Peoples Financial Services (US:PFIS)2025-05-01 12:18Financial Performance - Peoples Financial Services Corp. reported net income of $15.0 million, or $1.49 per diluted share for Q1 2025, a significant increase from $6.1 million, or $0.61 per diluted share in Q4 2024[3]. - Net income for Q1 2025 reached $15,009,000, a significant increase from $3,466,000 in Q1 2024, representing a growth of approximately 333%[49]. - Net income for Q1 2025 was $15,009,000, significantly higher than the net income of $6,087,000 in Q4 2024, representing a growth of 146.5%[50]. - Core net income for Q1 2025 was $15,129,000, up from $9,988,000 in Q1 2024, representing a 51.5% increase[63]. - Core net income per share increased to $1.51 in Q1 2025 from $0.99 in Q1 2024, a growth of 52.5%[63]. Income and Expenses - Total interest income for Q1 2025 was $62,426,000, up from $38,997,000 in Q1 2024, indicating a year-over-year increase of about 60%[49]. - Net interest income after provision for credit losses was $39,348,000 in Q1 2025, compared to $18,610,000 in Q1 2024, reflecting an increase of approximately 112%[49]. - Noninterest income rose to $6.3 million in Q1 2025, driven by a $680 thousand gain from the sale of fixed assets[25]. - Noninterest income rose to $6,256,000 in Q1 2025, up from $3,393,000 in Q1 2024, representing an increase of approximately 84%[49]. - Noninterest expenses decreased by $7.4 million to $27.4 million in Q1 2025, excluding acquisition-related expenses[26]. - Total noninterest expense decreased to $27,353,000 in Q1 2025 from $34,833,000 in Q4 2024, a reduction of 21.4%[50]. Asset and Liability Management - Total assets, loans, and deposits as of March 31, 2025, were $5.0 billion, $4.0 billion, and $4.3 billion, respectively, with total loans declining by $2.0 million during the quarter[30]. - Total assets as of March 31, 2025, were $4,999,358,000, down from $5,091,657,000 at the end of the previous quarter[56]. - Total deposits decreased to $4,316,927,000 from $4,407,552,000 quarter-over-quarter[56]. - Total deposits decreased by $90.6 million in Q1 2025, primarily due to seasonal outflows of non-maturity deposits[32]. - Interest-bearing deposits totaled $3,415,529,000 as of March 31, 2025, down from $3,472,036,000 at December 31, 2024, reflecting a decrease of about 1.63%[60]. Capital and Equity - Stockholders' equity increased to $481.9 million or $48.21 per share at March 31, 2025, from $469.0 million or $46.94 per share at December 31, 2024[35]. - Total stockholders' equity rose to $481,854,000 in Q1 2025, compared to $468,950,000 in Q4 2024, reflecting a 2.0% increase[63]. - The company maintains a well-capitalized position with available borrowing capacity of $1.1 billion at the FHLB and $583.2 million at the Federal Reserve's Discount Window[34]. Efficiency and Profitability Ratios - Return on average assets and return on average equity for Q1 2025 were 1.22% and 12.70% respectively, compared to 0.47% and 5.07% for Q4 2024[3]. - The efficiency ratio improved to 55.77% in Q1 2025 from 63.03% in Q4 2024[16]. - The efficiency ratio improved to 55.77% in Q1 2025 from 75.73% in Q1 2024, indicating enhanced operational efficiency[64]. - The return on average stockholders' equity improved to 12.70% in Q1 2025 from 5.07% in Q4 2024, indicating stronger profitability[49]. - Return on average tangible stockholders' equity for Q1 2025 was 16.59%, up from 10.87% in Q1 2024, showing a strong performance improvement[63]. Credit Quality - The provision for credit losses decreased to $0.2 million in Q1 2025 from $3.4 million in the prior quarter[22]. - Nonperforming assets were $23.7 million or 0.59% of loans at March 31, 2025, compared to $23.0 million or 0.58% at December 31, 2024[37]. - Net charge-offs for Q1 2025 were $0.9 million, with the allowance for credit losses at $41.1 million or 1.03% of loans[38]. - The allowance for credit losses was $41,054,000, an increase from $41,776,000 in the previous quarter[56]. Market and Shareholder Information - Market capitalization decreased to $444,499,000 in Q1 2025 from $511,325,000 in Q4 2024, a decline of approximately 13%[49]. - Average common shares outstanding increased to 9,992,922 in Q1 2025 from 7,052,912 in Q1 2024, reflecting a growth of about 42%[49]. - Cash dividends declared per share remained stable at $0.62 in Q1 2025, compared to $0.41 in Q1 2024, marking a 51% increase[49]. - Cash dividends declared remained stable at $0.62 per share for Q1 2025, consistent with the previous quarters[50].