Penns Woods Bancorp, Inc. (Nasdaq:PWOD)
Penns Woods Bancorp, Inc. continued its solid earnings and
growth during the recently completed first quarter of 2014,
achieving net income of $3,469,000 for the three months ended March
31, 2014 resulting in basic and dilutive earnings per share of
$0.72.
Highlights
- Completion of the acquisition of Luzerne National Bank
Corporation ("Luzerne") effective June 1, 2013 resulted in an
increase in net loans of $254,057,000; investments of $21,140,000;
deposits of $279,867,000; and assets of $329,209,000 at the time of
acquisition.
- 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, increased to
$3,036,000 for the three months ended March 31, 2014 compared to
$3,033,000 for the same period of 2013.
- Operating earnings per share for the three months ended March
31, 2014, which includes shares issued in the Luzerne transaction,
were $0.63 basic and dilutive compared to $0.79 basic and dilutive
for the same period of 2013.
- Return on average assets was 1.15% for the three months ended
March 31, 2014 compared to 1.72% for the corresponding period of
2013.
- Return on average equity was 10.58% for the three months ended
March 31, 2014 compared to 15.51% for the corresponding period of
2013.
"The three months ended March 31, 2014 were impacted by several
events. During this time frame our lead bank, Jersey Shore State
Bank, undertook a significant upgrade to systems. The system
changes included various improvements to our core processing
system, new teller system, and enhancements to other various
ancillary systems. While the upgrade at Jersey Shore State Bank was
taking place, our employees were also preparing to convert Luzerne
Bank in April from their legacy system to the new systems utilized
by Jersey Shore State Bank. The various system enhancements
impacted every facet of the company, but have provided a foundation
and capacity for the company to grow moving forward as the sister
banks will now have the capability to share services provided at
the holding company level. The weather conditions of the first
quarter also impacted the company as the cold, icy, and snowy
conditions caused an increase in weather related operating
costs. In addition, the winter weather led to fewer home
purchases within our market than the prior year. This resulted
in approximately a twenty percent reduction in secondary market
revenue compared to the first three months of 2013," 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, 2014 was $3,469,000 compared to $3,684,000 for the same
period of 2013. Results for the three months ended March 31,
2014 compared to 2013 were impacted by a decrease in after-tax
securities gains of $392,000 (from a gain of $651,000 to a gain of
$259,000). In addition, a gain of $174,000 on death benefits
related to bank owned life insurance was recorded during the first
quarter of 2014. Basic and dilutive earnings per share
for the three months ended March 31, 2014 were $0.72 compared to
$0.96 for the corresponding periods of 2013. Return on
average assets and return on average equity were 1.15% and 10.58%
for the three months ended March 31, 2014 compared to 1.72%
and 15.51% for the corresponding period of 2013.
Net Interest Margin
The net interest margin for the three months ended March 31,
2014 was 3.96% compared to 4.46% for the corresponding period of
2013. While the net interest margin has decreased year over
year, net interest income on a fully taxable equivalent basis has
increased $1,728,000 for the three months ended March 31, 2014
compared to the corresponding period of 2013. Driving this
increase is the growth in the loan and deposit portfolios for the
three months ended March 31, 2014 compared to the corresponding
period for 2013 primarily due to the acquisition of Luzerne, growth
in home equity products, and the continued emphasis on core deposit
growth. The primary funding for the loan growth was an
increase in core deposits. These deposits represent a lower
cost funding source than time deposits and comprise 76.79% of total
deposits at March 31, 2014 compared to 74.55% at
March 31, 2013. The continued growth in core deposits
has led to the total cost of deposits decreasing to 41 basis points
("bp") for the three months ended March 31, 2014 from 60 bp for the
corresponding period of 2013. The rate paid on borrowings
decreased slightly due to the impact of maturities and the entering
into a capital lease agreement. The changes in the
composition of the deposit and borrowing portfolios has led to the
total cost of interest bearing funding decreasing to 59 bp for the
three months ended March 31, 2014 from 85 bp at the corresponding
period of 2013.
