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News

PEOPLES FINANCIAL SERVICES CORP. Reports Fourth Quarter and Record Full Year 2021 Earnings

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SCRANTON, Pa., Jan. 31, 2022 /PRNewswire/ — Peoples Financial Services Corp. (“Peoples”) (NASDAQ: PFIS), the bank holding company for Peoples Security Bank and Trust Company, today reported unaudited financial results at and for the three months and twelve months ended December 31, 2021.  Peoples reported net income of $16.4 million, or $2.28 per diluted share for the three months ended December 31, 2021, an increase of $8.2 million when compared to $8.2 million, or $1.13 per diluted share for the comparable period of 2020.  The increase in earnings for the three months ended December 31, 2021 is due to the previously disclosed sale of our Visa Class B shares during the current period and resulting after-tax gain of $9.6 million.  Pre-provision net interest income increased $1.8 million during the current three month period when compared to the year ago period.  The strong loan growth in the current period resulted in a higher provision for loan losses of $0.7 million when compared to the year ago period.  Noninterest expense increased $1.2 million in the three months ended December 31, 2021 in part to our growth and market expansion and the income tax provision increased $2.2 million due to a higher level of taxable income.

Net income for the twelve months ended December 31, 2021, totaled $43.5 million or $6.02 per diluted share, a 50.5% increase when compared to $29.4 million or $4.00 per diluted share for the comparable period of 2020.  The increase in earnings for 2021 is the product of the aforementioned $9.6 after-tax gain on the sale of our Visa Class B shares, a decrease to our provision for loan losses of $5.6 million, primarily due to an adjustment in the year ago period to the economic qualitative factors included in our allowance for loan losses methodology relating to the impact of COVID-19, and an increase to pre-provision net interest income of $4.8 million.  Partially offsetting the increase were a higher income tax provision of $4.6 million and an increase in noninterest expense of $0.7 million.

In addition to evaluating its results of operations in accordance with U.S. generally accepted accounting principles (“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 the gain on the sale of the Visa Class B shares and gains and losses incurred within the investment securities portfolio.  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 the gain on the sale of the Visa Class B shares and gains or losses from our investment securities portfolio, for the three months ended December 31, totaled $6.8 million and $8.0 million in 2021 and 2020, respectively. Core net income per share for the three months ended December 31, 2021 was $0.95, a 13.6% decrease from $1.10 reported for the same period in 2020. The decrease in core net income in the current three month period is the product of an increase to the provision for loan losses of $0.7 million due primarily to strong loan growth in the current period, lower noninterest income of $1.3 million when excluding the current period $9.6 after-tax gain on the sale of the Visa Class B shares and investment gains of $0.3 million in the year ago period, and an increase of $1.2 million to noninterest expense in the current period. Pre-provision net interest income increased $1.8 million in the three months ended December 31, 2021 when compared to the year ago period to partially offset the negative variances.

Core net income for the twelve months ended December 31, 2021 was $33.9 million or $4.69 per diluted share, a 20.3% increase when compared to $28.6 million or $3.90 per diluted share for the same period of 2020. The increase in core net income for the current period is due to an increase to pre-provision net interest income of $4.8 million and a lower provision for loan losses of $5.6 million in the current period, partially offset by lower noninterest income of $2.2 million in the current twelve month period when excluding the after-tax gain of $9.6 million from the sale of Visa Class B shares and $0.9 million of investment gains during the year ago period, and higher noninterest expense of $0.7 million in the twelve months ended December 31, 2021.

NOTABLES

  • Record full year 2021 reported and core earnings of $43.5 million or $6.02 per diluted share, and $33.9 million or $4.69 per diluted share, respectively.
  • Dividends declared for twelve months ended December 31, 2021 of $1.50 per share represents a 4.2% increase from the same period in 2020.
  • Core return on average equity, a non-GAAP measure, was 10.40% for the twelve months ended December 31, 2021 compared to 9.25% for the twelve months ended December 31, 2020.
  • Loan growth for the three months ended December 31, 2021, excluding Small Business Administration (“SBA”)  Paycheck Protection Program (“PPP”) loans, was $138.1 million or 25.8% annualized; full year 2021 loan growth, excluding SBA PPP loans, totaled $272.0 million, or 13.7%.  PPP loan balances at December 31, 2021 totaled $68.9 million.
  • Deposits grew $122.5 million or 17.1% annualized for the three months ended December 31, 2021 and increased $526.3 million or 21.6% during the twelve months ended December 31, 2021.  Deposit balances increased due to organic growth throughout all our markets, inflows of municipal deposits and additional deposits by our commercial and retail customers in excess of historic levels
  • Total asset growth for the three months ended December 31, 2021 was $136.5 million or 16.7% annualized; total asset growth for full year 2021 was $486.2 million or 16.9%.
  • Book value per share improved to $47.44 at December 31, 2021 from $43.92 at December 31, 2020, a 8.0% increase.
  • Tangible book value per share, a non-GAAP measure, increased 10.1% to $38.54 at December 31, 2021 from $35.00 at December 31, 2020.
  • Pre-provision tax-equivalent net interest income increased $5.0 million or 6.2% to $86.1 million for the twelve months ended December 31, 2021 compared to $81.1 million for the same period in 2020.
  • Nonperforming assets as a percentage of loans and foreclosed assets at December 31, 2021 improved to 0.21% from 0.28% at September 30, 2021, and from 0.48% at December 31, 2020.
  • Opened de novo branches in Warrendale, Allegheny County, PA to serve the Greater Pittsburgh market and in Piscataway, Middlesex County, NJ to serve the central New Jersey market.

