thousand or 50.4% to $1,236 thousand in 2012 from $822 thousand in 2011. Increases in deposit-related service charges resulted in a $34 thousand or 4.8% rise in service charges, fees and commissions in 2012. In addition, we experienced a $26 thousand or 54.2% increase in mortgage banking income. Additionally, gains realized from investment security sales totaled $284 for the first quarter of 2012 compared to $10 for the same period in 2011.
 
     For the three months ended March 31, noninterest expense decreased $81 thousand or 2.4% to $3,314 thousand in 2012 from $3,395 thousand in 2011. The decrease resulted primarily from a $479 thousand or 37.6% decrease in other expenses offset by a $284 thousand or 19.6% increase in salaries and employee benefits expense. Additional staffing factored into the higher employee-related costs. Changes in occupancy and equipment expense amounted to an increase of $114 thousand or 16.9% as recovery efforts continue from flood damage incurred in September 2011. The decrease in other expenses was primarily attributable to the receipt of insurance proceeds from flood related damages.
 
 
4
 
 
 
BALANCE SHEET REVIEW
 
     Total assets equaled $631.7 million at March 31, 2012, an increase of $61.4 million compared to $570.3 million at March 31, 2011. Strong loan demand resulted in an increase of $51.4 million or 12.6% in loans, net of unearned income, to $459.2 million at the close of the first quarter of 2012 from $407.8 million one year earlier. There were no federal funds sold as of the end of the first quarter of 2012 compared to $15.8 million at the same point in 2011 as funds were shifted into the investment portfolio. Investment securities available-for-sale amounted to $132.9 million at March 31, 2012, and $107.1 million at March 31, 2011. Despite strong competition for deposits within our market area, total deposits increased $48.6 million comparing the first quarters of 2012 and 2011. Short-term borrowings outstanding at the end of the first quarter were $45.4 million in 2012 and $35.3 million in 2011.
 
     Stockholders’ equity equaled $61.2 million or $19.61 per share at March 31, 2012, and $52.5 million or $16.70 per share at March 31, 2011. Included in stockholders’ equity was accumulated other comprehensive income related entirely to net unrealized holding gains on available-for-sale investment securities of $3,442 thousand at the end of the first quarter of 2012, compared to an accumulated other comprehensive loss of $59 thousand at the end of the same period of 2011. Dividends declared for the first quarter were $0.21 per share in 2012 and $0.20 per share in 2011.
 
     Nonperforming assets equaled $9.9 million or 2.14% of loans, net of unearned income and foreclosed assets at March 31, 2012, compared to $12.2 million or 2.97% one year earlier. The improvement in asset quality resulted from a decrease in nonaccrual loans and foreclosed assets, partially offset by an increase in accruing loans past due 90 days or more. The provision for loan losses increased 53.2% comparing the first quarters of 2012 and 2011 corresponding with the increase in the volume of loans in 2012. In addition, loans charged off, net of recoveries, for the first quarter equaled 0.36% of average loans outstanding for the three months ended March 31, 2012 and 0.17% for the same period in 2011. The allowance for loan losses equaled $5.6 million or 1.22% of loans, net of unearned income, at March 31, 2012, compared to $4.4 million or 1.07% at March 31, 2011.

Peoples Financial Services Corporation is the parent company of Peoples Neighborhood Bank (the “Bank”), an independent community bank serving Lackawanna, Wyoming and Susquehanna Counties in Pennsylvania and Broome County in New York through eleven 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. In addition, customers can take advantage of PNB Online Banking services by accessing the Company's website at http://www.peoplesnatbank.com. Peoples Wealth Management, a division of the Bank’s subsidiary Peoples Advisors LLC, provides investment advisory services to the general public. 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.



 
5
 

 
Summary Data
Peoples Financial Services Corp.
Five Quarter Trend
(In thousands, except per share data)
                     
   
March 31
    
Dec 31
    
Sept 30
    
June 30
    
March 31
  
   
2012
    
2011
    
2011
    
2011
    
2011
  
                               
Key performance data:
                              
                               
Per share data:
                              
Net income
   $ 0.78     $ 0.57     $ 0.60     $ 0.75     $ 0.57  
Cash dividends declared
   $ 0.21     $ 0.20     $ 0.20     $ 0.20     $ 0.20  
Book value
   $ 19.61     $ 19.11     $ 18.86     $ 17.90     $ 16.70  
Tangible book value
   $ 19.41     $ 18.89     $ 18.59     $ 17.62     $ 16.39  
Market value:
                                        
