Penns Woods Bancorp, Inc. (NASDAQ:PWOD)
Penns Woods Bancorp, Inc., supported by loan and deposit
growth, achieved net income of $9.8 million, for the twelve months
ended December 31, 2017 resulting in basic and dilutive earnings
per share of $2.08.
Highlights
- On December 22, 2017, H.R.1, known as the “Tax Cuts and
Jobs Act,” was signed into law. H.R.1, among other things,
reduces the corporate income tax rate to 21%, effective
January 1, 2018. As a result of passage of the new tax
law, the revaluation of our net deferred tax assets (DTA) resulted
in a write-down of $2.7 million. This is a one-time non-cash charge
to the income tax provision that negatively impacted earnings per
share by $0.58 per diluted share based on the weighted average
share outstanding for the twelve months ended December 31,
2017.
- Net income from core operations (“operating earnings”), which
is a non-generally accepted accounting principles (GAAP) measure of
net income excluding certain non-recurring items, which for the
period ended December 31, 2017 include net securities gains and the
impact of the deferred tax asset revaluation, was $3.4 million for
the three months ended December 31, 2017 compared to $2.7
million for the same period of 2016. Operating earnings
increased to $12.1 million for the twelve months ended December 31,
2017 compared to $11.4 million for the same period of 2016.
Impacting the level of operating earnings were several factors
including the continued shift of earning assets from the investment
portfolio to the loan portfolio as the balance sheet is actively
managed to reduce market risk and interest rate risk in a rising
rate environment. In addition, the effective tax rate has
increased due to the conclusion of the ten year tax credit
generation period of several low income elderly housing projects in
our market footprint in which the company participates.
- Operating earnings per share for the three months ended
December 31, 2017 was $0.72 for basic and $0.71 dilutive, an
increase from $0.56 for basic and dilutive for the same period of
2016. Operating earnings per share for the twelve months
ended December 31, 2017 was $2.57 basic and dilutive compared to
$2.40 basic and dilutive for the same period of 2016.
- Return on average assets was 0.20% for the three months
ended December 31, 2017 compared to 0.87% for the corresponding
period of 2016. Return on average assets was 0.69% for the
twelve months ended December 31, 2017 compared to 0.93% for the
corresponding period of 2016.
- Return on average equity was 2.00% for the three months ended
December 31, 2017 compared to 8.43% for the corresponding period of
2016. Return on average equity was 6.91% for the twelve
months ended December 31, 2017 compared to 8.96% for the
corresponding period of 2016.
“The three and twelve month periods were negatively impacted by
the Tax Cuts and Jobs Act as the passage of the act which reduces
corporate tax rates beginning in 2018 required a write-down of the
future benefit of our net deferred tax assets of $2.7 million or
$0.58 per share. At our current level of operating earnings,
we estimate to recoup the impact of the write-down in fifteen to
eighteen months due to the incremental benefit of lower tax rates,”
said Richard A. Grafmyre, CFP®, 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 twelve
months ended December 31, 2017 was $716,000 and $9.8 million
compared to $2.9 million and $12.5 million for the same period of
2016. Results for the three and twelve months ended December 31,
2017 compared to 2016 were impacted by a decrease in after-tax
securities gains of $220,000 (from a gain of $291,000 to a gain of
$71,000) for the three month periods and a decrease in after-tax
securities gains of $711,000 (from a gain of $1.1 million to a gain
of $391,000) for the twelve month periods. The impact for the
three and twelve month periods ended December 31, 2017 of the Tax
Cuts and Jobs Act was a write-down in the valuation of the net
deferred tax assets of $2.7 million. Earnings per share for
the three months ended December 31, 2017 was $0.16 basic and $0.15
diluted, a change from the 2016 basic and diluted earnings per
share of $0.62. Basic and diluted earnings per share for the
twelve months ended December 31, 2017 was $2.08 compared to $2.64
for the corresponding period of 2016. Return on average
assets and return on average equity were 0.20% and 2.00% for the
three months ended December 31, 2017 compared to 0.87% and 8.43%
for the corresponding period of 2016. Return on average
assets and return on average equity were 0.69% and 6.91% for the
twelve months ended December 31, 2017 compared to 0.93% and 8.96%
for the corresponding period of 2016.
Net Interest Margin
The net interest margin for the three and twelve months ended
December 31, 2017 was 3.48% and 3.47% compared to 3.38% and 3.44%
for the corresponding period of 2016. The increase in the net
interest margin for the twelve month period was limited by a
decreasing yield on the investment portfolio as higher yielding
bonds continue to be redeemed at their call date and our strategic
decision to continue repositioning the portfolio through active
management. The impact of the declining investment portfolio
yield and decreasing investment portfolio balance was offset by a
13.85% growth in gross loans from December 31, 2016 to
December 31, 2017. The loan growth was primarily funded
by an increase in short term borrowings and growth in core deposits
of $40.0 million. Core deposits represent a lower cost
funding source than time deposits and comprise 79.98% of total
deposits at December 31, 2017 and 80.06% at December 31,
2016.
