Penns Woods Bancorp, Inc. (NASDAQ:PWOD) today reported that net
income from core operations (�operating earnings�), which excludes
net securities gains and losses, increased 14.1% to $2,403,000 for
the three months ended March 31, 2009 compared to $2,106,000 for
the same period of 2008. Operating earnings per share for the three
months ended March 31, 2009 increased 16.7% to $0.63 basic and
dilutive compared to $0.54 basic and dilutive for the three months
ended March 31, 2008. Return on average assets and return on
average equity calculated on the basis of operating earnings were
1.48% and 16.16% for the three months ended March 31, 2009 compared
to 1.34% and 11.87% for the corresponding period of 2008. Operating
earnings for the three months ended March 31, 2009 have been
positively impacted by continued emphasis on credit quality, loan
and deposit growth, solid non-interest operating income, and an
increasing net interest margin.
Net income, as reported under U.S. generally accepted accounting
principles, for the three months ended March 31, 2009 was $839,000
compared to $2,131,000 for the same period of 2008. Comparable
results were impacted by an increase in after-tax securities losses
of $1,589,000 (from a gain of $25,000 to a loss of $1,564,000) from
2008 to 2009 for the three month periods ended being compared.
Included within the change in after-tax securities losses are
pre-tax other than temporary impairment charges relating to certain
equity securities held in the investment portfolio for the three
months ended March 31, 2009 of $2,333,000 compared to $207,000 for
the three months ended March 31, 2008. Basic and dilutive earnings
per share for the three months ended March 31, 2009 were $0.22
compared to $0.55 for the corresponding period of 2008. Return on
average assets and return on average equity were 0.52% and 5.64%
for the three months ended March 31, 2009 compared to 1.36% and
12.01% for the corresponding period of 2008.
The net interest margin for the three months ended March 31,
2009 was 4.47% compared to 3.87% for the corresponding period of
2008. A decrease in the rate paid on interest bearing liabilities
of 105 basis points (bp) for the three months ended March 31, 2009
compared to the same period of 2008 positively impacted the net
interest margin. The decreasing cost of funds is primarily the
result of the rate paid on time deposits decreasing 138 bp for the
three month period ended March 31, 2009 compared to the same period
of 2008, while the cost of short-term borrowings decreased 231 bp,
over the same time period. In addition, lower cost core deposit
growth has allowed for higher cost long-term borrowings to be
reduced by an average balance of $18,756,000 for the three months
ended March 31, 2009 compared to 2008. The overall decline of the
rate paid on interest-bearing liabilities is the result of Federal
Open Market Committee (FOMC) actions to reduce interest rates
coupled with our strategic decision to shorten the duration of the
time deposit portfolio over the past year. The shortening of the
time deposit portfolio has resulted in an increased repricing
frequency which has allowed for the majority of the portfolio to be
repriced downward over the past twelve months.
�We remain focused on building a solid balance sheet that will
provide the foundation for continued core operating earnings
growth. The foundation continues to be expanded as core deposits
increased 15.5% year over year and 6.5% since December 31, 2008.
The growth in core deposits has provided a low cost source of
funding for the 8.3% growth in gross loans year over year. The
combination of solid loan growth coupled with the deposit growth
has paved the way for a net interest margin of 4.47% for the three
months ended March 31, 2009,� commented Ronald A. Walko, President
and Chief Executive Officer of Penns Woods Bancorp, Inc. �While the
foundation was being expanded, safety and soundness was not
overlooked. We remained steadfast in the management of the earning
asset portfolio. Focus remained on loan opportunities that met our
credit quality standards, while providing an adequate risk/return
trade-off. This commitment to quality resulted in our credit
quality continuing to be stable with a nonperforming loans to total
loans ratio of 0.59%, and net loan charge-offs to average loans of
only 0.04% for the three month period ended March 31, 2009. In
addition, the allowance for loan losses to loans remains sound at
1.15% of total loans,� added Mr. Walko.
