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 and bank owned life
insurance gains on death benefit, increased to $3,286,000 and
$6,477,000 for the three and six months ended June 30, 2012
compared to $2,958,000 and $5,729,000 for the same period of
2011.
- Operating earnings per share for the
three and six months ended June 30, 2012 were $0.86 and $1.69 basic
and dilutive compared to $0.77 and $1.49 basic and dilutive for the
same period of 2011, an increase of 11.7% and 13.4%.
- Return on average assets was 1.67% and
1.78% for the three and six months ended June 30, 2012 compared to
1.64% for the three and six month periods of 2011.
- Return on average equity was 15.48% and
16.42% for the three and six months ended June 30, 2012 compared to
16.29% and 16.45% for the corresponding period of 2011.
“The effort of all employees to focus on relationships has
resulted in continued growth of loans and deposits. These efforts
have resulted in significant growth in home equity loans, while
core deposits have increased substantially and have been utilized
to fund the loan growth. The growth in loans and deposits is the
cornerstone of the strong financial metrics of net income, earnings
per share, return on equity, and return on assets that are being
reported,” 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 six months
ended June 30, 2012 was $3,398,000 and $7,087,000 compared to
$2,964,000 and $5,817,000 for the same period of 2011. Results for
the three and six months ended June 30, 2012 compared to 2011 were
impacted by an increase in after-tax securities gains of $106,000
(from a gain of $6,000 to a gain of $112,000) for the three month
periods and an increase in after-tax securities gains of $413,000
(from a gain of $88,000 to a gain of $501,000) for the six month
periods. In addition, a gain of $109,000 on death benefit related
to bank owned life insurance was recorded during the six months
ended June 30, 2012. Basic and dilutive earnings per share for the
three and six months ended June 30, 2012 were $0.89 and $1.85
compared to $0.78 and $1.52 for the corresponding periods of 2011.
Return on average assets and return on average equity were 1.67%
and 15.48% for the three months ended June 30, 2012 compared to
1.64% and 16.29% for the corresponding period of 2011. Earnings for
the six months ended June 30, 2012 correlate to a return on average
assets and a return on average equity of 1.78% and 16.42% compared
to 1.64% and 16.45% for the six month 2011 period.
Net Interest Margin
The net interest margin for the three and six months ended June
30, 2012 was 4.47% and 4.59% compared to 4.58% and 4.73% for the
corresponding period of 2011. While the net interest margin has
decreased year over year, net interest income on a fully taxable
equivalent basis has increased $1,578,000 to $17,010,000 for the
six months ended June 30, 2012 compared to the corresponding period
of 2011. Driving this increase is the continued emphasis on core
deposit growth. These deposits represent a lower cost funding
source than time deposits and comprise 72.9% of total deposits at
June 30, 2012 compared to 68.8% at June 30, 2011. The average rate
paid on total interest-bearing deposits decreased 32 and 33 basis
points (bp) for the three and six months ended June 30, 2012
compared to the same period of 2011. The decrease was led by the
rate paid on time deposits decreasing 35 and 36 bp for the three
and six months ended June 30, 2012 compared to the same period of
2011. The duration of the time deposit portfolio, which was
shortened over the past several years, is now being slowly
lengthened due to the apparent bottoming or near bottoming of
deposit rates. FHLB long-term borrowings have been reduced by
$10,500,000 since June 30, 2011 as borrowings in that amount
carrying an average rate of 4.60% matured during the three months
ended December 31, 2011.
“Maintaining the net interest margin in the current interest
rate environment will be challenging. We have been able to reduce
the rates paid on interest-bearing liabilities; however, earning
asset yields have also been decreasing. Earning asset yields are
expected to decrease over the near term as loan yields have been
decreasing due to the interest rate environment, while at the same
time the duration of the bond portfolio has been shortened by
utilizing shorter term corporate and agency bonds to offset the
relatively longer duration of municipal bonds in the portfolio. The
shortening of the earning asset portfolio may limit current
earnings due to the low rates on the short end of the interest rate
curve, but 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 negative effect of the declining yield on
earning assets is being limited due to the increase in core
deposits. We expect the overall cost of interest-bearing
liabilities to decline through the second half of the year as time
deposits reprice and FHLB borrowings mature during the fourth
quarter of 2012,” commented President Grafmyre.
