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, increased to $3,145,000 and $8,873,000 for the three and
nine months ended September 30, 2011 compared to $2,776,000 and
$7,961,000 for the same periods of 2010. Operating earnings per
share for the three months ended September 30, 2011 were $0.82
basic and dilutive compared to $0.72 basic and dilutive for the
same period of 2010 or an increase of 13.9%. Operating earnings per
share for the nine months ended September 30, 2011 increased 11.1%
to $2.31 basic and dilutive compared to $2.08 basic and dilutive
for the same period of 2010. Operating earnings for the three and
nine months ended September 30, 2011 have been positively impacted
by continued emphasis on core deposit growth, a solid net interest
margin, and expense control. 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 GAAP, for the three and nine
months ended September 30, 2011 was $3,150,000 and $8,967,000
compared to $2,848,000 and $8,068,000 for the same periods of 2010.
Results for the three and nine month periods ended September 30,
2011 compared to 2010 were impacted by a decrease in after-tax
securities gains of $67,000 (from a gain of $72,000 to a gain of
$5,000) for the three month periods and an decrease in after-tax
securities gains of $13,000 (from a gain of $107,000 to a gain of
$94,000) for the nine month periods. Basic and dilutive earnings
per share for the three and nine months ended September 30, 2011
were $0.82 and $2.34 compared to $0.74 and $2.10 for the
corresponding periods of 2010. Return on average assets and return
on average equity were 1.67% and 16.49% for the three months ended
September 30, 2011 compared to 1.60% and 15.51% for the
corresponding period of 2010. Earnings for the nine months ended
September 30, 2011 correlate to a return on average assets and a
return on average equity of 1.65% and 16.46% compared to 1.54% and
15.21% for the nine month 2010 period.
The net interest margin for the three and nine months ended
September 30, 2011 was 4.55% and 4.67% compared to 4.56% and 4.54%
for the corresponding periods of 2010. While the net interest
margin has increased on a nine month basis, it has flattened on a
three month basis and compared to the linked quarter. The cause for
the flattening is centered around current yields on new assets
being added to the earning asset portfolio which are at lower
yields than the current portfolio, offset by a similar decline in
the cost of interest-bearing liabilities. Leading the decline in
cost of interest-bearing liabilities is a continued emphasis on the
growth of core deposits. These deposits represent a lower cost
funding source than time deposits and comprise 70.3% of total
deposits at September 30, 2011 compared to 62.0% at September 30,
2010. The average rate paid on total interest-bearing deposits
decreased 33 and 40 basis points (bp) for the three and nine months
ended September 30, 2011 compared to the same periods of 2010. The
decrease was led by the rate paid on time deposits decreasing 36
and 48 bp for the three and nine months ended September 30, 2011
compared to the same periods of 2010. The duration of the time
deposit portfolio, which was shortened over the past several years,
is now being lengthened due to the apparent bottoming or near
bottoming of deposit rates. FHLB long-term borrowings have been
reduced by $10,000,000 since September 30, 2010 with cash on hand
being utilized to pay off the borrowings. An additional $10,500,000
of FHLB long-term borrowings at an average rate of 4.60% will be
maturing during the last three months of 2011.
“Today’s economic environment and interest rate climate provide
challenges to maintaining a strong net interest margin. To maintain
our margin we have attacked the challenge from both the earning
asset and funding sides of the equation. On the earning side of the
equation we have been shortening the bond portfolio duration by
utilizing shorter term corporate and agency bonds to offset the
duration in the portfolio caused by the concentration in municipal
bonds. While this action may limit current earnings somewhat, it
also limits interest rate risk and will provide cash flow over the
next few years as we prepare for a period of increasing rates.
Quality loans that complement the existing portfolio and possess a
fair risk/return trade-off are being added to the portfolio.
