Penns Woods Bancorp, Inc. (Nasdaq:PWOD)
Penns Woods Bancorp, Inc. continued its solid earnings and
growth achieving net income of $3,355,000 for the three months
ended March 31, 2015 resulting in basic and dilutive earnings per
share of $0.70.
Highlights
- Net income from core operations ("operating earnings"), which
is a non-generally accepted accounting principles (GAAP) measure of
net income excluding net securities gains and bank owned life
insurance gains on death benefits, decreased to $2,919,000 for the
three months ended March 31, 2015 compared to $3,036,000 for the
same period of 2014. Impacting the three month period was an
increase in the provision for loan losses of $215,000, due to the
level of charge-offs related to commercial loans. In addition, the
investment portfolio has declined $50,731,000 from March 31, 2014
to March 31, 2015 as part of our strategy to position the balance
sheet for a rising rate environment.
- Operating earnings per share for the three months ended March
31, 2015 were $0.61 basic and dilutive compared to $0.63 basic and
dilutive for the same period of 2014.
- Return on average assets was 1.06% for the three months ended
March 31, 2015 compared to 1.15% for the corresponding period
of 2014.
- Return on average equity was 9.76% for the three months ended
March 31, 2015 compared to 10.58% for the corresponding period
of 2014.
"The three months ended March 31, 2015 have seen several areas
of focus for the Penns Woods family. Branch expansion and
renovation continues to move forward as the building of the
Lewisburg branch is underway and a new Spring Mills branch will be
under construction in the coming months. We have focused
resources on succession planning as we evaluate and train our
employees for the future success of Penns Woods. While these
projects were progressing, we were also in the midst of continuing
the shift in the earning asset portfolio from investments to
loans. This strategic action has been underway over the past
twelve plus months as we focused on shortening the earning asset
portfolio per our strategy to reduce interest rate and market price
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 months ended
March 31, 2015 was $3,355,000 compared to $3,469,000 for the same
period of 2014. Results for the three months ended March 31,
2015 compared to 2014 were impacted by an increase in after-tax
securities gains of $177,000 (from a gain of $259,000 to a gain of
$436,000). 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, 2015 were $0.70 compared to
$0.72 for the corresponding periods of 2014. Return on
average assets and return on average equity were 1.06% and 9.76%
for the three months ended March 31, 2015 compared to 1.15% and
10.58% for the corresponding period of 2014.
Net Interest Margin
The net interest margin for the three months ended March 31,
2015 was 3.69% compared to 3.96% for the corresponding periods of
2014. The decline in the net interest margin was driven by a
decreasing yield on the loan and investment portfolios due to the
continued low rate environment. The impact of the declining
earning asset yield and decreasing investment portfolio balance was
partially offset by a 15.02% growth in gross loans from March 31,
2014 to March 31, 2015 resulting in net interest income remaining
flat compared to the comparable three month period of 2014. 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 78.33% of total deposits at
March 31, 2015 compared to 76.79% at March 31,
2014. The continued growth in core deposits has led to the
total cost of deposits decreasing slightly to 40 basis points
("bp") for the three months ended March 31, 2015 from 41 bp for the
corresponding period of 2014. Limiting the positive impact on
the net margin caused by the growth in core deposits was the
lengthening of the time deposit portfolio as part of our strategy
to prepare the balance sheet for a rising rate environment.
"The net interest margin continues to decrease each quarter by
several basis points which is consistent with industry trends. To
offset the negative impact of declining yields on net interest
income, we have focused on increasing the earning asset portfolio
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. The investment portfolio continues
to be actively managed in order to reduce interest rate and market
risk. The principal action undertaken over the past twelve plus
months was the sale of long-term municipal bonds that had a
maturity date of 2025 or later and securities with a call date
within five years. Proceeds generated from the strategic
selling of bonds have been, and continue to be, deployed primarily
into loans with limited reinvestment into intermediate term
corporate bonds and short and intermediate term municipal
bonds. These actions do negatively impact current earnings,
but the actions play a key role in our long-term asset liability
management strategy as the earning asset portfolio is shortened to
better prepare for a rising rate environment," commented President
Grafmyre.
