Penns Woods Bancorp, Inc. (NASDAQ:PWOD) today reported that net
income from core operations (“operating earnings”), which is a
non-GAAP measure of net income excluding net securities gains and
losses, was $2,257,000 and $6,868,000 for the three and nine months
ended September 30, 2009 compared to $2,545,000 and $6,873,000 for
the same periods of 2008. Operating earnings per share for the
three months ended September 30, 2009 were $0.59 basic and dilutive
compared to $0.66 basic and dilutive for the same period of 2008.
Operating earnings per share for the nine months ended September
30, 2009 increased to $1.79 basic and dilutive compared to $1.78
basic and dilutive for the same period of 2008. Operating earnings
for the three and nine months ended September 30, 2009 have been
positively impacted by loan and deposit growth and solid
non-interest operating income. A reconciliation of the non-GAAP
financial measures of operating earnings, operating earnings per
share, operating return on assets, and operating return on equity
described in this paragraph to the comparable GAAP financial
measures is included at the end of this press release.
Net income, as reported under U.S. generally accepted accounting
principles, for the three and nine months ended September 30, 2009
was $1,922,000 and $3,593,000 compared to $1,552,000 and $5,740,000
for the same periods of 2008. Comparable results were impacted by a
decrease in after-tax securities losses of $658,000 (from a loss of
$993,000 to a loss of $335,000) for the three month period ended
September 30, 2009 compared to 2008 and an increase in after-tax
securities losses of $2,142,000 (from a loss of $1,133,000 to a
loss of $3,275,000) for the comparable nine month periods of 2009
of 2008. 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 and nine months ended September 30, 2009 of $30,000 and
$4,614,000 compared to $1,851,000 and $2,425,000 for the three and
nine months ended September 30, 2008. Basic and dilutive earnings
per share for the three and nine months ended September 30, 2009
were $0.50 and $0.94 compared to $0.40 and $1.49 for the
corresponding periods of 2008. Return on average assets and return
on average equity were 1.15% and 12.08% for the three months ended
September 30, 2009 compared to 0.98% and 9.43% for the
corresponding period of 2008. Earnings for the nine months ended
September 30, 2009 correlate to a return on average assets and
return on average equity of 0.73% and 7.80% compared to 1.21% and
11.10% for the nine month 2008 period.
The net interest margin for the three and nine months ended
September 30, 2009 was 4.35% and 4.39% compared to 4.23% and 4.04%
for the corresponding periods of 2008. A decrease in the rate paid
on interest bearing liabilities of 52 basis points (bp) and 73 bp
for the three and nine months ended September 30, 2009 compared to
the same periods of 2008 positively impacted the net interest
margin. A declining cost of funds is primarily the result of the
rate paid on time deposits decreasing 86 bp and 113 bp for the
three and nine month periods ended September 30, 2009 compared to
the same periods of 2008. The decreases are the result of Federal
Open Market Committee (FOMC) actions to maintain low 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. The duration of the
time deposit portfolio began to be lengthened during the second
quarter and through the past quarter due to the apparent bottoming
or near bottoming of deposit rates.
“A net interest margin of 4.35% and 4.39% for the three and nine
month periods of 2009 with taxable equivalent net interest income
of $6,685,000 and $19,796,000 over the same periods has been the
primary driver behind the solid operating earnings. Deposit growth
coupled with management of the time deposit portfolio duration has
led to the increase of 12 bp and 35 bp in the net interest margin
from the comparable three and nine month periods of 2008,”
commented Ronald A Walko, President and Chief Executive Officer of
Penns Woods Bancorp, Inc. “While we have placed emphasis on
deposits, we have maintained our focus on sound credit quality and
ensuring an adequate risk/return trade-off. Continuing questions
surrounding the soft economy are impacting our loan credit quality
ratios, although we continue to compare favorably to other members
of the financial industry. However, due primarily to the addition
of a single past due commercial real estate loan to past due 90 day
status, our nonperforming loans to total loans ratio has increased
to 1.46%. Furthermore, net loan charge-offs to average loans of
0.12% for the nine month period ended September 30, 2009 remain at
a minimal level,” added Mr. Walko.