"The net interest margin continues to decrease each quarter by
several basis points. The primary driver for the decrease is a
declining yield on earning assets due to the roll off of higher
yielding legacy assets that are being replaced by assets at lower
yields due to the continued low interest rate environment. To
offset the revenue impact of the declining asset yields, we have
focused on increasing earning assets by adding quality short and
intermediate term loans such as home equity loans, even though
these new earning assets are at lower yields than legacy
assets. In addition, the investment portfolio continues to be
actively managed in order to reduce interest rate and market risk.
This is being undertaken primarily through the sale of long-term
municipal bonds that have a maturity date of 2025 or later and
securities with a call date within the next five years. The
proceeds of the bond sales are being deployed into loans and
variable rate intermediate term corporate bonds and short and
intermediate term municipal bonds. The strategy to sell a
portion of the long-term bond portfolio does negatively impact
current earnings, but this action plays a key role in our long-term
asset liability management strategy as the balance sheet is
shortened to better prepare for a rising rate environment.
The funding side of the balance sheet has limited opportunities to
reduce cost. While we remain focused on increasing lower cost
core deposits, we have begun to lengthen our funding sources as
illustrated by our recently completed successful campaign to
attract four and five year time deposits," commented President
Grafmyre.
Assets
Total assets increased $364,140,000 to $1,217,137,000 at
March 31, 2014 compared to March 31, 2013 due primarily
to the acquisition of Luzerne. Net loans increased
$308,499,000 to $812,091,000 at March 31, 2014 compared to
March 31, 2013 due to the acquisition of Luzerne and campaigns
related to increasing home equity product market share during 2013
and 2014. The investment portfolio decreased $12,544,000 from
March 31, 2013 to March 31, 2014 due to our strategy to
reduce the investment portfolio duration through the selective
selling of bonds as opportunities develop and a reduction in the
fair market value adjustment related to the unrealized gain
component of the portfolio. The decreases in value were
partially offset by the acquisition of Luzerne.
Non-performing Loans
Our non-performing loans to total loans ratio decreased to 1.29%
at March 31, 2014 from 1.77% at March 31, 2013 as loan
portfolio growth offset the increase in non-performing loans.
The increase in non-performing loans to $10,614,000 at March 31,
2014 from $9,059,000 at March 31, 2013 is primarily the result of
one commercial real estate backed loan becoming
non-performing. 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 $2,109,000
for the three months ended March 31, 2014 negatively impacted the
allowance for loan losses which was 1.04% of total loans at
March 31, 2014. The majority of the loans charged-off had
a specific allowance within the allowance for loan losses.
Deposits
Deposits have increased $323,722,000 to $983,026,000 at
March 31, 2014 compared to March 31, 2013, with core
deposits (total deposits excluding time deposits) increasing
$263,354,000, while higher cost time deposits only increased
$60,368,000. Noninterest-bearing deposits have increased
$98,269,000 to $218,740,000 at March 31, 2014 compared to
March 31, 2013. Driving this growth is our acquisition
of Luzerne in addition to our commitment to easy-to-use products,
community involvement, and emphasis on customer service.
Shareholders' Equity
Shareholders' equity increased $39,292,000 to $132,305,000 at
March 31, 2014 compared to March 31, 2013. The
accumulated other comprehensive loss of $1,637,000 at
March 31, 2014 is primarily a result of a decrease in
unrealized gains on available for sale securities from an
unrealized gain of $8,516,000 at March 31, 2013 to an
unrealized gain of $1,088,000 at March 31, 2014. The
amount of accumulated other comprehensive loss at March 31,
2014 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 a decrease in the net
loss of $2,082,000 to $2,725,000 at March 31, 2014. The
current level of shareholders' equity equates to a book value per
share of $27.45 at March 31, 2014 compared to $24.23 at
March 31, 2013 and an equity to asset ratio of 10.87% at
March 31, 2014 compared to 10.90% at March 31,
2013. Excluding goodwill and intangibles, book value per
share was $23.55 at March 31, 2014 compared to $23.44 at
March 31, 2013. Dividends declared for the three months
ended March 31, 2014 were $0.47 per share compared to $0.72 for the
three months ended March 31, 2013, which includes a special cash
dividend of $0.25 per share declared in the first quarter 2013.