High
   $ 29.00     $ 28.25     $ 28.25     $ 27.50     $ 28.00  
Low
   $ 27.50     $ 27.05     $ 26.90     $ 25.50     $ 26.31  
Closing
   $ 28.00     $ 28.25     $ 27.55     $ 27.05     $ 26.31  
Market capitalization
   $ 87,327     $ 88,108     $ 86,205     $ 85,036     $ 82,700  
Common shares outstanding
     3,118,806       3,118,856       3,129,056       3,143,656       3,143,281  
                                         
Selected ratios:
                                        
                                         
Return on average stockholders' equity
     16.70 %     12.54 %     13.62 %     18.56 %     14.84 %
                                         
Return on average assets
     1.56 %     1.17 %     1.24 %     1.63 %     1.30 %
                                         
Stockholders' equity to total assets
     9.68 %     9.59 %     9.72 %     9.59 %     9.20 %
                                         
Efficiency ratio
     48.08 %     60.61 %     58.09 %     50.98 %     55.82 %
                                         
Nonperforming assets to loans, net, and foreclosed assets
     2.14 %     2.39 %     2.45 %     2.45 %     2.97 %
                                         
Net charge-offs to average loans, net
     0.36 %     0.06 %     0.28 %     0.01 %     0.17 %
                                         
Allowance for loan losses to loans, net
     1.22 %     1.20 %     1.20 %     1.21 %     1.07 %
                                         
Earning assets yield (FTE)
     4.97 %     5.00 %     5.08 %     5.27 %     5.43 %
                                         
Cost of funds
     1.10 %     1.14 %     1.27 %     1.31 %     1.30 %
                                         
Net interest spread (FTE)
     3.87 %     3.86 %     3.81 %     3.96 %     4.13 %
                                         
Net interest margin (FTE)
     4.10 %     4.09 %     4.07 %     4.20 %     4.36 %

 
6
 



Peoples Financial Services Corp.
  
Consolidated Statements of Income
  
(In thousands, except per share data)
  
             
Three Months Ended
  
March 31
    
March 31
  
   
2012
    
2011
  
             
Interest income:
            
Interest and fees on loans:
            
Taxable
   $ 5,515     $ 5,136  
Tax-exempt
     419       357  
Interest and dividends on investment securities available-for-sale:
                
Taxable
     636       666  
Tax-exempt
     359       475  
Dividends
     7       9  
Interest on interest-bearing balances with banks
     4       2  
Interest on federal funds sold
             2  
Total interest income
     6,940       6,647  
                 
Interest expense:
                
Interest on deposits
     1,048       1,044  
Interest on short-term borrowings
     62       86  
Interest on long-term debt
     173       257  
Total interest expense
     1,283       1,387  
Net interest income
     5,657       5,260  
Provision for loan losses
     645       421  
Net interest income after provision for loan losses
     5,012       4,839  
                 
Noninterest income:
                
Service charges, fees, commissions and others
     743       709  
Wealth management income
     143       139  
Mortgage banking income
     74       48  
Net gains on sale of investment securities available-for-sale
     284       10  
Other than temporary investment securities impairment
             (84 )
Net losses on sale of other real estate
     (8 )        
Total noninterest income
     1,236       822  
                 
Noninterest expense:
                
Salaries and employee benefits expense
     1,730       1,446  
Net occupancy and equipment expense
     790       676  
Other expenses
     794       1,273  
Total noninterest expense
     3,314       3,395  
Income before income taxes
     2,934       2,266  
Provision for income tax expense
     514       467  
Net income
   $ 2,420     $ 1,799  
                 
Other comprehensive income (loss):
                
Unrealized holding gains (losses) on investment securities available-for-sale
   $ (23 )   $ 1,100  
Reclassification adjustment for gains included in net income
     (284 )     (10 )
Reclassification adjustment for other than temporary impairment charges
             84  
Income tax expense (benefit) related to other comprehensive income
     (104 )     399  
Other comprehensive income (loss), net of income taxes
     (203 )     775  
Comprehensive income
   $ 2,217     $ 2,574  
                 
Per share data:
                
Net income
   $ 0.78     $ 0.57  
Cash dividends declared
   $ 0.21     $ 0.20  
Average common shares outstanding
     3,118,109       3,142,137  

 
 
 
7
 

 
Peoples Financial Services Corp.
  
