related expenses 4,990 9,653 1,071 486 826
Less: Acquisition
related expenses
tax adjustment 1,089 1,270 122 59 115
---------- ---------- --------- --------- ---------
Core net income $ 9,988 $ 16,489 $ 4,231 $ 3,893 $ 4,341
Average assets $ 5,203,459 $ 5,291,194 $3,609,066 $3,676,750 $3,774,388
Core return on
average assets 0.76% 1.24% 0.47% 0.43% 0.46%
Pre-provision net
revenue (PPNR) per
share:
Income (Loss) before
taxes (GAAP) $ 5,815 $ (4,994) $ 3,703 $ 3,944 $ 4,217
Add: ACL provision
for FNCB acquired
legacy loans 14,328
Add: Provision for
credit losses 3,369 130 596 708 1,669
Add: Provision for
credit losses on
unfunded
commitments 452 (785) (197) 487 (2)
---------- ---------- --------- --------- ---------
PPNR (non-GAAP) $ 9,636 $ 8,679 $ 4,102 $ 5,139 $ 5,884
Average common shares
outstanding-diluted 10,051,337 10,044,449 7,114,115 7,102,112 7,091,015
PPNR per share
(non-GAAP) $ 0.96 $ 0.86 $ 0.58 $ 0.72 $ 0.83
Core pre-provision
net revenue (PPNR)
per share:
Income (Loss) before
taxes (GAAP) $ 5,815 $ (4,994) $ 3,703 $ 3,944 $ 4,217
Add: Acquisition
related expenses 4,990 9,653 1,071 486 826
Add: ACL provision
for FNCB acquired
legacy loans 14,328
Add: Provision for
credit losses 3,369 130 596 708 1,669
Add: Provision for
credit losses on
unfunded
commitments 452 (785) (197) 487 (2)
---------- ---------- --------- --------- ---------
Core PPNR (non-GAAP) $ 14,626 $ 18,332 $ 5,173 $ 5,625 $ 6,710
Average common shares
outstanding-diluted 10,051,337 10,044,449 7,114,115 7,102,112 7,091,015
Core PPNR per share
(non-GAAP) $ 1.46 $ 1.83 $ 0.73 $ 0.79 $ 0.95
(1) Current quarter tax adjustments use a rate of 21.8%, prior quarters use
the effective tax rate for the quarter.
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except share and per share data)
Dec 31 Dec 31
Twelve months ended 2024 2023
--------------------------------------- ---------- ----------
Core net income per share:
Net income GAAP $ 8,498 $ 27,380
Adjustments:
Add: ACL provision for FNCB acquired
legacy loans 14,328
Less: ACL provision for FNCB acquired
legacy loans tax adjustment 3,126
Less: Gain on sale of available for
sale securities 1 81
Add: Gain on sale of available for sale
securities tax adjustment 17
Add: Acquisition related expenses 16,200 1,816
Less: Acquisition related expenses tax
adjustment 3,534 278
--------- ---------
Core net income $ 32,365 $ 28,854
Average common shares outstanding -
diluted 8,586,035 7,151,471
Core net income per share $ 3.77 $ 4.03
Core return on average stockholders'
equity:
Net income GAAP $ 8,498 $ 27,380
Adjustments:
Add: ACL provision for FNCB acquired
legacy loans 14,328
Less: ACL provision for FNCB acquired
legacy loans tax adjustment 3,126
Less: Gain on sale of available for
sale securities 1 81
Add: Gain on sale of available for sale
securities tax adjustment 17
Add: Acquisition related expenses 16,200 1,816
Less: Acquisition related expenses tax
adjustment 3,534 278
--------- ---------
Core net income $ 32,365 $ 28,854
Average stockholders' equity 410,762 329,223
Core return on average stockholders'
equity 7.88% 8.76%
Return on average tangible
stockholders' equity:
Net income GAAP $ 8,498 $ 27,380
Average stockholders' equity 410,762 329,223
Less: average intangibles 88,043 63,406
--------- ---------
Average tangible stockholders' equity $ 322,719 $ 265,817
Return on average tangible stockholders'
equity 2.63% 10.30%
Core return on average tangible
stockholders' equity:
Net income GAAP $ 8,498 $ 27,380
Adjustments:
Add: ACL provision for FNCB acquired
legacy loans 14,328
Less: ACL provision for FNCB acquired
legacy loans tax adjustment 3,126
Less: Gain on sale of available for
sale securities 1 81
Add: Gain on sale of available for sale
securities tax adjustment 17
Add: Acquisition related expenses 16,200 1,816
Less: Acquisition related expenses tax
adjustment 3,534 278
--------- ---------
Core net income $ 32,365 $ 28,854
Average stockholders' equity 410,762 329,223
Less: average intangibles 88,043 63,406
--------- ---------
Average tangible stockholders' equity $ 322,719 $ 265,817
Core return on average tangible
stockholders' equity 10.03% 10.85%
Core return on average assets:
Net income GAAP $ 8,498 $ 27,380
Adjustments:
Add: ACL provision for FNCB acquired
legacy loans 14,328
Less: ACL provision for FNCB acquired
legacy loans tax adjustment 3,126
Less: Gain on sale of available for
sale securities 1 81
Add: Gain on sale of available for sale
securities tax adjustment 17
Add: Acquisition related expenses 16,200 1,816
Less: Acquisition related expenses tax
adjustment 3,534 278
--------- ---------
Core net income $ 32,365 $ 28,854
Average assets 4,493,614 3,683,215
Core return on average assets 0.72% 0.78%
Pre-provision net revenue (PPNR) per
share:
Income before taxes (GAAP) $ 8,468 $ 32,501
Add: ACL provision for FNCB acquired
legacy loans 14,328
Add: Provision for credit losses 4,803 566
Add: Provision for credit losses on
unfunded commitments (43) (2)
--------- ---------
PPNR (non-GAAP) $ 27,556 $ 33,065
Average common shares
outstanding-diluted 8,586,035 7,151,471
PPNR per share (non-GAAP) $ 3.21 $ 4.62
Core pre-provision net revenue (PPNR)
per share:
Income before taxes (GAAP) $ 8,468 $ 32,501
Add: ACL provision for FNCB acquired
legacy loans 14,328
Add: Acquisition related expenses 16,200 1,816
Add: Provision for credit losses 4,803 566
Add: Provision for credit losses on
unfunded commitments (43) (2)
--------- ---------
Core PPNR (non-GAAP) $ 43,756 $ 34,881
Average common shares
outstanding-diluted 8,586,035 7,151,471
Core PPNR per share (non-GAAP) $ 5.10 $ 4.88
(1) Above tax adjustments use a rate of 21.8% and 15.3% for 2024 and 2023,
respectively.
Peoples Financial Services Corp.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except share and per share data)
The following tables reconcile the non-GAAP financial measures of FTE
net interest income for the three and twelve months ended December 31,
2024 and 2023:
Three months ended December 31 2024 2023
--------------------------------------------- ---------- ----------
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