Visa Class B Common Stock Sale

On October 8, 2021, Peoples' banking subsidiary, Peoples Security Bank and Trust Company (the “Bank”), agreed to sell 44,982 shares of the Class B common stock of Visa Inc. for a purchase price of $12.2 million. The shares had no carrying value on the Bank's balance sheet and, as the Bank had no historical cost basis in the shares, the entire purchase is realized as a pretax gain. The transaction had a positive impact on the Bank's regulatory capital, which is being used for capital management and to support the Company's organic growth.

The Bank received 73,333 Class B shares of Visa Inc. as part of its membership interest in March 2008, and 28,351 shares were redeemed in connection with Visa's initial public offering in 2008. The sale of the remaining 44,982 Class B shares settled in October, 2021 and is included in our 2021 fourth-quarter and year-end results as an after-tax gain of $9.6 million.

INCOME STATEMENT REVIEW

Calculated on a fully taxable equivalent basis (“FTE”), our tax-equivalent net interest margin for the three months ended December 31, 2021 was 2.82%, a decrease of 18 basis points when compared to 3.00% for the same period in 2020.  Our tax equivalent net interest margin for the twelve months ended December 31, 2021 was 2.99%, a decrease of 26 basis points when compared to 3.25% for the 2020 twelve month period.  The tax-equivalent yield on interest-earning assets decreased 41 basis points to 3.08% during the three months ended December 31, 2021 from 3.49% during the year ago period.  For the twelve months ended December 31, 2021, the tax-equivalent yield on interest-earning assets decreased 50 basis points to 3.32% from 3.82% during the corresponding period of 2020.  The decrease in yield is due to lower market rates, a result of the Federal Open Market Committee (“FOMC”) cutting the federal funds rate by 150 basis points in the first three months of 2020.  The decrease in market rates resulted in lower rates on our existing adjustable rate loans and affected rates on new originations.  Additionally, strong deposit growth resulted in higher levels of federal funds sold at historically low rates which contributed to a 29 basis point decrease to our current period net interest margin.  At the same time, we experienced lower interest-bearing liability costs due to lower market rates and our actions to reduce deposit rates. This was partially offset however by the additional interest expense on subordinated debt we issued during the second quarter of 2020.  Our cost of funds, which represents our average rate paid on total interest-bearing liabilities, decreased 30 basis points to 0.37% for the three months ended December 31, 2021 when compared to 0.67% during the year ago period.  For the twelve months ended December 31, 2021 our average rate paid on total interest-bearing liabilities was 0.46% a decrease of 33 basis points when compared to 0.79% for the same period in 2020.

Fourth Quarter 2021 Results – Comparison to Prior-Year Quarter

Tax-equivalent net interest income for the three months ended December 31, increased $1.9 million or 9.4% to $22.0 million in 2021 from $20.1 million in 2020.  The increase in tax equivalent net interest income was largely due to lower deposit costs of $1.0 million due to our focus to decrease deposit rates in the current low market rate environment.  Also contributing to the increase was higher investment income of $0.8 million due to an increase in average balances of $281.4 million due to deploying a portion of our excess liquidity.  Total average earning assets increased $431.3 million or 16.2% from the year ago period resulting from strong deposit growth. PPP loans averaged $73.1 million in the three-month period ended December 31, 2021 with interest and net fees included in net interest income totaling $0.8 million compared to average balances of $211.1 million and interest and net fees totaling $1.7 million included in net interest income in the year ago period.  The tax-equivalent yield on the loan portfolio decreased to 3.78% for the three months ended December 31, 2021, compared to 3.97% for the comparable period in 2020.  Excluding the PPP loans, the tax-equivalent yield of the loan portfolio was 3.76% and 4.06% at December 31, 2021 and 2020, respectively.  Loans, net averaged $2.3 billion for the three months ended December 31, 2021 and $2.2 billion for the comparable period in 2020.  For the three months ended December 31, the tax-equivalent yield on total investments decreased to 1.65% in 2021 from 2.24% in 2020.  Average investments totaled $551.1 million in 2021 and $269.7 million in 2020.  Average interest-bearing liabilities increased $281.4 million for the three months ended December 31, 2021, compared to the corresponding period last year the result of higher non-maturity deposits due to strong organic deposit growth and growth of public fund deposits which resulted in lowering our short-term and long-term borrowings.

For the three months ended December 31, 2021, the provision for loan losses increased $0.7 million to $1.7 million from $1.0 million in the year ago period the result of $138.1 million growth of non-PPP loans and improved asset quality.

Noninterest income, excluding the $12.2 million gain from the sale our Visa Class B shares, for the three months ended December 31, 2021 was $3.1 million, a $1.6 million decrease from $4.7 million for the three months ended December 31, 2020.  The decrease was due in part to a decrease in revenue generated from our commercial loan interest rate swaps of $0.4 million, the result of lower transaction volume due to increased market rates and a $0.6 million bank-owned life insurance (“BOLI”) death benefit accrual in the year ago period which is included in service charges, fees, commissions and other.  During the year ago period gains of $0.2 million were recognized from the sale of investment securities with no comparable gains recorded in the current period.  Mortgage banking revenue decreased $0.4 million in the three month period ended December 31, 2021 from lower volumes of mortgages sold into the secondary market.   

Noninterest expense increased $1.2 million or 8.3% to $15.2 million for the three months ended December 31, 2021, from $14.0 million for the three months ended December 31, 2020.  Salaries and employee benefits expense increased $0.7 million due to a higher yearend bonus accrual and the addition of lending teams and credit support staff in our expansion markets.  Other expenses increased $0.7 million or 24.5% due primarily to higher Pennsylvania shares tax expense, an increase to our FDIC assessment and higher corporate taxes.