Total assets increased $46,441,000 to $678,685,000 at September
30, 2009 compared to September 30, 2008. Net loans increased
$29,068,000 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 attract those loans that meet and/or exceed
our credit standards. The investment portfolio increased
$18,159,000 from September 30, 2008 to 2009 primarily due to an
increase in the market value of the portfolio. During the nine
months ended September 30, 2009, the equity segment of the
portfolio experienced write downs of $4,614,000 ($30,000 during the
three months ended September 30, 2009) 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.
Despite our ability to hold our equity investment positions that
have depreciated in value, each position has been and will continue
to be evaluated for other than temporary impairment, and/or a
possible exit due primarily to the ability to carry back tax
losses.
Deposits have increased 13.8% or $59,491,000 to $490,062,000 at
September 30, 2009 compared to 2008 with core deposits (total
deposits excluding time deposits) increasing 17.1% or $39,766,000.
“Increasing total deposits, with the emphasis on core deposits,
continues to be one of our top priorities. Deposit growth has
funded the 7.9% growth in gross loans, while also allowing for a
reduction in short-term borrowings. Sources of the deposit increase
cover a broad spectrum ranging from consumer and commercial to
government entity accounts. Leading to the deposit growth across
the spectrum are our efforts to keep banking simple. We do not
attempt to hide fees, but rather present our position in easy to
understand terms, with no strings attached. This straight forward
approach combined with the use of technology to deliver service has
built a solid reputation within our market footprint. During the
past quarter we have added mobile or cell phone based banking to
our technology based service channels that include remote deposit
capture, electronic delivery of statements, and online banking and
cash management services,” commented Mr. Walko.
Shareholders’ equity increased $10,978,000 to $70,539,000 at
September 30, 2009 compared to September 30, 2008 as accumulated
comprehensive loss decreased $12,612,000, and $510,000 in common
stock was strategically repurchased as part of the previously
announced stock buyback plan. The decrease in accumulated other
comprehensive loss is primarily a result of a change in unrealized
gains/losses on available for sale securities from an unrealized
loss of $12,347,000 at September 30, 2008 to an unrealized gain of
$2,670,000 at September 30, 2009. Countering the change in
unrealized gains/losses on available for sale securities was an
increase of $2,405,000 in the net excess of the projected benefit
obligation over the market value of the plan assets of the defined
benefit pension plan 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 $18.40 at September 30,
2009 compared to $15.47 at September 30, 2008 and an equity to
asset ratio of 10.39% at September 30, 2009. Book value per share,
excluding accumulated other comprehensive loss, was $18.69 at
September 30, 2009 compared to $19.03 at September 30, 2008. During
the three and nine months ended September 30, 2009 and 2008 cash
dividends of $0.46 and $1.38 per share were paid to
shareholders.
“The economic uncertainty and focus on the dealings of larger
financial institutions has resulted in community banks falling away
from the spot light. This lack of attention has caused the solid
performance of many community banks to go unnoticed. Our inclusion
in the Russell 3000 index has attracted market attention with our
average daily volume of shares traded increasing since inclusion.
