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 $2,423,000 and $9,291,000 for the three and twelve
months ended December 31, 2009 compared to $2,470,000 and
$9,343,000 for the same periods of 2008. Operating earnings per
share for the three months ended December 31, 2009 were $0.63 basic
and dilutive compared to $0.64 basic and dilutive for the same
period of 2008. Operating earnings per share for the twelve months
ended December 31, 2009 remained steady at $2.42 basic and dilutive
compared to the same period of 2008. Operating earnings for the
three and twelve months ended December 31, 2009 were impacted by a
substantial increase in FDIC insurance expense, which offset the
positive effects of the growth in loans and deposits. A
reconciliation of the non-GAAP financial measures of operating
earnings, operating return on assets, operating return on equity,
and operating earnings per share 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 twelve months ended December 31, 2009
was $2,500,000 and $6,093,000 compared to $2,263,000 and $8,003,000
for the same periods of 2008. Comparable results were impacted by
an increase in after-tax securities gains of $284,000 (from a loss
of $207,000 to a gain of $77,000) for the three month period ended
December 31, 2009 compared to 2008, and an increase in after-tax
securities losses of $1,858,000 (from a loss of $1,340,000 to a
loss of $3,198,000) for the comparable twelve month periods of 2009
and 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 twelve months ended December 31, 2009 of $0 and
$4,614,000 compared to $372,000 and $2,797,000 for the three and
twelve months ended December 31, 2008. Basic and dilutive earnings
per share for the three and twelve months ended December 31, 2009
were $0.65 and $1.59 compared to $0.59 and $2.07 for the
corresponding periods of 2008. Return on average assets and return
on average equity were 1.47% and 14.72% for the three months ended
December 31, 2009 compared to 1.43% and 15.20% for the
corresponding period of 2008. Earnings for the twelve months ended
December 31, 2009 correlate to a return on average assets and
return on average equity of 0.92% and 9.66% compared to 1.27% and
12.02% for the twelve month 2008 period.
The net interest margin for the three and twelve months ended
December 31, 2009 was 4.42% and 4.40% compared to 4.42% and 4.14%
for the corresponding periods of 2008. A decrease in the rate paid
on interest bearing liabilities of 42 basis points (bp) and 66 bp
for the three and twelve months ended December 31, 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 91 bp and 108 bp for the
three and twelve month periods ended December 31, 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, our strategic decision to shorten the duration of the time
deposit portfolio over the past year, and core deposit growth that
allowed for a reduction in short-term borrowings. The duration of
the time deposit portfolio has begun to be lengthened due to the
apparent bottoming or near bottoming of deposit rates.
“A net interest margin of 4.42% and 4.40% for the three and
twelve month periods of 2009 with taxable equivalent net interest
income of $6,951,000 and $26,745,000 over the same periods has been
the primary driver behind the solid operating earnings. The
increase in taxable equivalent net interest income is the product
of loan growth that has been funded by core deposit growth of
$55,349,000 from December 31, 2008 to 2009,” 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, our nonperforming loans to total loans
ratio has increased to 1.10% at December 31, 2009 from 0.46% at
December 31, 2008. Furthermore, net loan charge-offs to average
loans of 0.15% for the twelve month period ended December 31, 2009
remain at a minimal level,” added Mr. Walko.
