Penns Woods Bancorp, Inc. (NASDAQ:PWOD)
Highlights
- Net income from core operations
(“operating earnings”), which is a non-GAAP measure of net income
excluding net securities gains and losses, increased to $3,079,000
and $11,952,000 for the three and twelve months ended December 31,
2011 compared to $2,854,000 and $10,815,000 for the same periods of
2010.
- Operating earnings per share for the
three months ended December 31, 2011 were $0.80 basic and dilutive
compared to $0.74 basic and dilutive for the same period of 2010 or
an increase of 8.1%. Operating earnings per share for the twelve
months ended December 31, 2011 increased 10.6% to $3.12 basic and
dilutive compared to $2.82 basic and dilutive for the same period
of 2010.
- Net interest margin was 4.78% for the
three months ended December 31, 2011 compared to 4.66% for the
corresponding period of 2010. For the twelve months ended December
31, 2011 the net interest margin was 4.70% compared to 4.57% for
the twelve month 2010 period.
- Return on average equity was 17.00% for
the three months ended December 31, 2011 compared to 15.56% for the
corresponding period of 2010. Earnings for the twelve months ended
December 31, 2011 correlate to a return on average equity of 16.60%
compared to 15.30% for the twelve month 2010 period.
“Although earnings remain stable we continue to deal with the
challenging economy and credit cycle. Our focus moving forward will
continue to be building core deposits, loan growth, and managing
credit risk,” said Richard A. Grafmyre, CFP®, President and
CEO.
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 the highlights to the
comparable GAAP financial measures is included at the end of this
press release.
Net Income
Net income, as reported under GAAP, for the three and twelve
months ended December 31, 2011 was $3,395,000 and $12,362,000
compared to $2,861,000 and $10,929,000 for the same periods of
2010. Results for the three and twelve month periods ended December
31, 2011 compared to 2010 were impacted by an increase in after-tax
securities gains of $309,000 (from a gain of $7,000 to a gain of
$316,000) for the three month periods and an increase in after-tax
securities gains of $296,000 (from a gain of $114,000 to a gain of
$410,000) for the twelve month periods. Basic and dilutive earnings
per share for the three and twelve months ended December 31, 2011
were $0.88 and $3.22 compared to $0.75 and $2.85 for the
corresponding periods of 2010. Return on average assets and return
on average equity were 1.80% and 17.00% for the three months ended
December 31, 2011 compared to 1.63% and 15.56% for the
corresponding period of 2010. Earnings for the twelve months ended
December 31, 2011 correlate to a return on average assets and a
return on average equity of 1.69% and 16.60% compared to 1.56% and
15.30% for the twelve month 2010 period.
Net Interest Margin
The net interest margin for the three and twelve months ended
December 31, 2011 was 4.78% and 4.70% compared to 4.66% and 4.57%
for the corresponding periods of 2010. In addition, the net
interest margin has increased compared to the linked quarter. The
increase in net interest margin resulted primarily from a
significant decrease in the cost of interest-bearing liabilities,
as we continued to emphasize core deposit growth. These deposits
represent a lower cost funding source than time deposits and
comprise 70.3% of total deposits at December 31, 2011 compared to
63.4% at December 31, 2010. The average rate paid on total
interest-bearing deposits decreased 35 and 39 basis points (bp) for
the three and twelve months ended December 31, 2011 compared to the
same periods of 2010. The decrease was led by the rate paid on time
deposits decreasing 36 and 45 bp for the three and twelve months
ended December 31, 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 $10,500,000 since December 31, 2010
with cash on hand and short-term borrowings being utilized to pay
off these borrowings carrying an average rate of 4.60% that matured
during the three months ended December 31, 2011.
“Today’s interest rate climate provides challenges to support a
strong net interest margin. To maintain our margin we have attacked
the challenge from both the earning asset and funding sides of the
balance sheet. We continue to shorten the bond portfolio duration
by utilizing shorter term corporate and agency bonds to offset the
relatively longer duration of municipal bonds in the portfolio.
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 anticipate a period of increasing rates. The yield
on new loans, and investments, are at a lower level than the
existing portfolio which has placed downward pressure on the yield
on earning assets. Our focus on increasing 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,” commented President Grafmyre.
Assets
Total assets increased $72,265,000 to $763,953,000 at December
31, 2011 compared to December 31, 2010. Net loans increased 4.7% to
$428,805,000 at December 31, 2011 compared to December 31, 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
loan opportunities and we are aggressively attempting to attract
those loans that meet and/or exceed our credit standards. During
2011 successful loan campaigns were undertaken to build home equity
loans and lines of credit. The investment portfolio increased
$54,503,000 from December 31, 2010 to December 31, 2011 due to a
combination of market value increases and the purchase of short
maturity bonds that have been utilized to reduce the portfolio
duration and to provide current cash flow.