Assets
Total assets increased $51,696,000 to $1,268,833,000 at
March 31, 2015 compared to March 31, 2014. Net
loans increased $120,953,000 to $933,044,000 at March 31, 2015
compared to March 31, 2014 primarily due to campaigns related
to increasing home equity product market share during 2014 and 2015
and growth in the commercial portfolio. The investment
portfolio decreased $50,731,000 from March 31, 2014 to
March 31, 2015 due to our strategy to reduce the investment
portfolio duration through the selective selling of bonds as
opportunities develop. The combination of loan portfolio
growth and a decrease in the size of the investment portfolio has
resulted in a shortening of the overall earning asset portfolio
duration consistent with a strategy to reduce the interest rate and
market risk exposure to a rising rate environment.
Non-performing Loans
The non-performing loans to total loans ratio decreased to 1.18%
at March 31, 2015 from 1.29% at March 31, 2014.
The ratio decreased in spite of an increase in non-performing loans
due to a more significant increase in total loans from March 31,
2014 to March 31, 2015. The increase in non-performing loans
to $11,157,000 at March 31, 2015 from $10,614,000 at
March 31, 2014 is primarily the result of certain commercial
loans 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
$453,000 for the three months ended March 31, 2015 negatively
impacted the allowance for loan losses which was 1.15% of total
loans at March 31, 2015. The majority of the loans
charged-off had a specific allowance within the allowance for loan
losses.
Deposits
Deposits increased $13,463,000 to $996,489,000 at March 31,
2015 compared to March 31, 2014. Core deposits (total
deposits excluding time deposits) increased $25,739,000, while
higher cost time deposits decreased $12,276,000 due to our
commitment to building complete banking relationships with our
customers. Noninterest-bearing deposits increased $27,491,000
to $246,231,000 at March 31, 2015 compared to March 31,
2014. Driving this growth is our commitment to easy-to-use
products, community involvement, and emphasis on customer
service. While deposit gathering efforts have centered
on core deposits, the lengthening of the time deposit portfolio is
in process as part of the strategy to build balance sheet
protection in a rising rate environment.
Shareholders' Equity
Shareholders' equity increased $4,699,000 to $137,004,000 at
March 31, 2015 compared to March 31, 2014. The
decrease in accumulated other comprehensive loss of $331,000 to
$1,306,000 at March 31, 2015 from $1,637,000 at March 31,
2014 is primarily a result of an increase in unrealized gains on
available for sale securities from an unrealized gain of $1,088,000
at March 31, 2014 to an unrealized gain of $3,291,000 at
March 31, 2015. The amount of accumulated other
comprehensive loss at March 31, 2015 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 $1,872,000 to
$4,597,000 at March 31, 2015. The current level of
shareholders' equity equates to a book value per share of $28.57 at
March 31, 2015 compared to $27.45 at March 31, 2014 and
an equity to asset ratio of 10.80% at March 31, 2015 compared
to 10.87% at March 31, 2014. Excluding goodwill and
intangibles, book value per share was $24.72 at March 31, 2015
compared to $23.55 at March 31, 2014. Dividends declared
for each of the three months ended March 31, 2015 and 2014 were
$0.47 per share.
Penns Woods Bancorp, Inc. is the parent company of Jersey
Shore State Bank, which operates fourteen 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 Jersey Shore State
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,
2014.