Total assets increased $18,596,000 to $649,612,000 at March 31,
2009 compared to March 31, 2008. Net loans increased $29,296,000
despite a softening economy that has in general provided fewer loan
opportunities. However, due to our credit quality position and
overall balance sheet strength, we have been able to aggressively
pursue those loans that meet or exceed our credit standards. The
investment portfolio decreased $6,295,000 from March 31, 2008 to
March 31, 2009 due primarily to a decrease in the market value of
the portfolio. The majority of the price depreciation in investment
portfolio securities occurred within the tax-exempt bond segment of
the portfolio as the market for these bonds has dramatically
softened. In addition, during the three months ended March 31,
2009, the equity segment of the portfolio experienced write downs
of $2,333,000 and realized losses of $36,000. The write downs are
due to the turbulence in the equity markets, particularly the
financial sector, which has caused several of our investments in
regional and national financial institutions to be classified as
other than temporarily impaired. The impairment is the result of
their market price continuing to be depressed and actions taken,
such as decreased dividends, in an attempt to strengthen their
financial position. Continued turmoil in the capital markets may
lead to additional write downs as we move forward through 2009 due
to the severity of the market decline and uncertainty surrounding a
price recovery of financial sector equities and other securities.
Despite our ability to hold those investment positions that have
depreciated in value, each position has been and will continue to
be evaluated for other than temporary impairment, and a possible
exit due primarily to the ability to carry back tax losses.
Deposits have increased 13.3% or $52,682,000 to $448,807,000 at
March 31, 2009 compared to March 31, 2008 with core deposits
increasing 15.5% or $32,069,000. �The growth in deposits is a
testament to our standing in the community as a provider of quality
service and a safe trusted advisor. Members of the community
utilize our services for their complete banking needs, not only
higher cost time deposits. This is clearly illustrated by the
growth in core deposits over the past year. To further facilitate
deposit growth we have and will continue to introduce additional
tools aimed at providing a better customer experience. We are
actively marketing electronic delivery of statements, remote
deposit capture for commercial customers, and will be rolling out
an improved internet banking bill pay system along with mobile
banking for smart phones in the near future. Entwining technology
into our account offerings will further enhance our appeal to
customers, while providing additional avenues for customers to
access their accounts 24/7,� commented Mr. Walko.
Shareholders� equity decreased $10,570,000 to $58,584,000 at
March 31, 2009 compared to March 31, 2008 as accumulated
comprehensive loss increased $9,062,000 and $1,238,000 in common
stock was strategically repurchased as part of the previously
announced stock buyback plan. The decrease in accumulated other
comprehensive income is a result of a decline in the market value
of certain securities held in the investment portfolio at March 31,
2009 compared to March 31, 2008 resulting in a net unrealized loss
of $10,023,000 at March 31, 2009 compared to a net unrealized loss
of $3,366,000 at March 31, 2008. In addition, the net excess of the
projected benefit obligation over the market value of the plan
assets of the defined benefit pension plan increased $2,405,000 due
to a decline in the market value of the plan assets caused by the
significant downturn in the stock and bond markets over the past
year. The current level of shareholders� equity equates to a book
value per share of $15.29 at March 31, 2009 compared to $17.86 at
March 31, 2008 and an equity to asset ratio of 9.02% at March 31,
2009. Book value per share, excluding accumulated other
comprehensive loss, was $18.89 at March 31, 2009 compared to $19.08
at March 31, 2008. During the three months ended March 31, 2009
cash dividends of $0.46 per share were paid to shareholders
compared to $0.46 for the comparable period of 2008.
�The media has been focusing on the deteriorating capital
positions of many of the country�s financial institutions. However,
the media has not placed emphasis on the sound capital positions of
many community banks such as ours who did not seek TARP funds from
the government. We remain well capitalized according to regulatory
guidelines and will use our capital position to further the growth
of our institution. Core operating earnings continue to be at a
level that supports our strategic initiatives. Our philosophy of
capital management has been built over the past 75 years and has
been tested in various economic cycles. We will use the experience
and knowledge gathered to continue following our template of sound
balance sheet growth as we maneuver though the challenges that lie
ahead,� commented Mr. Walko.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore
State Bank, which operates twelve branch offices providing
financial services in Lycoming, Clinton, and Centre Counties.
Investment and insurance products are offered through the bank�s
subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial
Group.