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, and Luzerne Bank, which operates eight branch offices
providing financial services in Luzerne County. 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,
2013.
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) |
|
|
|
|
|
|
|
|
|
March
31, |
(In Thousands, Except Share Data) |
2014 |
2013 |
% Change |
ASSETS |
|
|
|
Noninterest-bearing balances |
$ 24,913 |
$ 9,120 |
173.17% |
Interest-bearing deposits in other financial
institutions |
14,582 |
3,948 |
269.35% |
Federal funds sold |
168 |
— |
n/a |
Total cash and cash
equivalents |
39,663 |
13,068 |
203.51% |
Investment securities, available for sale, at
fair value |
276,033 |
288,577 |
(4.35)% |
Loans held for sale |
1,647 |
2,425 |
(32.08)% |
Loans |
820,611 |
512,422 |
60.14% |
Allowance for loan losses |
(8,520) |
(8,830) |
(3.51)% |
Loans, net |
812,091 |
503,592 |
61.26% |
Premises and equipment, net |
20,418 |
9,128 |
123.69% |
Accrued interest receivable |
4,514 |
4,070 |
10.91% |
Bank-owned life insurance |
25,430 |
16,517 |
53.96% |
Investment in limited partnerships |
2,056 |
2,717 |
(24.33)% |
Goodwill |
17,104 |
3,032 |
464.12% |
Intangibles |
1,709 |
— |
n/a |
Deferred tax asset |
7,984 |
5,751 |
38.83% |
Other assets |
8,488 |
4,120 |
106.02% |
TOTAL ASSETS |
$ 1,217,137 |
$ 852,997 |
42.69% |
LIABILITIES |
|
|
|
Interest-bearing deposits |
$ 764,286 |
$ 538,833 |
41.84% |
Noninterest-bearing deposits |
218,740 |
120,471 |
81.57% |
Total deposits |
983,026 |
659,304 |
49.10% |
Short-term borrowings |
14,127 |
16,632 |
(15.06)% |
Long-term borrowings |
71,202 |
71,278 |
(0.11)% |
Accrued interest payable |
388 |
357 |
8.68% |
Other liabilities |
16,089 |
12,413 |
29.61% |
TOTAL LIABILITIES |
1,084,832 |
759,984 |
42.74% |
SHAREHOLDERS' EQUITY |
|
|
|
Preferred stock, no par value, 3,000,000
shares authorized; no shares issued |
— |
— |
n/a |
Common stock, par value $8.33, 15,000,000
shares authorized; 5,000,561 and 4,019,522 shares issued |
41,671 |
33,496 |
24.41% |
Additional paid-in capital |
49,823 |
18,170 |
174.20% |
Retained earnings |
48,758 |
43,948 |
10.94% |
Accumulated other comprehensive (loss)
income: |
|
|
|
Net unrealized gain on available for sale
securities |
1,088 |
8,516 |
(87.22)% |
Defined benefit plan |
(2,725) |
(4,807) |
43.31% |
Treasury stock at cost, 180,596
shares |
(6,310) |
(6,310) |
—% |
TOTAL SHAREHOLDERS' EQUITY |
132,305 |
93,013 |
42.24% |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 1,217,137 |
$ 852,997 |
42.69% |
|
PENNS WOODS BANCORP,
INC. |
CONSOLIDATED STATEMENT
OF INCOME |
(UNAUDITED) |
|
|
|
|
|
Three Months
Ended March 31, |
(In Thousands, Except Per Share Data) |
2014 |
2013 |
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
Loans including fees |
$ 8,813 |
$ 6,768 |
30.22% |
Investment securities: |
|
|
|
Taxable |
1,458 |
1,443 |
1.04% |
Tax-exempt |
931 |
1,267 |
(26.52)% |
Dividend and other interest
income |
127 |
62 |
104.84% |
TOTAL INTEREST AND DIVIDEND INCOME |
11,329 |
9,540 |