However, the yield on new loans, as with investments, is at a lower
level than the existing portfolio which has contributed to the net
interest margin remaining flat compared to the linked quarter. On
the funding side of the balance sheet we have continued to remain
focused on core deposit relationships. The result of this focus has
been a decrease in the reliance on time deposits and borrowings due
to a substantial increase in core deposits. The increase in core
deposits has resulted in a decrease in the overall cost of
interest-bearing liabilities which has offset the negative effects
of a declining yield on earning assets. As with the earning asset
portfolio, we are taking steps to mitigate the impact of rising
rates in the future by lengthening the time deposit portfolio,”
commented Richard A. Grafmyre, President and Chief Executive
Officer of Penns Woods Bancorp, Inc.
Total assets increased $39,154,000 to $752,650,000 at September
30, 2011 compared to September 30, 2010. Net loans increased 3.8%
to $422,989,000 at September 30, 2011 compared to September 30,
2010 as the economic environment has in general provided fewer loan
opportunities. Housing, transportation, and all other facets
related to the Marcellus Shale natural gas exploration are creating
some loan opportunities and we are aggressively attempting to
attract those loans that meet and/or exceed our credit standards.
The general economic issues of the state and nation are impacting
our loan credit quality ratios, although we continue to compare
favorably to other members of the financial industry. Our
nonperforming loans to total loans ratio has increased to 3.34% at
September 30, 2011 from 1.68% at September 30, 2010. The increase
in nonperforming loans is primarily the result of an increase in
commercial loan delinquencies. The increase is centered on several
loans that either are in a secured position and have sureties with
a strong underlying financial position or have a specific
allocation for any impairment recorded within the allowance for
loan losses. Annualized net loan charge-offs to average loans for
the nine months ended September 30, 2011 of 0.47% increased from
our historically low levels primarily due to a $1,500,000 partial
charge-off related to a real-estate development loan during the
second quarter of 2011. The allowance for loan losses was increased
to 1.48% of total loans at September 30, 2011 from 1.33% of total
loans at September 30, 2010 due to the general economic uncertainty
and an increase in nonperforming loans. The investment portfolio
increased $34,551,000 from September 30, 2010 to September 30, 2011
due to the purchase of short maturity bonds that have been utilized
to reduce the portfolio duration and to provide current cash
flow.
Deposits have grown 7.7%, or $41,130,000, to $575,300,000 at
September 30, 2011 compared to September 30, 2010, with core
deposits (total deposits excluding time deposits) increasing
$73,324,000. “Deposits continue to increase significantly with
money market and NOW accounts leading the growth.
Noninterest-bearing deposits have also increased 13.7% to
$104,783,000 at September 30, 2011. Driving this growth is our
commitment to easy to use products, community involvement, and
emphasis on customer service. In addition, over the past year we
have implemented a targeted marketing campaign aimed at further
strengthening our customer relationships, while also expanding our
market penetration,” commented Mr. Grafmyre.
Shareholders’ equity increased $3,249,000 to $78,572,000 at
September 30, 2011 compared to September 30, 2010. The accumulated
other comprehensive loss of $1,463,000 at September 30, 2011 is a
result of a decrease in unrealized gains on available for sale
securities from $2,057,000 at September 30, 2010 to $950,000 at
September 30, 2011. The level of accumulated other comprehensive
loss at September 30, 2011 was also impacted by the change in net
excess of the projected benefit obligation over the market value of
the plan assets of the defined benefit pension plan resulting in an
increase in the net loss of $493,000. The current level of
shareholders’ equity equates to a book value per share of $20.48 at
September 30, 2011 compared to $19.64 at September 30, 2010 and an
equity to asset ratio of 10.44% at September 30, 2011 compared to
10.56% at September 30, 2010. Excluding accumulated other
comprehensive loss/gain, book value per share was $20.86 at
September 30, 2011 compared to $19.61 at September 30, 2010.
Dividends paid to shareholders were $0.46 and $1.38 for the three
and nine months ended September 30, 2011 and 2010.
“Our high level of earnings in conjunction with our dividend
policy continues to provide sufficient capital for balance sheet
growth. We will utilize our solid foundation within and around our
core market area to grow the balance sheet in a prudent and
profitable manner,” commented Mr. Grafmyre.
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, 2010.