Total assets increased $23,401,000 to $676,204,000 at December
31, 2009 compared to December 31, 2008. Net loans increased
$23,750,000 despite a softening economy that has in general
provided fewer loan opportunities. Due to our credit quality
position and overall balance sheet strength, however, we have been
able to aggressively attract those loans that meet and/or exceed
our credit standards. The investment portfolio increased $489,000
from December 31, 2008 to year-end 2009 primarily due to an
increase in the market value of the portfolio. During the twelve
months ended December 31, 2009, the equity segment of the portfolio
experienced write downs of $4,614,000 (none during the three months
ended December 31, 2009) due to the turbulence in the equity
markets, particularly the financial sector, which 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 18.0% or $75,919,000 to $497,287,000 at
December 31, 2009 compared to year-end 2008 with, core deposits
(total deposits excluding time deposits) increasing 24.7% or
$55,349,000. “Increasing total deposits, with the emphasis on core
deposits, continues to be one of our top priorities. The
significant deposit growth has allowed for short-term borrowings to
be reduced by 75.2% or $55,592,000, while funding the 6.3% or
$24,051,000 growth in gross loans. 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. Over the past
year we have added mobile 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 $5,889,000 to $66,916,000 at
December 31, 2009 compared to December 31, 2008 as accumulated
other comprehensive loss was reduced by $6,777,000. The reduction
in accumulated other comprehensive loss is primarily a result of a
change in unrealized losses on available for sale securities from
an unrealized loss of $8,486,000 at December 31, 2008 to an
unrealized loss of $3,569,000 at December 31, 2009. The other
component in the reduction of accumulated other comprehensive loss
is a decrease of $1,860,000 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 an increase in the market value
of the plan assets caused by relative improved performance in the
stock and bond markets over the past year. The current level of
shareholders’ equity equates to a book value per share of $17.45 at
December 31, 2009 compared to $15.93 at December 31, 2008 and an
equity to asset ratio of 9.90% at December 31, 2009. Book value per
share, excluding accumulated other comprehensive loss, was $18.88
at December 31, 2009 compared to $19.13 at December 31, 2008.
Dividends paid to shareholders were $0.46 for the three months
ended December 31, 2009 and 2008, while dividends for the twelve
months ended December 31, 2009 and 2008 were $1.84.
“The economic uncertainty continuously mentioned in the media
has not changed the way we conduct business. We continue to
generate loans within our market area that perform and are well
collateralized. This focus is the reason that we continue to
experience a minimal amount of net charge-offs even in this
challenging environment. While building the loan portfolio, we have
also succeeded in growing the deposit base. The growth in deposits
has provided the funding for the loan portfolio, while allowing for
