By a News Reporter-Staff News Editor at Investment Weekly News -- Peoples Financial Services Corp. ("Peoples") (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, reported unaudited financial results at and for the three and six months ended June 30, 2014. Peoples, which completed a merger with Penseco Financial Services Corporation ("Penseco") on November 30, 2013, reported net income of $3.3 million, or $0.44 per basic and diluted weighted average share for the second quarter of 2014, compared to $2.8 million, or $0.64 per share, for the comparable period of 2013. The results for the three months ended June 30, 2014, include pre-tax merger related expenses of approximately $1.0 million. The comparable results in 2013 included nonrecurring noninterest income of $0.5 million from bank owned life insurance proceeds. Earnings for the six months ended June 30, 2014, totaled $8.0 million or $1.06 per share compared to $5.4 million or $1.20 per share for the same period last year. Pre-tax merger related expenses recognized in the first half of 2014 approximated $1.6 million. Earnings per share amounts in periods prior to the merger are based on restated shares outstanding. The merger between Peoples and Penseco was accounted for as a reverse acquisition of Peoples by Penseco. As a result of the reverse merger, Peoples was the legal acquirer and Penseco was the accounting acquirer. In a reverse merger the historical financial statements are those of the accounting acquirer.
In addition to evaluating its results of operations in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Peoples routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as tangible book value per share and return on average tangible stockholders' equity. Peoples believes these 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 other financial institutions use to measure their results of operations.
Keywords for this news article include: Mergers, Acquisitions, Finance and Investment, Investment and Finance, Peoples Financial Services Corp.
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