Assets
Total assets increased $125.9 million to $1.5 billion at
December 31, 2017 compared to December 31, 2016.
Net loans increased $151.5 million to $1.2 billion at
December 31, 2017 compared to December 31, 2016 primarily
due to campaigns related to increasing home equity product market
share during 2017 and indirect auto lending. The investment
portfolio decreased $8.9 million from December 31, 2016 to
December 31, 2017 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 shortening 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 ratio of non-performing loans to total loans ratio decreased
to 0.58% at December 31, 2017 from 1.06% December 31,
2016 as non-performing loans have decreased to $7.3 million at
December 31, 2017 from $11.6 million at December 31,
2016. The level of non-performing loans decreased as a large
non-performing loan was paid-off during the quarter ended September
30, 2017. The majority of non-performing loans are centered
on 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 $768,000 for the twelve
months ended December 31, 2017 minimally impacted the allowance for
loan losses which was 1.03% of total loans at December 31,
2017. The majority of the loans charged-off had a specific
allowance within the allowance for loan losses.
Deposits
Deposits increased $51.1 million to $1.1 billion at
December 31, 2017 compared to December 31, 2016.
Core deposits (total deposits excluding time deposits) increased
$40.0 million due to our commitment to building complete banking
relationships with our customers. Noninterest-bearing
deposits remained stable at $303.3 million at December 31,
2017 compared to December 31, 2016. While deposit
gathering efforts have centered on core deposits, the lengthening
of the time deposit portfolio continues to move forward as part of
the strategy to build balance sheet protection in a rising rate
environment.
Shareholders’ Equity
Shareholders’ equity decreased $55,000 to $138.2 million at
December 31, 2017 compared to December 31, 2016.
Accumulated other comprehensive loss remained constant at $4.9
million at December 31, 2016 and December 31, 2017.
The component of other accumulated comprehensive loss associated
with unrealized losses on available for sale securities decreased
from an unrealized loss of $639,000 at December 31, 2016
to an unrealized loss of $54,000 at December 31, 2017.
The amount of accumulated other comprehensive loss at
December 31, 2017 was also impacted by the change in net
excess of the projected benefit obligation over the fair value of
the plan assets of the defined benefit pension plan resulting in an
increase in the net loss of $179,000. In addition, the Tax
Cuts and Jobs Act resulted in an additional loss of $810,000
related to the defined benefit pension plan component of
accumulated other comprehensive loss. The current level of
shareholders’ equity equates to a book value per share of $29.47 at
December 31, 2017 compared to $29.20 at December 31, 2016
and an equity to asset ratio of 9.37% at December 31, 2017
compared to 10.25% at December 31, 2016. Excluding
goodwill and intangibles, book value per share was $25.51 at
December 31, 2017 compared to $25.21 at December 31,
2016. Dividends declared for the twelve months ended December
31, 2017 and 2016 were $1.88 per share.
Penns Woods Bancorp, Inc. is the parent company of Jersey
Shore State Bank, which operates seventeen branch offices providing
financial services in Lycoming, Clinton, Centre, Montour, and Union
Counties, and Luzerne Bank, which operates nine 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. Insurance products are offered through
United Insurance Solutions, LLC a joint venture that is a
subsidiary of the holding company.
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.
These certain 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.
The Company’s revaluation of its net deferred tax assets is
management's reasonable estimate based on current guidance from
authoritative sources. The final impact of the tax reform may
differ from these estimates, due to, among other things, changes in
interpretations and assumptions made by management and is subject
to further clarifications and guidance. The reduction of the
Company’s net deferred tax assets may vary materially from the
amount reported. The Company does not anticipate future cash
expenditures as a result of the reduction to the net deferred tax
assets.
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,
2016.
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.pwod.com.
| Contact: |
Richard A.