Nonperforming Loans
Our nonperforming loans to total loans ratio has increased to
2.75% at December 31, 2011 from 1.50% at December 31, 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. Net loan charge-offs to average loans
for the twelve months ended December 31, 2011 of 0.37% 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 1.64% of total loans at December 31, 2011 from 1.45%
of total loans at December 31, 2010 due to the general economic
uncertainty and an increase in nonperforming loans.
Deposits
Deposits have grown 12.4%, or $64,156,000, to $581,664,000 at
December 31, 2011 compared to December 31, 2010, with core deposits
(total deposits excluding time deposits) increasing $80,910,000.
Noninterest-bearing deposits have increased 24.6% to $111,354,000
at December 31, 2011 compared to December 31, 2010. Also playing a
significant role in increasing core deposits was money market and
NOW accounts with growth rates of 16.1% and 50.8%, respectively.
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.
Shareholders’ Equity
Shareholders’ equity increased $13,840,000 to $80,460,000 at
December 31, 2011 compared to December 31, 2010. The accumulated
other comprehensive loss of $1,219,000 at December 31, 2011 is a
result of an increase in unrealized gains on available for sale
securities from an unrealized loss of $7,276,000 at December 31,
2010 to an unrealized gain of $2,914,000 at December 31, 2011.
However, the level of accumulated other comprehensive loss at
December 31, 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 $1,720,000. The current level of shareholders’
equity equates to a book value per share of $20.97 at December 31,
2011 compared to $17.37 at December 31, 2010 and an equity to asset
ratio of 10.53% at December 31, 2011 compared to 9.63% at December
31, 2010. Excluding accumulated other comprehensive loss, book
value per share was $21.29 at December 31, 2011 compared to $19.90
at December 31, 2010. Dividends paid to shareholders were $0.46 and
$1.84 for the three and twelve months ended December 31, 2011 and
2010.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore
State Bank, which operates thirteen branch offices providing
financial services in Lycoming, Clinton, Centre, and Montour
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) December 31, 2011 2010
% Change ASSETS Noninterest-bearing balances $ 13,829
$ 9,467 46.1 % Interest-bearing deposits in other financial
institutions 56 26 115.4 % Total cash
and cash equivalents 13,885 9,493 46.3 % Investment
securities, available for sale, at fair value 270,097 215,565 25.3
% Investment securities held to maturity (fair value of $55 and
$83) 54 83 -34.9 % Loans held for sale 3,787 6,658 -43.1 % Loans
435,959 415,557 4.9 % Less: Allowance for loan losses 7,154
6,035 18.5 % Loans, net 428,805 409,522 4.7 %
Premises and equipment, net 7,707 7,658 0.6 % Accrued interest
receivable 3,905 3,765 3.7 % Bank-owned life insurance 16,065
15,436 4.1 % Investment in limited partnerships 3,544 4,205 -15.7 %
Goodwill 3,032 3,032 0.0 % Deferred tax asset 7,991 11,897 -32.8 %
Other assets 5,081 4,374 16.2 % TOTAL
ASSETS $ 763,953 $ 691,688 10.4 % LIABILITIES
Interest-bearing deposits $ 470,310 $ 428,161 9.8 %
Noninterest-bearing deposits 111,354 89,347
24.6 % Total deposits 581,664 517,508 12.4 %
Short-term borrowings 29,598 27,299 8.4 % Long-term borrowings,
Federal Home Loan Bank (FHLB) 61,278 71,778 -14.6 % Accrued
interest payable 536 750 -28.5 % Other liabilities 10,417
7,733 34.7 % TOTAL LIABILITIES 683,493
625,068 9.3 % SHAREHOLDERS' EQUITY
