Penns Woods Bancorp, Inc. (Nasdaq:PWOD) continued its strong
earnings and growth during the recently completed first quarter of
2013. Earnings of $3,684,000 were achieved for the three month
period ending March 31, 2013 resulting in basic and dilutive
earnings per share of $0.96. The driving force behind the strong
net income was growth in loans and core deposits as both categories
increased in excess of 10% over the past twelve months.
Highlights
- Net income from core operations ("operating earnings"), which
is a non-GAAP measure of net income excluding net securities gains
and bank owned life insurance gains on death benefits, decreased
slightly to $3,033,000 for the three months ended March 31, 2013
compared to $3,191,000 for the same period of 2012.
- Operating earnings per share for the three months ended March
31, 2013 were $0.79 basic and dilutive compared to $0.83 basic and
dilutive for the same period of 2012.
- Return on average assets was 1.72% for the three months ended
March 31, 2013 compared to 1.91% for the corresponding period of
2012.
- Return on average equity was 15.48% for the three months ended
March 31, 2013 compared to 17.39% for the corresponding period of
2012.
- The results for the three months ended March 31, 2013 were
negatively impacted by $88,000 in expenses related to the announced
acquisition of Luzerne National Bank Corporation.
"During the current prolonged period of low rates, we have taken
the strategic path of growing our balance sheet by acquiring high
quality earning assets funded by core deposit growth. The loan
growth is being driven by home equity and mortgage products, while
NOW and savings accounts drive the core deposit growth. As part of
our strategic plan, we continue to invest in revenue streams for
the future. These revenue streams include the successful 2012
opening of our Danville branch, approved branch locations in
Lewisburg and Loyalsock, expansion of our residential secondary
market footprint and commercial services department, and the
announced acquisition of Luzerne National Bank Corporation. While
the investment in these areas limits our ability to increase
current earnings, these areas will further diversify our revenue
streams and should positively impact net income in future periods,
while reducing the reliance on net interest income as the driver of
earnings," 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 months ended
March 31, 2013 was $3,684,000 compared to $3,689,000 for the same
period of 2012. Results for the three months ended March 31, 2013
compared to 2012 were impacted by an increase in after-tax
securities gains of $262,000 (from a gain of $389,000 to a gain of
$651,000). In addition, a gain of $109,000 on death benefit related
to bank owned life insurance was recorded during the first quarter
of 2012. Impacting the results for the three months ended March 31,
2013 was the recognition of $88,000 in expenses related to the
announced acquisition of Luzerne National Bank Corporation, a write
down of $330,000 of other real estate owned, and the payoff of a
nonaccrual loan resulting in the recognition of $528,000 in
interest income and a recovery of a previous loan charge-off of
$850,000. Basic and dilutive earnings per share for the three
months ended March 31, 2013 and the corresponding period of 2012
were $0.96. Return on average assets and return on average equity
were 1.72% and 15.48% for the three months ended March 31, 2013
compared to 1.91% and 17.39% for the corresponding period of
2012.
Net Interest Margin
The net interest margin for the three months ended March 31,
2013 was 4.46% compared to 4.72% for the corresponding periods of
2012. While the net interest margin has decreased year over year,
net interest income on a fully taxable equivalent basis has
increased $445,000 to $8,943,000 for the three months ended March
31, 2013 compared to the corresponding period of 2012. Driving this
increase is the growth in the loan portfolio of 15.52% primarily
due to growth in home equity products, recognition of $528,000 in
loan interest from the payoff of a nonaccrual loan, and the
continued emphasis on core deposit growth. The primary funding for
the loan growth was an increase in core deposits of 10.63%. These
deposits represent a lower cost funding source than time deposits
and comprise 74.55% of total deposits at March 31, 2013 compared to
71.48% at March 31, 2012. The continued growth in core deposits has
led to the total cost of deposits decreasing to 49 bp from 66 bp
for the three month periods ended March 31, 2013 and 2012,
respectively. FHLB long-term borrowings have been increased by
$10,000,000 since March 31, 2012 to supplement the deposit funding
of a combination of loan growth and FHLB debt that matured.
Long-term borrowings of $5,000,000 matured during the three months
ended March 31, 2013 carrying an average rate of 3.74%. The changes
in the composition of the deposit and borrowing portfolios has led
to the total cost of funds decreasing to 72 bp from 97 bp for the
three months ended March 31, 2013 and 2012, respectively.
