News to Watch: Peoples Financial Services Corp. (NASDAQ:PFIS)

Peoples Financial Services Corp. (NASDAQ:PFIS) spotted trading -41.24% off 52-week high price. On the other end, the stock has been noted 9.13% away from the low price over the last 52-weeks. The stock changed 2.13% to recent value of $31.66. The stock transacted 9781 shares during most recent day however it has an average volume of 10.80K shares. The company has 7.30M of outstanding shares and 6.83M shares were floated in the market.

On April 24, 2020, Peoples Financial Services Corp. (NASDAQ:PFIS) the bank holding company for Peoples Security Bank and Trust Company, revealed unaudited financial results at and for the three months ended March 31, 2020.  Peoples reported net income of $5.3 million, or $0.72 per share for the three months ended March 31, 2020, a decline of 17.6% when compared to $6.4 million, or $0.87 per share for the comparable period of 2019. Pre-provision net interest income increased $1.3 million when compared to the year ago period, the result of average earning asset growth of $166.7 million.  Noninterest income increased $0.1 million when comparing the three months ended March 31, 2020 to the same period in 2019 and noninterest expenses increased $0.2 million due primarily to continued investment in our market expansion.  The decrease in earnings for the three months ended March 31, 2020 was primarily due to an increase in our provision for loan losses of $2.4 million.  The increase in the provision resulted from the application of our allowance for loan losses methodology, and changes in qualitative factors relating to the adverse impact of the COVID-19 crisis on economic conditions.

In addition to evaluating its results of operations in accordance with 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 reported results included in this release contain items, which Peoples considers non-core, namely gains and losses incurred within the investment securities portfolio and gains on the sale of other business lines. 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.

Core net income, which we have defined to exclude losses or gains on investment securities and gains from other nonrecurring sources, for the three months ended March 31, totaled $5.2 million and $6.4 million in 2020 and 2019, respectively. Core net income per share for the three months ended March 31, 2020 was $0.70, a decrease from $0.87 for the same period in 2019.  The results in 2020 exclude a $267 thousand gain realized from the sale of a pool of low-yielding available-for-sale municipal bonds partially offset by a pre-tax loss in the value of our equity securities portfolio of $123 thousand. The 2019 results for the three months ended March 31 exclude a $1 thousand gain in the value of our equity securities portfolio.

Its earnings per share (EPS) expected to touch remained 3.30% for this year.

The price moved ahead of -9.32% from the mean of 20 days, -20.85% from mean of 50 days SMA and performed -30.47% from mean of 200 days price. Company’s performance for the week was -6.96%, -19.60% for month and YTD performance remained -37.12%.

John Gonzalez covers business and finance news. He is the only person we trust to provide breaking news in the finance category. Having already completed an Associates Degree in Psychology, John Gonzalez is now finishing his Bachelor’s degree in Communications. In preparation for working in the advertisement sector, John is writing financial content and analysis. On a daily basis, he works on articles regarding the following topics: business, top trends, technology, and politics.

Address: 7302 Benton Street, Arvada, CO 80003, USA


Zip Code: 80003

Phone Number: 303-420-7222

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