total debt to be reduced. The overall balance sheet growth, shift
in liability composition, and the level of core earnings have
provided momentum that will be utilized to navigate through the
upcoming year,” 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) December 31, 2009 2008 % Change
ASSETS Noninterest-bearing balances $ 13,760 $ 16,563 -16.9
% Interest-bearing deposits in other financial institutions
28 18 55.6 % Total cash and cash equivalents
13,788 16,581 -16.8 % Investment securities, available for
sale, at fair value 208,768 208,251 0.2 % Investment securities
held to maturity (fair value of $108 and $136) 107 135 -20.7 %
Loans held for sale 4,063 3,622 12.2 % Loans 405,529 381,478 6.3 %
Less: Allowance for loan losses 4,657 4,356
6.9 % Loans, net 400,872 377,122 6.3 % Premises and
equipment, net 7,988 7,865 1.6 % Accrued interest receivable 3,523
3,614 -2.5 % Bank-owned life insurance 14,942 14,546 2.7 %
Investment in limited partnerships 4,898 4,727 3.6 % Goodwill 3,032
3,032 0.0 % Deferred tax asset 9,491 10,944 -13.3 % Other assets
4,732 2,364 100.2 % TOTAL ASSETS $
676,204 $ 652,803 3.6 % LIABILITIES
Interest-bearing deposits $ 417,388 $ 345,333 20.9 %
Noninterest-bearing deposits 79,899 76,035
5.1 % Total deposits 497,287 421,368 18.0 %
Short-term borrowings 18,354 73,946 -75.2 % Long-term borrowings,
Federal Home Loan Bank (FHLB) 86,778 86,778 0.0 % Accrued interest
payable 1,073 1,317 -18.5 % Other liabilities 5,796
8,367 -30.7 % TOTAL LIABILITIES 609,288
591,776 3.0 % SHAREHOLDERS' EQUITY
Common stock, par value $8.33,
10,000,000 shares authorized; 4,013,142 and 4,010,528 shares
issued
33,443 33,421 0.1 % Additional paid-in capital 18,008 17,959 0.3 %
Retained earnings 27,218 28,177 -3.4 % Accumulated other
comprehensive loss: Net unrealized loss on available for sale
securities (3,569 ) (8,486 ) 57.9 % Defined benefit plan (1,920 )
(3,780 ) 49.2 % Less: Treasury stock at cost, 179,028 and 179,028
shares (6,264 ) (6,264 ) 0.0 % TOTAL SHAREHOLDERS'
EQUITY 66,916 61,027 9.6 % TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 676,204 $ 652,803
3.6 %
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(In Thousands, Except Per Share Data) Three Months
Ended Twelve Months Ended December 31, December 31, 2009
2008 % Change 2009 2008 % Change
INTEREST AND DIVIDEND INCOME: Loans including fees $ 6,543 $ 6,292
4.0 % $ 25,568 $ 25,228 1.3 % Investment securities: Taxable 1,319
1,384 -4.7 % 5,424 5,241 3.5 % Tax-exempt 1,257 1,230 2.2 % 5,005
4,871 2.8 % Dividend and other interest income 29 110
-73.6 % 194 768 -74.7 % TOTAL
INTEREST AND DIVIDEND INCOME 9,148 9,016 1.5 %
36,191 36,108 0.2 % INTEREST
EXPENSE: Deposits 1,927 2,168 -11.1 % 8,284 9,670 -14.3 %
Short-term borrowings 78 185 -57.8 % 396 1,181 -66.5 % Long-term
borrowings, FHLB 937 937 0.0 % 3,718
3,981 -6.6 % TOTAL INTEREST EXPENSE
2,942 3,290 -10.6 % 12,398
14,832 -16.4 % NET INTEREST INCOME 6,206 5,726 8.4 %
23,793 21,276 11.8 % PROVISION FOR LOAN LOSSES 335
145 131.0 % 917 375 144.5
% NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
5,871 5,581 5.2 % 22,876 20,901
9.4 % NON-INTEREST INCOME: Deposit service charges