"Despite the uptick in the net interest margin, the margin has
and will continue to encounter challenges as we move forward in the
current low rate environment. Our strategic direction is to
continue to add quality earning assets, even though these new
earning assets are being added are at a lower rate than the legacy
earning assets that are maturing or are repricing lower at their
rate reset dates. In addition, our investment portfolio strategy
continues to focus on shortening the portfolio duration in order to
reduce interest rate and market risk in the future. The earning
asset acquisition strategies do limit current earnings, but they
play a key role in our long-term asset liability management
strategy. On the funding side of the balance sheet there is limited
opportunity to reduce costs. During the second half of 2012, new
borrowings from the FHLB totaled $30 million at a blended rate of
less than one percent. These borrowings replaced $15 million in
higher cost FHLB borrowings that were maturing and provided
additional funding for the growth in the loan and investment
portfolios," commented President Grafmyre.
Assets
Total assets increased $59,883,000 to $852,997,000 at March 31,
2013 compared to March 31, 2012. Net loans increased 15.55% to
$503,592,000 at March 31, 2013 compared to March 31, 2012 due in
large part to campaigns related to increasing home equity product
market share during 2012 and carrying over into 2013. The
investment portfolio increased $3,744,000 from March 31, 2012 to
March 31, 2013 due to the purchase of primarily short maturity
bonds that have been utilized to reduce the portfolio duration and
to provide current cash flow. In addition, we continue to
follow our strategy to reduce the investment portfolio duration
through the selective selling of bonds as opportunities
develop.
Non-performing Loans
Our non-performing loans to total loans ratio has decreased to
1.77% at March 31, 2013 from 2.55% at March 31, 2012. The
decrease in non-performing loans is primarily the result of several
partial charge-offs and the payoff of a large construction loan
that was on nonaccrual. 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 recoveries of $713,000 for
the three months ended March 31, 2013 augmented the allowance for
loan losses which was 1.72% of total loans at March 31, 2013.
Deposits
Deposits have grown 6.08%, or $37,762,000, to $659,304,000 at
March 31, 2013 compared to March 31, 2012, with core deposits
(total deposits excluding time deposits) increasing $47,242,000,
while higher cost time deposits decreased
$9,480,000. Noninterest-bearing deposits have increased 3.61%
to $120,471,000 at March 31, 2013 compared to March 31,
2012. Also playing a significant role in increasing core
deposits were NOW and savings accounts with growth rates of 29.13%
and 12.04%, 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.
Shareholders' Equity
Shareholders' equity increased $8,695,000 to $93,974,000 at
March 31, 2013 compared to March 31, 2012. The accumulated
other comprehensive gain of $3,709,000 at March 31, 2013 is a
result of an increase in unrealized gains on available for sale
securities from an unrealized gain of $5,832,000 at March 31, 2012
to an unrealized gain of $8,516,000 at March 31,
2013. However, the amount of accumulated other comprehensive
gain at March 31, 2013 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 $674,000 to $4,807,000 at March 31,
2013. The current level of shareholders' equity equates to a
book value per share of $24.48 at March 31, 2013 compared to $22.22
at March 31, 2012 and an equity to asset ratio of 11.02% at March
31, 2013 compared to 10.75% at March 31, 2012. Excluding
accumulated other comprehensive gain/loss, book value per share was
$23.51 at March 31, 2013 compared to $21.78 at March 31,
2012. Dividends per share declared to shareholders were $0.72
for the three months ended March 31, 2013, which includes a special
cash dividend of $0.25 per share, compared to $0.47 for the three
months ended March 31, 2012.
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, 2012.