18.75% |
INTEREST EXPENSE: |
|
|
|
Deposits |
758 |
791 |
(4.17)% |
Short-term borrowings |
15 |
25 |
(40.00)% |
Long-term borrowings |
469 |
519 |
(9.63)% |
TOTAL INTEREST EXPENSE |
1,242 |
1,335 |
(6.97)% |
NET INTEREST INCOME |
10,087 |
8,205 |
22.94% |
PROVISION FOR LOAN LOSSES |
485 |
500 |
(3.00)% |
NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
9,602 |
7,705 |
24.62% |
NON-INTEREST INCOME: |
|
|
|
Service charges |
595 |
442 |
34.62% |
Securities gains, net |
393 |
986 |
(60.14)% |
Bank-owned life insurance |
370 |
138 |
168.12% |
Gain on sale of loans |
290 |
351 |
(17.38)% |
Insurance commissions |
420 |
264 |
59.09% |
Brokerage commissions |
271 |
248 |
9.27% |
Other |
872 |
304 |
186.84% |
TOTAL NON-INTEREST INCOME |
3,211 |
2,733 |
17.49% |
NON-INTEREST EXPENSE: |
|
|
|
Salaries and employee benefits |
4,503 |
3,068 |
46.77% |
Occupancy |
630 |
351 |
79.49% |
Furniture and equipment |
671 |
408 |
64.46% |
Pennsylvania shares tax |
244 |
184 |
32.61% |
Amortization of investments in limited
partnerships |
165 |
165 |
—% |
Federal Deposit Insurance Corporation deposit
insurance |
178 |
129 |
37.98% |
Marketing |
110 |
95 |
15.79% |
Intangible amortization |
92 |
— |
n/a |
Other |
2,050 |
1,451 |
41.28% |
TOTAL NON-INTEREST EXPENSE |
8,643 |
5,851 |
47.72% |
INCOME BEFORE INCOME TAX PROVISION |
4,170 |
4,587 |
(9.09)% |
INCOME TAX PROVISION |
701 |
903 |
(22.37)% |
NET INCOME |
$ 3,469 |
$ 3,684 |
(5.84)% |
EARNINGS PER SHARE - BASIC AND
DILUTED |
$ 0.72 |
$ 0.96 |
(25.00)% |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
AND DILUTED |
4,819,575 |
3,838,671 |
25.55% |
DIVIDENDS DECLARED PER SHARE |
$ 0.47 |
$ 0.72 |
(34.72)% |
|
PENNS WOODS BANCORP,
INC. |
AVERAGE BALANCES AND
INTEREST RATES |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March 31,
2014 |
March 31,
2013 |
(Dollars in Thousands) |
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
ASSETS: |
|
|
|
|
|
|
Tax-exempt loans |
$ 27,190 |
$ 306 |
4.57% |
$ 21,757 |
$ 249 |
4.64% |
All other loans |
770,656 |
8,611 |
4.53% |
495,789 |
6,604 |
5.40% |
Total loans |
797,846 |
8,917 |
4.53% |
517,546 |
6,853 |
5.37% |
Federal funds sold |
562 |
— |
—% |
— |
— |
—% |
Taxable securities |
176,725 |
1,577 |
3.57% |
161,529 |
1,504 |
3.72% |
Tax-exempt securities |
97,131 |
1,411 |
5.81% |
127,474 |
1,920 |
6.02% |
Total securities |
273,856 |
2,988 |
4.36% |
289,003 |
3,424 |
4.74% |
Interest-bearing deposits |
16,043 |
8 |
0.20% |
3,683 |
1 |
0.11% |
Total interest-earning assets |
1,088,307 |
11,913 |
4.42% |
810,232 |
10,278 |
5.12% |
Other assets |
116,465 |
|
|
48,485 |
|
|
TOTAL ASSETS |
$ 1,204,772 |
|
|
$ 858,717 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Savings |
$ 139,756 |
32 |
0.09% |
$ 84,545 |
24 |
0.12% |
Super Now deposits |
176,806 |
157 |
0.36% |
137,315 |
174 |
0.51% |
Money market deposits |
206,812 |
133 |
0.26% |
144,366 |
135 |
0.38% |
Time deposits |
232,182 |
436 |
0.76% |
171,733 |
458 |
1.08% |
Total interest-bearing deposits |
755,556 |
758 |