Consolidated Statements of Income
  
(In thousands, except per share data)
  
                             
Three months ended
March 31
    
Dec 31
    
Sept 30
    
June 30
    
March 31
  
 
2012
    
2011
    
2011
    
2011
    
2011
  
                             
Interest income:
                            
Interest and fees on loans:
                            
Taxable
 $ 5,515     $ 5,585     $ 5,505     $ 5,413     $ 5,136  
Tax-exempt
   419       328       331       346       357  
Interest and dividends on investment securities available-for-sale:
                                      
Taxable
   636       672       639       633       666  
Tax-exempt
   359       377       397       411       475  
Dividends
   7       7       9       8       9  
Interest on interest-bearing balances with banks
   4       4       3       3       2  
Interest on federal funds sold
           8       13       11       2  
Total interest income
   6,940       6,981       6,897       6,825       6,647  
                                       
Interest expense:
                                      
Interest on deposits
   1,048       1,079       1,168       1,132       1,044  
Interest on short-term borrowings
   62       72       76       76       86  
Interest on long-term debt
   173       178       208       263       257  
Total interest expense
   1,283       1,329       1,452       1,471       1,387  
Net interest income
   5,657       5,652       5,445       5,354       5,260  
Provision for loan losses
   645       300       269       804       421  
Net interest income after provision for loan losses
   5,012       5,352       5,176       4,550       4,839  
                                       
Noninterest income:
                                      
Service charges, fees, commissions and others
   743       799       736       711       709  
Wealth management income
   143       140       142       236       139  
Mortgage banking income
   74       168       32       98       48  
Net gains on sale of investment securities available-for-sale
   284       (12 )     25       2       10  
Other than temporary investment securities impairment
                   (3 )             (84 )
Net gains (losses) on sale of other real estate
   (8 )     (2 )     90       1,583          
Total noninterest income
   1,236       1,093       1,022       2,630       822  
                                       
Noninterest expense:
                                      
Salaries and employee benefits expense
   1,730       1,713       1,648       1,628       1,446  
Net occupancy and equipment expense
   790       766       738       699       676  
Other expenses
   794       1,609       1,371       1,743       1,273  
Total noninterest expense
   3,314       4,088       3,757       4,070       3,395  
Income before income taxes
   2,934       2,357       2,441       3,110       2,266  
Provision for income tax expense
   514       557       582       751       467  
Net income
 $ 2,420     $ 1,800     $ 1,859     $ 2,359     $ 1,799  
                                       
Other comprehensive income (loss):
                                      
Unrealized holding gains (losses) on investment securities available-for-sale
 $ (23 )   $ (466 )   $ 2,908     $ 3,183     $ 1,100  
Reclassification adjustment for losses (gains) included in net income
   (284 )     12       (25 )     (2 )     (10 )
Reclassification adjustment for other than temporary impairment charges
                   3               84  
Income tax expense  (benefit) related to other comprehensive income
   (104 )     (154 )     981       1,082       399  
Other comprehensive income (loss), net of income taxes
   (203 )     (300 )     1,905       2,099       775  
Comprehensive income
 $ 2,217     $ 1,500     $ 3,764     $ 4,458     $ 2,574  
                                       
Per share data:
                                      
Net income
 $ 0.78     $ 0.57     $ 0.60     $ 0.75     $ 0.57  
Cash dividends declared
 $ 0.21     $ 0.20     $ 0.20     $ 0.20     $ 0.20  
Average common shares outstanding
   3,118,109       3,123,569       3,134,591       3,146,584       3,142,137  
                                       

 
 
8
 
 

 
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
  
   
2012
    
2011
    
2011
    
2011
    
2011
  
                               
Net interest income:
                              
Interest income
                              
Loans, net:
                              
Taxable
   $ 5,515     $ 5,585     $ 5,505     $ 5,413     $ 5,136  
Tax-exempt
     635       497       502       524       541  
Total loans, net
     6,150       6,082       6,007       5,937       5,677  
Investments:
                                        
Taxable
     643       679       648       641       675  
Tax-exempt
     544       571       601       623       720  
Total investments
     1,187       1,250       1,249       1,264       1,395  
    Interest-bearing balances with banks
     4       4       3       3       2  
    Federal funds sold
             8       13       11       2  
Total interest income
     7,341       7,344       7,271       7,215       7,076  
Interest expense:
                                        
