Exhibit 99.1
NEWS RELEASE
TO BUSINESS EDITOR:
PEOPLES FINANCIAL SERVICES CORP. Reports Third Quarter 2014 Earnings
Scranton, PA, October 21/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 nine months ended September 30, 2014. Peoples, which completed a merger with Penseco Financial Services Corporation (“Penseco”) on November 30, 2013, reported net income of $5.2 million, or $0.70 per basic and diluted weighted average share for the third quarter of 2014, compared to $2.5 million, or $0.56 per share, for the comparable period of 2013. The results for the three months ended September 30, 2014, include pre-tax acquisition related expenses of $109 thousand and net gains on sale of investment securities of $701 thousand.
Core net income for the three months ended September 30, 2014 was $4.9 million, an increase of 25.0% from $3.9 million for the previous quarter and 86.0% from $2.6 million for the same period in 2013. Core net income per share for the three months ended September 30, 2014 was $0.65, compared to $0.51 for the previous quarter and $0.58 for the same period in 2013.
Net income for the nine months ended September 30, 2014, totaled $13.3 million or $1.76 per share compared to $7.9 million or $1.76 per share for the same period last year. Pre-tax merger related expenses recognized in the first nine months of 2014 were $1.7 million. Year to date net gains on sale of investment securities totaled $861 thousand.
Core net income for the nine months ended September 30, 2014 was $13.8 million, up 74.7% from $7.9 million for the same period in 2013. Core net income per share for the nine months ended September 30, 2014 was $1.83, an increase from $1.77 for the same period in 2013.
The merger between Peoples and Penseco was accounted for as a reverse acquisition of Peoples by Penseco. As a result of the reverse merger, Peoples was the legal acquirer and Penseco was the accounting acquirer. In a reverse merger the historical financial statements are those of the accounting acquirer. Earnings per share amounts in periods prior to the merger are based on restated shares outstanding.
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 third quarter and nine months ended September 30, reported results for 2014 and 2013 contained 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.
THIRD QUARTER NOTABLES
| | • | | Nonperforming assets decreased to $13.1 million at the end of the third quarter of 2014 from $15.9 million at the end of the second quarter 2014 and $19.5 million at year end 2013. |
| | • | | At the end of the third quarter of 2014, deposits grew $46.1 million or 4.5% on an annualized basis from December 31, 2013. |
| | • | | Tangible book value per share improved $1.11 to $23.43 at the end of the third quarter of 2014 compared to $22.32 at year end 2013. |
| | • | | Core net income per share increased to $0.65 in the third quarter of 2014 versus $0.58 for the same period in 2013. |
| | • | | For the third quarter of 2014, return on average assets and core return on average assets were 1.20% and 1.11%, respectively. |
| | • | | Operating efficiency improved to 56.79% in the third quarter of 2014 from 67.91% for the previous quarter and 67.89% for the same quarter last year. |
INCOME STATEMENT REVIEW
The tax-equivalent net interest margin for the quarter and nine months ended September 30, were 3.84% and 3.88% in 2014, respectively, compared to 3.88% and 3.94% in 2013, respectively. Loan accretion included in loan interest income for the nine months ended September 30, 2014 related to loans acquired in the fourth quarter of 2013 was $1.9 million, resulting in an increase in the tax-equivalent net interest margin of 16 basis points. For the third quarter of 2014, loan accretion included in loan interest income related to loans acquired was $469.9 thousand, increasing the tax-equivalent net interest margin from 3.72% to 3.84%.
Tax-equivalent net interest income for the nine months ended September 30, increased $20.2 million to $45.2 million in 2014 from $25.0 million in 2013. The increase in tax equivalent net interest income was primarily due to the growth in average earning assets from the merger offset partially by a 6 basis point decrease in the tax-equivalent net interest margin. The tax-equivalent yield on the loan portfolio decreased to 4.91% for the nine months ended September 30, 2014 compared to 4.93% for the comparable period in 2013. Loans, net averaged $1.2 billion in 2014 compared to $641.0 million in 2013. For the nine months ended September 30, 2014, the tax-equivalent yield on total investments decreased to 2.70% in 2014 from 3.26% in 2013. Average investments totaled $331.2 million in 2014 and $172.8 million in 2013. Average interest-bearing liabilities increased to $1.2 billion for the nine months ended September 30, 2014, compared to $629.3 million for the corresponding period last year. The cost of funds declined to 0.58% in the nine months ended September 30, 2014 from 0.63% for the same period of 2013.
The provision for loan losses totaled $2.7 million for the nine months ended September 30, 2014, compared to $1.3 million for the same period last year. The increase in the provision for loan losses in 2014 was due to the application of our allowance for loan losses methodology, which was primarily influenced by reporting a higher level of nonperforming assets as a percentage of loans and foreclosed assets and a greater net charge-off ratio compared to the prior year period. For the quarter ended September 30, the provision for loan losses was $0.7 million in 2014 and $0.5 million in 2013.
For the nine months ended September 30, noninterest income totaled $11.7 million in 2014, an increase of $2.7 million from $9.0 million in 2013. Increases in service charges, fees and commissions and income from fiduciary activities, wealth management services, mortgage banking activities and life insurance investment income more than offset a decrease in revenues from merchant services. In addition, net gains on sale of investment securities were $861 thousand in 2014 and $158 thousand in 2013. For the three months ended September 30, noninterest income totaled $4.4 million in 2014 and $3.0 million in 2013.