0.41% |
537,959 |
791 |
0.60% |
Short-term borrowings |
20,101 |
15 |
0.30% |
21,370 |
25 |
0.47% |
Long-term borrowings |
71,202 |
469 |
2.63% |
75,889 |
519 |
2.74% |
Total borrowings |
91,303 |
484 |
2.12% |
97,259 |
544 |
2.24% |
Total interest-bearing liabilities |
846,859 |
1,242 |
0.59% |
635,218 |
1,335 |
0.85% |
Demand deposits |
212,152 |
|
|
116,021 |
|
|
Other liabilities |
14,608 |
|
|
12,457 |
|
|
Shareholders' equity |
131,153 |
|
|
95,021 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 1,204,772 |
|
|
$ 858,717 |
|
|
Interest rate spread |
|
|
3.83% |
|
|
4.27% |
Net interest income/margin |
|
$ 10,671 |
3.96% |
|
$ 8,943 |
4.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
|
|
|
2014 |
2013 |
|
|
|
|
Total interest income |
$ 11,329 |
$ 9,540 |
|
|
|
|
Total interest expense |
1,242 |
1,335 |
|
|
|
|
Net interest income |
10,087 |
8,205 |
|
|
|
|
Tax equivalent adjustment |
584 |
738 |
|
|
|
|
Net interest income (fully taxable
equivalent) |
$ 10,671 |
$ 8,943 |
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
Quarter Ended |
|
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
Operating Data |
|
|
|
|
|
Net income |
$ 3,469 |
$ 3,495 |
$ 3,246 |
$ 3,659 |
$ 3,684 |
Net interest income |
10,087 |
10,447 |
10,629 |
8,754 |
8,205 |
Provision for loan losses |
485 |
600 |
600 |
575 |
500 |
Net security gains (losses) |
393 |
160 |
(3) |
1,274 |
986 |
Non-interest income, ex. net security
gains |
2,818 |
2,772 |
2,845 |
2,261 |
1,747 |
Non-interest expense |
8,643 |
8,476 |
8,975 |
6,965 |
5,851 |
Performance Statistics |
|
|
|
|
|
Net interest margin |
3.96% |
3.98% |
4.07% |
4.09% |
4.46% |
Annualized return on average
assets |
1.15% |
1.16% |
1.08% |
1.48% |
1.72% |
Annualized return on average
equity |
10.58% |
10.99% |
10.39% |
13.54% |
15.51% |
Annualized net loan charge-offs
(recoveries) to average loans |
1.06% |
0.04% |
0.19% |
—% |
(0.55)% |
Net charge-offs (recoveries) |
2,109 |
87 |
374 |
1 |
(713) |
Efficiency ratio |
66.3% |
63.5% |
66.6% |
63.2% |
58.8% |
Per Share Data |
|
|
|
|
|
Basic earnings per share |
$ 0.72 |
$ 0.73 |
$ 0.67 |
$ 0.88 |
$ 0.96 |
Diluted earnings per share |
0.72 |
0.73 |
0.67 |
0.88 |
0.96 |
Dividend declared per share |
0.47 |
0.47 |
0.47 |
0.47 |
0.72 |
Book value |
27.45 |
26.52 |
26.12 |
26.14 |
24.23 |
Common stock price: |
|
|
|
|
|
High |
50.95 |
53.99 |
49.89 |
41.86 |
41.45 |
Low |
43.19 |
47.03 |
42.76 |
39.44 |
38.5 |
Close |
48.78 |
51 |
49.82 |
41.86 |
40.97 |
Weighted average common shares: |
|
|
|
|
|
Basic |
4,820 |
4,819 |
4,818 |
4,151 |
3,839 |
Fully Diluted |
4,820 |
4,819 |
4,818 |
4,151 |
3,839 |
End-of-period common shares: |
|
|
|
|
|
Issued |
5,001 |
5,000 |
4,999 |
4,999 |
4,020 |
Treasury |
181 |
181 |
181 |
181 |
181 |
|
|
|
Quarter Ended |
(Dollars in Thousands, Except Per Share Data) |
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
Financial Condition
Data: |
|
|
|
|
|
General |
|
|
|
|
|
Total assets |
$ 1,217,137 |
$ 1,211,995 |
$ 1,204,090 |
$ 1,206,958 |
$ 852,997 |
