Peoples Financial Services Corp (PFIS) has reported a 16.08 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $5.12 million, or $0.69 a share in the quarter, compared with $4.41 million, or $0.58 a share for the same period last year. 

Revenue during the quarter grew 7.53 percent to $18.52 million from $17.23 million in the previous year period. Net interest income for the quarter rose 11.24 percent over the prior year period to $15.70 million. Non-interest income for the quarter rose 0.25 percent over the last year period to $4.02 million.

Peoples Financial Services Corp has made provision of $1.20 million for loan losses during the quarter, up 33.33 percent from $0.90 million in the same period last year.

Net interest margin improved 2 basis points to 3.76 percent in the quarter from 3.74 percent in the last year period. Efficiency ratio for the quarter improved to 56.89 percent from 60.82 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Liabilities outpace assets growth
Total assets stood at $1,971.24 million as on Sep. 30, 2016, up 11.20 percent compared with $1,772.77 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,714.80 million as on Sep. 30, 2016, up 12.77 percent from $1,520.68 million on Sep. 30, 2015.

Noninterest-bearing deposit liabilities were $342.78 million or 21.89 percent of total deposits on Sep. 30, 2016, compared with $303.74 million or 21.03 percent of total deposits on Sep. 30, 2015.

Investments stood at $260.78 million as on Sep. 30, 2016, down 16.67 percent or $52.16 million from year-ago. Shareholders equity stood at $256.44 million as on Sep. 30, 2016, up 1.73 percent or $4.35 million from year-ago.

Return on average assets moved up 5 basis points to 1.05 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity increased 95 basis points to 7.95 percent in the quarter from 7 percent in the last year period.

Nonperforming assets moved up 21.18 percent or $2.49 million to $14.22 million on Sep. 30, 2016 from $11.74 million on Sep. 30, 2015.

Equity to assets ratio was 13.01 percent for the quarter, down from 14.22 percent for the previous year quarter. Book value per share was $34.68 for the quarter, up 3.43 percent or $1.15 compared to $33.53 for the same period last year.