Assets
Total assets increased $73,447,000 to $818,433,000 at June 30,
2012 compared to June 30, 2011. Net loans increased 10.8% to
$457,904,000 at June 30, 2012 compared to June 30, 2011 as the
economic environment has in general provided fewer loan
opportunities over the past year. 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 or exceed our credit standards.
During 2012 a successful loan campaign was undertaken to build home
equity loans and lines of credit. The campaign resulted in loan
growth of approximately $15,000,000. The investment portfolio
increased $49,204,000 from June 30, 2011 to June 30, 2012 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.
Non-performing Loans
Our non-performing loans to total loans ratio has decreased to
1.87% at June 30, 2012 from 2.60% at June 30, 2011. The decrease in
non-performing loans is primarily the result of a decrease in
commercial loan delinquencies due to several partial charge-offs
and the receipt of collateral in lieu of payment with the
collateral now carried as other real estate owned. The majority of
non-performing loans are centered on several loans that are either
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
of $907,000 for the three months ended June 30, 2012 represented
0.79% of average loans for the three months ended June 30, 2012.
The allowance for loan losses was increased to 1.60% of total loans
at June 30, 2012 from 1.38% at June 30, 2011 due to the general
economic uncertainty that persists.
Deposits
Deposits have grown 12.5%, or $71,334,000, to $641,167,000 at
June 30, 2012 compared to June 30, 2011, with core deposits (total
deposits excluding time deposits) increasing $75,011,000, while
higher cost time deposits decreased $3,677,000. Noninterest-bearing
deposits have increased 17.6% to $117,762,000 at June 30, 2012
compared to June 30, 2011. Also playing a significant role in
increasing core deposits were money market and NOW accounts with
growth rates of 17.9% and 27.0%, respectively. Driving this growth
is our commitment to easy-to-use products, community involvement,
and emphasis on customer service. We have also successfully
implemented a targeted marketing campaign aimed at further
strengthening our customer relationships, while also expanding our
market penetration. In addition our newest branch, Danville, opened
in January 2012 and has gathered approximately $20 million in
deposits during the first six months of its operation.
Shareholders’ Equity
Shareholders’ equity increased $14,205,000 to $88,111,000 at
June 30, 2012 compared to June 30, 2011. The accumulated other
comprehensive gain of $2,925,000 at June 30, 2012 is a result of an
increase in unrealized gains on available for sale securities from
an unrealized loss of $2,312,000 at June 30, 2011 to an unrealized
gain of $7,058,000 at June 30, 2012. However, the amount of
accumulated other comprehensive gain at June 30, 2012 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 $22.96 at June 30, 2012 compared to $19.27
at June 30, 2011 and an equity to asset ratio of 10.77% at June 30,
2012 compared to 9.92% at June 30, 2011. Excluding accumulated
other comprehensive gain/loss, book value per share was $22.20 at
June 30, 2012 compared to $20.50 at June 30, 2011. Dividends per
share paid to shareholders were $0.47 and $0.94 for the three and
six months ended June 30, 2012 compared to $0.46 and $0.92 for the
three and six months ended June 30, 2011.
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, 2011.