Noninterest expense for the nine months ended September 30, 2014, increased $13.3 million or 62.4% to $34.6 million, from $21.3 million for the nine months ended September 30, 2013. The recognition of merger related expense of $1.7 million along with the inclusion of the Peoples operations in 2014 were the primary causes for this increase. For the third quarter, noninterest expense amounted to $11.1 million in 2014 and $7.4 million in 2013.
BALANCE SHEET REVIEW
Total assets, loans and deposits totaled $1.7 billion, $1.2 billion and $1.4 billion, respectively, at September 30, 2014. Loans, net was unchanged comparing the end of the third quarter 2014 to year-end 2013, while total deposits grew $46.1 million or 4.5% on an annualized basis through nine months of 2014. Noninterest-bearing deposits grew $22.3 million or 10.7% on an annualized basis while interest-bearing deposits increased $23.8 million or 2.9% on an annualized basis in 2014. Total investments were $366.1 million at September 30, 2014, including $350.8 million securities classified as available-for-sale and $15.3 million classified as held-to-maturity.
Stockholders’ equity equaled $246.1 million or $32.60 per share at September 30, 2014, and $238.8 million or $31.62 per share at December 31, 2013. Total tangible stockholders’ equity improved to $176.9 million or $23.43 per share at September 30, 2014, compared to $168.6 million or $22.32 per share at year-end 2013. Dividends declared for the nine months ended September 30, 2014 amounted to $0.93 per share representing a dividend payout ratio of 52.8%.
ASSET QUALITY REVIEW
Nonperforming assets were $13.1 million or 1.11% of loans, net and foreclosed assets at September 30, 2014, an improvement from $15.9 million or 1.35% at June 30, 2014, and $19.5 million or 1.65% at December 31, 2013. The allowance for loan losses equaled $10.2 million or 0.86% of loans, net compared to $8.7 million or 0.74% of loans, net, at December 31, 2013. The decrease in the allowance for loan losses as a percentage of loans, net, from 1.20% at September 30, 2013 to 0.86% at September 30, 2014, is primarily a function of acquisition accounting, whereby the historical loan portfolio of Peoples was recorded at its estimated fair value, including a discount to reflect credit risk, and the Peoples historical allowance for loan losses was eliminated. Loans charged-off, net of recoveries, for the nine months ended September 30, 2014, equaled $1.2 million or 0.14% of average loans, compared to $404.0 thousand or 0.08% of average loans for the nine months ended September 30, 2013.
Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Lackawanna, Luzerne, Monroe, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 26 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.
SOURCE: Peoples Financial Services Corp.
/Contact: MEDIA/INVESTORS, Marie L. Luciani, Investor Relations Officer, 570.346.7741 or m.luciani@pennsecurity.com
Co: Peoples Financial Services Corp.
St: Pennsylvania
In: Fin
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; 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, such as Peoples recent merger with Penseco Financial Services Corporation, 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 thepre- 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)
| | | | | | | | | | | | | | | | | | | | |
| | | Sept 30
2014 | | | June 30
2014 | | | Mar 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Key performance data: | | | | | | | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 0.70 | | | $ | 0.44 | | | $ | 0.62 | | | $ | (0.39 | ) | | $ | 0.56 | |
Core net income (1) | | $ | 0.65 | | | $ | 0.51 | | | $ | 0.67 | | | $ | 0.14 | | | $ | 0.58 | |
Cash dividends declared | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | |
Book value | | $ | 32.60 | | | $ | 32.35 | | | $ | 32.13 | | | $ | 31.62 | | | $ | 29.91 | |
Tangible book value (1) | | $ | 23.43 | | | $ | 23.14 | | | $ | 22.88 | | | $ | 22.32 | | | $ | 23.87 | |
Market value: | | | | | | | | | | | | | | | | | | | | |
High | | $ | 52.52 | | | $ | 53.05 | | | $ | 42.26 | | | $ | 39.50 | | | $ | 33.37 | |
Low | | $ | 45.99 | | | $ | 42.50 | | | $ | 37.85 | | | $ | 31.53 | | | $ | 29.70 | |
Closing | | $ | 45.99 | | | $ | 51.39 | | | $ | 41.62 | | | $ | 38.00 | | | $ | 33.00 | |
Market capitalization | | $ | 347,149 | | | $ | 387,910 | | | $ | 314,163 | | | $ | 287,012 | | | $ | 147,828 | |
Common shares outstanding | | | 7,548,358 | | | | 7,548,358 | | | | 7,548,358 | | | | 7,552,944 | | | | 4,479,624 | |
| | | | | |
Selected ratios: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average stockholders’ equity | | | 8.49 | % | | | 5.60 | % | | | 8.01 | % | | | (5.00 | )% | | | 7.37 | % |
| | | | | |
Core return on average stockholders’ equity (1) | | | 7.87 | % | | | 6.52 | % | | | 8.68 | % | | | 1.78 | % | | | 7.74 | % |
| | | | | |
Return on average tangible stockholders’ equity (1) | | | 12.34 | % | | | 8.42 | % | | | 11.88 | % | | | (6.69 | )% | | | 9.38 | % |
