Penns Woods Bancorp, Inc. Recognized as Top-Performing Community Bank
April 16 2014 - 9:43AM
Richard A. Grafmyre, CFP® President and CEO of
Penns Woods
Bancorp, Inc. (Nasdaq:PWOD) announced that Penns Woods
Bancorp, Inc. was named one of the
Top 100 Performing
Community Banks of 2013 with assets between $500 million
and $5 billion by SNL Financial.
According to SNL Financial they evaluated "commercial banks and
bank holding companies with assets between $500 million and $5
billion with 60 or fewer branches. Additionally, at least one-third
of the banks' balance sheets must be composed of loans, and less
than half of total loans may be attributable to credit card
lending. Moreover, banks had to be well-capitalized according to
regulatory standards and could not have a majority of revenue
derived from nontraditional banking activities."
SNL further qualified the ranking by stating "the qualifying
banks were evaluated using six core financial performance metrics
that focus on profitability, asset quality and growth for the
12-month period ended December 31, 2013. The metrics used were
return on average tangible assets before tax, net charge-offs as a
percentage of average loans, adjusted Texas ratio, efficiency
ratio, net interest margin and loan growth. SNL measured each
company's standard deviation from the mean of each metric. The
standard deviations, which are equally weighted, were added
together to calculate a performance score for each company."
Grafmyre added, "We are pleased to be acknowledged by a quality
ranking, to be recognized as one of the top community banks in the
country is a testament to the hard work and dedication of our
employees and Board of Directors. We strive to make our
company a wise choice for both customers and shareholders."
About Penns Woods Bancorp, Inc.
Penns Woods Bancorp, Inc. is the $1.2 billion parent company of
Luzerne Bank and Jersey Shore State Bank. Luzerne Bank
operates eight branch offices providing financial services in
Luzerne County. Jersey Shore State Bank operates thirteen
branch offices providing financial services in Lycoming, Clinton,
Centre, and Montour Counties. Investment and insurance
products are offered through Jersey Shore State Bank's subsidiary,
The M-Group D/B/A The Comprehensive Financial Group.
CONTACT: Lori Strimple
570.320.2056
lori.strimple@jssb.com
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