Continued strong operating earnings, well capitalized status, and
commitment to solid local banking provide a solid foundation for
the future. Our well capitalized status and level of core operating
earnings have provided the resources to maintain our dividend and
to purchase 20,000 treasury shares over the past twelve months,”
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) September 30, 2009 2008 % Change
ASSETS Noninterest-bearing balances $ 12,633 $ 12,538 0.8 %
Interest-bearing deposits in other financial institutions 30
16 87.5 % Total cash and cash equivalents
12,663 12,554 0.9 % Investment securities, available for
sale, at fair value 219,404 201,220 9.0 % Investment securities
held to maturity (fair value of $111 and $136) 110 135 -18.5 %
Loans held for sale 5,403 4,987 8.3 % Loans 400,825 371,547 7.9 %
Less: Allowance for loan losses 4,478 4,268
4.9 % Loans, net 396,347 367,279 7.9 % Premises and
equipment, net 7,791 7,835 -0.6 % Accrued interest receivable 3,515
3,451 1.9 % Bank-owned life insurance 15,023 13,457 11.6 %
Investment in limited partnerships 5,040 4,905 2.8 % Goodwill 3,032
3,032 0.0 % Deferred tax asset 6,907 11,376 -39.3 % Other assets
3,450 2,013 71.4 % TOTAL ASSETS $
678,685 $ 632,244 7.3 % LIABILITIES
Interest-bearing deposits $ 414,493 $ 356,985 16.1 %
Noninterest-bearing deposits 75,569 73,586
2.7 % Total deposits 490,062 430,571 13.8 %
Short-term borrowings 21,440 48,429 -55.7 % Long-term borrowings,
Federal Home Loan Bank (FHLB) 86,778 86,778 0.0 % Accrued interest
payable 1,191 1,371 -13.1 % Other liabilities 8,675
5,534 56.8 % TOTAL LIABILITIES 608,146
572,683 6.2 % SHAREHOLDERS' EQUITY
Common stock, par value $8.33,
10,000,000 shares authorized; 4,012,519 and 4,009,546 shares
issued
33,437 33,413 0.1 % Additional paid-in capital 17,995 17,944 0.3 %
Retained earnings 26,481 27,680 -4.3 % Accumulated other
comprehensive gain (loss): Net unrealized gain (loss) on available
for sale securities 2,670 (12,347 ) 121.6 % Defined benefit plan
(3,780 ) (1,375 ) -174.9 % Less: Treasury stock at cost, 179,028
and 159,028 shares (6,264 ) (5,754 ) 8.9 % TOTAL
SHAREHOLDERS' EQUITY 70,539 59,561 18.4
% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 678,685 $
632,244 7.3 %
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT
OF INCOME (UNAUDITED) (In Thousands,
Except Per Share Data) Three Months Ended Nine Months Ended
September 30, September 30, 2009 2008 % Change 2009 2008 % Change
INTEREST AND DIVIDEND INCOME: Loans including fees $ 6,457 $
6,311 2.3 % $ 19,025 $ 18,936 0.5 % Investment securities: Taxable
1,368 1,391 -1.7 % 4,105 3,857 6.4 % Tax-exempt 1,253 1,205 4.0 %
3,748 3,641 2.9 % Dividend and other interest income 35
201 -82.6 % 165 658
-74.9 % TOTAL INTEREST AND DIVIDEND INCOME 9,113
9,108 0.1 % 27,043 27,092
-0.2 % INTEREST EXPENSE: Deposits 2,148 2,410 -10.9 %
6,357 7,502 -15.3 % Short-term borrowings 82 310 -73.5 % 318 996
-68.1 % Long-term borrowings, FHLB 938 875
7.2 % 2,781 3,044 -8.6 % TOTAL
INTEREST EXPENSE 3,168 3,595 -11.9 %
9,456 11,542 -18.1 % NET
INTEREST INCOME 5,945 5,513 7.8 % 17,587 15,550 13.1 %
PROVISION FOR LOAN LOSSES 270 110 145.5