Common stock, par value $8.33, 10,000,000 shares authorized;
4,017,677 and 4,015,753 shares issued 33,480 33,464 0.0 %
Additional paid-in capital 18,115 18,064 0.3 % Retained earnings
36,394 31,091 17.1 % Accumulated other comprehensive loss: Net
unrealized gain (loss) on available for sale securities 2,914
(7,276 ) 140.0 % Defined benefit plan (4,133 ) (2,413 ) -71.3 %
Less: Treasury stock at cost, 180,596 shares (6,310 )
(6,310 ) 0.0 % TOTAL SHAREHOLDERS' EQUITY 80,460
66,620 20.8 % TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 763,953 $ 691,688 10.4 %
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, 2011 2010 %
Change 2011 2010 % Change INTEREST AND DIVIDEND INCOME:
Loans including fees $ 6,428 $ 6,351 1.2 % $ 25,187 $ 25,513 -1.3 %
Investment securities: Taxable 1,446 1,402 3.1 % 5,677 5,584 1.7 %
Tax-exempt 1,385 1,265 9.5 % 5,260 5,059 4.0 % Dividend and other
interest income 78 49 59.2 % 252 206
22.3 % TOTAL INTEREST AND DIVIDEND INCOME 9,337 9,067
3.0 % 36,376 36,362 0.0 % INTEREST EXPENSE:
Deposits 1,036 1,336 -22.5 % 4,566 6,055 -24.6 % Short-term
borrowings 45 68 -33.8 % 202 265 -23.8 % Long-term borrowings, FHLB
661 815 -18.9 % 2,888 3,548 -18.6 %
TOTAL INTEREST EXPENSE 1,742 2,219 -21.5 %
7,656 9,868 -22.4 % NET INTEREST INCOME 7,595 6,848
10.9 % 28,720 26,494 8.4 % PROVISION FOR LOAN LOSSES
900 750 20.0 % 2,700 2,150 25.6 % NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 6,695
6,098 9.8 % 26,020 24,344 6.9 % NON-INTEREST
INCOME: Service charges 483 568 -15.0 % 2,021 2,177 -7.2 %
Securities gains, net 479 11 4254.5 % 621 173 259.0 % Bank-owned
life insurance 138 194 -28.9 % 599 636 -5.8 % Gain on sale of loans
280 235 19.1 % 1,130 949 19.1 % Insurance commissions 303 203 49.3
% 933 970 -3.8 % Brokerage commissions 200 249 -19.7 % 997 965 3.3
% Other 528 425 24.2 % 1,918 1,589 20.7
% TOTAL NON-INTEREST INCOME 2,411 1,885 27.9 %
8,219 7,459 10.2 % NON-INTEREST EXPENSE: Salaries and
employee benefits 2,751 2,435 13.0 % 10,479 10,214 2.6 % Occupancy,
net 300 293 2.4 % 1,262 1,240 1.8 % Furniture and equipment 368 342
7.6 % 1,379 1,264 9.1 % Pennsylvania shares tax 173 169 2.4 % 689
677 1.8 % Amortization of investments in limited partnerships 165
210 -21.4 % 661 693 -4.6 % FDIC deposit insurance 109 180 -39.4 %
525 737 -28.8 % Other 1,286 1,183 8.7 % 4,969
4,667 6.5 % TOTAL NON-INTEREST EXPENSE 5,152
4,812 7.1 % 19,964 19,492 2.4 % INCOME BEFORE
INCOME TAX PROVISION 3,954 3,171 24.7 % 14,275 12,311 16.0 % INCOME
TAX PROVISION 559 310 80.3 % 1,913
1,382 38.4 % NET INCOME $ 3,395 $ 2,861 18.7 % $ 12,362 $ 10,929
13.1 % EARNINGS PER SHARE - BASIC $ 0.88 $ 0.75 17.3 % $
3.22 $ 2.85 13.0 % EARNINGS PER SHARE - DILUTED $ 0.88 $
0.75 17.3 % $ 3.22 $ 2.85 13.0 % WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC 3,836,802 3,834,710 0.1 %
3,836,036 3,834,255 0.0 % WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED 3,836,802 3,834,847 0.1 %
3,836,036 3,834,394 0.0 % 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, 2011 December 31, 2010
Average Balance Interest Average Rate Average Balance Interest
Average Rate ASSETS: Tax-exempt loans $ 20,119 $ 289 5.70 % $
18,540 $ 299 6.40 % All other loans 414,356 6,237
5.97 % 399,300 6,154 6.11 % Total loans
434,475 6,526 5.96 % 417,840 6,453 6.13
% Taxable securities 141,805 1,524 4.30 % 117,162 1,450 4.95
% Tax-exempt securities 123,960 2,098 6.77 %
108,909 1,917 7.04 % Total securities 265,765
3,622 5.45 % 226,071 3,367 5.96 %
Interest-bearing deposits 645 - 0.00 %
6,640 1 0.06 % Total interest-earning assets