Net Income Full Year Results

Tax-equivalent net interest income for the twelve months ended December 31, increased $5.0 million or 6.2% to $86.1 million in 2021 from $81.1 million in 2020.  The increase in tax equivalent net interest income was largely due to lower interest bearing deposit costs of $4.4 million, as deposit rates were lowered in the historically low market rate environment, and lower borrowing costs of $0.5 million due to lower average balances.  Total average earning assets increased $382.0 million and offset the negative rate variances. PPP loans averaged $147.0 million in the twelve month period ended December 31, 2021 with interest and fees included in net interest income totaling $7.1 million.  The tax-equivalent yield on the loan portfolio decreased to 3.94% for the twelve months ended December 31, 2021, compared to 4.16% for the comparable period in 2020 due to lower market rates. PPP loan balances yielded 4.82% in the current twelve month period compared to 2.55% in the year ago period.  The higher yield is the result of SBA PPP loan forgiveness totaling $244.3 million in the current period and resulting acceleration of the remaining unamortized net loan origination fees to interest income.  The loan yield excluding PPP loans was 3.88% in the current period compared to 4.29% in the year ago period.  Loans, net averaged $2.2 billion for the twelve months ended December 31, 2021 and $2.1 billion for the twelve months ended December 31, 2020, respectively. For the twelve months ended December 31, the tax-equivalent yield on total investments decreased to 1.94% in 2021 from 2.36% in 2020.  Average investments totaled $398.5 million in 2021 and $292.7 million in 2020.  Average interest-bearing deposits increased $322.9 million for the twelve months ended December 31, 2021, compared to the corresponding period last year due to strong organic deposit growth of new customer relationships and increased public funds.  Total average non-interest bearing deposits increased $129.1 million for the twelve months ended December 31, 2021, compared to the comparable period last year which resulted in lowering our higher cost short-term and long-term borrowings.

The provision for loan losses for the twelve months ended December 31, 2021 was $1.8 million, a decrease of $5.6 million from the $7.4 million provision for the comparable period of 2020.  The lower provision in the twelve month period ended December 31, 2021 is due to improved credit quality and the resulting reversal of the COVID-related asset quality qualitative factor adjustment made in the year ago period in our allowance for loan losses methodology.  The higher provision in the year ago period reflects changes made to the qualitative factors related to economic and credit quality declines resulting from the onset of the coronavirus pandemic and its uncertain economic impact.

Noninterest income for the twelve months ended December 31, 2021 was $25.6 million compared with $16.6 million for the year ago period, an increase of $9.0 million.  Excluding the sale of the Visa Class B shares, noninterest income decreased $3.2 million or 19.0% due in part to lower revenue generated from commercial loan interest rate swap transactions of $1.6 million as the number of transactions decreased due to unfavorable market rates. Mortgage banking revenue decreased $0.6 million in the current period from lower volumes of mortgages sold into the secondary market.  The year ago period included a net gain of $0.9 million from the sale of available-for-sale securities.  Service charges, fees, commissions and other are lower in the twelve month period ended December 31, 2021 by $0.6 million due to a bank owned life insurance benefit of $0.6 million accrued in the year ago period and a lower Federal Home Loan Bank dividend, partially offset by an increase to our debit card interchange revenue.  Wealth management revenue increased $0.3 million in the twelve month period ended December 31, 2021 due to a higher number of transactions and commissions while fees on fiduciary activities increased $0.1 million due primarily to market appreciation.

Noninterest expense increased $0.7 million or 1.3% to $55.6 million for the twelve months ended December 31, 2021, from $54.9 million for the twelve months ended December 31, 2020.  Salaries and employee benefits decreased $0.4 million or 1.3% due to higher deferred costs from an increase in total loan originations which are recorded as a contra-salary expense and lower benefit costs.  Occupancy and equipment expenses were in-line with the year ago period. Other expenses were higher by $1.2 million due primarily to higher Pennsylvania shares tax expense, an increase in FDIC insurance assessments and higher corporate taxes in the twelve month period ended December 31, 2021.

The provision for income tax expense increased $4.6 million for the twelve months ended December 31, 2021 compared to the year ago period due to higher levels of book taxable income and a $0.6 million deferred tax adjustment related to prior periods.

BALANCE SHEET REVIEW

At December 31, 2021, total assets, loans and deposits were $3.4 billion, $2.3 billion and $3.0 billion, respectively. Loan growth, excluding SBA PPP loans, since September 30, 2021 was $138.1 million or 25.8% annualized due to improved loan demand and organic growth in our new markets. Loan balances, excluding SBA PPP loans, increased $272.0 million or 13.7% from December 31, 2020 as loan demand improved as the economy recovers from COVID-19.    Commercial real estate and tax-exempt loans made up the majority of growth.  During 2021, $244.3 million of PPP loans were forgiven by the SBA.  Gross SBA PPP loans remaining at December 31, 2021 total $68.8 million.  Net deferred SBA PPP fees remaining at December 31, 2021 total $1.7 million and are mostly expected to be earned during 2022. Total investments were $588.7 million at December 31, 2021, compared to $494.4 million at September 30, 2021 and $303.3 million at December 31, 2020.  The increase to the investment portfolio results from investing a portion of our low-yielding federal funds balance into higher-yielding U.S. Treasury bonds and mortgage-backed securities.  Federal funds sold balance at December 31, 2021 was $242.4 million, a decrease of $77.1 million from September 30, 2021 the result of funding our loan growth and investment purchases during the quarter.  Federal funds sold balances increased $59.4 million during 2021 primarily due to strong deposit growth.

Total deposits increased $122.5 million or 17.1% annualized from September 30, 2021 due to organic growth of customer relationships throughout all our markets and seasonal inflows of municipal deposits.  Deposit balances increased $526.3 million or 21.6% to $3.0 billion from $2.5 billion at December 31, 2020 due to organic growth of customer relationships throughout all our markets, inflows of municipal deposits and additional deposits by our commercial and retail customers in excess of historic levels. Non-interest bearing deposits increased $115.3 million or 18.5% and interest-bearing deposits increased $411.0 million or 22.6% during the twelve months ended December 31, 2021.