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) June 30, 2012 2011 % Change
ASSETS Noninterest-bearing balances $ 16,052 $ 9,765 64.4 %
Interest-bearing deposits in other financial institutions 21
20,904 -99.9 % Total cash and cash equivalents
16,073 30,669 -47.6 % Investment securities, available for
sale, at fair value 295,121 245,863 20.0 % Investment securities
held to maturity (fair value of $0 and $54) - 54 -100.0 % Loans
held for sale 3,496 6,393 -45.3 % Loans 465,342 419,161 11.0 %
Less: Allowance for loan losses 7,438 5,764
29.0 % Loans, net 457,904 413,397 10.8 % Premises and
equipment, net 8,229 7,520 9.4 % Accrued interest receivable 4,071
3,803 7.0 % Bank-owned life insurance 16,101 15,776 2.1 %
Investment in limited partnerships 3,213 3,875 -17.1 % Goodwill
3,032 3,032 0.0 % Deferred tax asset 5,960 9,638 -38.2 % Other
assets 5,233 4,966 5.4 % TOTAL ASSETS $
818,433 $ 744,986 9.9 % LIABILITIES
Interest-bearing deposits $ 523,405 $ 469,729 11.4 %
Noninterest-bearing deposits 117,762 100,104
17.6 % Total deposits 641,167 569,833 12.5 %
Short-term borrowings 17,855 17,007 5.0 % Long-term borrowings,
Federal Home Loan Bank (FHLB) 61,278 71,778 -14.6 % Accrued
interest payable 490 676 -27.5 % Other liabilities 9,532
11,786 -19.1 % TOTAL LIABILITIES
730,322 671,080 8.8 % SHAREHOLDERS'
EQUITY Preferred stock, no par value, 3,000,000 shares authorized;
no shares issued - - 0.0 %
Common stock, par value $8.33, 15,000,000
shares authorized; 4,018,386 and 4,016,686 shares issued
33,486 33,472 0.0 % Additional paid-in capital 18,136 18,090 0.3 %
Retained earnings 39,874 33,379 19.5 % Accumulated other
comprehensive gain (loss): Net unrealized gain (loss) on available
for sale securities 7,058 (2,312 ) 405.3 % 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 88,111 73,906 19.2 % TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 818,433 $ 744,986
9.9 %
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF
INCOME (UNAUDITED) (In Thousands, Except
Per Share Data) Three Months Ended Six Months Ended June 30, June
30, 2012 2011 % Change 2012 2011 % Change INTEREST AND
DIVIDEND INCOME: Loans including fees $ 6,294 $ 6,144 2.4 % $
12,608 $ 12,432 1.4 % Investment securities: Taxable 1,517 1,411
7.5 % 2,991 2,786 7.4 % Tax-exempt 1,383 1,272 8.7 % 2,788 2,539
9.8 % Dividend and other interest income 86 57 50.9 %
178 109 63.3 % TOTAL INTEREST AND DIVIDEND INCOME
9,280 8,884 4.5 % 18,565 17,866 3.9 %
INTEREST EXPENSE: Deposits 934 1,182 -21.0 % 1,895 2,376
-20.2 % Short-term borrowings 28 42 -33.3 % 62 99 -37.4 % Long-term
borrowings, FHLB 620 742 -16.4 % 1,240
1,476 -16.0 % TOTAL INTEREST EXPENSE 1,582 1,966
-19.5 % 3,197 3,951 -19.1 % NET INTEREST
INCOME 7,698 6,918 11.3 % 15,368 13,915 10.4 % PROVISION FOR
LOAN LOSSES 600 600 0.0 % 1,200 1,200
0.0 % NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
7,098 6,318 12.3 % 14,168 12,715 11.4 %
NON-INTEREST INCOME: Service charges 458 527 -13.1 % 905
1,030 -12.1 % Securities gains, net 170 9 1788.9 % 759 134 466.4 %
Bank-owned life insurance 133 139 -4.3 % 401 313 28.1 % Gain on