NOTE: This press release contains financial information
determined by methods other than in accordance with U.S. Generally
Accepted Accounting Principles ("GAAP"). Management uses the
non-GAAP measure of net income from core operations in its analysis
of the company's performance. This measure, as used by the Company,
adjusts net income determined in accordance with GAAP to exclude
the effects of special items, including significant gains or losses
that are unusual in nature such as net securities gains and losses.
Because certain of these items and their impact on the Company�s
performance are difficult to predict, management believes
presentation of financial measures excluding the impact of such
items provides useful supplemental information in evaluating the
operating results of the Company�s core businesses. These
disclosures should not be viewed as a substitute for net income
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP performance measures that may be presented
by other companies.
This press release may contain certain �forward-looking
statements� including statements concerning plans, objectives,
future events or performance and assumptions and other statements,
which are statements other than statements of historical fact. The
Company cautions readers that the following important factors,
among others, may have affected and could in the future affect
actual results and could cause actual results for subsequent
periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company
herein: (i) the effect of changes in laws and regulations,
including federal and state banking laws and regulations, and the
associated costs of compliance with such laws and regulations
either currently or in the future as applicable; (ii) the effect of
changes in accounting policies and practices, as may be adopted by
the regulatory agencies as well as by the Financial Accounting
Standards Board, or of changes in the Company�s organization,
compensation and benefit plans; (iii) the effect on the Company�s
competitive position within its market area of the increasing
consolidation within the banking and financial services industries,
including the increased competition from larger regional and
out-of-state banking organizations as well as non-bank providers of
various financial services; (iv) the effect of changes in interest
rates; and (v) the effect of changes in the business cycle and
downturns in the local, regional or national economies. For a list
of other factors which could affect the Company�s results, see the
Company�s filings with the Securities and Exchange Commission,
including �Item�1A. Risk Factors,� set forth in the Company�s
Annual Report on Form�10-K for the fiscal year ended December�31,
2008.
You should not place undue reliance on any forward-looking
statements. These statements speak only as of the date of this
press release, even if subsequently made available by the Company
on its website or otherwise. The Company undertakes no obligation
to update or revise these statements to reflect events or
circumstances occurring after the date of this press release.
Previous press releases and additional information can be
obtained from the Company�s website at www.jssb.com.
THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT
�
PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE
SHEET (UNAUDITED) � � (In Thousands, Except Share Data)
� March 31, 2009 � 2008 � % Change � ASSETS Noninterest-bearing
balances $ 12,886 $ 16,440 -21.6 % Interest-bearing deposits in