% 582 230 153.0 % NET INTEREST
INCOME AFTER PROVISION FOR LOAN LOSSES 5,675
5,403 5.0 % 17,005 15,320 11.0 %
NON-INTEREST INCOME: Deposit service charges 553 594 -6.9 %
1,619 1,704 -5.0 % Securities losses, net (507 ) (1,504 ) 66.3 %
(4,962 ) (1,717 ) -189.0 % Bank-owned life insurance 144 121 19.0 %
418 367 13.9 % Gain on sale of loans 305 314 -2.9 % 526 678 -22.4 %
Insurance commissions 287 416 -31.0 % 988 1,482 -33.3 % Other
599 531 12.8 % 1,624
1,493 8.8 % TOTAL NON-INTEREST INCOME 1,381
472 192.6 % 213 4,007
-94.7 % NON-INTEREST EXPENSE: Salaries and employee
benefits 2,588 2,355 9.9 % 7,665 7,275 5.4 % Occupancy, net 299 315
-5.1 % 956 967 -1.1 % Furniture and equipment 293 304 -3.6 % 906
876 3.4 % Pennsylvania shares tax 171 105 62.9 % 514 315 63.2 %
Amortization of investments in limited partnerships 142 178 -20.2 %
425 534 -20.4 % Other 1,604 1,194 34.3
% 4,161 3,440 21.0 % TOTAL NON-INTEREST
EXPENSE 5,097 4,451 14.5 %
14,627 13,407 9.1 % INCOME BEFORE
INCOME TAX (BENEFIT) PROVISION 1,959 1,424 37.6 % 2,591 5,920 -56.2
% INCOME TAX (BENEFIT) PROVISION 37 (128 )
128.9 % (1,002 ) 180 -656.7 % NET INCOME $
1,922 $ 1,552 23.8 % $ 3,593 $ 5,740
-37.4 % EARNINGS PER SHARE - BASIC $ 0.50 $ 0.40
25.0 % $ 0.94 $ 1.49 -36.9 % EARNINGS
PER SHARE - DILUTED $ 0.50 $ 0.40 25.0 % $ 0.94
$ 1.49 -36.9 % WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC 3,833,131 3,855,348
-0.6 % 3,832,471 3,865,317 -0.8 %
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
3,833,305 3,855,458 -0.6 % 3,832,555
3,865,463 -0.9 % DIVIDENDS PER SHARE $
0.46 $ 0.46 0.0 % $ 1.38 $ 1.38 0.0 %
PENNS WOODS
BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES
For the Three Months Ended (Dollars in Thousands) September 30,
2009 September 30, 2008 Average Balance Interest Average Rate
Average Balance Interest Average Rate ASSETS: Tax-exempt loans $
17,207 $ 279 6.43 % $ 9,108 $ 148 6.46 % All other loans
382,670 6,273 6.50 % 364,926 6,213 6.77
% Total loans 399,877 6,552 6.50 %
374,034 6,361 6.77 % Taxable securities 104,905 1,402
5.35 % 107,751 1,592 5.91 % Tax-exempt securities 104,719
1,898 7.25 % 103,431 1,826 7.06 % Total
securities 209,624 3,300 6.30 % 211,182
3,418 6.47 % Interest bearing deposits 4,218
1 0.09 % 34 - 0.00 % Total
interest-earning assets 613,719 9,853 6.39 % 585,250
9,779 6.66 % Other assets 54,284 50,225
TOTAL ASSETS $ 668,003 $ 635,475 LIABILITIES AND
SHAREHOLDERS' EQUITY: Savings $ 62,265 85 0.54 % $ 62,792 120 0.76
% Super Now deposits 60,476 127 0.83 % 52,970 175 1.31 % Money
market deposits 71,204 345 1.92 % 34,915 208 2.37 % Time deposits
222,816 1,591 2.83 % 205,346
1,907 3.69 % Total Deposits 416,761 2,148 2.04
% 356,023 2,410 2.69 % Short-term borrowings
15,457 82 2.13 % 51,215 310 2.38 % Long-term borrowings
86,778 938 4.23 % 79,061 875 4.33 %
Total borrowings 102,235 1,020 3.91 %
130,276 1,185 3.57 % Total interest-bearing
liabilities 518,996 3,168 2.41 % 486,299 3,595
2.93 % Demand deposits 75,114 75,863 Other liabilities
10,256 7,467 Shareholders' equity 63,637 65,846
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 668,003 $
635,475 Interest rate spread 3.97 % 3.73 % Net interest
income/margin $ 6,685 4.35 % $ 6,184 4.23 %