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, 2011 2010 % Change ASSETS
Noninterest-bearing balances $ 11,658 $ 15,741 -25.9 %
Interest-bearing deposits in other financial institutions 17
7,316 -99.8 % Total cash and cash equivalents
11,675 23,057 -49.4 % Investment securities, available for
sale, at fair value 266,637 232,058 14.9 % Investment securities
held to maturity (fair value of $54 and $83) 54 82 -34.1 % Loans
held for sale 3,623 5,360 -32.4 % Loans 429,344 412,873 4.0 % Less:
Allowance for loan losses 6,355 5,479
16.0 % Loans, net 422,989 407,394 3.8 % Premises and equipment, net
7,533 7,814 -3.6 % Accrued interest receivable 3,802 3,657 4.0 %
Bank-owned life insurance 15,929 15,345 3.8 % Investment in limited
partnerships 3,709 4,415 -16.0 % Goodwill 3,032 3,032 0.0 %
Deferred tax asset 8,087 7,041 14.9 % Other assets 5,580
4,241 31.6 % TOTAL ASSETS $ 752,650 $
713,496 5.5 % LIABILITIES Interest-bearing deposits $
470,517 $ 442,042 6.4 % Noninterest-bearing deposits 104,783
92,128 13.7 % Total deposits 575,300 534,170
7.7 % Short-term borrowings 17,584 14,629 20.2 % Long-term
borrowings, Federal Home Loan Bank (FHLB) 71,778 81,778 -12.2 %
Accrued interest payable 616 832 -26.0 % Other liabilities
8,800 6,764 30.1 % TOTAL LIABILITIES
674,078 638,173 5.6 % SHAREHOLDERS'
EQUITY
Common stock, par value $8.33, 10,000,000
shares authorized; 4,017,251 and 4,014,871 shares issued
33,477 33,457 0.1 % Additional paid-in capital 18,103 18,045 0.3 %
Retained earnings 34,765 29,994 15.9 % Accumulated other
comprehensive (loss) gain: Net unrealized gain on available for
sale securities 950 2,057 -53.8 % Defined benefit plan (2,413 )
(1,920 ) -25.7 % Less: Treasury stock at cost, 180,596 shares
(6,310 ) (6,310 ) 0.0 % TOTAL SHAREHOLDERS' EQUITY
78,572 75,323 4.3 % TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 752,650 $ 713,496 5.5 %
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,
2011 2010 % Change 2011 2010 % Change INTEREST AND DIVIDEND
INCOME: Loans including fees $ 6,327 $ 6,434 -1.7 % $ 18,759 $
19,162 -2.1 % Investment securities: Taxable 1,445 1,428 1.2 %
4,231 4,182 1.2 % Tax-exempt 1,336 1,266 5.5 % 3,875 3,794 2.1 %
Dividend and other interest income 65 54 20.4 %
174 157 10.8 % TOTAL INTEREST AND DIVIDEND INCOME
9,173 9,182 -0.1 % 27,039 27,295 -0.9 %
INTEREST EXPENSE: Deposits 1,154 1,458 -20.9 % 3,530 4,719
-25.2 % Short-term borrowings 58 77 -24.7 % 157 197 -20.3 %
Long-term borrowings, FHLB 751 889 -15.5 %
2,227 2,733 -18.5 % TOTAL INTEREST EXPENSE 1,963
2,424 -19.0 % 5,914 7,649 -22.7 % NET
INTEREST INCOME 7,210 6,758 6.7 % 21,125 19,646 7.5 %
PROVISION FOR LOAN LOSSES 600 700 -14.3 %
1,800 1,400 28.6 % NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 6,610 6,058 9.1 %
19,325 18,246 5.9 % NON-INTEREST INCOME: Deposit
service charges 508 562 -9.6 % 1,538 1,609 -4.4 % Securities gains,
net 8 109 -92.7 % 142 162 -12.3 % Bank-owned life insurance 148 143
3.5 % 461 442 4.3 % Gain on sale of loans 359 202 77.7 % 850 714
19.0 % Insurance commissions 241 230 4.8 % 630 767 -17.9 %