700,885 10,148 5.76 % 650,551 9,821 6.01 %
Other assets 52,578 52,497 TOTAL ASSETS
$ 753,463 $ 703,048 LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 70,725 23 0.13 % $ 63,643 39 0.24 % Super Now deposits
103,982 141 0.54 % 66,109 89 0.53 % Money market deposits 125,259
229 0.73 % 105,524 289 1.09 % Time deposits 173,931
643 1.47 % 199,004 919 1.83 % Total
interest-bearing deposits 473,897 1,036 0.87 %
434,280 1,336 1.22 % Short-term borrowings
21,268 45 0.84 % 18,030 68 1.50 % Long-term borrowings, FHLB
64,245 661 4.03 % 78,191 815 4.08 %
Total borrowings 85,513 706 3.23 %
96,221 883 3.59 % Total interest-bearing liabilities
559,410 1,742 1.23 % 530,501 2,219 1.65 %
Demand deposits 105,607 90,980 Other liabilities 8,562 8,032
Shareholders' equity 79,884 73,535 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 753,463 $ 703,048 Interest
rate spread 4.53 % 4.36 % Net interest income/margin $ 8,406
4.78 % $ 7,602 4.66 % For the Three Months
Ended December 31, 2011 2010 Total interest income $
9,337 $ 9,067 Total interest expense 1,742 2,219
Net interest income 7,595 6,848 Tax equivalent
adjustment 811 754 Net interest income
(fully taxable equivalent) $ 8,406 $ 7,602
PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST
RATES For the Twelve
Months Ended (Dollars in Thousands) December 31, 2011 December 31,
2010 Average Balance Interest Average Rate Average Balance Interest
Average Rate ASSETS: Tax-exempt loans $ 20,267 $ 1,213 5.99 % $
18,287 $ 1,212 6.63 % All other loans 405,391 24,386
6.02 % 397,766 24,713 6.21 % Total loans
425,658 25,599 6.01 % 416,053
25,925 6.23 % Taxable securities 130,647 5,926 4.54 %
113,714 5,784 5.09 % Tax-exempt securities 113,184
7,970 7.04 % 108,658 7,665 7.05 % Total
securities 243,831 13,896 5.70 %
222,372 13,449 6.05 % Interest-bearing deposits
9,074 3 0.03 % 8,782 6 0.07 %
Total interest-earning assets 678,563 39,498
5.82 % 647,207 39,380 6.08 % Other assets
53,207 53,734 TOTAL ASSETS $ 731,770 $ 700,941
LIABILITIES AND SHAREHOLDERS' EQUITY: Savings $ 70,178 121 0.17 % $
64,477 183 0.28 % Super Now deposits 88,556 473 0.53 % 65,080 385
0.59 % Money market deposits 121,458 1,063 0.88 % 100,112 1,167
1.17 % Time deposits 179,336 2,909 1.62 %
208,274 4,320 2.07 % Total interest-bearing deposits
459,528 4,566 0.99 % 437,943
6,055 1.38 % Short-term borrowings 18,117 202 1.11 % 15,371
265 1.72 % Long-term borrowings, FHLB 69,879 2,888
4.08 % 83,901 3,548 4.17 % Total borrowings
87,996 3,090 3.47 % 99,272 3,813
3.79 % Total interest-bearing liabilities 547,524
7,656 1.39 % 537,215 9,868 1.83 % Demand
deposits 99,917 84,158 Other liabilities 9,852 8,118 Shareholders'
equity 74,477 71,450 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 731,770 $ 700,941 Interest rate spread
4.43 % 4.25 % Net interest income/margin $ 31,842
4.70 % $ 29,512 4.57 % For the Twelve Months Ended
December 31, 2011 2010 Total interest income $ 36,376
$ 36,362 Total interest expense 7,656 9,868
Net interest income 28,720 26,494 Tax equivalent adjustment
3,122 3,018 Net interest income (fully
taxable equivalent) $ 31,842 $ 29,512
Quarter Ended
(Dollars in Thousands, Except Per Share
Data)
12/31/2011
9/30/2011
6/30/2011
3/31/2011
12/31/2010
Operating Data
Net income $ 3,395 $ 3,150 $ 2,964 $
2,853 $ 2,861 Net interest income 7,595
7,210 6,918 6,997 6,848
Provision for loan losses 900 600
600 600 750 Net security gains
479 8 9 125
11 Non-interest income, ex. net security gains 1,932
1,982 1,864 1,820
1,874 Non-interest expense 5,152 4,968
4,856 4,988 4,812
Performance Statistics
Net interest margin 4.78% 4.55%