sale of loans 343 242 41.7 % 526 491 7.1 % Insurance commissions
316 180 75.6 % 758 389 94.9 % Brokerage commissions 247 281 -12.1 %
459 555 -17.3 % Other 614 495 24.0 % 1,236
906 36.4 % TOTAL NON-INTEREST INCOME 2,281
1,873 21.8 % 5,044 3,818 32.1 % NON-INTEREST
EXPENSE: Salaries and employee benefits 2,850 2,475 15.2 % 5,867
5,107 14.9 % Occupancy, net 318 301 5.6 % 646 649 -0.5 % Furniture
and equipment 357 349 2.3 % 703 657 7.0 % Pennsylvania shares tax
167 172 -2.9 % 336 344 -2.3 % Amortization of investments in
limited partnerships 166 165 0.6 % 331 331 0.0 % FDIC deposit
insurance 115 186 -38.2 % 238 373 -36.2 % Other 1,370
1,208 13.4 % 2,686 2,383 12.7 % TOTAL NON-INTEREST
EXPENSE 5,343 4,856 10.0 % 10,807 9,844
9.8 % INCOME BEFORE INCOME TAX PROVISION 4,036 3,335 21.0 %
8,405 6,689 25.7 % INCOME TAX PROVISION 638 371 72.0
% 1,318 872 51.1 % NET INCOME $ 3,398 $ 2,964 14.6 %
$ 7,087 $ 5,817 21.8 % EARNINGS PER SHARE - BASIC $ 0.89 $
0.78 14.1 % $ 1.85 $ 1.52 21.7 % EARNINGS PER SHARE -
DILUTED $ 0.89 $ 0.78 14.1 % $ 1.85 $ 1.52 21.7 % WEIGHTED
AVERAGE SHARES OUTSTANDING - BASIC 3,837,579
3,835,785 0.0 % 3,837,391 3,835,542 0.0 %
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 3,837,579
3,835,785 0.0 % 3,837,391 3,835,542 0.0 %
DIVIDENDS PER SHARE $ 0.47 $ 0.46 2.2 % $ 0.94 $ 0.92 2.2 %
PENNS WOODS
BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES
For the Three Months Ended (Dollars in Thousands) June 30, 2012
June 30, 2011 Average Balance Interest Average Rate Average Balance
Interest Average Rate ASSETS: Tax-exempt loans $ 21,621 $ 298 5.54
% $ 20,369 $ 306 6.03 % All other loans 435,918 6,097
5.63 % 400,072 5,942 5.96 % Total loans
457,539 6,395 5.62 % 420,441 6,248 5.96
% Taxable securities 163,294 1,601 3.92 % 126,139 1,467 4.65
% Tax-exempt securities 130,313 2,095 6.43 %
107,469 1,927 7.17 % Total securities 293,607
3,696 5.04 % 233,608 3,394 5.81 %
Interest-bearing deposits 13,285 2 0.06
% 17,860 1 0.02 % Total interest-earning
assets 764,431 10,093 5.30 % 671,909 9,643
5.75 % Other assets 50,251 53,037 TOTAL
ASSETS $ 814,682 $ 724,946 LIABILITIES AND SHAREHOLDERS'
EQUITY: Savings $ 79,465 16 0.08 % $ 70,698 34 0.19 % Super Now
deposits 120,066 153 0.51 % 82,483 107 0.52 % Money market deposits
152,858 202 0.53 % 123,116 291 0.95 % Time deposits 172,431
563 1.31 % 181,250 750 1.66 % Total
interest-bearing deposits 524,820 934 0.72 %
457,547 1,182 1.04 % Short-term borrowings
17,222 28 0.65 % 14,623 42 1.15 % Long-term borrowings, FHLB
61,278 620 4.00 % 71,778 742 4.09 %
Total borrowings 78,500 648 3.27 %
86,401 784 3.59 % Total interest-bearing liabilities
603,320 1,582 1.05 % 543,948 1,966 1.44 %
Demand deposits 112,683 98,371 Other liabilities 10,889
9,832 Shareholders' equity 87,790 72,795 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 814,682 $ 724,946 Interest
rate spread 4.25 % 4.31 % Net interest income/margin $ 8,511
4.47 % $ 7,677 4.58 % For the Three Months
Ended June 30, 2012 2011 Total interest income $ 9,280 $ 8,884
Total interest expense 1,582 1,966 Net
interest income 7,698 6,918 Tax equivalent adjustment 813