Brokerage commissions 241 208 15.9 % 797 716 11.3 % Other
485 416 16.6 % 1,390 1,164 19.4 % TOTAL
NON-INTEREST INCOME 1,990 1,870 6.4 % 5,808
5,574 4.2 % NON-INTEREST EXPENSE: Salaries and
employee benefits 2,621 2,427 8.0 % 7,728 7,779 -0.7 % Occupancy,
net 313 303 3.3 % 962 947 1.6 % Furniture and equipment 354 296
19.6 % 1,011 922 9.7 % Pennsylvania shares tax 172 170 1.2 % 516
508 1.6 % Amortization of investments in limited partnerships 165
200 -17.5 % 496 483 2.7 % FDIC deposit insurance 43 180 -76.1 % 416
556 -25.2 % Other 1,300 1,128 15.2 % 3,683
3,485 5.7 % TOTAL NON-INTEREST EXPENSE 4,968
4,704 5.6 % 14,812 14,680 0.9 % INCOME BEFORE
INCOME TAX PROVISION 3,632 3,224 12.7 % 10,321 9,140 12.9 % INCOME
TAX PROVISION 482 376 28.2 % 1,354
1,072 26.3 % NET INCOME $ 3,150 $ 2,848 10.6 % $ 8,967 $ 8,068 11.1
% EARNINGS PER SHARE - BASIC $ 0.82 $ 0.74 10.8 % $ 2.34 $
2.10 11.4 % EARNINGS PER SHARE - DILUTED $ 0.82 $ 0.74 10.8
% $ 2.34 $ 2.10 11.4 % WEIGHTED AVERAGE SHARES OUTSTANDING -
BASIC 3,836,244 3,833,850 0.1 % 3,835,778
3,834,101 0.0 % WEIGHTED AVERAGE SHARES OUTSTANDING -
DILUTED 3,836,244 3,833,990 0.1 % 3,835,778
3,834,241 0.0 % 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, 2011 September 30, 2010 Average Balance
Interest Average Rate Average Balance Interest Average Rate ASSETS:
Tax-exempt loans $ 20,211 $ 311 6.10 % $ 18,595 $ 309 6.59 % All
other loans 407,346 6,122 5.96 %
397,672 6,230 6.22 % Total loans 427,557 6,433
5.97 % 416,267 6,539 6.23 % Taxable
securities 139,510 1,509 4.33 % 118,344 1,480 5.00 % Tax-exempt
securities 117,917 2,024 6.87 % 110,654
1,918 6.93 % Total securities 257,427 3,533
5.49 % 228,998 3,398 5.94 %
Interest-bearing deposits 15,734 1 0.03 %
11,958 2 0.07 % Total interest-earning assets
700,718 9,967 5.66 % 657,223 9,939 6.02 %
Other assets 53,323 52,793 TOTAL ASSETS
$ 754,041 $ 710,016 LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 72,704 28 0.15 % $ 66,464 46 0.27 % Super Now deposits
98,094 141 0.57 % 66,188 95 0.57 % Money market deposits 128,012
280 0.87 % 106,111 299 1.12 % Time deposits 173,825
705 1.61 % 204,801 1,018 1.97 % Total
interest-bearing deposits 472,635 1,154 0.97 %
443,564 1,458 1.30 % Short-term borrowings
17,357 58 1.33 % 16,356 77 1.87 % Long-term borrowings, FHLB
71,778 751 4.09 % 83,952 889 4.14 %
Total borrowings 89,135 809 3.56 %
100,308 966 3.77 % Total interest-bearing liabilities
561,770 1,963 1.38 % 543,872 2,424 1.76 %
Demand deposits 104,017 84,263 Other liabilities 11,821
8,447 Shareholders' equity 76,433 73,434 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 754,041 $ 710,016 Interest
rate spread 4.28 % 4.26 % Net interest income/margin $ 8,004
4.55 % $ 7,515 4.56 % For the Three Months
Ended September 30, 2011 2010 Total interest income $
9,173 $ 9,182 Total interest expense 1,963 2,424
Net interest income 7,210 6,758 Tax equivalent
adjustment 794 757 Net interest income
(fully taxable equivalent) $ 8,004 $ 7,515
PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST
RATES For the Nine