| | | | | |
Core return on average tangible stockholders’ equity (1) | | | 10.98 | % | | | 9.21 | % | | | 12.30 | % | | | 2.50 | % | | | 9.70 | % |
| | | | | |
Return on average assets | | | 1.20 | % | | | 0.78 | % | | | 1.12 | % | | | (0.71 | )% | | | 1.07 | % |
| | | | | |
Core return on average assets (1) | | | 1.11 | % | | | 0.91 | % | | | 1.22 | % | | | 0.25 | % | | | 1.13 | % |
| | | | | |
Stockholders’ equity to total assets | | | 14.27 | % | | | 14.10 | % | | | 14.12 | % | | | 14.14 | % | | | 14.60 | % |
| | | | | |
Efficiency ratio (2) | | | 56.79 | % | | | 67.91 | % | | | 59.79 | % | | | 117.51 | % | | | 67.89 | % |
| | | | | |
Nonperforming assets to loans, net, and foreclosed assets | | | 1.11 | % | | | 1.35 | % | | | 1.30 | % | | | 1.65 | % | | | 0.57 | % |
| | | | | |
Net charge-offs to average loans, net | | | 0.04 | % | | | 0.15 | % | | | 0.22 | % | | | 0.12 | % | | | 0.13 | % |
| | | | | |
Allowance for loan losses to loans, net | | | 0.86 | % | | | 0.82 | % | | | 0.75 | % | | | 0.74 | % | | | 1.20 | % |
| | | | | |
Earning assets yield (FTE) (3) | | | 4.25 | % | | | 4.17 | % | | | 4.53 | % | | | 4.27 | % | | | 4.33 | % |
| | | | | |
Cost of funds | | | 0.56 | % | | | 0.59 | % | | | 0.59 | % | | | 0.60 | % | | | 0.61 | % |
| | | | | |
Net interest spread (FTE) (3) | | | 3.69 | % | | | 3.58 | % | | | 3.94 | % | | | 3.67 | % | | | 3.72 | % |
| | | | | |
Net interest margin (FTE) (3) | | | 3.84 | % | | | 3.73 | % | | | 4.09 | % | | | 3.82 | % | | | 3.88 | % |
| (1) | See Reconciliation of Non-GAAP financial measures. |
| (2) | Total noninterest expense less amortization of intangible assets divided by net interest income and noninterest income. |
| (3) | Tax-equivalent adjustments were calculated using the prevailing federal statutory tax rate. |
Peoples Financial Services Corp.
Consolidated Statements of Income
(In thousands, except per share data)
| | | | | | | | |
| Nine Months Ended | | Sept 30
2014 | | | Sept 30
2013 | |
Interest income: | | | | | | | | |
Interest and fees on loans: | | | | | | | | |
Taxable | | $ | 41,035 | | | $ | 21,819 | |
Tax-exempt | | | 1,607 | | | | 1,210 | |
Interest and dividends on investment securities: | | | | | | | | |
Taxable | | | 2,877 | | | | 1,239 | |
Tax-exempt | | | 2,462 | | | | 1,927 | |
Dividends | | | 32 | | | | 57 | |
Interest on interest-bearing deposits in other banks | | | 29 | | | | 68 | |
Interest on federal funds sold | | | 64 | | | | | |
Total interest income | | | 48,106 | | | | 26,320 | |
| | |
Interest expense: | | | | | | | | |
Interest on deposits | | | 4,125 | | | | 1,968 | |
Interest on short-term borrowings | | | 67 | | | | 17 | |
Interest on long-term debt | | | 864 | | | | 961 | |
Total interest expense | | | 5,056 | | | | 2,946 | |
Net interest income | | | 43,050 | | | | 23,374 | |
Provision for loan losses | | | 2,724 | | | | 1,325 | |
Net interest income after provision for loan losses | | | 40,326 | | | | 22,049 | |
| | |
Noninterest income: | | | | | | | | |
Service charges, fees, commissions | | | 4,815 | | | | 3,426 | |
Merchant services income | | | 2,784 | | | | 3,123 | |
Commissions and fees on fiduciary activities | | | 1,690 | | | | 1,281 | |
Wealth management income | | | 569 | | | | 320 | |
Mortgage banking income | | | 434 | | | | 246 | |
Life insurance investment income | | | 565 | | | | 356 | |
Net gains on sale of investment securities available-for-sale | | | 861 | | | | 158 | |
Total noninterest income | | | 11,718 | | | | 8,910 | |
| | |
Noninterest expense: | | | | | | | | |
Salaries and employee benefits expense | | | 14,883 | | | | 10,415 | |
Net occupancy and equipment expense | | | 6,080 | | | | 2,187 | |
Merchant services expense | | | 1,722 | | �� | | 1,947 | |
Amortization of intangible assets | | | 1,010 | | | | 175 | |
Acquisition related expenses | | | 1,725 | | | | 225 | |
Other expenses | | | 9,190 | | | | 6,397 | |
Total noninterest expense | | | 34,610 | | | | 21,346 | |
Income before income taxes | | | 17,434 | | | | 9,613 | |
Provision for income tax expense | | | 4,169 | | | | 1,762 | |
Net income | | $ | 13,265 | | | $ | 7,851 | |
| | |
Other comprehensive income (loss): | | | | | | | | |
Unrealized gains (losses) on investment securities available-for-sale | | $ | 2,811 | | | $ | (3,240 | ) |
Reclassification adjustment for gains included in net income | | | (861 | ) | | | (158 | ) |
Change in unfunded pension liability | | | | | | | | |
Income tax expense (benefit) related to other comprehensive income | | | 682 | | | | (1,155 | ) |
Other comprehensive income (loss), net of income taxes | | | 1,268 | | | | (2,243 | ) |
Comprehensive income | | $ | 14,533 | | | $ | 5,608 | |
| | |
Per share data: | | | | | | | | |
Net income | | $ | 1.76 | | | $ | 1.76 | |
Cash dividends declared | | $ | 0.93 | | | $ | 0.93 | |
Average common shares outstanding | | | 7,548,983 | | | | 4,469,480 | |
Peoples Financial Services Corp.