759 Net interest income (fully taxable
equivalent) $ 8,511 $ 7,677
PENNS WOODS BANCORP, INC. AVERAGE
BALANCES AND INTEREST RATES For the Six Months Ended
(Dollars in Thousands) June 30, 2012 June 30, 2011 Average Balance
Interest Average Rate Average Balance Interest Average Rate
ASSETS: Tax-exempt loans $ 21,574 $ 607 5.66 % $ 20,370 $ 614 6.08
% All other loans 429,040 12,207 5.72 %
399,839 12,027 6.07 % Total loans 450,614
12,814 5.72 % 420,209 12,641 6.07 %
Taxable securities 155,247 3,167 4.08 % 120,471 2,893 4.80 %
Tax-exempt securities 130,452 4,224 6.48 %
105,301 3,847 7.31 % Total securities 285,699
7,391 5.17 % 225,772 6,740 5.97 %
Interest-bearing deposits 7,660 2 0.05
% 9,975 2 0.04 % Total interest-earning assets
743,973 20,207 5.45 % 655,956 19,383 5.94 %
Other assets 50,517 53,464 TOTAL ASSETS
$ 794,490 $ 709,420 LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 76,546 27 0.07 % $ 68,616 70 0.21 % Super Now deposits
114,218 295 0.52 % 75,867 190 0.51 % Money market deposits 140,122
407 0.58 % 116,194 555 0.96 % Time deposits 174,754
1,166 1.34 % 184,885 1,561 1.70 % Total
interest-bearing deposits 505,640 1,895 0.75 %
445,562 2,376 1.08 % Short-term borrowings
19,640 62 0.63 % 16,902 99 1.18 % Long-term borrowings, FHLB
61,278 1,240 4.00 % 71,778 1,476 4.09 %
Total borrowings 80,918 1,302 3.18 %
88,680 1,575 3.54 % Total interest-bearing
liabilities 586,558 3,197 1.09 % 534,242 3,951
1.48 % Demand deposits 110,382 94,941 Other liabilities
11,216 9,502 Shareholders' equity 86,334 70,735
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 794,490 $
709,420 Interest rate spread 4.36 % 4.46 % Net interest
income/margin $ 17,010 4.59 % $ 15,432 4.73 %
For the Six Months Ended June 30, 2012 2011
Total interest income $ 18,565 $ 17,866 Total interest expense
3,197 3,951 Net interest income 15,368
13,915 Tax equivalent adjustment 1,642 1,517
Net interest income (fully taxable equivalent) $ 17,010 $
15,432
Quarter
Ended (Dollars in Thousands, Except Per Share Data)
6/30/2012
3/31/2012
12/31/2011
9/30/2011
6/30/2011
Operating Data
Net
income $ 3,398 $ 3,689 $ 3,395 $ 3,150
$ 2,964 Net interest income 7,698 7,670
7,595 7,210 6,918 Provision for
loan losses 600 600 900
600 600 Net security gains 170
589 479 8 9
Non-interest income, ex. net security gains 2,111
2,174 1,932 1,982
1,864 Non-interest expense 5,343 5,464
5,152 4,968 4,856
Performance Statistics
Net
interest margin 4.47% 4.72%
4.78% 4.55% 4.58% Annualized return on
average assets 1.67% 1.91% 1.80%
1.67% 1.64% Annualized return on
average equity 15.48% 17.39%
17.00% 16.49% 16.29% Annualized net
loan charge-offs to avg loans 0.79% 0.01%
0.09% 0.01% 1.41% Net
charge-offs 907 9 101
8 1,477 Efficiency ratio 54.5%
55.5% 54.1% 54.1%
55.3%
Per Share Data
Basic earnings per share $ 0.89 $ 0.96 $ 0.88
$ 0.82 $ 0.78 Diluted earnings per share 0.89
0.96 0.88 0.82
0.78 Dividend declared per share 0.47
0.47 0.46 0.46 0.46 Book
value 22.96 22.22 20.97
20.48 19.27 Common stock price:
High 39.90 41.67
39.30 36.56 39.30 Low
36.72 36.20 32.01 31.07
33.33 Close 39.81 40.88