other financial institutions � 23 � � 12 � 91.7 % Total cash and
cash equivalents 12,909 16,452 -21.5 % � Investment securities,
available for sale, at fair value 201,651 207,777 -2.9 % Investment
securities held to maturity (fair value of $111 and $281) 110 279
-60.6 % Loans held for sale 2,514 3,254 -22.7 % Loans 387,192
357,609 8.3 % Less: Allowance for loan losses � 4,441 � � 4,154 �
6.9 % Loans, net 382,751 353,455 8.3 % Premises and equipment, net
7,733 7,381 4.8 % Accrued interest receivable 3,370 3,122 7.9 %
Bank-owned life insurance 14,750 13,209 11.7 % Investment in
limited partnerships 5,286 5,261 0.5 % Goodwill 3,032 3,032 0.0 %
Deferred tax asset 12,614 5,738 119.8 % Other assets � 2,892 � �
12,056 � -76.0 % TOTAL ASSETS $ 649,612 � $ 631,016 � 2.9 % �
LIABILITIES Interest-bearing deposits $ 376,844 $ 324,463 16.1 %
Noninterest-bearing deposits � 71,963 � � 71,662 � 0.4 % Total
deposits 448,807 396,125 13.3 % � Short-term borrowings 45,268
61,766 -26.7 % Long-term borrowings, Federal Home Loan Bank (FHLB)
86,778 96,778 -10.3 % Accrued interest payable 1,193 1,626 -26.6 %
Other liabilities � 8,982 � � 5,567 � 61.3 % TOTAL LIABILITIES �
591,028 � � 561,862 � 5.2 % � SHAREHOLDERS' EQUITY
Common stock, par value $8.33,
10,000,000 shares authorized; 4,011,251 and 4,007,652 shares
issued
33,427 33,397 0.1 % Additional paid-in capital 17,970 17,904 0.4 %
Retained earnings 27,254 27,620 -1.3 % Accumulated other
comprehensive loss: Net unrealized loss on available for sale
securities (10,023 ) (3,366 ) -197.8 % Defined benefit plan (3,780
) (1,375 ) -174.9 % Less: Treasury stock at cost, 179,028 and
135,599 shares � (6,264 ) � (5,026 ) 24.6 % TOTAL SHAREHOLDERS'
EQUITY � 58,584 � � 69,154 � -15.3 % TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 649,612 � $ 631,016 � 2.9 % � �
PENNS
WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED) � � (In Thousands, Except Per Share Data) �
Three Months Ended March 31, 2009 � 2008 � % Change � INTEREST AND
DIVIDEND INCOME: Loans including fees $ 6,219 $ 6,380 -2.5 %
Investment securities: Taxable 1,363 1,190 14.5 % Tax-exempt 1,246
1,226 1.6 % Dividend and other interest income � 89 � � 252 -64.7 %
TOTAL INTEREST AND DIVIDEND INCOME � 8,917 � � 9,048 -1.4 % �
INTEREST EXPENSE: Deposits 2,005 2,541 -21.1 % Short-term
borrowings 158 429 -63.2 % Long-term borrowings, FHLB � 917 � �
1,197 -23.4 % TOTAL INTEREST EXPENSE � 3,080 � � 4,167 -26.1 % �
NET INTEREST INCOME 5,837 4,881 19.6 % � PROVISION FOR LOAN LOSSES
� 126 � � 60 110.0 % � NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES � 5,711 � � 4,821 18.5 % � NON-INTEREST INCOME: Deposit
service charges 525 570 -7.9 % Securities (losses) gains, net
(2,369 ) 38 -6334.2 % Bank-owned life insurance 162 155 4.5 % Gain
on sale of loans 118 152 -22.4 % Insurance commissions 354 580
-39.0 % Other � 434 � � 419 3.6 % TOTAL NON-INTEREST INCOME � (776
) � 1,914 -140.5 % � NON-INTEREST EXPENSE: Salaries and employee
benefits 2,482 2,451 1.3 % Occupancy, net 339 338 0.3 % Furniture
and equipment 307 285 7.7 % Pennsylvania shares tax 171 105 62.9 %
Amortization of investments in limited partnerships 142 178 -20.2 %
Other � 1,204 � � 1,088 10.7 % TOTAL NON-INTEREST EXPENSE � 4,645 �
� 4,445 4.5 % � INCOME BEFORE INCOME TAX (BENEFIT) PROVISION 290
2,290 -87.3 % INCOME TAX (BENEFIT) PROVISION � (549 ) � 159 -445.3
% NET INCOME $ 839 � $ 2,131 -60.6 % � EARNINGS PER SHARE - BASIC $
0.22 � $ 0.55 -60.0 % � EARNINGS PER SHARE - DILUTED $ 0.22 � $