Consolidated Statements of Income
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Sept 30
2014 | | | June 30
2014 | | | March 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Interest income: | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans: | | | | | | | | | | | | | | | | | | | | |
Taxable | | $ | 13,876 | | | $ | 13,159 | | | $ | 14,000 | | | $ | 9,283 | | | $ | 7,213 | |
Tax-exempt | | | 465 | | | | 507 | | | | 635 | | | | 464 | | | | 396 | |
Interest and dividends on investment securities available-for-sale: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 1,007 | | | | 942 | | | | 928 | | | | 554 | | | | 386 | |
Tax-exempt | | | 816 | | | | 817 | | | | 829 | | | | 698 | | | | 658 | |
Dividends | | | 2 | | | | 14 | | | | 16 | | | | 31 | | | | 22 | |
Interest on interest-bearing deposits in other banks | | | 10 | | | | 9 | | | | 10 | | | | 18 | | | | 18 | |
Interest on federal funds sold | | | 16 | | | | 34 | | | | 14 | | | | 2 | | | | | |
Total interest income | | | 16,192 | | | | 15,482 | | | | 16,432 | | | | 11,050 | | | | 8,693 | |
| | | | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | |
Interest on deposits | | | 1,354 | | | | 1,414 | | | | 1,357 | | | | 908 | | | | 647 | |
Interest on short-term borrowings | | | 9 | | | | 24 | | | | 34 | | | | 17 | | | | 6 | |
Interest on long-term debt | | | 279 | | | | 289 | | | | 296 | | | | 298 | | | | 299 | |
Total interest expense | | | 1,642 | | | | 1,727 | | | | 1,687 | | | | 1,223 | | | | 952 | |
Net interest income | | | 14,550 | | | | 13,755 | | | | 14,745 | | | | 9,827 | | | | 7,741 | |
Provision for loan losses | | | 666 | | | | 1,201 | | | | 857 | | | | 1,036 | | | | 525 | |
Net interest income after provision for loan losses | | | 13,884 | | | | 12,554 | | | | 13,888 | | | | 8,791 | | | | 7,216 | |
| | | | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | | |
Service charges, fees, commissions | | | 1,634 | | | | 1,557 | | | | 1,624 | | | | 666 | | | | 1,006 | |
Merchant services income | | | 1,002 | | | | 888 | | | | 894 | | | | 813 | | | | 1,174 | |
Commissions and fees on fiduciary activities | | | 575 | | | | 548 | | | | 567 | | | | 454 | | | | 487 | |
Wealth management income | | | 217 | | | | 165 | | | | 187 | | | | 185 | | | | 130 | |
Mortgage banking income | | | 142 | | | | 193 | | | | 99 | | | | 117 | | | | 80 | |
Life insurance investment income | | | 109 | | | | 267 | | | | 189 | | | | 612 | | | | 117 | |
Net gains on sale of investment securities available-for-sale | | | 701 | | | | 160 | | | | | | | | 5 | | | | 33 | |
Total noninterest income | | | 4,380 | | | | 3,778 | | | | 3,560 | | | | 2,852 | | | | 3,027 | |
| | | | | |
Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits expense | | | 4,754 | | | | 4,961 | | | | 5,168 | | | | 5,568 | | | | 3,340 | |
Net occupancy and equipment expense | | | 2,020 | | | | 2,327 | | | | 1,733 | | | | 1,801 | | | | 685 | |
Merchant services expense | | | 662 | | | | 495 | | | | 565 | | | | 543 | | | | 740 | |
Amortization of intangible assets | | | 334 | | | | 333 | | | | 343 | | | | 151 | | | | 55 | |
Acquisition related expenses | | | 109 | | | | 1,008 | | | | 608 | | | | 4,384 | | | | 220 | |
Other expenses | | | 3,205 | | | | 3,115 | | | | 2,870 | | | | 2,603 | | | | 2,325 | |
Total noninterest expense | | | 11,084 | | | | 12,239 | | | | 11,287 | | | | 15,050 | | | | 7,365 | |
Income (loss) before income taxes | | | 7,180 | | | | 4,093 | | | | 6,161 | | | | (3,407 | ) | | | 2,878 | |
Income tax expense (benefit) | | | 1,944 | | | | 762 | | | | 1,463 | | | | (1,277 | ) | | | 392 | |
Net income (loss) | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
| | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Unrealized gains (losses) on investment securities available-for-sale | | $ | (825 | ) | | $ | 1,242 | | | $ | 2,394 | | | $ | (642 | ) | | $ | (20 | ) |
Reclassification adjustment for gains included in net income | | | (701 | ) | | | (160 | ) | | | | | | | (5 | ) | | | (33 | ) |
Change in pension liability | | | | | | | | | | | | | | | 3,642 | | | | | |
Income tax expense (benefit) related to other comprehensive income (loss) | | | (534 | ) | | | 378 | | | | 838 | | | | 1,160 | | | | (18 | ) |
Other comprehensive income (loss), net of income taxes | | | (992 | ) | | | 704 | | | | 1,556 | | | | 1,835 | | | | (35 | ) |
Comprehensive income (loss) | | $ | 4,244 | | | $ | 4,035 | | | $ | 6,254 | | | $ | (295 | ) | | $ | 2,451 | |
| | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 0.70 | | | $ | 0.44 | | | $ | 0.62 | | | $ | (0.39 | ) | | $ | 0.56 | |
Cash dividends declared | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.31 | |
Average common shares outstanding | | | 7,548,358 | | | | 7,548,358 | | | | 7,550,253 | | | | 5,515,199 | | | | 4,473,846 | |
Peoples Financial Services Corp.