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) |
March 31, |
| |
2013 |
2012 |
% Change |
| ASSETS |
|
|
|
| Noninterest-bearing balances |
$ 9,120 |
$ 16,272 |
-43.95% |
| Interest-bearing deposits in other financial
institutions |
3,948 |
7,159 |
-44.85% |
| Total cash and cash
equivalents |
13,068 |
23,431 |
-44.23% |
| |
|
|
|
| Investment securities, available for sale, at
fair value |
288,577 |
284,778 |
1.33% |
| Investment securities held to maturity (fair
value of $0 and $55) |
-- |
55 |
-100.00% |
| Loans held for sale |
2,425 |
2,065 |
17.43% |
| Loans |
512,422 |
443,577 |
15.52% |
| Allowance for loan losses |
(8,830) |
(7,745) |
14.01% |
| Loans, net |
503,592 |
435,832 |
15.55% |
| Premises and equipment, net |
9,128 |
8,283 |
10.20% |
| Accrued interest receivable |
4,070 |
4,100 |
-0.73% |
| Bank-owned life insurance |
16,517 |
15,973 |
3.41% |
| Investment in limited partnerships |
2,717 |
3,379 |
-19.59% |
| Goodwill |
3,032 |
3,032 |
0.00% |
| Deferred tax asset |
5,751 |
6,416 |
-10.36% |
| Other assets |
4,120 |
5,770 |
-28.60% |
| TOTAL ASSETS |
$852,997 |
$793,114 |
7.55% |
| |
|
|
|
| LIABILITIES |
|
|
|
| Interest-bearing deposits |
$ 538,833 |
$ 505,271 |
6.64% |
| Noninterest-bearing deposits |
120,471 |
116,271 |
3.61% |
| Total deposits |
659,304 |
621,542 |
6.08% |
| |
|
|
|
| Short-term borrowings |
16,632 |
14,768 |
12.62% |
| Long-term borrowings, Federal Home Loan Bank
(FHLB) |
71,278 |
61,278 |
16.32% |
| Accrued interest payable |
357 |
506 |
-29.45% |
| Other liabilities |
11,452 |
9,741 |
17.56% |
| TOTAL LIABILITIES |
759,023 |
707,835 |
7.23% |
| |
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
| Preferred stock, no par value, 3,000,000
shares authorized; no shares issued |
-- |
-- |
0.00% |
| Common stock, par value $8.33, 15,000,000
shares authorized; 4,019,522 and 4,018,068 shares issued |
33,496 |
33,484 |
0.04% |
| Additional paid-in capital |
18,170 |
18,127 |
0.24% |
| Retained earnings |
44,909 |
38,279 |
17.32% |
| Accumulated other comprehensive gain: |
|
|
|
| Net unrealized gain on
available for sale securities |
8,516 |
5,832 |
46.02% |
| Defined benefit plan |
(4,807) |
(4,133) |
-16.31% |
| Treasury stock at cost, 180,596 shares |
(6,310) |
(6,310) |
0.00% |
| TOTAL SHAREHOLDERS'
EQUITY |
93,974 |
85,279 |
10.20% |
| TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$852,997 |
$793,114 |
7.55% |
| |
| PENNS WOODS BANCORP,
INC. |
| CONSOLIDATED STATEMENT
OF INCOME |
|
(UNAUDITED) |
| |
|
|
|
| |
|
|
|
| (In Thousands, Except Per Share Data) |
Three Months Ended |
| |
March 31, |
| |
2013 |
2012 |
% Change |
| INTEREST AND DIVIDEND INCOME: |
|
|
|
| Loans including fees |
$ 6,768 |
$ 6,314 |
7.19% |
| Investment securities: |
|
|
|
| Taxable |
1,443 |
1,474 |
-2.10% |
| Tax-exempt |
1,267 |
1,405 |
-9.82% |
| Dividend and other
interest income |
62 |
92 |
-32.61% |
| TOTAL INTEREST AND DIVIDEND INCOME |
9,540 |
9,285 |
2.75% |
| |
|
|
|
| INTEREST EXPENSE: |
|
|
|
| Deposits |
791 |
961 |
-17.69% |
| Short-term borrowings |
25 |
34 |
-26.47% |
| Long-term borrowings, FHLB |
519 |
620 |
-16.29% |