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) |
2015 |
2014 |
% Change |
ASSETS |
|
|
|
Noninterest-bearing balances |
$ 20,871 |
$ 24,913 |
(16.22)% |
Interest-bearing balances in other financial
institutions |
901 |
14,582 |
(93.82)% |
Federal funds sold |
— |
168 |
(100.00)% |
Total cash and cash
equivalents |
21,772 |
39,663 |
(45.11)% |
|
|
|
|
Investment securities, available for sale, at
fair value |
225,302 |
276,033 |
(18.38)% |
Loans held for sale |
1,063 |
1,647 |
(35.46)% |
Loans |
943,870 |
820,611 |
15.02 % |
Allowance for loan losses |
(10,826) |
(8,520) |
27.07 % |
Loans, net |
933,044 |
812,091 |
14.89 % |
Premises and equipment, net |
20,847 |
20,418 |
2.10 % |
Accrued interest receivable |
4,326 |
4,514 |
(4.16)% |
Bank-owned life insurance |
26,165 |
25,430 |
2.89 % |
Investment in limited partnerships |
1,395 |
2,056 |
(32.15)% |
Goodwill |
17,104 |
17,104 |
— % |
Intangibles |
1,373 |
1,709 |
(19.66)% |
Deferred tax asset |
7,801 |
7,984 |
(2.29)% |
Other assets |
8,641 |
8,488 |
1.80 % |
TOTAL ASSETS |
$ 1,268,833 |
$ 1,217,137 |
4.25 % |
|
|
|
|
LIABILITIES |
|
|
|
Interest-bearing deposits |
$ 750,258 |
$ 764,286 |
(1.84)% |
Noninterest-bearing deposits |
246,231 |
218,740 |
12.57 % |
Total deposits |
996,489 |
983,026 |
1.37 % |
|
|
|
|
Short-term borrowings |
30,625 |
14,127 |
116.78 % |
Long-term borrowings |
86,176 |
71,202 |
21.03 % |
Accrued interest payable |
439 |
388 |
13.14 % |
Other liabilities |
18,100 |
16,089 |
12.50 % |
TOTAL LIABILITIES |
1,131,829 |
1,084,832 |
4.33 % |
|
|
|
|
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; 5,003,169 and 5,000,561 shares issued |
41,693 |
41,671 |
0.05 % |
Additional paid-in capital |
49,914 |
49,823 |
0.18 % |
Retained earnings |
54,205 |
48,758 |
11.17 % |
Accumulated other comprehensive loss: |
|
|
|
Net unrealized gain on
available for sale securities |
3,291 |
1,088 |
202.48 % |
Defined benefit plan |
(4,597) |
(2,725) |
(68.70)% |
Treasury stock at cost, 207,444 and 180,596
shares |
(7,502) |
(6,310) |
18.89 % |
TOTAL SHAREHOLDERS'
EQUITY |
137,004 |
132,305 |
3.55 % |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 1,268,833 |
$ 1,217,137 |
4.25 % |
|
PENNS WOODS BANCORP,
INC. |
CONSOLIDATED STATEMENT
OF INCOME |
(UNAUDITED) |
|
|
|
|
|
Three Months
Ended March 31, |
(In Thousands, Except Per Share Data) |
2015 |
2014 |
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
Loans including fees |
$ 9,323 |
$ 8,813 |
5.79 % |
Investment securities: |
|
|
|
Taxable |
1,014 |
1,458 |
(30.45)% |
Tax-exempt |
767 |
931 |
(17.62)% |
Dividend and other interest
income |
293 |
127 |
130.71 % |
TOTAL INTEREST AND DIVIDEND INCOME |
11,397 |
11,329 |
0.60 % |
|
|
|
|
INTEREST EXPENSE: |
|
|
|
Deposits |
743 |
758 |
(1.98)% |
Short-term borrowings |
19 |
15 |
26.67 % |
Long-term borrowings |
524 |
469 |
11.73 % |
TOTAL INTEREST EXPENSE |
1,286 |
1,242 |
3.54 % |
|
|
|
|
NET INTEREST INCOME |
10,111 |