0.55 -60.0 % � WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC �
3,831,747 � � 3,874,741 -1.1 % � WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED � 3,831,747 � � 3,874,931 -1.1 % � DIVIDENDS
PER SHARE $ 0.46 � $ 0.46 0.0 % � �
PENNS WOODS BANCORP,
INC. AVERAGE BALANCES AND INTEREST RATES � � � For the
Three Months Ended (Dollars in Thousands) March 31, 2009 � March
31, 2008 Average Balance � Interest � Average Rate Average Balance
� Interest � Average Rate ASSETS: Tax-exempt loans $ 16,052 $ 265
6.70 % $ 8,013 $ 126 6.32 % All other loans � 373,878 � 6,044 �
6.56 % � 354,715 � 6,297 7.14 % Total loans � 389,930 � 6,309 �
6.56 % � 362,728 � 6,423 7.12 % � Taxable securities 101,890 1,452
5.70 % 100,730 1,442 5.73 % Tax-exempt securities � 101,654 � 1,888
� 7.43 % � 114,590 � 1,857 6.48 % Total securities � 203,544 �
3,340 � 6.56 % � 215,320 � 3,299 6.13 % � Interest bearing deposits
� 23 � - � 0.00 % � 38 � - 0.00 % � Total interest-earning assets
593,497 � 9,649 � 6.56 % 578,086 � 9,722 6.75 % � Other assets �
55,256 � 48,692 � TOTAL ASSETS $ 648,753 $ 626,778 � LIABILITIES
AND SHAREHOLDERS' EQUITY: Savings $ 59,642 78 0.53 % $ 58,561 109
0.75 % Super Now deposits 53,890 129 0.97 % 46,367 155 1.34 % Money
market deposits 41,276 212 2.08 % 23,324 127 2.18 % Time deposits �
205,110 � 1,586 � 3.14 % � 190,927 � 2,150 4.52 % Total Deposits �
359,918 � 2,005 � 2.26 % � 319,179 � 2,541 3.20 % � Short-term
borrowings 61,487 158 1.03 % 51,113 429 3.34 % Long-term borrowings
� 86,778 � 917 � 4.23 % � 105,534 � 1,197 4.49 % Total borrowings �
148,265 � 1,075 � 2.90 % � 156,647 � 1,626 4.11 % � Total
interest-bearing liabilities 508,183 � 3,080 � 2.45 % 475,826 �
4,167 3.50 % � Demand deposits 71,321 70,243 Other liabilities
9,760 9,726 Shareholders' equity � 59,489 � 70,983 � TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 648,753 $ 626,778 Interest
rate spread � 4.12 % 3.25 % Net interest income/margin $ 6,569 �
4.47 % $ 5,555 3.87 % � � For the Three Months Ended March 31, �
2009 2008 � Total interest income $ 8,917 $ 9,048 Total interest
expense � 3,080 � 4,167 � � Net interest income 5,837 4,881 Tax
equivalent adjustment � 732 � 674 � � Net interest income (fully
taxable equivalent) $ 6,569 $ 5,555 � � �
Quarter Ended � �
� � (Dollars in Thousands, Except Per Share Data)
3/31/2009 �
12/31/2008 �
9/30/2008 �
6/30/2008 �
3/31/2008 � � � � � � � � � � � � � � � � � � �
Operating Data � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � Net income $ 839 � � $ 2,263 � � $
1,552 � � $ 2,057 � � $ 2,131 � Net interest income � 5,837 � � �
5,726 � � � 5,513 � � � 5,156 � � � 4,881 � Provision for loan
losses � 126 � � � 145 � � � 110 � � � 60 � � � 60 � Net security
gains (losses) � (2,369 ) � � (314 ) � � (1,504 ) � � (251 ) � � 38
� Non-interest income, ex. net security gains (losses) � 1,593 � �
� 1,763 � � � 1,976 � � � 1,872 � � � 1,876 � Non-interest expense
� 4,645 � � � 4,542 � � � 4,451 � � � 4,511 � � � 4,445 � � � � � �
� � � � � � � � � � � � � �
Performance Statistics � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Net interest margin � 4.47 % � � 4.42 % � � 4.23 % � � 4.01 % � �
3.87 % Annualized return on average assets � 0.52 % � � 1.43 % � �
0.98 % � � 1.30 % � � 1.36 % Annualized return on average equity �
5.64 % � � 15.20 % � � 9.43 % � � 11.73 % � � 12.01 % Annualized
net loan charge-offs to avg loans � 0.04 % � � 0.06 % � � 0.05 % �
� 0.01 % � � 0.04 % Net charge-offs � 41 � � � 57 � � � 49 � � � 7