581 585 -0.7 % 2,200 2,289 -3.9 % Securities gains (losses), net
116 (314 ) 136.9 % (4,846 ) (2,031 ) -138.6 % Bank-owned life
insurance 295 105 181.0 % 713 472 51.1 % Gain on sale of loans 300
204 47.1 % 826 882 -6.3 % Insurance commissions 201 446 -54.9 %
1,189 1,928 -38.3 % Other 581 423 37.4 %
2,205 1,916 15.1 % TOTAL NON-INTEREST
INCOME 2,074 1,449 43.1 % 2,287
5,456 -58.1 % NON-INTEREST EXPENSE: Salaries
and employee benefits 2,524 2,359 7.0 % 10,189 9,634 5.8 %
Occupancy, net 310 321 -3.4 % 1,266 1,288 -1.7 % Furniture and
equipment 306 306 0.0 % 1,212 1,182 2.5 % Pennsylvania shares tax
171 106 61.3 % 685 421 62.7 % Amortization of investments in
limited partnerships 142 178 -20.2 % 567 712 -20.4 % Other
1,732 1,272 36.2 % 5,893 4,712
25.1 % TOTAL NON-INTEREST EXPENSE 5,185 4,542
14.2 % 19,812 17,949 10.4 %
INCOME BEFORE INCOME TAX (BENEFIT) PROVISION 2,760 2,488
10.9 % 5,351 8,408 -36.4 % INCOME TAX (BENEFIT) PROVISION
260 225 15.6 % (742 ) 405 -283.2
% NET INCOME $ 2,500 $ 2,263 10.5 % $ 6,093 $ 8,003
-23.9 % EARNINGS PER SHARE - BASIC $ 0.65 $ 0.59
10.2 % $ 1.59 $ 2.07 -23.2 % EARNINGS
PER SHARE - DILUTED $ 0.65 $ 0.59 10.2 % $ 1.59 $
2.07 -23.2 % WEIGHTED AVERAGE SHARES OUTSTANDING -
BASIC 3,833,732 3,843,063 -0.2 %
3,832,789 3,859,724 -0.7 % WEIGHTED
AVERAGE SHARES OUTSTANDING - DILUTED 3,833,869
3,843,063 -0.2 % 3,832,886 3,859,833
-0.7 % DIVIDENDS PER SHARE $ 0.46 $ 0.46 0.0 %
$ 1.84 $ 1.84 0.0 %
PENNS WOODS
BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES
For the Three Months Ended
(Dollars in Thousands) December 31, 2009 December 31, 2008 Average
Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS: Tax-exempt loans $ 16,829 $ 284 6.70 % $ 10,963 $ 194 7.04
% All other loans 395,335 6,356 6.38 %
369,355 6,164 6.64 % Total loans 412,164 6,640
6.39 % 380,318 6,358 6.65 % Taxable
securities 104,527 1,348 5.16 % 103,179 1,494 5.79 % Tax-exempt
securities 108,901 1,905 7.00 % 97,548
1,864 7.64 % Total securities 213,428 3,253
6.10 % 200,727 3,358 6.69 % Interest
bearing deposits 2,094 - 0.00 % 55
- 0.00 % Total interest-earning assets 627,686
9,893 6.27 % 581,100 9,716 6.66 % Other assets
53,435 54,127 TOTAL ASSETS $ 681,121 $ 635,227
LIABILITIES AND SHAREHOLDERS' EQUITY: Savings $ 59,952 69
0.46 % $ 58,736 100 0.68 % Super Now deposits 63,227 120 0.75 %
54,764 145 1.05 % Money market deposits 74,315 303 1.62 % 38,515
218 2.25 % Time deposits 223,966 1,435 2.54 %
196,469 1,705 3.45 % Total deposits 421,460
1,927 1.81 % 348,484 2,168 2.47 %
Short-term borrowings 16,217 78 1.88 % 58,440 185 1.25 %
Long-term borrowings 86,778 937 4.23 %
86,778 937 4.23 % Total borrowings 102,995
1,015 3.86 % 145,218 1,122 3.03 % Total
interest-bearing liabilities 524,455 2,942 2.22 %
493,702 3,290 2.64 % Demand deposits 78,027 74,848
Other liabilities 10,714 7,121 Shareholders' equity 67,925
59,556 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $
681,121 $ 635,227 Interest rate spread 4.05 % 4.02 % Net
interest income/margin $ 6,951 4.42 % $ 6,426 4.42 %
For the Three Months Ended December 31, 2009 2008
Total interest income $ 9,148 $ 9,016 Total interest expense
2,942 3,290 Net interest income 6,206