| TOTAL INTEREST EXPENSE |
1,335 |
1,615 |
-17.34% |
| |
|
|
|
| NET INTEREST INCOME |
8,205 |
7,670 |
6.98% |
| |
|
|
|
| PROVISION FOR LOAN LOSSES |
500 |
600 |
-16.67% |
| |
|
|
|
| NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
7,705 |
7,070 |
8.98% |
| |
|
|
|
| NON-INTEREST INCOME: |
|
|
|
| Service charges |
442 |
447 |
-1.12% |
| Securities gains, net |
986 |
589 |
67.40% |
| Bank-owned life insurance |
138 |
268 |
-48.51% |
| Gain on sale of loans |
351 |
183 |
91.80% |
| Insurance commissions |
264 |
442 |
-40.27% |
| Brokerage commissions |
248 |
212 |
16.98% |
| Other |
304 |
622 |
-51.13% |
| TOTAL NON-INTEREST INCOME |
2,733 |
2,763 |
-1.09% |
| |
|
|
|
| NON-INTEREST EXPENSE: |
|
|
|
| Salaries and employee benefits |
3,068 |
3,017 |
1.69% |
| Occupancy |
351 |
328 |
7.01% |
| Furniture and equipment |
408 |
346 |
17.92% |
| Pennsylvania shares tax |
184 |
169 |
8.88% |
| Amortization of investments in limited
partnerships |
165 |
165 |
0.00% |
| FDIC deposit insurance |
129 |
123 |
4.88% |
| Other |
1,546 |
1,316 |
17.48% |
| TOTAL NON-INTEREST EXPENSE |
5,851 |
5,464 |
7.08% |
| |
|
|
|
| INCOME BEFORE INCOME TAX PROVISION |
4,587 |
4,369 |
4.99% |
| INCOME TAX PROVISION |
903 |
680 |
32.79% |
| NET INCOME |
$ 3,684 |
$ 3,689 |
-0.14% |
| |
|
|
|
| EARNINGS PER SHARE - BASIC |
$ 0.96 |
$ 0.96 |
0.00% |
| |
|
|
|
| EARNINGS PER SHARE - DILUTED |
$ 0.96 |
$ 0.96 |
0.00% |
| |
|
|
|
| WEIGHTED AVERAGE SHARES OUTSTANDING -
BASIC |
3,838,671 |
3,837,204 |
0.04% |
| |
|
|
|
| WEIGHTED AVERAGE SHARES OUTSTANDING -
DILUTED |
3,838,671 |
3,837,204 |
0.04% |
| |
|
|
|
| DIVIDENDS DECLARED PER SHARE |
$ 0.72 |
$ 0.47 |
53.19% |
| |
| PENNS WOODS BANCORP,
INC. |
| AVERAGE BALANCES AND
INTEREST RATES |
| |
|
|
|
|
|
|
| |
For the Three Months
Ended |
| (Dollars in Thousands) |
March 31, 2013 |
March 31, 2012 |
| |
Average Balance |
Interest |
Average Rate |
Average Balance |
Interest |
Average Rate |
| ASSETS: |
|
|
|
|
|
|
| Tax-exempt loans |
$ 21,757 |
$ 249 |
4.64% |
$ 21,591 |
$ 309 |
5.76% |
| All other loans |
495,789 |
6,604 |
5.40% |
422,098 |
6,110 |
5.82% |
| Total loans |
517,546 |
6,853 |
5.37% |
443,689 |
6,419 |
5.82% |
| |
|
|
|
|
|
|
| Taxable securities |
161,529 |
1,504 |
3.72% |
147,200 |
1,566 |
4.26% |
| Tax-exempt securities |
127,474 |
1,920 |
6.02% |
130,590 |
2,128 |
6.52% |
| Total securities |
289,003 |
3,424 |
4.74% |
277,790 |
3,694 |
5.32% |
| |
|
|
|
|
|
|
| Interest-bearing deposits |
3,683 |
1 |
0.11% |
2,037 |
-- |
0.00% |
| |
|
|
|
|
|
|
| Total interest-earning assets |
810,232 |
10,278 |
5.12% |
723,516 |
10,113 |
5.61% |
| |
|
|
|
|
|
|
| Other assets |
48,485 |
|
|
50,914 |
|
|
| |
|
|
|
|
|
|
| TOTAL ASSETS |
$ 858,717 |
|
|
$ 774,430 |
|
|
| |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
| Savings |
$ 84,545 |
24 |
0.12% |
$ 73,628 |
11 |
0.06% |
| Super Now deposits |
137,315 |
174 |
0.51% |
108,369 |
142 |
0.53% |
| Money market deposits |
144,366 |
135 |
0.38% |
127,387 |
205 |
0.65% |
| Time deposits |
171,733 |
458 |
1.08% |
177,083 |
603 |
1.37% |
| Total interest-bearing deposits |
537,959 |
791 |
0.60% |