Months Ended (Dollars in Thousands) September 30, 2011 September
30, 2010 Average Balance Interest Average Rate Average Balance
Interest Average Rate ASSETS: Tax-exempt loans $ 20,302 $ 924 6.09
% $ 18,148 $ 914 6.73 % All other loans 402,384
18,149 6.03 % 397,303 18,559 6.25 % Total
loans 422,686 19,073 6.03 % 415,451
19,473 6.27 % Taxable securities 126,887 4,402 4.63 %
112,552 4,334 5.13 % Tax-exempt securities 109,552
5,871 7.15 % 108,573 5,748 7.06 % Total
securities 236,439 10,273 5.79 %
221,125 10,082 6.08 % Interest-bearing deposits
11,916 3 0.03 % 9,504 5 0.07 %
Total interest-earning assets 671,041 29,349
5.84 % 646,080 29,560 6.11 % Other assets
53,405 54,221 TOTAL ASSETS $ 724,446 $ 700,301
LIABILITIES AND SHAREHOLDERS' EQUITY: Savings $ 69,994 98 0.19 % $
64,759 144 0.30 % Super Now deposits 83,357 331 0.53 % 64,733 296
0.61 % Money market deposits 120,177 835 0.93 % 98,289 878 1.19 %
Time deposits 181,158 2,266 1.67 %
211,397 3,401 2.15 % Total interest-bearing deposits
454,686 3,530 1.04 % 439,178 4,719 1.44
% Short-term borrowings 17,055 157 1.23 % 14,474 197 1.82 %
Long-term borrowings, FHLB 71,778 2,227 4.09 %
85,826 2,733 4.20 % Total borrowings 88,833
2,384 3.54 % 100,300 2,930 3.86 %
Total interest-bearing liabilities 543,519 5,914
1.45 % 539,478 7,649 1.89 % Demand deposits
98,000 81,833 Other liabilities 10,272 8,243 Shareholders' equity
72,655 70,747 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 724,446 $ 700,301 Interest rate spread
4.39 % 4.22 % Net interest income/margin $ 23,435
4.67 % $ 21,911 4.54 % For the Nine Months Ended
September 30, 2011 2010 Total interest income $
27,039 $ 27,295 Total interest expense 5,914 7,649
Net interest income 21,125 19,646 Tax equivalent
adjustment 2,310 2,265 Net interest
income (fully taxable equivalent) $ 23,435 $ 21,911
Quarter Ended
(Dollars in Thousands, Except Per Share
Data)
9/30/2011
6/30/2011
3/31/2011
12/31/2010
9/30/2010
Operating Data
Net income $ 3,150 $ 2,964 $ 2,853 $
2,861 $ 2,848 Net interest income 7,210
6,918 6,997 6,848 6,758
Provision for loan losses 600 600
600 750 700 Net security gains
8 9 125 11
109 Non-interest income, ex. net security gains 1,982
1,864 1,820 1,874
1,761 Non-interest expense 4,968 4,856
4,988 4,812 4,704
Performance Statistics
Net interest margin 4.55% 4.58%
4.86% 4.66% 4.56% Annualized
return on average assets 1.67% 1.64%
1.65% 1.63% 1.60% Annualized
return on average equity 16.49% 16.29%
16.62% 15.56% 15.51% Annualized
net loan charge-offs to avg loans 0.01% 1.41%
0.00% 0.18% 0.26% Net
charge-offs (recoveries) 8 1,477
(5) 193 268 Efficiency ratio
54.1% 55.3% 56.6% 55.2%
55.2%
Per Share Data
Basic earnings per share $ 0.82 $ 0.78
$
0.74 $ 0.75 $ 0.74 Diluted earnings per share
0.82 0.78 0.74 0.75
0.74 Dividend declared per share 0.46
0.46 0.46 0.46
0.46 Book value 20.48 19.27
17.99 17.37 19.64 Common stock price:
High 36.56
39.30 40.08 41.26 33.15
Low 31.07 33.33 35.46
31.97 29.41 Close 32.75
34.36 38.93 39.80 33.05
Weighted average common shares:
Basic 3,836 3,836 3,835