Details of Net Interest and Net Interest Margin
(In thousands, fully taxable equivalent basis)
| | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Sept 30
2014 | | | June 30
2014 | | | March 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Net interest income: | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | | | | | | | | | | |
Loans, net: | | | | | | | | | | | | | | | | | | | | |
Taxable | | $ | 13,876 | | | $ | 13,159 | | | $ | 14,000 | | | $ | 9,283 | | | $ | 7,213 | |
Tax-exempt | | | 715 | | | | 779 | | | | 978 | | | | 703 | | | | 600 | |
Total loans, net | | | 14,591 | | | | 13,938 | | | | 14,978 | | | | 9,986 | | | | 7,813 | |
Investments: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 1,009 | | | | 956 | | | | 944 | | | | 585 | | | | 408 | |
Tax-exempt | | | 1,256 | | | | 1,258 | | | | 1,274 | | | | 1,058 | | | | 997 | |
Total investments | | | 2,265 | | | | 2,214 | | | | 2,218 | | | | 1,643 | | | | 1,405 | |
Interest on interest-bearing balances in other banks | | | 10 | | | | 9 | | | | 10 | | | | 18 | | | | 18 | |
Federal funds sold | | | 16 | | | | 34 | | | | 14 | | | | 2 | | | | | |
Total interest income | | | 16,882 | | | | 16,195 | | | | 17,220 | | | | 11,649 | | | | 9,236 | |
Interest expense: | | | | | | | | | | | | | | | | | | | | |
Deposits | | | 1,354 | | | | 1,414 | | | | 1,357 | | | | 908 | | | | 647 | |
Short-term borrowings | | | 9 | | | | 24 | | | | 34 | | | | 17 | | | | 6 | |
Long-term debt | | | 279 | | | | 289 | | | | 296 | | | | 298 | | | | 299 | |
Total interest expense | | | 1,642 | | | | 1,727 | | | | 1,687 | | | | 1,223 | | | | 952 | |
Net interest income | | $ | 15,240 | | | $ | 14,468 | | | $ | 15,533 | | | $ | 10,426 | | | $ | 8,284 | |
| | | | | |
Loans, net: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 4.88 | % | | | 4.69 | % | | | 5.18 | % | | | 4.72 | % | | | 4.77 | % |
Tax-exempt | | | 5.05 | % | | | 4.94 | % | | | 4.69 | % | | | 5.23 | % | | | 4.63 | % |
Total loans, net | | | 4.89 | % | | | 4.71 | % | | | 5.14 | % | | | 4.76 | % | | | 4.76 | % |
Investments: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 1.57 | % | | | 1.72 | % | | | 1.77 | % | | | 1.59 | % | | | 1.51 | % |
Tax-exempt | | | 5.10 | % | | | 5.15 | % | | | 4.99 | % | | | 5.58 | % | | | 6.34 | % |
Total investments | | | 2.55 | % | | | 2.77 | % | | | 2.81 | % | | | 2.95 | % | | | 3.28 | % |
Interest-bearing balances with banks | | | 0.68 | % | | | 0.83 | % | | | 0.55 | % | | | 0.28 | % | | | 0.28 | % |
Federal funds sold | | | 0.19 | % | | | 0.31 | % | | | 0.18 | % | | | 0.22 | % | | | | |
Total earning assets | | | 4.25 | % | | | 4.17 | % | | | 4.53 | % | | | 4.27 | % | | | 4.33 | % |
Interest expense: | | | | | | | | | | | | | | | | | | | | |
Deposits | | | 0.48 | % | | | 0.51 | % | | | 0.50 | % | | | 0.48 | % | | | 0.44 | % |
Short-term borrowings | | | 0.42 | % | | | 0.51 | % | | | 0.65 | % | | | 0.42 | % | | | 0.26 | % |
Long-term debt | | | 3.21 | % | | | 3.27 | % | | | 3.30 | % | | | 3.33 | % | | | 3.36 | % |
Total interest-bearing liabilities | | | 0.56 | % | | | 0.59 | % | | | 0.59 | % | | | 0.60 | % | | | 0.61 | % |
Net interest spread | | | 3.69 | % | | | 3.58 | % | | | 3.94 | % | | | 3.67 | % | | | 3.72 | % |
Net interest margin | | | 3.84 | % | | | 3.73 | % | | | 4.09 | % | | | 3.82 | % | | | 3.88 | % |
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| At period end | | Sept 30