Loans, net |
812,091 |
808,200 |
796,533 |
777,557 |
503,592 |
Goodwill |
17,104 |
17,104 |
17,104 |
17,104 |
3,032 |
Intangibles |
1,709 |
1,801 |
1,892 |
1,984 |
— |
Total deposits |
983,026 |
973,002 |
975,521 |
955,361 |
659,304 |
Noninterest-bearing |
218,740 |
217,377 |
215,374 |
211,096 |
120,471 |
Savings |
142,030 |
138,621 |
142,193 |
140,667 |
86,556 |
NOW |
191,191 |
177,996 |
169,974 |
161,972 |
140,626 |
Money Market |
202,893 |
203,786 |
209,469 |
203,076 |
143,847 |
Time Deposits |
228,172 |
235,222 |
238,511 |
238,550 |
167,804 |
Total interest-bearing
deposits |
764,286 |
755,625 |
760,147 |
744,265 |
538,833 |
Core deposits* |
754,854 |
737,780 |
737,010 |
716,811 |
491,500 |
Shareholders' equity |
132,305 |
127,815 |
125,852 |
125,928 |
93,013 |
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
Non-performing assets |
$ 10,614 |
$ 9,678 |
$ 6,064 |
$ 6,515 |
$ 9,059 |
Non-performing assets to total
assets |
0.87% |
0.80% |
0.50% |
0.54% |
1.06% |
Allowance for loan losses |
8,520 |
10,144 |
9,630 |
9,404 |
8,830 |
Allowance for loan losses to total
loans |
1.04% |
1.24% |
1.19% |
1.19% |
1.72% |
Allowance for loan losses to
non-performing loans |
80.27% |
104.82% |
158.81% |
144.34% |
97.47% |
Non-performing loans to total
loans |
1.29% |
1.18% |
0.75% |
0.83% |
1.77% |
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
Shareholders' equity to total
assets |
10.87% |
10.55% |
10.45% |
10.43% |
10.90% |
|
|
|
|
|
|
* Core deposits are defined as
total deposits less time deposits |
|
Reconciliation of GAAP
and Non-GAAP Financial Measures |
|
|
|
|
Three Months
Ended March 31, |
(Dollars in Thousands, Except Per Share Data) |
2014 |
2013 |
GAAP net income |
$ 3,469 |
$ 3,684 |
Less: net securities and bank-owned life
insurance gains, net of tax |
433 |
651 |
Non-GAAP operating earnings |
$ 3,036 |
$ 3,033 |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
Return on average assets (ROA) |
1.15% |
1.72% |
Less: net securities and bank-owned life
insurance (losses) gains, net of tax |
0.14% |
0.31% |
Non-GAAP operating ROA |
1.01% |
1.41% |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
Return on average equity (ROE) |
10.58% |
15.51% |
Less: net securities and bank-owned life
insurance (losses) gains, net of tax |
1.32% |
2.74% |
Non-GAAP operating ROE |
9.26% |
12.77% |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
Basic earnings per share (EPS) |
$ 0.72 |
$ 0.96 |
Less: net securities and bank-owned life
insurance (losses) gains, net of tax |
0.09 |
0.17 |
Non-GAAP basic operating EPS |
$ 0.63 |
$ 0.79 |
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
Dilutive EPS |
$ 0.72 |
$ 0.96 |
Less: net securities and bank-owned life
insurance (losses) gains, net of tax |
0.09 |
0.17 |
Non-GAAP dilutive operating EPS |
$ 0.63 |
$ 0.79 |
CONTACT: Richard A. Grafmyre, President and Chief Executive Officer
300 Market Street
Williamsport, PA 17701
570-322-1111
e-mail: pwod@pwod.com
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