Stockholders' equity equaled $340.1 million or $47.44 per share at December 31, 2021, and $316.9 million or $43.92 per share at December 31, 2020.  The increase in stockholders' equity from December 31, 2020 is attributable to net income, partially offset by a decrease to accumulated other comprehensive income (“AOCI”) resulting from a decrease to the unrealized gain on investment securities and dividends paid to shareholders.  Tangible stockholders' equity improved to $38.54 per share at December 31, 2021, from $35.00 per share at December 31, 2020.  Dividends declared for the twelve months ended December 31, 2021 amounted to $1.50 per share, a 4.2% increase from the 2020 period, representing a dividend payout ratio of 24.9%.

ASSET QUALITY REVIEW

Nonperforming assets were $5.0 million or 0.21% of loans, net and foreclosed assets at December 31, 2021, compared to $6.1 million or 0.28% of loans, net and foreclosed assets at September 30, 2021, and $10.5 million or 0.48% of loans, net and foreclosed assets at December 31, 2020.  The decrease in non-performing loans since September 30, 2021 is due to the payoff of a troubled debt restructured (“TDR”) credit and receipt from the SBA of the guaranteed portion of an unrelated TDR.  The decrease in non-performing assets from December 31, 2020 was due to improving credit trends, the payoff of two non-accrual commercial loans, reductions to our TDRs and charge-off of a small business line of credit.  The Company's allowance for loan losses increased $1.7 million or 6.3% during the three months ended December 31, 2021 due primarily to the growth of loans, excluding SBA PPP loans, totaling $138.1 million.  For the twelve months ended December 31, 2021, the allowance increased $1.1 million. The allowance for loan losses at December 31, 2021 continued to reflect the provisions added during 2020 from our adjustment of qualitative factors in our allowance for loan losses methodology, due to economic decline and expectation of increased credit losses from COVID-19's adverse impact on economic and business operating conditions.  The allowance for loan losses equaled $28.4 million or 1.22% of loans, net at December 31, 2021 compared to $26.7 million or 1.21% at September 30, 2021 and $27.3 million or 1.26% of loans, net, at December 31, 2020.  Excluding PPP loans which do not carry an allowance for losses due to a 100% government guarantee, the ratio equaled 1.26% at December 31, 2021.  Loans charged-off, net of recoveries, for the twelve months ended December 31, 2021, equaled $0.7 million or 0.03% of average loans, compared to $2.7 million or 0.13% of average loans for the comparable period last year.

About Peoples:

Peoples Financial Services Corp. is the parent company of Peoples Security Bank and Trust Company, a community bank serving Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York through 28 offices. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. Peoples' business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision making, flexible and reasonable operating procedures and consistently applied credit policies.

Safe Harbor Forward-Looking Statements:

We make statements in this press release, and we may from time to time make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting Peoples Financial Services Corp. and Peoples Security Bank and Trust Company (collectively, “Peoples”) that are considered “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.” For these statements, Peoples claims the protection of the statutory safe harbors for forward-looking statements.

Peoples cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement.  Such factors include, but are not limited to: prevailing economic and political conditions, particularly in our market area; the COVID-19 crisis and the governmental responses to the crisis; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; our ability to identify and address cyber-security risks and other economic, competitive, governmental, regulatory and technological factors affecting Peoples' operations, pricing, products and services and other factors that may be described in Peoples' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.

In addition to these risks, acquisitions and business combinations present risks other than those presented by the nature of the business acquired. Acquisitions and business combinations may be substantially more expensive to complete than originally anticipated, and the anticipated benefits may be significantly harder-or take longer-to achieve than expected.  As regulated financial institutions, our pursuit of attractive acquisition and business combination opportunities could be negatively impacted by regulatory delays or other regulatory issues.  Regulatory and/or legal issues related to the pre-acquisition operations of an acquired or combined business may cause reputational harm to Peoples following the acquisition or combination, and integration of the acquired or combined business with ours may result in additional future costs arising as a result of those issues.

The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Peoples assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

[TABULAR MATERIAL FOLLOWS]

 

Summary Data

Peoples Financial Services Corp.

Five Quarter Trend (Unaudited)

(In thousands, except share and per share data)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

2021

2021

2021

2021

2020

Key performance data:

Share and per share amounts:

Net income

$

2.28

$

1.26

$

1.18

$

1.31

$

1.13

Core net income (1)

$

0.95

$

1.26

$

1.18

$

1.31

$

1.10

Cash dividends declared

$

0.38

$

0.38

$

0.37

$

0.37

$

0.36

Book value

$

47.44

$

45.66

$

45.11

$

44.00

$

43.92

Tangible book value (1)

$

38.54

$

36.75

$

36.21

$

35.10

$

35.00

Market value:

High

$

53.06

$

46.92

$

45.38

$

47.34

$

40.40

Low

$

45.64

$

41.91

$

41.10

$

36.02

$

34.47

Closing

$

52.69

$

45.57

$

42.60

$

42.24

$

36.76

Market capitalization

$

377,754

$

327,057

$

306,836

$

304,605

$

265,231

Common shares outstanding

7,169,372

7,177,028

7,202,728

7,211,293

7,215,202

Selected ratios:

Return on average stockholders' equity

19.34

%

11.01

%

10.71

%

12.00

%

10.32

%

Core return on average stockholders' equity (1)

8.03

%

11.01

%

10.72

%

11.98

%

10.05

%

Return on average tangible stockholders' equity

23.87

%

13.69

%

13.39

%

15.02

%

12.96

%

Core return on average tangible stockholders' equity (1)

9.92

%

13.68

%

13.41

%

14.99

%

12.62

%

Return on average assets

1.97

%

1.17

%

1.14

%

1.32

%

1.13

%

Core return on average assets (1)

0.82

%

1.17

%

1.14

%

1.32

%

1.10

%

Stockholders' equity to total assets

10.09

%

10.14

%

10.84

%

10.59

%

10.99

%

Efficiency ratio (2)