2014 | | | June 30
2014 | | | March 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 21,179 | | | $ | 51,416 | | | $ | 26,204 | | | $ | 30,004 | | | $ | 14,306 | |
Interest-bearing balances in other banks | | | 6,932 | | | | 10,592 | | | | 7,168 | | | | 11,846 | | | | 14,016 | |
Federal funds sold | | | 6,100 | | | | 15,400 | | | | 45,840 | | | | 9,460 | | | | | |
Investment securities: | | | | | | | | | | | | | | | | | | | | |
Available-for-sale | | | 350,825 | | | | 312,323 | | | | 302,226 | | | | 299,715 | | | | 148,921 | |
Held-to-maturity | | | 15,264 | | | | 15,915 | | | | 16,607 | | | | 17,295 | | | | 18,079 | |
Total investments | | | 366,089 | | | | 328,238 | | | | 318,833 | | | | 317,010 | | | | 167,000 | |
Loans held for sale | | | 2,961 | | | | 2,757 | | | | 1,816 | | | | 1,757 | | | | | |
Loans, net | | | 1,179,942 | | | | 1,179,847 | | | | 1,177,122 | | | | 1,176,617 | | | | 655,946 | |
Less: allowance for loan losses | | | 10,171 | | | | 9,622 | | | | 8,859 | | | | 8,651 | | | | 7,871 | |
Net loans | | | 1,169,771 | | | | 1,170,225 | | | | 1,168,263 | | | | 1,167,966 | | | | 648,075 | |
Premises and equipment, net | | | 25,692 | | | | 25,670 | | | | 25,579 | | | | 26,119 | | | | 14,823 | |
Accrued interest receivable | | | 5,381 | | | | 5,576 | | | | 5,366 | | | | 5,866 | | | | 2,641 | |
Goodwill | | | 63,370 | | | | 63,370 | | | | 63,370 | | | | 63,370 | | | | 26,398 | |
Other intangible assets, net | | | 5,826 | | | | 6,159 | | | | 6,492 | | | | 6,835 | | | | 663 | |
Other assets | | | 51,477 | | | | 51,703 | | | | 49,330 | | | | 47,988 | | | | 29,575 | |
Total assets | | $ | 1,724,778 | | | $ | 1,731,106 | | | $ | 1,718,261 | | | $ | 1,688,221 | | | $ | 917,497 | |
| | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing | | $ | 302,279 | | | $ | 295,922 | | | $ | 282,060 | | | $ | 279,942 | | | $ | 153,552 | |
Interest-bearing | | | 1,123,349 | | | | 1,126,880 | | | | 1,122,006 | | | | 1,099,565 | | | | 574,748 | |
Total deposits | | | 1,425,628 | | | | 1,422,802 | | | | 1,404,066 | | | | 1,379,507 | | | | 728,300 | |
Short-term borrowings | | | 6,514 | | | | 14,088 | | | | 22,539 | | | | 22,052 | | | | 10,144 | |
Long-term debt | | | 34,020 | | | | 34,925 | | | | 35,838 | | | | 36,743 | | | | 34,971 | |
Accrued interest payable | | | 597 | | | | 580 | | | | 610 | | | | 723 | | | | 502 | |
Other liabilities | | | 11,950 | | | | 14,546 | | | | 12,643 | | | | 10,404 | | | | 9,607 | |
Total liabilities | | | 1,478,709 | | | | 1,486,941 | | | | 1,475,696 | | | | 1,449,429 | | | | 783,524 | |
| | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 15,097 | | | | 15,097 | | | | 15,607 | | | | 15,614 | | | | 8,935 | |
Capital surplus | | | 140,150 | | | | 140,150 | | | | 146,035 | | | | 146,109 | | | | 40,054 | |
Retained earnings | | | 90,252 | | | | 87,356 | | | | 86,365 | | | | 84,008 | | | | 87,517 | |
Accumulated other comprehensive income (loss) | | | 570 | | | | 1,562 | | | | 858 | | | | (698 | ) | | | (2,533 | ) |
Less: Treasury stock, at cost | | | | | | | | | | | 6,300 | | | | 6,241 | | | | | |
Total stockholders’ equity | | | 246,069 | | | | 244,165 | | | | 242,565 | | | | 238,792 | | | | 133,973 | |
Total liabilities and stockholders’ equity | | $ | 1,724,778 | | | $ | 1,731,106 | | | $ | 1,718,261 | | | $ | 1,688,221 | | | $ | 917,497 | |
Peoples Financial Services Corp.