38.78 32.75 34.36 Weighted
average common shares:
Basic
3,838 3,837 3,837
3,836 3,836 Fully Diluted 3,838
3,837 3,837 3,836 3,836
End-of-period common shares:
Issued 4,018 4,018 4,018
4,017 4,017 Treasury 181
181 181 181 181
Quarter Ended (Dollars in
Thousands, Except Per Share Data)
6/30/2012
3/31/2012
12/31/2011
9/30/2011
6/30/2011
Financial Condition Data:
General
Total assets $ 818,433 $ 793,114
$ 763,953 $ 752,650 $ 744,986 Loans, net
457,904 435,832 428,805
422,989 413,397 Intangibles 3,032
3,032 3,032 3,032
3,032 Total deposits 641,167 621,542
581,664 575,300 569,833
Noninterest-bearing 117,762 116,271
111,354 104,783 100,104
Savings 81,479
77,253 71,646 73,376
71,923 NOW 115,972 108,904
101,808 103,264 91,285 Money Market
152,114 141,830 124,335
122,896 129,004 Time Deposits 173,840
177,284 172,521 170,981
177,517 Total interest-bearing deposits
523,405 505,271 470,310
470,517 469,729
Core
deposits* 467,327 444,258
409,143 404,319 392,316 Shareholders'
equity 88,111 85,279 80,460
78,572 73,906
Asset Quality
Non-performing assets $
8,725 $ 11,308 $ 12,009 $ 14,344 $
10,911 Non-performing assets to total assets 1.07%
1.43% 1.57% 1.91%
1.46% Allowance for loan losses 7,438 7,745
7,154 6,355 5,764
Allowance for loan losses to total loans 1.60%
1.75% 1.64% 1.48% 1.38%
Allowance for loan losses to
non-performing loans
85.25% 68.49% 59.57%
44.30% 52.83% Non-performing loans to total
loans 1.87% 2.55% 2.75%
3.34% 2.60%
Capitalization
Shareholders' equity to total assets
10.77% 10.75% 10.53%
10.44% 9.92% * 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 Six Months Ended June 30, June 30, 2012 2011
2012 2011 GAAP net income $ 3,398 $ 2,964 $ 7,087 $ 5,817 Less: net
securities and bank-owned life insurance gains, net of tax
112 6 610 88
Non-GAAP operating earnings $ 3,286 $ 2,958 $ 6,477
$ 5,729 Three Months Ended Six Months Ended
June 30, June 30, 2012 2011 2012 2011 Return on average assets
(ROA) 1.67 % 1.64 % 1.78 % 1.64 % Less: net securities and
bank-owned life insurance gains, net of tax 0.06 %
0.01 % 0.15 % 0.02 % Non-GAAP operating ROA
1.61 % 1.63 % 1.63 % 1.62 % Three
Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011
Return on average equity (ROE) 15.48 % 16.29 % 16.42 % 16.45 %
Less: net securities and bank-owned life insurance gains, net of
tax 0.51 % 0.04 % 1.42 % 0.25 %
Non-GAAP operating ROE 14.97 % 16.25 % 15.00 %
16.20 % Three Months Ended Six Months Ended June 30,
June 30, 2012 2011 2012 2011 Basic earnings per share (EPS) $ 0.89
$ 0.78 $ 1.85 $ 1.52 Less: net securities and bank-owned life
insurance gains, net of tax 0.03 0.01
0.16 0.03 Non-GAAP basic operating EPS
$ 0.86 $ 0.77 $ 1.69 $ 1.49
Three Months Ended Six Months Ended June 30, June 30, 2012 2011
2012 2011 Dilutive EPS $ 0.89 $ 0.78 $ 1.85 $ 1.52 Less: net
securities and bank-owned life insurance gains, net of tax
0.03 0.01 0.16 0.03
Non-GAAP dilutive operating EPS $ 0.86 $ 0.77
$ 1.69 $ 1.49
Penns Woods Bancorp (NASDAQ:PWOD)
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Penns Woods Bancorp (NASDAQ:PWOD)
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