� � � 36 � Efficiency ratio � 62.5 % � � 60.7 % � � 59.4 % � � 64.2
% � � 65.8 % � � � � � � � � � � � � � � � � � � �
Per Share
Data � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � Basic earnings per share $ 0.22 � � $ 0.59 � � $
0.40 � � $ 0.53 � � $ 0.55 � Diluted earnings per share � 0.22 � �
� 0.59 � � � 0.40 � � � 0.53 � � � 0.55 � Dividend declared per
share � 0.46 � � � 0.46 � � � 0.46 � � � 0.46 � � � 0.46 � Book
value � 15.29 � � � 15.93 � � � 15.47 � � � 16.72 � � � 17.86 �
Common stock price: � � � � � � � � � � � � � � � � � � � High �
25.61 � � � 30.40 � � � 35.00 � � � 33.15 � � � 33.47 � Low � 23.00
� � � 23.00 � � � 29.00 � � � 30.01 � � � 29.66 � Close � 25.42 � �
� 23.03 � � � 29.00 � � � 31.25 � � � 33.15 � Weighted average
common shares: � � � � � � � � � � � � � � � � � � � Basic � 3,832
� � � 3,843 � � � 3,855 � � � 3,866 � � � 3,875 � Fully Diluted �
3,832 � � � 3,843 � � � 3,855 � � � 3,866 � � � 3,875 �
End-of-period common shares: � � � � � � � � � � � � � � � � � � �
Issued � 4,011 � � � 4,011 � � � 4,010 � � � 4,009 � � � 4,008 �
Treasury � 179 � � � 179 � � � 159 � � � 150 � � � 136 � � � �
Quarter Ended � � � � (Dollars in Thousands, Except Per
Share Data)
3/31/2009 �
12/31/2008 �
9/30/2008 �
6/30/2008 �
3/31/2008 � � � � � � � � � � � � � � � � � � �
Financial Condition Data: � � � � � � � � � � � � � � � � �
� �
General � � � � � � � � � � � � � � � � � � � Total
assets $ 649,612 � � $ 652,803 � � $ 632,244 � � $ 634,504 � � $
631,016 � Loans, net � 382,751 � � � 377,122 � � � 367,279 � � �
361,748 � � � 353,455 � Intangibles � 3,032 � � � 3,032 � � � 3,032
� � � 3,032 � � � 3,032 � Total deposits � 448,807 � � � 421,368 �
� � 430,571 � � � 437,921 � � � 396,125 � Noninterest-bearing �
71,963 � � � 76,035 � � � 73,586 � � � 79,908 � � � 71,662 � � � �
� � � � � � � � � � � � � � � � Savings � 60,764 � � � 58,668 � � �
62,591 � � � 62,847 � � � 59,985 � NOW � 55,816 � � � 53,821 � � �
56,391 � � � 52,948 � � � 50,193 � Money Market � 50,476 � � �
35,848 � � � 39,627 � � � 28,860 � � � 25,110 � Time Deposits �
209,788 � � � 196,996 � � � 198,376 � � � 213,358 � � � 189,175 �
Total interest-bearing deposits � 376,844 � � � 345,333 � � �
356,985 � � � 358,013 � � � 324,463 � � � � � � � � � � � � � � � �
� � � � Core deposits* � 239,019 � � � 224,372 � � � 232,195 � � �
224,563 � � � 206,950 � Shareholders' equity � 58,584 � � � 61,027
� � � 59,561 � � � 64,522 � � � 69,154 � � � � � � � � � � � � � �
� � � � � �
Asset Quality � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � Non-performing assets $
2,269 � � $ 1,735 � � $ 941 � � $ 909 � � $ 1,427 � Non-performing
assets to total assets � 0.35 % � � 0.27 % � � 0.15 % � � 0.14 % �
� 0.23 % Allowance for loan losses � 4,441 � � � 4,356 � � � 4,268
� � � 4,207 � � � 4,154 � Allowance for loan losses to total loans
� 1.15 % � � 1.14 % � � 1.15 % � � 1.15 % � � 1.16 %
Allowance for loan losses to
non-performing loans
� 195.72 % � � 251.07 % � � 453.56 % � � 462.82 % � � 291.10 %
Non-performing loans to total loans � 0.59 % � � 0.46 % � � 0.25 %
� � 0.25 % � � 0.40 % � � � � � � � � � � � � � � � � � � �
Capitalization � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � Shareholders' equity to total assets
� 9.02 % � � 9.35 % � � 9.42 % � � 10.17 % � � 10.96 % � * Core
deposits are defined as total deposits less time deposits �
Penns Woods Bancorp (NASDAQ:PWOD)
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Penns Woods Bancorp (NASDAQ:PWOD)
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