Consolidated Balance Sheets
(In thousands except per share data)
| | | | | | | | | | | | | | | | | | | | |
| Average quarterly balances | | Sept 30
2014 | | | June 30
2014 | | | March 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Loans, net: | | | | | | | | | | | | | | | | | | | | |
Taxable | | $ | 1,127,888 | | | $ | 1,124,273 | | | $ | 1,096,793 | | | $ | 779,687 | | | $ | 599,417 | |
Tax-exempt | | | 56,214 | | | | 63,295 | | | | 84,688 | | | | 53,381 | | | | 51,391 | |
Total loans, net | | | 1,184,102 | | | | 1,187,568 | | | | 1,181,481 | | | | 833,068 | | | | 650,808 | |
Investments: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 254,556 | | | | 223,220 | | | | 216,173 | | | | 145,677 | | | | 107,486 | |
Tax-exempt | | | 97,822 | | | | 97,879 | | | | 103,625 | | | | 75,215 | | | | 62,422 | |
Total investments | | | 352,378 | | | | 321,099 | | | | 319,798 | | | | 220,892 | | | | 169,908 | |
Interest-bearing balances with banks | | | 5,875 | | | | 4,342 | | | | 7,327 | | | | 25,156 | | | | 25,629 | |
Federal funds sold | | | 34,227 | | | | 44,553 | | | | 32,444 | | | | 3,579 | | | | | |
Total earning assets | | | 1,576,582 | | | | 1,557,562 | | | | 1,541,050 | | | | 1,082,695 | | | | 846,345 | |
Other assets | | | 152,821 | | | | 150,877 | | | | 154,020 | | | | 101,902 | | | | 72,529 | |
Total assets | | $ | 1,729,403 | | | $ | 1,708,439 | | | $ | 1,695,070 | | | $ | 1,184,597 | | | $ | 918,874 | |
| | | | | |
Liabilities and stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing | | $ | 1,126,915 | | | $ | 1,118,108 | | | $ | 1,109,085 | | | $ | 756,833 | | | $ | 579,189 | |
Noninterest-bearing | | | 303,441 | | | | 288,015 | | | | 274,584 | | | | 193,481 | | | | 150,486 | |
Total deposits | | | 1,430,356 | | | | 1,406,123 | | | | 1,383,669 | | | | 950,314 | | | | 729,675 | |
Short-term borrowings | | | 8,511 | | | | 18,759 | | | | 21,351 | | | | 16,019 | | | | 9,091 | |
Long-term debt | | | 34,510 | | | | 35,419 | | | | 36,330 | | | | 35,542 | | | | 35,331 | |
Other liabilities | | | 11,330 | | | | 9,381 | | | | 15,767 | | | | 13,624 | | | | 10,960 | |
Total liabilities | | | 1,484,707 | | | | 1,469,682 | | | | 1,457,117 | | | | 1,015,499 | | | | 785,057 | |
Stockholders’ equity | | | 244,696 | | | | 238,757 | | | | 237,953 | | | | 169,098 | | | | 133,817 | |
Total liabilities and stockholders’ equity | | $ | 1,729,403 | | | $ | 1,708,439 | | | $ | 1,695,070 | | | $ | 1,184,597 | | | $ | 918,874 | |
Peoples Financial Services Corp.
Asset Quality Data
(In thousands)
| | | | | | | | | | | | | | | | | | | | |
| At quarter end | | Sept 30
2014 | | | June 30
2014 | | | March 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Nonperforming assets: | | | | | | | | | | | | | | | | | | | | |
Nonaccrual/restructured loans | | $ | 11,324 | | | $ | 13,616 | | | $ | 12,922 | | | $ | 17,353 | | | $ | 3,032 | |
Accruing loans past due 90 days or more | | | 955 | | | | 1,693 | | | | 1,663 | | | | 1,455 | | | | 636 | |
Foreclosed assets | | | 840 | | | | 626 | | | | 678 | | | | 648 | | | | 94 | |
Total nonperforming assets | | $ | 13,119 | | | $ | 15,935 | | | $ | 15,263 | | | $ | 19,456 | | | $ | 3,762 | |
| | | | | |
Three months ended | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 9,622 | | | $ | 8,859 | | | $ | 8,651 | | | $ | 7,871 | | | $ | 7,552 | |
Charge-offs | | | 177 | | | | 790 | | | | 683 | | | | 301 | | | | 216 | |
Recoveries | | | 60 | | | | 352 | | | | 34 | | | | 45 | | | | 10 | |
Provision for loan losses | | | 666 | | | | 1,201 | | | | 857 | | | | 1,036 | | | | 525 | |
Ending balance | | $ | 10,171 | | | $ | 9,622 | | | $ | 8,859 | | | $ | 8,651 | | | $ | 7,871 | |
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Sept 30
2014 | | | June 30
2014 | | | Mar 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
Core net income (loss) per share: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) GAAP | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
Adjustments: | | | | | | | | | | | | | | | | | | | | |
Less: Gains on sale of investment securities, net of tax | | | 456 | | | | 104 | | | | | | | | 3 | | | | 22 | |
Add: Acquisition related expenses, net of tax | | | 71 | | | | 655 | | | | 395 | | | | 2,893 | | | | 145 | |
Net income (loss) Core | | $ | 4,851 | | | $ | 3,882 | | | $ | 5,093 | | | $ | 760 | | | $ | 2,609 | |
| | | | | |
Average common shares outstanding | | | 7,548,358 | | | | 7,548,358 | | | | 7,550,253 | | | | 5,515,199 | | | | 4,473,846 | |
| | | | | |
Core net income (loss) per share | | $ | 0.65 | | | $ | 0.51 | | | $ | 0.67 | | | $ | 0.14 | | | $ | 0.58 | |
| | | | | |
Tangible book value: | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | $ | 246,069 | | | $ | 244,165 | | | $ | 242,565 | | | $ | 238,792 | | | $ | 133,973 | |
Less: Goodwill | | | 63,370 | | | | 63,370 | | | | 63,370 | | | | 63,370 | | | | 26,398 | |