10,087 |
0.24 % |
|
|
|
|
PROVISION FOR LOAN LOSSES |
700 |
485 |
44.33 % |
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
9,411 |
9,602 |
(1.99)% |
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
Service charges |
553 |
595 |
(7.06)% |
Securities gains, net |
661 |
393 |
68.19 % |
Bank-owned life insurance |
188 |
370 |
(49.19)% |
Gain on sale of loans |
299 |
290 |
3.10 % |
Insurance commissions |
234 |
420 |
(44.29)% |
Brokerage commissions |
245 |
271 |
(9.59)% |
Other |
1,080 |
872 |
23.85 % |
TOTAL NON-INTEREST INCOME |
3,260 |
3,211 |
1.53 % |
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
Salaries and employee benefits |
4,470 |
4,503 |
(0.73)% |
Occupancy |
628 |
630 |
(0.32)% |
Furniture and equipment |
595 |
671 |
(11.33)% |
Pennsylvania shares tax |
224 |
244 |
(8.20)% |
Amortization of investments in limited
partnerships |
165 |
165 |
— % |
Federal Deposit Insurance Corporation deposit
insurance |
215 |
178 |
20.79 % |
Marketing |
129 |
110 |
17.27 % |
Intangible amortization |
82 |
92 |
(10.87)% |
Other |
1,960 |
2,050 |
(4.39)% |
TOTAL NON-INTEREST EXPENSE |
8,468 |
8,643 |
(2.02)% |
|
|
|
|
INCOME BEFORE INCOME TAX PROVISION |
4,203 |
4,170 |
0.79 % |
INCOME TAX PROVISION |
848 |
701 |
20.97 % |
NET INCOME |
$ 3,355 |
$ 3,469 |
(3.29)% |
|
|
|
|
EARNINGS PER SHARE - BASIC AND
DILUTED |
$ 0.70 |
$ 0.72 |
(2.78)% |
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
AND DILUTED |
4,801,505 |
4,819,575 |
(0.37)% |
|
|
|
|
DIVIDENDS DECLARED PER SHARE |
$ 0.47 |
$ 0.47 |
— % |
|
PENNS WOODS BANCORP,
INC. |
AVERAGE BALANCES AND
INTEREST RATES |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March 31,
2015 |
March 31,
2014 |
(Dollars in Thousands) |
Average Balance |
Interest |
Average Rate |
Average Balance |
Interest |
Average Rate |
ASSETS: |
|
|
|
|
|
|
Tax-exempt loans |
$ 36,183 |
$ 383 |
4.30% |
$ 27,190 |
$ 306 |
4.57% |
All other loans |
891,877 |
9,070 |
4.12% |
770,656 |
8,611 |
4.53% |
Total loans |
928,060 |
9,453 |
4.13% |
797,846 |
8,917 |
4.53% |
|
|
|
|
|
|
|
Federal funds sold |
— |
— |
—% |
562 |
— |
—% |
|
|
|
|
|
|
|
Taxable securities |
143,421 |
1,303 |
3.63% |
176,725 |
1,577 |
3.57% |
Tax-exempt securities |
87,825 |
1,162 |
5.29% |
97,131 |
1,411 |
5.81% |
Total securities |
231,246 |
2,465 |
4.26% |
273,856 |
2,988 |
4.36% |
|
|
|
|
|
|
|
Interest-bearing deposits |
6,539 |
4 |
0.25% |
16,043 |
8 |
0.20% |
|
|
|
|
|
|
|
Total interest-earning assets |
1,165,845 |
11,922 |
4.14% |
1,088,307 |
11,913 |
4.42% |
|
|
|
|
|
|
|
Other assets |
96,043 |
|
|
116,465 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ 1,261,888 |
|
|
$ 1,204,772 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Savings |
$ 141,762 |
14 |
0.04% |
$ 139,756 |
32 |
0.09% |
Super Now deposits |
190,438 |
129 |
0.27% |
176,806 |
157 |
0.36% |
Money market deposits |
205,243 |
136 |
0.27% |
206,812 |
133 |
0.26% |
Time deposits |
216,775 |
464 |
0.87% |
232,182 |