59.80

%

54.87

%

55.71

%

50.83

%

56.35

%

Nonperforming assets to loans, net, and foreclosed assets

0.21

%

0.28

%

0.33

%

0.38

%

0.48

%

Net charge-offs to average loans, net

0.01

%

0.08

%

0.03

%

0.01

%

0.05

%

Allowance for loan losses to loans, net

1.22

%

1.21

%

1.20

%

1.23

%

1.26

%

Interest-bearing assets yield (FTE) (3)

3.08

%

3.37

%

3.32

%

3.55

%

3.49

%

Cost of funds

0.37

%

0.42

%

0.50

%

0.57

%

0.67

%

Net interest spread (FTE) (3)

2.71

%

2.95

%

2.81

%

2.98

%

2.81

%

Net interest margin (FTE) (3)

2.82

%

3.07

%

2.96

%

3.15

%

3.00

%

(1)

See Reconciliation of Non-GAAP financial measures.

(2)

Total noninterest expense less amortization of intangible assets divided by tax-equivalent net interest income and noninterest income less net gains(losses) on investment securities available-for-sale.

(3)

Tax-equivalent adjustments were calculated using the federal statutory tax rate prevailing during the indicated periods of 21%.

 


Peoples Financial Services Corp.

Consolidated Statements of Income (Unaudited)

(In thousands, except per share data)

Dec 31

Dec 31

Year Ended

2021

2020

Interest income:

Interest and fees on loans:

Taxable

$

82,493

$

83,683

Tax-exempt

3,957

3,736

Interest and dividends on investment securities:

Taxable

5,464

5,334

Tax-exempt

1,731

1,178

Dividends

74

97

Interest on interest-bearing deposits in other banks

8

31

Interest on federal funds sold

330

66

Total interest income

94,057

94,125

Interest expense:

Interest on deposits

7,310

11,739

Interest on short-term borrowings

78

848

Interest on long-term debt

260

702

Interest on subordinated debt

1,774

1,035

Total interest expense

9,422

14,324

Net interest income

84,635

79,801

Provision for loan losses

1,750

7,400

Net interest income after provision for loan losses

82,885

72,401

Noninterest income:

Service charges, fees, commissions and other

6,169

6,809

Merchant services income

879

824

Commissions and fees on fiduciary activities

2,273

2,125

Wealth management income

1,537

1,282

Mortgage banking income

975

1,595

Increase in cash surrender value of life insurance

889

774

Interest rate swap revenue

759

2,321

Net gain (loss) on investment securities

2

(6)

Net gain on sale of investment securities available-for-sale

918

Net gain on sale of Visa Class B shares

12,153

Total noninterest income

25,636

16,642

Noninterest expense:

Salaries and employee benefits expense

29,736

30,135

Net occupancy and equipment expense

12,848

12,840

Amortization of intangible assets

491

606

Other expenses

12,531

11,287

Total noninterest expense

55,606

54,868

Income before income taxes

52,915

34,175

Provision for income tax expense

9,396

4,821

Net income

$

43,519

$

29,354

Other comprehensive income:

Unrealized gain (loss) on investment securities available-for-sale

$

(11,487)

$

8,779

Reclassification adjustment for gains included in net income

(918)

Change in pension liability

2,109

(1,398)

Change in derivative fair value

(322)

315

Income tax related to other comprehensive income

(2,037)

1,424

Other comprehensive income, net of income taxes

(7,663)

5,354

Comprehensive income

$

35,856

$

34,708

Share and per share amounts:

Net income – basic

$

6.05

$

4.02

Net income – diluted

6.02

4.00

Cash dividends declared

$

1.50

$

1.44

Average common shares outstanding – basic

7,196,359

7,304,956

Average common shares outstanding – diluted

7,231,423

7,337,843

 

Peoples Financial Services Corp.

Consolidated Statements of Income (Unaudited)

(In thousands, except per share data)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

Three months ended

2021

2021

2021

2021

2020

Interest income:

Interest and fees on loans:

Taxable

$

20,288

$

21,276

$

20,029

$

20,900

$

20,705

Tax-exempt

1,098

1,024

965

870

888

Interest and dividends on investment securities available-for-sale:

Taxable

1,660

1,285

1,276

1,243

1,111

Tax-exempt

498

432

411

390

304

Dividends

2

24

25

23

26

Interest on interest-bearing deposits in other banks

2

2

2

2

4

Interest on federal funds sold

102

124

55

49

47

Total interest income

23,650

24,167

22,763

23,477

23,085

Interest expense:

Interest on deposits

1,579

1,698

1,941

2,092

2,614

Interest on short-term borrowings

6

71

91

Interest on long-term debt

35

41

82

103

127

Interest on subordinated debt

444

443

444

443

444

Total interest expense

2,058

2,182

2,473

2,709

3,276

Net interest income

21,592

21,985

20,290

20,768

19,809

Provision (credit) for loan losses

1,750

400

100

(500)

1,050

Net interest income after provision (credit) for loan losses

19,842

21,585

20,190

21,268

18,759

Noninterest income:

Service charges, fees, commissions and other

1,693

1,667

1,625

1,184

2,187

Merchant services income

120

158

508

93

101

Commissions and fees on fiduciary activities

548

639

553

533

551

Wealth management income

330

432

417

358

392

Mortgage banking income

211

244

208

312

658

Increase in cash surrender value of life insurance

220

225

225

219

202

Interest rate swap revenue (expense)

15

79

(132)

797

374

Net gain (loss) on investment securities

(7)

5

(17)

21

76

Net gain on sale of investment securities available-for-sale

194

Net gain on sale of Visa Class B shares

12,153

Total noninterest income

15,283

3,449

3,387

3,517

4,735

Noninterest expense:

Salaries and employee benefits expense

8,087

7,829

7,250

6,570

7,400

Net occupancy and equipment expense

3,384

3,150

3,047

3,267

3,588

Amortization of intangible assets

116

125

125

125

144

Other expenses

3,571

3,187

3,106

2,667

2,869

Total noninterest expense

15,158

14,291

13,528

12,629

14,001

Income before income taxes

19,967

10,743

10,049

12,156

9,493

Income tax expense

3,553

1,647

1,518

2,678

1,308

Net income

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Other comprehensive income:

Unrealized gain (loss) on investment securities available-for-sale

$

(3,078)

$

(3,130)

$

2,470

$

(7,749)

$

(305)

Reclassification adjustment for gains included in net income

(194)

Change in benefit plan liabilities

2,109

(1,398)

Change in derivative fair value

(300)

(128)

(135)

242

(41)

Income tax related to other comprehensive income 

(266)

(684)

490

(1,576)

(407)

Other comprehensive income, net of income taxes

(1,003)

(2,574)

1,845

(5,931)

(1,531)

Comprehensive income

$

15,411

$

6,522

$

10,376

$

3,547

$

6,654

Share and per share amounts:

Net income – basic

$

2.29

$

1.26

$

1.18

$

1.31

$

1.13

Net income – diluted

2.28

1.26

1.18

1.31

1.13

Cash dividends declared

$

0.38

$

0.38

$

0.37

$

0.37

$

0.36

Average common shares outstanding – basic

7,172,501

7,198,125

7,204,261

7,210,952

7,222,810

Average common shares outstanding – diluted

7,207,565

7,233,189

7,239,325

7,246,016

7,257,874

 

Peoples Financial Services Corp.

Details of Net Interest and Net Interest Margin (Unaudited)

(In thousands, fully taxable equivalent basis)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

Three months ended

2021

2021

2021

2021

2020

Net interest income:

Interest income

Loans, net:

Taxable

$

20,288

$

21,276

$

20,029

$

20,900

$

20,705

Tax-exempt

1,390

1,296

1,222

1,101

1,124

Total loans, net

21,678

22,572

21,251

22,001

21,829

Investments:

Taxable

1,662

1,310

1,301

1,266

1,137

Tax-exempt

630

547

520

494

385

Total investments

2,292

1,857

1,821

1,760

1,522

Interest on interest-bearing balances in other banks

2

2

2

2

4

Federal funds sold

102

124

55

49

47

Total interest income

24,074

24,555

23,129

23,812

23,402

Interest expense:

Deposits

1,579

1,698

1,941

2,092

2,614

Short-term borrowings

6

71

91

Long-term debt

35

41

82

103

127

Subordinated debt

444

443

444

443

444

Total interest expense

2,058

2,182

2,473

2,709

3,276

Net interest income

$

22,016

$

22,373

$

20,656

$

21,103

$

20,126

Loans, net:

Taxable

3.85

%

4.15

%

3.87

%

4.13

%

3.98

%

Tax-exempt

2.97

%

3.04

%

3.30

%

3.56

%

3.80

%

Total loans, net

3.78

%

4.06

%

3.83

%

4.09

%

3.97

%

Investments:

Taxable

1.48

%

1.85

%

1.97

%

1.97

%

2.03

%

Tax-exempt

2.38

%

2.56

%

2.66

%

2.78

%

3.30

%

Total investments

1.65

%

2.02

%

2.13

%

2.15

%

2.25

%

Interest-bearing balances with banks

0.09

%

0.07

%

0.08

%

0.06

%

0.06

%

Federal funds sold

0.15

%

0.16

%

0.10

%

0.10

%

0.10

%

Total interest-bearing assets

3.08

%

3.37

%

3.32

%

3.55

%

3.49

%

Interest expense:

Deposits

0.29

%

0.34

%

0.41

%

0.46

%

0.57

%

Short-term borrowings

0.33

%

0.57

%

0.72

%

Long-term debt

4.68

%

4.68

%

2.98

%

2.88

%

2.70

%

Subordinated debt

5.38

%

5.37

%

5.38

%

5.38

%

5.38

%

Total interest-bearing liabilities

0.37

%

0.42

%

0.50

%

0.57

%

0.67

%

Net interest spread

2.71

%

2.95

%

2.81

%

2.98

%

2.81

%

Net interest margin

2.82

%

3.07

%

2.96

%

3.15

%

3.00

%

 

Peoples Financial Services Corp.

Consolidated Balance Sheets (Unaudited)

(In thousands)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

At period end

2021

2021

2021

2021

2020

Assets:

Cash and due from banks

$

30,415

$

33,662

$

41,789

$

30,786

$

29,287

Interest-bearing balances in other banks

7,093

7,425

10,262

8,432

15,905

Federal funds sold

242,425

319,500

196,000

264,100

183,000

Investment securities:

Available-for-sale

517,321

461,372

336,449

333,753

295,911

Equity investments carried at fair value

140

147

142

159

138

Held-to-maturity

71,214

32,848

7,104

7,166

7,225

Loans held for sale

408

997

1,545

458

837

Loans, net

2,329,173

2,205,661

2,236,826

2,179,534

2,177,982

Less: allowance for loan losses

28,383

26,693

26,739

26,783

27,344

Net loans

2,300,790

2,178,968

2,210,087

2,152,751

2,150,638

Premises and equipment, net

51,502

50,682

46,305

46,777

47,045

Accrued interest receivable

8,529

8,280

7,844

8,206

8,255

Goodwill

63,370

63,370

63,370

63,370

63,370

Other intangible assets, net

468

584

710

835

960

Bank owned life insurance

42,754

42,734

42,750

42,530

42,316

Other assets

33,566

32,956

33,379

36,146

38,915

Total assets

$

3,369,994

$

3,233,525

$

2,997,736

$

2,995,469

$

2,883,802

Liabilities:

Deposits:

Noninterest-bearing

$

737,756

$

712,601

$

672,274

$

661,262

$

622,475

Interest-bearing

2,225,641

2,128,318

1,939,492

1,889,154

1,814,638

Total deposits

2,963,397

2,840,919

2,611,766

2,550,416

2,437,113

Short-term borrowings

51,980

50,000

Long-term debt

2,711

3,235

3,752

14,264

14,769

Subordinated debt

33,000

33,000

33,000

33,000

33,000

Accrued interest payable

408

872

469

1,120

736

Other liabilities

30,351

27,767

23,858

27,358

31,307

Total liabilities

3,029,867

2,905,793

2,672,845

2,678,138

2,566,925

Stockholders' equity:

Common stock

14,341

14,356

14,407

14,423

14,414

Capital surplus

127,549

127,826

128,719

128,854

129,291

Retained earnings

203,750

190,061

183,702

177,836

171,023

Accumulated other comprehensive gain (loss)

(5,514)

(4,511)

(1,937)

(3,782)

2,149

Total stockholders' equity

340,126

327,732

324,891

317,331

316,877

Total liabilities and stockholders' equity

$

3,369,994

$

3,233,525

$

2,997,736

$

2,995,469

$

2,883,802

 

Peoples Financial Services Corp.

Consolidated Balance Sheets (Unaudited)

(In thousands)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

Average quarterly balances

2021

2021

2021

2021

2020

Assets:

Loans, net:

Taxable

$

2,088,935

$

2,033,752

$

2,075,808

$

2,054,120

$

2,068,600

Tax-exempt

185,471

169,273

148,747

125,352

117,650

Total loans, net

2,274,406

2,203,025

2,224,555

2,179,472

2,186,250

Investments:

Taxable

446,096

280,767

264,490

260,238

223,333

Tax-exempt

105,044

84,701

78,521

72,177

46,361

Total investments

551,140

365,468

343,011

332,415

269,694

Interest-bearing balances with banks

9,739

12,004

9,653

13,260

26,232

Federal funds sold

264,068

311,015

220,247

191,720

185,874

Total interest-bearing assets

3,099,353

2,891,512

2,797,466

2,716,867

2,668,050

Other assets

202,123

202,456

199,082

197,178

204,348

Total assets

$

3,301,476

$

3,093,968

$

2,996,548

$

2,914,045

$

2,872,398

Liabilities and stockholders' equity:

Deposits:

Interest-bearing

$

2,176,429

$

2,007,868

$

1,921,754

$

1,833,661

$

1,829,248

Noninterest-bearing

725,414

696,331

680,431

634,806

596,880

Total deposits

2,901,843

2,704,199

2,602,185

2,468,467

2,426,128

Short-term borrowings

7,300

50,470

50,000

Long-term debt

2,959

3,475

11,025

14,509

18,699

Subordinated debt

33,000

33,000

33,000

33,000

33,000

Other liabilities

26,924

25,635

23,420

27,371

28,946

Total liabilities

2,964,726

2,766,309

2,676,930

2,593,817

2,556,773

Stockholders' equity

336,750

327,659

319,618

320,228

315,625

Total liabilities and stockholders' equity

$

3,301,476

$

3,093,968

$

2,996,548

$

2,914,045

$

2,872,398

 

Peoples Financial Services Corp.

Asset Quality Data (Unaudited)

(In thousands)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

2021

2021

2021

2021

2020

At quarter end

Nonperforming assets:

Nonaccrual/restructured loans

$

4,461

$

5,559

$

7,216

$

8,073

$

9,799

Accruing loans past due 90 days or more

13

78

49

172

71

Foreclosed assets

487

487

29

131

632

Total nonperforming assets

$

4,961

$

6,124

$

7,294

$

8,376

$

10,502

Three months ended

Allowance for loan losses:

Beginning balance

$

26,693

$

26,739

$

26,783

$

27,344

$

26,584

Charge-offs

105

466

190

195

522

Recoveries

45

20

46

134

232

Provision for loan losses

1,750

400

100

(500)

1,050

Ending balance

$

28,383

$

26,693

$

26,739

$

26,783

$

27,344

 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Dec 31

Sept 30

June 30

Mar 31

Dec 31

Three months ended

2021

2021

2021

2021

2020

Core net income per share:

Net income GAAP

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Adjustments:

Less: Gain on sale of Visa Class B shares

12,153

Less: gain (loss) on equity securities

7

(5)

17

(21)

(270)

Add: gain (loss) on equity securities tax adjustment

(1)

1

(4)

4

57

Add: Gain on sale of Visa Class B shares tax adjustment

2,552

Net income Core

$

6,819

$

9,092

$

8,544

$

9,461

$

7,972

Average common shares outstanding – diluted

7,207,565

7,233,189

7,239,325

7,246,016

7,257,874

Core net income per share

$

0.95

$

1.26

$

1.18

$

1.31

$

1.10

Tangible book value:

Total stockholders' equity

$

340,126

$

327,732

$

324,891

$

317,331

$

316,877

Less: Goodwill

63,370

63,370

63,370

63,370

63,370

Less: Other intangible assets, net

468

584

710

835

960

Total tangible stockholders' equity

$

276,289

$

263,778

$

260,811

$

253,126

$

252,547

Common shares outstanding

7,169,371

7,177,028

7,202,728

7,211,293

7,215,202

Tangible book value per share

$

38.54

$

36.75

$

36.21

$

35.10

$

35.00

Core return on average stockholders' equity:

Net income GAAP

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Adjustments:

Less: Gain on sale of Visa Class B shares

12,153

Less: gain (loss) on equity securities

7

(5)

17

(21)

(270)

Add: gain (loss) on equity securities tax adjustment

(1)

1

(4)