4.58% 4.86% 4.66% Annualized
return on average assets 1.80% 1.67%
1.64% 1.65% 1.63% Annualized
return on average equity 17.00% 16.49%
16.29% 16.62% 15.56% Annualized
net loan charge-offs to avg loans 0.09% 0.01%
1.41% 0.00% 0.18% Net
charge-offs (recoveries) 101 8
1,477 (5) 193 Efficiency ratio
54.1% 54.1% 55.3% 56.6%
55.2%
Per Share Data
Basic earnings per share $ 0.88 $ 0.82 $ 0.78
$ 0.74 $ 0.75 Diluted earnings per share 0.88
0.82 0.78 0.74
0.75 Dividend declared per share 0.46
0.46 0.46 0.46 0.46 Book
value 20.97 20.48 19.27
17.99 17.37 Common stock price:
High 39.30 36.56
39.30 40.08 41.26 Low
32.01 31.07 33.33 35.46
31.97 Close 38.78 32.75
34.36 38.93 39.80 Weighted
average common shares:
Basic
3,837 3,836 3,836
3,835 3,835 Fully Diluted 3,837
3,836 3,836 3,835 3,835
End-of-period common shares:
Issued 4,018 4,017 4,017
4,016 4,016 Treasury 181
181 181 181 181
Quarter Ended
(Dollars in Thousands, Except Per Share
Data)
12/31/2011
9/30/2011
6/30/2011
3/31/2011
12/31/2010
Financial Condition Data:
General
Total assets $ 763,953 $
752,650 $ 744,986 $ 693,337 $ 691,688 Loans,
net 428,805 422,989 413,397
405,453 409,522 Intangibles
3,032 3,032 3,032 3,032
3,032 Total deposits 581,664
575,300 569,833 528,717
517,508 Noninterest-bearing 111,354 104,783
100,104 95,278 89,347
Savings 71,646
73,376 71,923 69,095
64,258 NOW 101,808 103,264
91,285 70,763 67,505 Money
Market 124,335 122,896 129,004
108,104 107,123 Time Deposits
172,521 170,981 177,517
185,477 189,275 Total interest-bearing deposits
470,310 470,517 469,729
433,439 428,161
Core deposits* 409,143 404,319
392,316 343,240 328,233
Shareholders' equity 80,460 78,572
73,906 68,998 66,620
Asset Quality
Non-performing assets $ 12,009 $ 14,344 $
10,911 $ 12,900 $ 6,215 Non-performing assets to
total assets 1.57% 1.91% 1.46%
1.86% 0.90% Allowance for loan losses
7,154 6,355 5,764
6,640 6,035 Allowance for loan losses to total loans
1.64% 1.48% 1.38%
1.61% 1.45%
Allowance for loan losses to
non-performing loans
59.57% 44.30% 52.83%
51.47% 97.10% Non-performing loans to total
loans 2.75% 3.34% 2.60%
3.13% 1.50%
Capitalization
Shareholders' equity to total assets 10.53%
10.44% 9.92% 9.95%
9.63%
* 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 Twelve Months
Ended December 31, December 31, 2011 2010
2011 2010 GAAP net income $
3,395 $ 2,861 $ 12,362 $ 10,929 Less: net securities gains, net of
tax 316 7 410 114
Non-GAAP operating earnings $ 3,079 $ 2,854 $
11,952 $ 10,815 Three Months Ended Twelve
Months Ended December 31, December 31, 2011
2010 2011 2010 Return on average
assets (ROA) 1.80 % 1.63 % 1.69 % 1.56 % Less: net securities
gains, net of tax 0.17 % 0.01 % 0.06 %
0.02 % Non-GAAP operating ROA 1.63 % 1.62 %
1.63 % 1.54 % Three Months Ended Twelve Months Ended
December 31, December 31, 2011 2010
2011 2010 Return on average equity
(ROE) 17.00 % 15.56 % 16.60 % 15.30 % Less: net securities gains,
net of tax 1.58 % 0.04 % 0.55 % 0.16 %
Non-GAAP operating ROE 15.42 % 15.52 % 16.05 %
15.14 % Three Months Ended Twelve Months Ended
December 31, December 31, 2011 2010
2011 2010 Basic earnings per share
(EPS) $ 0.88 $ 0.75 $ 3.22 $ 2.85 Less: net securities gains, net
of tax 0.08 0.01 0.10
0.03 Non-GAAP basic operating EPS $ 0.80 $
0.74 $ 3.12 $ 2.82 Three Months Ended
Twelve Months Ended December 31, December 31, 2011
2010 2011 2010 Dilutive
EPS $ 0.88 $ 0.75 $ 3.22 $ 2.85 Less: net securities gains, net of
tax 0.08 0.01 0.10
0.03 Non-GAAP dilutive operating EPS $ 0.80 $ 0.74
$ 3.12 $ 2.82
Penns Woods Bancorp (NASDAQ:PWOD)
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