3,835 3,834 Fully Diluted 3,836
3,836 3,835 3,835
3,834 End-of-period common shares:
Issued 4,017 4,017 4,016
4,016 4,015 Treasury 181
181 181 181 181
Quarter Ended
(Dollars in Thousands, Except Per Share
Data)
9/30/2011
6/30/2011
3/31/2011
12/31/2010
9/30/2010
Financial Condition Data:
General
Total assets $ 752,650 $
744,986 $ 693,337 $ 691,688 $ 713,496 Loans,
net 422,989 413,397 405,453
409,522 407,394 Intangibles
3,032 3,032 3,032 3,032
3,032 Total deposits 575,300
569,833 528,717 517,508
534,170 Noninterest-bearing 104,783 100,104
95,278 89,347 92,128
Savings 73,376
71,923 69,095 64,258
66,763 NOW 103,264 91,285
70,763 67,505 66,957 Money Market
122,896 129,004 108,104
107,123 105,147 Time Deposits 170,981
177,517 185,477 189,275
203,175 Total interest-bearing deposits
470,517 469,729 433,439
428,161 442,042
Core
deposits* 404,319 392,316
343,240 328,233 330,995 Shareholders'
equity 78,572 73,906 68,998
66,620 75,323
Asset Quality
Non-performing assets $ 14,344 $ 10,911 $
12,900 $ 6,215 $ 6,918 Non-performing assets to total
assets 1.91% 1.46% 1.86%
0.90% 0.97% Allowance for loan losses
6,355 5,764 6,640 6,035
5,479 Allowance for loan losses to total loans
1.48% 1.38% 1.61% 1.45%
1.33%
Allowance for loan losses to
non-performing loans
44.30% 52.83% 51.47%
97.10% 79.20% Non-performing loans to total
loans 3.34% 2.60% 3.13%
1.50% 1.68%
Capitalization
Shareholders' equity to total assets 10.44%
9.92% 9.95% 9.63%
10.56% * Core deposits are defined as total deposits less
time deposits
Reconciliation of GAAP and non-GAAP
Financial Measures (Dollars
in Thousands, Except Per Share Data) Three Months Ended Nine Months
Ended September 30, September 30, 2011 2010
2011 2010 GAAP net income $
3,150 $ 2,848 $ 8,967 $ 8,068 Less: net securities gains, net of
tax 5 72 94 107
Non-GAAP operating earnings $ 3,145 $ 2,776 $
8,873 $ 7,961 Three Months Ended Nine Months
Ended September 30, September 30, 2011 2010
2011 2010 Return on average
assets (ROA) 1.67 % 1.60 % 1.65 % 1.54 % Less: net securities
gains, net of tax 0.00 % 0.04 % 0.02 %
0.02 % Non-GAAP operating ROA 1.67 % 1.56 %
1.63 % 1.52 % Three Months Ended Nine Months Ended
September 30, September 30, 2011 2010
2011 2010 Return on average equity
(ROE) 16.49 % 15.51 % 16.46 % 15.21 % Less: net securities gains,
net of tax 0.03 % 0.39 % 0.18 % 0.21 %
Non-GAAP operating ROE 16.46 % 15.12 % 16.28 %
15.00 % Three Months Ended Nine Months Ended
September 30, September 30, 2011 2010
2011 2010 Basic earnings per share
(EPS) $ 0.82 $ 0.74 $ 2.34 $ 2.10 Less: net securities gains, net
of tax 0.00 0.02 0.03
0.02 Non-GAAP basic operating EPS $ 0.82 $
0.72 $ 2.31 $ 2.08 Three Months Ended
Nine Months Ended September 30, September 30, 2011
2010 2011 2010 Dilutive
EPS $ 0.82 $ 0.74 $ 2.34 $ 2.10 Less: net securities gains, net of
tax 0.00 0.02 0.03
0.02 Non-GAAP dilutive operating EPS $ 0.82 $ 0.72
$ 2.31 $ 2.08
Penns Woods Bancorp (NASDAQ:PWOD)
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Penns Woods Bancorp (NASDAQ:PWOD)
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