4

57

Add: Gain on sale of Visa Class B shares tax adjustment

2,552

Net income Core

$

6,819

$

9,092

$

8,544

$

9,461

$

7,972

Average stockholders' equity

$

336,750

$

327,659

$

319,618

$

320,228

$

315,625

Core return on average stockholders' equity

8.03

%

11.01

%

10.72

%

11.98

%

10.05

%

Return on average tangible equity:

Net income GAAP

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Average stockholders' equity

$

336,750

$

327,659

$

319,618

$

320,228

$

315,625

Less: average intangibles

63,896

64,017

64,143

64,268

64,402

Average tangible stockholders' equity

$

272,854

$

263,642

$

255,475

$

255,960

$

251,223

Return on average tangible stockholders' equity

23.87

%

13.69

%

13.39

%

15.02

%

12.96

%

Core return on average tangible stockholders' equity:

Net income GAAP

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Adjustments:

Less: Gain on sale of Visa Class B shares

12,153

Less: gain (loss) on equity securities

7

(5)

17

(21)

(270)

Add: gain (loss) on equity securities tax adjustment

(1)

1

(4)

4

57

Add: Gain on sale of Visa Class B shares tax adjustment

2,552

Net income Core

$

6,819

$

9,092

$

8,544

$

9,461

$

7,972

Average stockholders' equity

$

336,750

$

327,659

$

319,618

$

320,228

$

315,625

Less: average intangibles

63,896

64,017

64,143

64,268

64,402

Average tangible stockholders' equity

$

272,854

$

263,642

$

225,475

$

255,960

$

251,223

Core return on average tangible stockholders' equity

9.92

%

13.68

%

13.41

%

14.99

%

12.62

%

Core return on average assets:

Net income GAAP

$

16,414

$

9,096

$

8,531

$

9,478

$

8,185

Adjustments:

Less: Gain on sale of Visa Class B shares

12,153

Less: gain (loss) on equity securities

7

(5)

17

(21)

(270)

Add: gain (loss) on equity securities tax adjustment

(1)

1

(4)

4

57

Add: Gain on sale of Visa Class B shares tax adjustment

2,552

Net income Core

$

6,819

$

9,092

$

8,544

$

9,461

$

7,972

Average assets

$

3,301,476

$

3,093,968

$

2,996,548

$

2,914,045

$

2,872,398

Core return on average assets

0.82

%

1.17

%

1.14

%

1.32

%

1.10

%

 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Dec 31

Dec 31

Year Ended

2021

2020

Core net income per share:

Net income (GAAP)

$

43,519

$

29,354

Adjustments:

Less: Gain on investment securities

918

Less: Gain (loss) on equity securities

2

(6)

Less: Gain on sale of Visa Class B shares

12,153

Add: Gain on investment securities tax adjustment

193

Add: Gain (loss) on equity securities line tax adjustment

1

(1)

Add: Gain on sale of Visa Class B shares tax adjustment

2,552

Net income Core

$

33,917

$

28,634

Average basic common shares outstanding

7,196,359

7,304,956

Average diluted common shares outstanding

7,231,423

7,337,843

Core net income per share – basic

$

4.71

$

3.92

Core net income per share – diluted

$

4.69

$

3.90

 

Peoples Financial Services Corp.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

The following table reconciles the non-GAAP financial measures of FTE net interest income for the three and twelve months ended December 31, 2021 and 2020:

Three months ended December 31

2021

2020

Interest income (GAAP)

$

23,650

$

23,085

Adjustment to FTE

424

317

Interest income adjusted to FTE (non-GAAP)

24,074

23,402

Interest expense

2,058

3,276

Net interest income adjusted to FTE (non-GAAP)

$

22,016

$

20,126

Twelve months ended December 31

2021

2020

Interest income (GAAP)

$

94,057

$

94,125

Adjustment to FTE

1,512

1,306

Interest income adjusted to FTE (non-GAAP)

95,569

95,431

Interest expense

9,422

14,324

Net interest income adjusted to FTE (non-GAAP)

$

86,147

$

81,107

The efficiency ratio is noninterest expenses, less amortization of intangible assets, as a percentage of FTE net interest income plus noninterest income less gains on equity securities and gains on sale of assets. The following table reconciles the non-GAAP financial measures of the efficiency ratio to GAAP for the three and twelve months ended December 31, 2021 and 2020:

Three months ended December 31

2021

2020

Efficiency ratio (non-GAAP):

Noninterest expense (GAAP)

$

15,158

$

14,001

Less: amortization of intangible assets expense

116

144

Noninterest expense adjusted for amortization of assets expense (non-GAAP)

15,042

13,857

Net interest income (GAAP)

21,592

19,809

Plus: taxable equivalent adjustment

424

317

Noninterest income (GAAP)

15,283

4,735

Less: net gains on equity securities

(7)

76

Less: net gains on sale of securities

194

Less: Gain on sale of Visa Class B shares

12,153

Net interest income (FTE) plus noninterest income (non-GAAP)

$

25,153

$

24,591

Efficiency ratio (non-GAAP)

59.80

%

56.35

%

Twelve months ended December 31

2021

2020

Efficiency ratio (non-GAAP):

Noninterest expense (GAAP)

$

55,606

$

54,868

Less: amortization of intangible assets expense

491

606

Noninterest expense adjusted for amortization of assets expense (non-GAAP)

55,115

54,262

Net interest income (GAAP)

84,635

79,801

Plus: taxable equivalent adjustment

1,512

1,306

Noninterest income (GAAP)

25,636

16,642

Less: net gains (losses) on equity securities

2

(6)

Less: net gains on sale of investment securities

918

Less: Gain on sale of Visa Class B shares

12,153

Net interest income (FTE) plus noninterest income (non-GAAP)

$

99,628

$

96,837

Efficiency ratio (non-GAAP)

55.32

%

56.03

%

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/peoples-financial-services-corp-reports-fourth-quarter-and-record-full-year-2021-earnings-301471952.html

SOURCE Peoples Financial Services Corp.

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