For the Three Months Ended September 30, 2009 2008
Total interest income $ 9,113 $ 9,108 Total interest expense
3,168 3,595 Net interest income 5,945 5,513
Tax equivalent adjustment 740 671 Net
interest income (fully taxable equivalent) $ 6,685 $ 6,184
PENNS WOODS BANCORP, INC. AVERAGE BALANCES
AND INTEREST RATES For the Nine Months Ended
September 30, 2009 September 30, 2008 Average Balance
Interest Average Rate Average Balance Interest
Average Rate ASSETS: Tax-exempt loans $ 16,682 $ 817 6.55 % $ 8,534
$ 411 6.43 % All other loans 378,043 18,486
6.54 % 359,570 18,665 6.93 % Total loans
394,725 19,303 6.54 % 368,104 19,076
6.92 % Taxable securities 102,937 4,269 5.53 % 104,604 4,514
5.75 % Tax-exempt securities 103,418 5,679
7.32 % 108,877 5,517 6.76 % Total securities
206,355 9,948 6.43 % 213,481 10,031
6.27 % Interest bearing deposits 1,886 1
0.07 % 13 1 10.28 % Total
interest-earning assets 602,966 29,252 6.48 % 581,598
29,108 6.68 % Other assets 55,080
49,638 TOTAL ASSETS $ 658,046 $ 631,236 LIABILITIES
AND SHAREHOLDERS' EQUITY: Savings $ 61,106 244 0.53 % $ 60,857 343
0.75 % Super Now deposits 57,028 387 0.91 % 51,228 513 1.34 % Money
Market deposits 59,061 924 2.09 % 28,372 481 2.26 % Time deposits
217,679 4,802 2.95 % 201,950
6,165 4.08 % Total Deposits 394,874 6,357 2.15
% 342,407 7,502 2.93 % Short-term borrowings
31,491 318 1.39 % 47,894 996 2.75 % Long-term borrowings
86,778 2,781 4.23 % 90,088 3,044 4.44 %
Total borrowings 118,269 3,099 3.47 %
137,982 4,040 3.85 % Total interest-bearing
liabilities 513,143 9,456 2.46 % 480,389
11,542 3.19 % Demand deposits 73,469 73,205 Other
liabilities 10,018 8,672 Shareholders' equity 61,416
68,970 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 658,046
$ 631,236 Interest rate spread 4.02 % 3.49 % Net interest
income/margin $ 19,796 4.39 % $ 17,566 4.04 %
For the Nine Months Ended September 30, 2009 2008
Total interest income $ 27,043 $ 27,092 Total interest expense
9,456 11,542 Net interest income 17,587
15,550 Tax equivalent adjustment 2,209 2,016
Net interest income (fully taxable equivalent) $ 19,796 $
17,566
Quarter Ended
(Dollars in Thousands, Except Per
Share Data)
9/30/2009 6/30/2009
3/31/2009
12/31/2008 9/30/2008
Operating Data
Net income $ 1,922 $ 832 $ 839
$ 2,263 $ 1,552 Net interest
income 5,945 5,805
5,837 5,726 5,513
Provision for loan losses 270 186
126 145
110 Net security losses (507 )
(2,086 ) (2,369 ) (314 )
(1,504 ) Non-interest income, ex. net security losses 1,888
1,694 1,593
1,763 1,976 Non-interest expense
5,097 4,885 4,645
4,542 4,451
Performance Statistics
Net interest margin 4.35 % 4.36 %
4.47 % 4.42 % 4.23 %
Annualized return on average assets 1.15 %
0.51 % 0.52 % 1.43 % 0.98
% Annualized return on average equity 12.08 %
5.45 % 5.64 % 15.20 %
9.43 % Annualized net loan charge-offs to avg loans 0.17 %
0.25 % 0.04 % 0.06 %
0.05 % Net charge-offs 168
250 41 57
49 Efficiency ratio 65.1 %
65.1 % 62.5 % 60.7 %
59.4 %
Per Share Data
Basic earnings per share $ 0.50 $ 0.22
$ 0.22 $ 0.59 $ 0.40
Diluted earnings per share 0.50 0.22
0.22 0.59
0.40 Dividend declared per share 0.46
0.46 0.46
0.46 0.46 Book value 18.40
16.01 15.29