436 |
0.76% |
Total interest-bearing deposits |
754,218 |
743 |
0.40% |
755,556 |
758 |
0.41% |
|
|
|
|
|
|
|
Short-term borrowings |
28,229 |
19 |
0.27% |
20,101 |
15 |
0.30% |
Long-term borrowings |
84,009 |
524 |
2.50% |
71,202 |
469 |
2.63% |
Total borrowings |
112,238 |
543 |
1.94% |
91,303 |
484 |
2.12% |
|
|
|
|
|
|
|
Total interest-bearing liabilities |
866,456 |
1,286 |
0.60% |
846,859 |
1,242 |
0.59% |
|
|
|
|
|
|
|
Demand deposits |
240,750 |
|
|
212,152 |
|
|
Other liabilities |
17,145 |
|
|
14,608 |
|
|
Shareholders' equity |
137,537 |
|
|
131,153 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 1,261,888 |
|
|
$ 1,204,772 |
|
|
Interest rate spread |
|
|
3.54% |
|
|
3.83% |
Net interest income/margin |
|
$ 10,636 |
3.69% |
|
$ 10,671 |
3.96% |
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
Total interest income |
$ 11,397 |
$ 11,329 |
Total interest expense |
1,286 |
1,242 |
Net interest income |
10,111 |
10,087 |
Tax equivalent adjustment |
525 |
584 |
Net interest income (fully taxable
equivalent) |
$ 10,636 |
$ 10,671 |
|
|
(Dollars in Thousands, Except Per Share Data) |
Quarter Ended |
|
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
3/31/2014 |
Operating Data |
|
|
|
|
|
Net income |
$ 3,355 |
$ 2,883 |
$ 4,793 |
$ 3,463 |
$ 3,469 |
Net interest income |
10,111 |
10,208 |
10,218 |
10,131 |
10,087 |
Provision for loan
losses |
700 |
1,605 |
460 |
300 |
485 |
Net security gains |
661 |
490 |
2,145 |
487 |
393 |
Non-interest income, ex. net
security gains |
2,599 |
2,954 |
2,779 |
2,442 |
2,818 |
Non-interest expense |
8,468 |
8,512 |
8,313 |
8,422 |
8,643 |
|
|
|
|
|
|
Performance Statistics |
|
|
|
|
|
Net interest margin |
3.69% |
3.73% |
3.78% |
3.83% |
3.96% |
Annualized return on average
assets |
1.06% |
0.93% |
1.56% |
1.13% |
1.15% |
Annualized return on average
equity |
9.76% |
8.33% |
13.95% |
10.29% |
10.58% |
Annualized net loan charge-offs
to average loans |
0.20% |
0.12% |
0.01% |
— % |
1.06% |
Net charge-offs |
453 |
276 |
21 |
9 |
2,109 |
Efficiency ratio |
66.0% |
64.0% |
63.3% |
66.3% |
66.3% |
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
Basic earnings per
share |
$ 0.70 |
$ 0.60 |
$ 0.99 |
$ 0.72 |
$ 0.72 |
Diluted earnings per
share |
0.70 |
0.60 |
0.99 |
0.72 |
0.72 |
Dividend declared per
share |
0.47 |
0.47 |
0.47 |
0.47 |
0.47 |
Book value |
28.57 |
28.30 |
28.49 |
28.17 |
27.45 |
Common stock price: |
|
|
|
|
|
High |
48.91 |
49.26 |
48.79 |
48.37 |
50.95 |
Low |
44.41 |
42.18 |
42.25 |
43.21 |
43.19 |
Close |
48.91 |
49.26 |
42.25 |
47.10 |
48.78 |
Weighted average common
shares: |
|
|
|
|
|
Basic |
4,802 |
4,805 |
4,820 |
4,820 |
4,820 |
Fully Diluted |
4,802 |
4,805 |
4,820 |
4,820 |
4,820 |
End-of-period common
shares: |
|
|
|
|
|
Issued |
5,003 |
5,003 |
5,002 |
5,001 |
5,001 |
Treasury |
207 |
198 |
192 |
181 |
181 |
|
|
|
Quarter Ended |
(Dollars in Thousands, Except Per Share Data) |
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