5,726 Tax equivalent adjustment 745 700
Net interest income (fully taxable equivalent) $ 6,951 $ 6,426
PENNS WOODS BANCORP, INC. AVERAGE
BALANCES AND INTEREST RATES For the Twelve
Months Ended December 31, 2009 December 31, 2008 Average
Balance Interest Average Rate Average Balance
Interest Average Rate ASSETS: Tax-exempt loans $ 16,688 $
1,100 6.59 % $ 9,230 $ 603 6.53 % All other loans 382,433
24,842 6.50 % 361,945 24,830 6.86 %
Total loans 399,121 25,942 6.50 %
371,175 25,433 6.85 % Taxable securities 103,338
5,617 5.44 % 104,245 6,008 5.76 % Tax-exempt securities
104,800 7,583 7.24 % 106,030 7,380 6.96
% Total securities 208,138 13,200 6.34 %
210,275 13,388 6.37 % Interest bearing
deposits 1,938 1 0.05 % 10 1
10.00 % Total interest-earning assets 609,197 39,143
6.43 % 581,460 38,822 6.68 % Other assets
54,642 50,779 TOTAL ASSETS $ 663,839 $ 632,239
LIABILITIES AND SHAREHOLDERS' EQUITY: Savings $ 60,815 313
0.51 % $ 60,324 443 0.73 % Super Now deposits 58,591 507 0.87 %
52,117 658 1.26 % Money market deposits 62,906 1,227 1.95 % 30,921
699 2.26 % Time deposits 219,264 6,237 2.84 %
200,572 7,870 3.92 % Total Deposits 401,576
8,284 2.06 % 343,934 9,670 2.81 %
Short-term borrowings 27,641 396 1.42 % 50,545 1,181 2.31 %
Long-term borrowings 86,778 3,718 4.23 %
89,256 3,981 4.39 % Total borrowings 114,419
4,114 3.55 % 139,801 5,162 3.64 %
Total interest-bearing liabilities 515,995 12,398
2.39 % 483,735 14,832 3.05 % Demand deposits
74,618 73,618 Other liabilities 10,169 8,282 Shareholders' equity
63,057 66,604 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 663,839 $ 632,239 Interest rate spread
4.04 % 3.63 % Net interest income/margin $ 26,745
4.40 % $ 23,990 4.14 % For the Twelve Months Ended
December 31, 2009 2008 Total interest income $ 36,191
$ 36,108 Total interest expense 12,398 14,832
Net interest income 23,793 21,276 Tax equivalent adjustment
2,952 2,714 Net interest income (fully
taxable equivalent) $ 26,745 $ 23,990
Quarter Ended (Dollars in
Thousands, Except Per Share Data)
12/31/2009
9/30/2009
6/30/2009
3/31/2009
12/31/2008
Operating Data
Net income $ 2,500
$ 1,922 $ 832 $ 839
$ 2,263 Net interest income 6,206
5,945 5,805
5,837 5,726 Provision for loan losses
335 270 186
126 145 Net security
gains (losses) 116 (507 )
(2,086 ) (2,369 ) (314 ) Non-interest
income, ex. net security gains (losses) 1,958
1,888 1,694 1,593
1,763 Non-interest expense 5,185
5,097 4,885
4,645 4,542
Performance
Statistics
Net interest margin 4.42 %
4.35 % 4.36 % 4.47 %
4.42 % Annualized return on average assets
1.47 % 1.15 % 0.51 % 0.52
% 1.43 % Annualized return on average equity
14.72 % 12.08 % 5.45 %
5.64 % 15.20 % Annualized net loan charge-offs to avg
loans 0.15 % 0.17 % 0.25 %
0.04 % 0.06 % Net charge-offs
157 168 250
41 57 Efficiency ratio
63.5 % 65.1 % 65.1 % 62.5
% 60.7 %
Per Share Data
Basic earnings per share $ 0.65 $ 0.50
$ 0.22 $ 0.22 $ 0.59 Diluted
earnings per share 0.65 0.50
0.22 0.22
0.59 Dividend declared per share 0.46
0.46 0.46 0.46
0.46 Book value 17.45
18.40 16.01
15.29 15.93 Common stock price:
High
33.24 34.25 31.81
25.61 30.40 Low
30.37 29.89 24.89
23.00 23.00 Close
32.44 32.01 29.14
25.42 23.03
Weighted average common shares:
Basic 3,834
3,833 3,833 3,832
3,843 Fully Diluted 3,834
3,833 3,833
3,832 3,843 End-of-period common
shares:
Issued 4,013 4,013
4,012 4,011
4,011 Treasury 179 179
179 179 179
Quarter Ended
(Dollars in Thousands, Except Per Share Data)
12/31/2009 9/30/2009
6/30/2009 3/31/2009
12/31/2008
Financial Condition Data:
General
Total assets $ 676,204 $ 678,685
$ 667,861 $ 649,612 $
652,803 Loans, net 400,872
396,347 387,697 382,751
377,122 Intangibles 3,032
3,032 3,032
3,032 3,032 Total deposits
497,287 490,062 495,001
448,807 421,368
Noninterest-bearing 79,899 75,569
74,509 71,963
76,035
Savings 60,827
62,717 61,924
60,764 58,668 NOW 64,361
61,855 58,020
55,816 53,821 Money
Market 74,634 71,820
71,748 50,476
35,848 Time Deposits 217,566
218,101 228,800 209,788
196,996 Total interest-bearing deposits
417,388 414,493
420,492 376,844 345,333
Core deposits* 279,721
271,961 266,201 239,019
224,372 Shareholders' equity
66,916 70,539 61,371
58,584 61,027
Asset Quality
Non-performing assets $
4,456 $ 5,844 $ 2,667 $
2,269 $ 1,735 Non-performing assets to total
assets 0.66 % 0.86 % 0.40 %
0.35 % 0.27 % Allowance for loan losses
4,657 4,478 4,377
4,441 4,356
Allowance for loan losses to total loans 1.15 %
1.12 % 1.12 % 1.15 %
1.14 %
Allowance for loan losses to
non-performing loans
104.51 % 76.63 % 164.12 %
195.72 % 251.07 % Non-performing loans to
total loans 1.10 % 1.46 % 0.68 %
0.59 % 0.46 %
Capitalization
Shareholders' equity to total
assets 9.90 % 10.39 % 9.19 %
9.02 % 9.35 % * Core deposits
are defined as total deposits less time deposits
Reconciliation of GAAP and non-GAAP Financial Measures
Three Months Ended Twelve Months Ended
December 31, December 31, 2009 2008 2009 2008 GAAP
net income $ 2,500 $ 2,263 $ 6,093 $ 8,003 Less: securities gains
(losses), net of tax 77 (207 ) (3,198 )
(1,340 ) Non-GAAP operating earnings $ 2,423 $ 2,470
$ 9,291 $ 9,343 Three Months
Ended Twelve Months Ended December 31, December 31, 2009 2008 2009
2008 Return on average assets (ROA) 1.47 % 1.43 % 0.92 % 1.27 %
Less: securities gains (losses), net of tax 0.05 %
-0.13 % -0.48 % -0.21 % Non-GAAP operating ROA
1.42 % 1.56 % 1.40 % 1.48 %
Three Months Ended Twelve Months Ended December 31, December 31,
2009 2008 2009 2008 Return on average equity (ROE) 14.72 % 15.20 %
9.66 % 12.02 % Less: securities gains (losses), net of tax
0.45 % -1.39 % -5.07 % -2.01 % Non-GAAP
operating ROE 14.27 % 16.59 % 14.73 %
14.03 % Three Months Ended Twelve Months Ended
December 31, December 31, 2009 2008 2009 2008 Basic earnings per
share (EPS) $ 0.65 $ 0.59 $ 1.59 $ 2.07 Less: securities gains
(losses), net of tax 0.02 (0.05 ) (0.83
) (0.35 ) Non-GAAP basic operating EPS $ 0.63 $ 0.64
$ 2.42 $ 2.42 Three Months Ended
Twelve Months Ended December 31, December 31, 2009 2008 2009 2008
Dilutive EPS $ 0.65 $ 0.59 $ 1.59 $ 2.07 Less: securities gains
(losses), net of tax 0.02 (0.05 ) (0.83
) (0.35 ) Non-GAAP dilutive operating EPS $ 0.63 $
0.64 $ 2.42 $ 2.42
Penns Woods Bancorp (NASDAQ:PWOD)
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From Jun 2024 to Jul 2024
Penns Woods Bancorp (NASDAQ:PWOD)
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From Jul 2023 to Jul 2024