15.93 15.47 Common stock price:
High 34.25
31.81 25.61 30.40
35.00 Low 29.89
24.89 23.00 23.00
29.00 Close 32.01
29.14 25.42 23.03
29.00 Weighted average common shares:
Basic 3,833
3,833 3,832 3,843
3,855 Fully Diluted 3,833
3,833 3,832
3,843 3,855 End-of-period common
shares:
Issued 4,013
4,012 4,011
4,011 4,010 Treasury 179
179 179
179 159
Quarter Ended
(Dollars in Thousands, Except Per Share Data)
9/30/2009 6/30/2009
3/31/2009 12/31/2008
9/30/2008
Financial Condition Data:
General
Total assets $ 678,685 $ 667,861
$ 649,612 $ 652,803 $ 632,244 Loans, net
396,347 387,697 382,751
377,122 367,279 Intangibles
3,032 3,032 3,032 3,032
3,032 Total deposits 490,062
495,001 448,807 421,368
430,571 Noninterest-bearing 75,569
74,509 71,963 76,035
73,586
Savings 62,717 61,924 60,764
58,668 62,591 NOW 61,855
58,020 55,816 53,821
56,391 Money Market 71,820
71,748 50,476 35,848
39,627 Time Deposits 218,101
228,800 209,788 196,996
198,376 Total interest-bearing deposits 414,493
420,492 376,844 345,333
356,985
Core deposits* 271,961 266,201
239,019 224,372 232,195
Shareholders' equity 70,539 61,371
58,584 61,027 59,561
Asset Quality
Non-performing assets $ 5,844 $ 2,667
$ 2,269 $ 1,735 $ 941 Non-performing
assets to total assets 0.86 % 0.40 % 0.35 %
0.27 % 0.15 % Allowance for loan losses 4,478
4,377 4,441 4,356
4,268 Allowance for loan losses to total loans
1.12 % 1.12 % 1.15 % 1.14 % 1.15 %
Allowance for loan losses to
non-performing loans
76.63 % 164.12 % 195.72 % 251.07 %
453.56 % Non-performing loans to total loans 1.46 %
0.68 % 0.59 % 0.46 % 0.25 %
Capitalization
Shareholders' equity to total assets 10.39 %
9.19 % 9.02 % 9.35 % 9.42 %
* Core deposits are defined as
total deposits less time deposits
Reconciliation of GAAP and non-GAAP Financial
Measures Three Months Ended Nine Months
Ended September 30, September 30, 2009 2008 2009 2008 GAAP net
income $ 1,922 $ 1,552 $ 3,593 $ 5,740 Securities losses, net of
tax (335 ) (993 ) (3,275 ) (1,133 )
Non-GAAP operating earnings $ 2,257 $ 2,545 $ 6,868
$ 6,873 Three Months Ended Nine Months
Ended September 30, September 30, 2009 2008 2009 2008 Return on
average assets (ROA) 1.15 % 0.98 % 0.73 % 1.21 % Adjustment for net
after tax securities losses (gains) 0.20 % 0.62 %
0.66 % 0.24 % Non-GAAP operating ROA 1.35 %
1.60 % 1.39 % 1.45 % Three
Months Ended Nine Months Ended September 30, September 30, 2009
2008 2009 2008 Return on average equity (ROE) 12.08 % 9.43 % 7.80 %
11.10 % Adjustment for net after tax securities losses 2.11
% 6.03 % 7.11 % 2.19 % Non-GAAP operating ROE
14.19 % 15.46 % 14.91 % 13.29 %
Three Months Ended Nine Months Ended September 30, September
30, 2009 2008 2009 2008 Basic earnings per share (EPS) $ 0.50 $
0.40 $ 0.94 $ 1.49 Adjustment for net after tax securities losses
0.09
0.26 0.85 0.29 Non-GAAP
basic operating EPS $ 0.59 $ 0.66 $ 1.79 $
1.78 Three Months Ended Nine Months Ended
September 30, September 30, 2009 2008 2009 2008 Dilutive EPS $ 0.50
$ 0.40 $ 0.94 $ 1.49 Adjustment for net after tax securities losses
0.09
0.26 0.85 0.29 Non-GAAP
dilutive operating EPS $ 0.59 $ 0.66 $ 1.79 $
1.78
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jul 2023 to Jul 2024