3/31/2014 |
Financial Condition
Data: |
|
|
|
|
|
General |
|
|
|
|
|
Total assets |
$ 1,268,833 |
$ 1,245,011 |
$ 1,227,122 |
$ 1,222,847 |
$ 1,217,137 |
Loans, net |
933,044 |
905,000 |
881,477 |
847,521 |
812,091 |
Goodwill |
17,104 |
17,104 |
17,104 |
17,104 |
17,104 |
Intangibles |
1,373 |
1,456 |
1,538 |
1,621 |
1,709 |
Total deposits |
996,489 |
981,419 |
989,128 |
981,826 |
983,026 |
Noninterest-bearing |
246,231 |
243,378 |
232,588 |
228,758 |
218,740 |
|
|
|
|
|
|
Savings |
143,222 |
139,278 |
141,170 |
141,362 |
142,030 |
NOW |
186,788 |
177,970 |
183,056 |
176,066 |
191,191 |
Money Market |
204,352 |
204,535 |
213,725 |
212,782 |
202,893 |
Time Deposits |
215,896 |
216,258 |
218,589 |
222,858 |
228,172 |
Total interest-bearing
deposits |
750,258 |
738,041 |
756,540 |
753,068 |
764,286 |
|
|
|
|
|
|
Core deposits* |
780,593 |
765,161 |
770,539 |
758,968 |
754,854 |
Shareholders' equity |
137,004 |
135,967 |
137,004 |
135,802 |
132,305 |
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
Non-performing
assets |
$ 11,157 |
$ 12,248 |
$ 12,294 |
$ 11,979 |
$ 10,614 |
Non-performing assets to total
assets |
0.88% |
0.98% |
1.00% |
0.98% |
0.87% |
Allowance for loan
losses |
10,826 |
10,579 |
9,250 |
8,811 |
8,520 |
Allowance for loan losses to
total loans |
1.15% |
1.16% |
1.04% |
1.03% |
1.04% |
Allowance for loan losses to
non-performing loans |
97.03% |
86.37% |
75.24% |
73.55% |
80.27% |
Non-performing loans to total
loans |
1.18% |
1.34% |
1.38% |
1.40% |
1.29% |
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
Shareholders' equity to total
assets |
10.80% |
10.92% |
11.16% |
11.11% |
10.87% |
|
|
|
|
|
|
* 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) |
2015 |
2014 |
GAAP net income |
$ 3,355 |
$ 3,469 |
Less: net securities and bank-owned life
insurance gains, net of tax |
436 |
433 |
Non-GAAP operating earnings |
$ 2,919 |
$ 3,036 |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
Return on average assets (ROA) |
1.06% |
1.15% |
Less: net securities and bank-owned life
insurance gains, net of tax |
0.13% |
0.14% |
Non-GAAP operating ROA |
0.93% |
1.01% |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
Return on average equity (ROE) |
9.76% |
10.58% |
Less: net securities and bank-owned life
insurance gains, net of tax |
1.27% |
1.32% |
Non-GAAP operating ROE |
8.49% |
9.26% |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
Basic earnings per share (EPS) |
$ 0.70 |
$ 0.72 |
Less: net securities and bank-owned life
insurance gains, net of tax |
0.09 |
0.09 |
Non-GAAP basic operating EPS |
$ 0.61 |
$ 0.63 |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
Dilutive EPS |
$ 0.70 |
$ 0.72 |
Less: net securities and bank-owned life
insurance gains, net of tax |
0.09 |
0.09 |
Non-GAAP dilutive operating EPS |
$ 0.61 |
$ 0.63 |
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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