Less: Other intangible assets, net | | | 5,826 | | | | 6,159 | | | | 6,492 | | | | 6,835 | | | | 663 | |
Total tangible stockholders’ equity | | $ | 176,873 | | | $ | 174,636 | | | $ | 172,703 | | | $ | 168,587 | | | $ | 106,912 | |
| | | | | |
Common shares outstanding | | | 7,548,358 | | | | 7,548,358 | | | | 7,548,358 | | | | 7,552,944 | | | | 4,479,624 | |
| | | | | |
Tangible book value per share | | $ | 23.43 | | | $ | 23.14 | | | $ | 22.88 | | | $ | 22.32 | | | $ | 23.87 | |
| | | | | |
Core return on average stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) GAAP | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
Adjustments: | | | | | | | | | | | | | | | | | | | | |
Less: Gains on sale of investment securities, net of tax | | | 456 | | | | 104 | | | | | | | | 3 | | | | 22 | |
Add: Acquisition related expenses, net of tax | | | 71 | | | | 655 | | | | 395 | | | | 2,893 | | | | 145 | |
Net income (loss) Core | | $ | 4,851 | | | $ | 3,882 | | | $ | 5,093 | | | $ | 760 | | | $ | 2,609 | |
| | | | | |
Average stockholders’ equity | | $ | 244,696 | | | $ | 238,757 | | | $ | 237,953 | | | $ | 169,098 | | | $ | 133,817 | |
| | | | | |
Core return on average stockholders’ equity | | | 7.87 | % | | | 6.52 | % | | | 8.68 | % | | | 1.78 | % | | | 7.74 | % |
| | | | | |
Return on average tangible equity: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) GAAP | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
Amortization of intangibles, net of tax | | | 217 | | | | 216 | | | | 223 | | | | 100 | | | | 36 | |
Adjusted net income (loss) | | $ | 5,453 | | | $ | 3,547 | | | $ | 4,921 | | | $ | (2,030 | ) | | $ | 2,522 | |
| | | | | |
Average stockholders’ equity | | $ | 244,696 | | | $ | 238,757 | | | $ | 237,953 | | | $ | 169,098 | | | $ | 133,817 | |
Less: average intangibles | | | 69,363 | | | | 69,696 | | | | 70,034 | | | | 48,633 | | | | 27,089 | |
Average tangible stockholders’ equity | | $ | 175,333 | | | $ | 169,061 | | | $ | 167,919 | | | $ | 120,465 | | | $ | 106,728 | |
| | | | | |
Return on average tangible stockholders’ equity | | | 12.34 | % | | | 8.42 | % | | | 11.88 | % | | | (6.69 | )% | | | 9.38 | % |
| | | | | |
Core return on average tangible stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) GAAP | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
Adjustments: | | | | | | | | | | | | | | | | | | | | |
Less: Gains on sale of investment securities, net of tax | | | 456 | | | | 104 | | | | | | | | 3 | | | | 22 | |
Add: Acquisition related expenses, net of tax | | | 71 | | | | 655 | | | | 395 | | | | 2,893 | | | | 145 | |
Net income (loss) Core | | $ | 4,851 | | | $ | 3,882 | | | $ | 5,093 | | | $ | 760 | | | $ | 2,609 | |
| | | | | |
Average stockholders’ equity | | $ | 244,696 | | | $ | 238,757 | | | $ | 237,953 | | | $ | 169,098 | | | $ | 133,817 | |
Less: average intangibles | | | 69,363 | | | | 69,696 | | | | 70,034 | | | | 48,633 | | | | 27,089 | |
Average tangible stockholders’ equity | | $ | 175,333 | | | $ | 169,061 | | | $ | 167,919 | | | $ | 120,465 | | | $ | 106,728 | |
| | | | | |
Core return on average tangible stockholders’ equity | | | 10.98 | % | | | 9.21 | % | | | 12.30 | % | | | 2.50 | % | | | 9.70 | % |
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Sept 30
2014 | | | June 30
2014 | | | Mar 31
2014 | | | Dec 31
2013 | | | Sept 30
2013 | |
| | | | | |
Core return on average assets: | | | | | | | | | | | | | | | | | | | | |
Net income (loss) GAAP | | $ | 5,236 | | | $ | 3,331 | | | $ | 4,698 | | | $ | (2,130 | ) | | $ | 2,486 | |
Adjustments: | | | | | | | | | | | | | | | | | | | | |
Less: Gains on sale of investment securities, net of tax | | | 456 | | | | 104 | | | | | | | | 3 | | | | 22 | |
Add: Acquisition related expenses, net of tax | | | 71 | | | | 655 | | | | 395 | | | | 2,893 | | | | 145 | |
Net income (loss) Core | | $ | 4,851 | | | $ | 3,882 | | | $ | 5,093 | | | $ | 760 | | | $ | 2,609 | |
| | | | | |
Average assets | | $ | 1,729,403 | | | $ | 1,708,439 | | | $ | 1,695,070 | | | $ | 1,184,597 | | | $ | 918,874 | |
| | | | | |
Core return on average assets | | | 1.11 | % | | | 0.91 | % | | | 1.22 | % | | | 0.25 | % | | | 1.13 | % |
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data)
| | | | | | | | |
| Nine months ended | | Sept 30
2014 | | | Sept 30
2013 | |
| | |
Core net income (loss) per share: | | | | | | | | |
Net income (loss) GAAP | | $ | 13,265 | | | $ | 7,851 | |
Adjustments: | | | | | | | | |
Less: Gains on sale of investment securities, net of tax | | | 560 | | | | 104 | |
Add: Acquisition related expenses, net of tax | | | 1,121 | | | | 149 | |
Net income (loss) Core | | $ | 13,826 | | | $ | 7,896 | |
| | |
Average common shares outstanding | | | 7,548,983 | | | | 4,469,480 | |
| | |
Core net income (loss) per share | | $ | 1.83 | | | $ | 1.77 | |