486,467 |
961 |
0.79% |
| |
|
|
|
|
|
|
| Short-term borrowings |
21,370 |
25 |
0.47% |
22,058 |
34 |
0.62% |
| Long-term borrowings, FHLB |
75,889 |
519 |
2.74% |
61,278 |
620 |
4.00% |
| Total borrowings |
97,259 |
544 |
2.24% |
83,336 |
654 |
3.11% |
| |
|
|
|
|
|
|
| Total interest-bearing liabilities |
635,218 |
1,335 |
0.85% |
569,803 |
1,615 |
1.13% |
| |
|
|
|
|
|
|
| Demand deposits |
116,021 |
|
|
108,081 |
|
|
| Other liabilities |
12,265 |
|
|
11,669 |
|
|
| Shareholders' equity |
95,213 |
|
|
84,877 |
|
|
| |
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 858,717 |
|
|
$ 774,430 |
|
|
| Interest rate spread |
|
|
4.27% |
|
|
4.48% |
| Net interest income/margin |
|
$ 8,943 |
4.46% |
|
$ 8,498 |
4.72% |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
| |
|
March 31, |
|
|
|
| |
|
2013 |
2012 |
|
|
|
| Total interest income |
|
$ 9,540 |
$ 9,285 |
|
|
|
| Total interest expense |
|
1,335 |
1,615 |
|
|
|
| Net interest income |
|
8,205 |
7,670 |
|
|
|
| Tax equivalent adjustment |
|
738 |
828 |
|
|
|
| Net interest income (fully taxable
equivalent) |
|
$ 8,943 |
$ 8,498 |
|
|
|
| |
|
| |
Quarter
Ended |
| |
|
|
|
|
|
| (Dollars in Thousands, Except Per Share
Data) |
3/31/2013 |
12/31/2012 |
9/30/2012 |
6/30/2012 |
3/31/2012 |
| |
|
|
|
|
|
| Operating Data |
|
|
|
|
|
| Net income |
$ 3,684 |
$ 3,096 |
$ 3,667 |
$ 3,398 |
$ 3,689 |
| Net interest income |
8,205 |
7,838 |
7,690 |
7,698 |
7,670 |
| Provision for loan losses |
500 |
725 |
600 |
600 |
600 |
| Net security gains |
986 |
79 |
447 |
170 |
589 |
| Non-interest income, ex. net
security gains |
1,747 |
2,206 |
2,324 |
2,111 |
2,174 |
| Non-interest expense |
5,851 |
5,758 |
5,458 |
5,343 |
5,464 |
| |
|
|
|
|
|
| Performance Statistics |
|
|
|
|
|
| Net interest margin |
4.46% |
4.29% |
4.34% |
4.47% |
4.72% |
| Annualized return on average
assets |
1.72% |
1.46% |
1.77% |
1.67% |
1.91% |
| Annualized return on average
equity |
15.48% |
12.92% |
15.94% |
15.48% |
17.39% |
| Annualized net loan
(recoveries) charge-offs to average loans |
-0.55% |
0.50% |
0.44% |
0.79% |
0.01% |
| Net (recoveries)
charge-offs |
(713) |
629 |
517 |
907 |
9 |
| Efficiency ratio |
58.8% |
57.3% |
54.5% |
54.5% |
55.5% |
| |
|
|
|
|
|
| Per Share Data |
|
|
|
|
|
| Basic earnings per share |
$ 0.96 |
$ 0.81 |
$ 0.96 |
$ 0.89 |
$ 0.96 |
| Diluted earnings per share |
0.96 |
0.81 |
0.96 |
0.89 |
0.96 |
| Dividend declared per
share |
0.72 |
0.47 |
0.47 |
0.47 |
0.47 |
| Book value |
24.48 |
24.42 |
24.43 |
22.96 |
22.22 |
| Common stock price: |
|
|
|
|
|
| High |
41.45 |
45.27 |
44.60 |
39.90 |
41.67 |
| Low |
38.50 |
37.16 |
37.78 |
36.72 |
36.20 |
| Close |
40.97 |
37.41 |
44.33 |
39.81 |
40.88 |
| Weighted average common
shares: |
|
|
|
|
|
| Basic |
3,839 |
3,838 |
3,838 |
3,838 |
3,837 |
| Fully Diluted |
3,839 |
3,838 |
3,838 |
3,838 |
3,837 |
| End-of-period common
shares: |
|
|
|
|
|
| Issued |
4,020 |
4,019 |
4,019 |
4,018 |
4,018 |
| Treasury |
181 |
181 |
181 |
181 |
181 |
| |
|
| |
Quarter
Ended |
| |
|
|
|
|
|
| (Dollars in Thousands, Except Per Share
Data) |
3/31/2013 |
12/31/2012 |
9/30/2012 |
6/30/2012 |
