Peoples Financial Services Corporation (PFIS) has reported an 1.68 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $4.80 million, or $0.65 a share in the quarter, compared with $4.88 million, or $0.66 a share for the same period last year. On an adjusted basis, net profit for the quarter was $4.80 million, when compared with $4.72 million in the last year period.
Revenue during the quarter grew 4.35 percent to $18.42 million from $17.66 million in the previous year period. Net interest income for the quarter rose 5.86 percent over the prior year period to $15.84 million. Non-interest income for the quarter fell 2.80 percent over the last year period to $3.78 million.
Net interest margin contracted 8 basis points to 3.73 percent in the quarter from 3.81 percent in the last year period. Efficiency ratio for the quarter deteriorated to 59.13 percent from 58.05 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Liabilities outpace assets growth Total assets stood at $2,023.51 million as on Mar. 31, 2017, up 8.65 percent compared with $1,862.37 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,764.19 million as on Mar. 31, 2017, up 9.51 percent from $1,610.92 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $1,542.90 million as on Mar. 31, 2017, up 10.56 percent compared with $1,395.53 million on Mar. 31, 2016. Deposits stood at $1,615.54 million as on Mar. 31, 2017, up 9.49 percent compared with $1,475.46 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $358.54 million or 22.19 percent of total deposits on Mar. 31, 2017, compared with $323.46 million or 21.92 percent of total deposits on Mar. 31, 2016.
Investments stood at $274.82 million as on Mar. 31, 2017, down 0.37 percent or $1.03 million from year-ago. Shareholders equity stood at $259.32 million as on Mar. 31, 2017, up 3.13 percent or $7.87 million from year-ago.
Return on average assets moved down 9 basis points to 0.97 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity decreased 34 basis points to 7.51 percent in the quarter from 7.85 percent in the last year period.
Credit quality improves Peoples Financial Services Corp recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 2.11 percent or $0.26 million to $12.14 million on Mar. 31, 2017 from $12.41 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.78 percent in the quarter, down from 0.88 percent in the last year period.
Equity to assets ratio was 12.82 percent for the quarter, down from 13.50 percent for the previous year quarter. Book value per share was $35.07 for the quarter, up 3.21 percent or $1.09 compared to $33.98 for the same period last year.
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