   Deposits
     1,048       1,079       1,168       1,132       1,044  
   Short-term borrowings
     62       72       76       76       86  
   Long-term debt
     173       178       208       263       257  
Total interest expense
     1,283       1,329       1,452       1,471       1,387  
Net interest income
   $ 6,058     $ 6,015     $ 5,819     $ 5,744     $ 5,689  
                                         
Loans, net:
                                        
Taxable
     5.39 %     5.51 %     5.59 %     5.71 %     5.70 %
Tax-exempt
     5.96 %     5.83 %     5.74 %     5.73 %     5.77 %
Total loans, net
     5.45 %     5.53 %     5.61 %     5.71 %     5.70 %
Investments:
                                        
Taxable
     2.53 %     2.71 %     3.20 %     3.75 %     3.87 %
Tax-exempt
     5.98 %     5.93 %     5.94 %     6.03 %     6.15 %
Total investments
     3.44 %     3.61 %     4.12 %     4.61 %     4.78 %
Interest-bearing balances with banks
     1.50 %     1.28 %     0.86 %     0.88 %     1.14 %
Federal funds sold
             0.40 %     0.25 %     0.22 %     0.13 %
Total earning assets
     4.97 %     5.00 %     5.08 %     5.27 %     5.43 %
Interest expense:
                                        
   Deposits
     1.05 %     1.07 %     1.17 %     1.17 %     1.15 %
   Short-term borrowings
     0.51 %     0.68 %     0.81 %     0.89 %     0.91 %
   Long-term debt
     3.69 %     3.69 %     3.79 %     3.92 %     3.83 %
Total interest-bearing liabilities
     1.10 %     1.14 %     1.27 %     1.31 %     1.30 %
Net interest spread
     3.87 %     3.86 %     3.81 %     3.96 %     4.13 %
Net interest margin
     4.10 %     4.09 %     4.07 %     4.20 %     4.36 %

 
 
9
 
 
 
Peoples Financial Services Corp.
  
Consolidated Balance Sheets
  
(In thousands, except per share data)
  
                               
   
March 31
    
Dec 31
    
Sept 30
    
June 30
    
March 31
  
At period end
  
2012
    
2011
    
2011
    
2011
    
2011
  
                               
Assets:
                              
Cash and due from banks
   $ 8,563     $ 9,488     $ 9,787     $ 12,736     $ 9,661  
Interest-bearing balances with banks
     1,075       1,071       1,007       1,007       1,110  
Federal funds sold
                     17,174       9,357       15,791  
Investment securities available-for-sale
     132,882       139,899       128,956       114,096       107,091  
Loans held for sale
     2,724       569       1,206       92       517  
Loans, net
     459,223       445,103       427,249       426,655       407,842  
Less: allowance for loan losses
     5,589       5,349       5,119       5,153       4,356  
Net loans
     453,634       439,754       422,130       421,502       403,486  
Premises and equipment, net
     8,235       7,916       8,039       8,171       8,361  
Accrued interest receivable
     3,472       3,448       3,240       3,272       3,020  
Other assets
     21,164       19,259       15,616       16,347       21,291  
Total assets
   $ 631,749     $ 621,404     $ 607,155     $ 586,580     $ 570,328  
                                         
                                         
Liabilities:
                                        
Deposits:
                                        
Noninterest-bearing
   $ 97,353     $ 92,985     $ 84,572     $ 78,216     $ 76,958  
Interest-bearing
     404,779       401,298       401,588       392,353       376,614  
Total deposits
     502,132       494,283       486,160       470,569       453,572  
Short-term borrowings
     45,375       43,791       38,892       36,352       35,293  
Long-term debt
     18,731       18,927       21,620       21,862       27,100  
Accrued interest payable
     244       284       282       307       398  
Other liabilities
     4,106       4,506       1,178       1,220       1,471  
Total liabilities
     570,588       561,791       548,132       530,310       517,834  
                                         
                                         
                                         
Stockholders' equity:
                                        
Common stock, par value $2.00 authorized
                                        
12,500,000, shares issued 3,341,251;
     6,683       6,683       6,683       6,683       6,683  
Capital surplus
     3,147       3,141       3,141       3,122       3,122  
Retained earnings
     53,108       51,342       50,173       48,938       47,219  
Accumulated other comprehensive income (loss)
     3,442       3,645       3,945       2,040       (59 )
Less: Treasury stock, at cost, shares held 222,445; 222,395;
     5,219       5,198       4,919       4,513       4,471  
   212,195; 197,595; 197,970
                                        
    Total stockholders' equity
     61,161       59,613       59,023       56,270       52,494  
    Total liabilities and stockholders' equity
   $ 631,749     $ 621,404     $ 607,155     $ 586,580     $ 570,328  

 
 
 
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Peoples Financial Services Corp.
  