3/31/2012 |
| |
|
|
|
|
|
| Financial Condition
Data: |
|
|
|
|
|
| General |
|
|
|
|
|
| Total assets |
$ 852,997 |
$ 856,535 |
$ 840,606 |
$ 818,433 |
$ 793,114 |
| Loans, net |
503,592 |
504,615 |
477,530 |
457,904 |
435,832 |
| Intangibles |
3,032 |
3,032 |
3,032 |
3,032 |
3,032 |
| Total deposits |
659,304 |
642,026 |
641,110 |
641,167 |
621,542 |
| Noninterest-bearing |
120,471 |
114,953 |
115,285 |
117,762 |
116,271 |
| |
|
|
|
|
|
| Savings |
86,556 |
82,546 |
81,479 |
81,479 |
77,253 |
| NOW |
140,626 |
130,454 |
125,572 |
115,972 |
108,904 |
| Money Market |
143,847 |
144,722 |
149,054 |
152,114 |
141,830 |
| Time Deposits |
167,804 |
169,351 |
169,720 |
173,840 |
177,284 |
| Total interest-bearing
deposits |
538,833 |
527,073 |
525,825 |
523,405 |
505,271 |
| |
|
|
|
|
|
| Core deposits* |
491,500 |
472,675 |
471,390 |
467,327 |
444,258 |
| Shareholders' equity |
93,974 |
93,726 |
93,779 |
88,111 |
85,279 |
| |
|
|
|
|
|
| Asset Quality |
|
|
|
|
|
| |
|
|
|
|
|
| Non-performing assets |
$ 9,059 |
$ 11,706 |
$ 12,041 |
$ 8,725 |
$ 11,308 |
| Non-performing assets to total
assets |
1.06% |
1.37% |
1.43% |
1.07% |
1.43% |
| Allowance for loan losses |
8,830 |
7,617 |
7,521 |
7,438 |
7,745 |
| Allowance for loan losses to
total loans |
1.72% |
1.49% |
1.55% |
1.60% |
1.75% |
| Allowance for loan losses to
non-performing loans |
97.47% |
65.07% |
62.46% |
85.25% |
68.49% |
| Non-performing loans to total
loans |
1.77% |
2.29% |
2.48% |
1.87% |
2.55% |
| |
|
|
|
|
|
| Capitalization |
|
|
|
|
|
| |
|
|
|
|
|
| Shareholders' equity to total
assets |
11.02% |
10.94% |
11.16% |
10.77% |
10.75% |
| |
|
|
|
|
|
| * 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 |
| |
March 31, |
| |
2013 |
2012 |
| GAAP net income |
$ 3,684 |
$ 3,689 |
| Less: net securities and bank-owned life
insurance gains, net of tax |
651 |
498 |
| Non-GAAP operating earnings |
$ 3,033 |
$ 3,191 |
| |
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2013 |
2012 |
| Return on average assets (ROA) |
1.72% |
1.91% |
| Less: net securities and bank-owned life
insurance gains, net of tax |
0.31% |
0.26% |
| Non-GAAP operating ROA |
1.41% |
1.65% |
| |
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2013 |
2012 |
| Return on average equity (ROE) |
15.48% |
17.39% |
| Less: net securities and bank-owned life
insurance gains, net of tax |
2.74% |
2.35% |
| Non-GAAP operating ROE |
12.74% |
15.04% |
| |
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2013 |
2012 |
| Basic earnings per share (EPS) |
$ 0.96 |
$ 0.96 |
| Less: net securities and bank-owned life
insurance gains, net of tax |
0.17 |
0.13 |
| Non-GAAP basic operating EPS |
$ 0.79 |
$ 0.83 |
| |
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2013 |
2012 |
| Dilutive EPS |
$ 0.96 |
$ 0.96 |
| Less: net securities and bank-owned life
insurance gains, net of tax |
0.17 |
0.13 |
| Non-GAAP dilutive operating EPS |
$ 0.79 |
$ 0.83 |
CONTACT: Richard A. Grafmyre, President and Chief Executive Officer
300 Market Street
Williamsport, PA 17701
570-322-1111 e-mail: jssb@jssb.com
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