Consolidated Balance Sheets
  
(In thousands, except per share data)
  
                               
   
March 31
    
Dec 31
    
Sept 30
    
June 30
    
March 31
  
Average quarterly balances
  
2012
    
2011
    
2011
    
2011
    
2011
  
                               
Assets:
                              
Loans, net:
                              
Taxable
   $ 411,306     $ 402,315     $ 390,478     $ 380,528     $ 365,573  
Tax-exempt
     42,852       33,812       34,711       36,685       38,008  
Total loans, net
     454,158       436,127       425,189       417,213       403,581  
Investments:
                                        
Taxable
     102,375       99,252       80,221       68,614       70,781  
Tax-exempt
     36,608       38,217       40,105       41,434       47,488  
Total investments
     138,983       137,469       120,326       110,048       118,269  
    Interest-bearing balances with banks
     1,074       1,236       1,386       1,364       714  
    Federal funds sold
             8,010       20,693       20,504       6,028  
Total earning assets
     594,215       582,842       567,594       549,129       528,592  
Other assets
     27,943       27,950       28,378       32,970       32,316  
Total assets
   $ 622,158     $ 610,792     $ 595,972     $ 582,099     $ 560,908  
                                         
Liabilities and stockholders' equity:
                                        
Deposits:
                                        
Interest-bearing
   $ 399,755     $ 400,678     $ 395,354     $ 387,655     $ 366,632  
Noninterest-bearing
     92,492       87,573       83,458       78,959       74,742  
Total deposits
     492,247       488,251       478,812       466,614       441,374  
Short-term borrowings
     48,582       42,290       37,231       34,373       38,532  
Long-term debt
     18,837       19,140       21,749       26,935       27,227  
Other liabilities
     4,223       4,176       4,014       3,192       4,613  
Total liabilities
     563,889       553,857       541,806       531,114       511,746  
Stockholders' equity
     58,269       56,935       54,166       50,985       49,162  
Total liabilities and stockholders' equity
   $ 622,158     $ 610,792     $ 595,972     $ 582,099     $ 560,908  

 
 
 
11
 

 

Peoples Financial Services Corp.
  
Asset Quality Data
  
(In thousands)
  
                               
   
March 31
    
Dec 31
    
Sept 30
    
June 30
    
March 31
  
At quarter end
  
2012
    
2011
    
2011
    
2011
    
2011
  
                               
Nonperforming assets:
                              
Nonaccrual/restructured loans
   $ 7,473     $ 9,597     $ 9,651     $ 10,002     $ 8,437  
Accruing loans past due 90 days or more
     691       660       429       443       542  
Foreclosed assets
     1,692       399       399               3,246  
Total nonperforming assets
   $ 9,856     $ 10,656     $ 10,479     $ 10,445     $ 12,225  
                                         
Three months ended
                                        
                                         
Allowance for loan losses:
                                        
Beginning balance
   $ 5,349     $ 5,119     $ 5,153     $ 4,356     $ 4,100  
Charge-offs
     421       83       317       23       176  
Recoveries
     16       13       14       16       11  
Provision for loan losses
     645       300       269       804       421  
Ending balance
   $ 5,589     $ 5,349     $ 5,119     $ 5,153     $ 4,356  
                                         
 
 
 
 
 
 
 
                                        
SOURCE Peoples Financial Services Corp.
                                        
/Contact: MEDIA/INVESTORS, Scott A. Seasock, 570.879.2175 or scotts@peoplesnatbank.com
          
                                         
Co: Peoples Financial Services Corp.
                                        
St:   Pennsylvania
                                        
In:   Fin
                                        
 
 
                                        
Except for the historical information contained, herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties in the banking industry and overall economy. Such risks and uncertainties are detailed in the Company's Securities and Exchange Commission reports, including the Annual Report on Form 10-K and quarterly reports on Form 10-Q.
  


 
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