Grafmyre, Chief Executive Officer |
| |
110
Reynolds Street |
| |
Williamsport, PA 17702 |
| |
570-322-1111 |
e-mail:
pwod@pwod.com |
THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT
| PENNS WOODS
BANCORP, INC.CONSOLIDATED BALANCE
SHEET(UNAUDITED) |
|
|
| |
|
December 31, |
|
(In Thousands, Except Share Data) |
|
2017 |
|
2016 |
|
% Change |
| ASSETS: |
|
|
|
|
|
|
| Noninterest-bearing
balances |
|
$ |
25,692 |
|
|
$ |
26,766 |
|
|
(4.01 |
)% |
| Interest-bearing
balances in other financial institutions |
|
1,551 |
|
|
16,905 |
|
|
(90.83 |
)% |
| Total
cash and cash equivalents |
|
27,243 |
|
|
43,671 |
|
|
(37.62 |
)% |
| |
|
|
|
|
|
|
|
| Investment securities,
available for sale, at fair value |
|
124,475 |
|
|
133,492 |
|
|
(6.75 |
)% |
| Investment securities,
trading |
|
190 |
|
|
58 |
|
|
227.59 |
% |
| Loans held for
sale |
|
1,196 |
|
|
1,953 |
|
|
(38.76 |
)% |
| Loans |
|
1,245,126 |
|
|
1,093,681 |
|
|
13.85 |
% |
| Allowance for loan
losses |
|
(12,858 |
) |
|
(12,896 |
) |
|
(0.29 |
)% |
| Loans,
net |
|
1,232,268 |
|
|
1,080,785 |
|
|
14.02 |
% |
| Premises and equipment,
net |
|
27,386 |
|
|
24,275 |
|
|
12.82 |
% |
| Accrued interest
receivable |
|
4,321 |
|
|
3,672 |
|
|
17.67 |
% |
| Bank-owned life
insurance |
|
27,982 |
|
|
27,332 |
|
|
2.38 |
% |
| Goodwill |
|
17,104 |
|
|
17,104 |
|
|
— |
% |
| Intangibles |
|
1,462 |
|
|
1,799 |
|
|
(18.73 |
)% |
| Deferred tax asset |
|
4,388 |
|
|
8,397 |
|
|
(47.74 |
)% |
| Other assets |
|
6,477 |
|
|
6,052 |
|
|
7.02 |
% |
| TOTAL ASSETS |
|
$ |
1,474,492 |
|
|
$ |
1,348,590 |
|
|
9.34 |
% |
| |
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
| Interest-bearing
deposits |
|
$ |
843,004 |
|
|
$ |
791,937 |
|
|
6.45 |
% |
| Noninterest-bearing
deposits |
|
303,316 |
|
|
303,277 |
|
|
0.01 |
% |
| Total
deposits |
|
1,146,320 |
|
|
1,095,214 |
|
|
4.67 |
% |
| |
|
|
|
|
|
|
|
| Short-term
borrowings |
|
100,748 |
|
|
13,241 |
|
|
660.88 |
% |
| Long-term
borrowings |
|
70,970 |
|
|
85,998 |
|
|
(17.47 |
)% |
| Accrued interest
payable |
|
502 |
|
|
455 |
|
|
10.33 |
% |
| Other liabilities |
|
17,758 |
|
|
15,433 |
|
|
15.07 |
% |
| TOTAL LIABILITIES |
|
1,336,298 |
|
|
1,210,341 |
|
|
10.41 |
% |
| |
|
|
|
|
|
|
|
| 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; 5,009,339 and 5,007,109 shares
issued |
|
41,744 |
|
|
41,726 |
|
|
0.04 |
% |
| Additional paid-in
capital |
|
50,173 |
|
|
50,075 |
|
|
0.20 |
% |
| Retained earnings |
|
63,364 |
|
|
61,610 |
|
|
2.85 |
% |
| Accumulated other
comprehensive loss: |
|
|
|
|
|
|
|
| Net
unrealized loss on available for sale securities |
|
(54 |
) |
|
(639 |
) |
|
(91.55 |
)% |
| Defined
benefit plan |
|
(4,920 |
) |
|
(4,289 |
) |
|
(14.71 |
)% |
| Treasury stock at cost,
320,150 and 272,452 shares |
|
(12,115 |
) |
|
(10,234 |
) |
|
18.38 |
% |
| TOTAL PENNS WOODS
BANCORP, INC. SHAREHOLDERS' EQUITY |
|
138,192 |
|
|
138,249 |
|
|
(0.04 |
)% |
| Non controlling
interest |
|
2 |
|
|
— |
|
|
100.00 |
% |
| TOTAL SHAREHOLDERS'
EQUITY |
|
138,194 |
|
|
138,249 |
|
|
(0.04 |
)% |
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,474,492 |
|
|
$ |
1,348,590 |
|
|
9.34 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| PENNS WOODS BANCORP, INC.CONSOLIDATED
STATEMENT OF INCOME(UNAUDITED) |
| |
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
(In Thousands, Except Per Share Data) |
|
2017 |
|
2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
| INTEREST AND DIVIDEND
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans including
fees |
|
$ |
12,191 |
|
|
$ |
10,694 |
|
|
14.00 |
% |
|
$ |
45,833 |
|
|
$ |
42,056 |
|
|
8.98 |
% |
| Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
517 |
|
|
600 |
|
|
(13.83 |
)% |
|
2,182 |
|
|
2,424 |
|
|
(9.98 |
)% |
|
Tax-exempt |
|
278 |
|
|
296 |
|
|
(6.08 |
)% |
|
1,218 |
|
|
1,498 |
|
|
(18.69 |
)% |
| Dividend
and other interest income |
|
152 |
|
|
168 |
|
|
(9.52 |
)% |
|
744 |
|
|
835 |
|
|
(10.90 |
)% |
| TOTAL INTEREST AND
DIVIDEND INCOME |
|
13,138 |
|
|
11,758 |
|
|
11.74 |
% |
|
49,977 |
|
|
46,813 |
|
|
6.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
1,115 |
|
|
923 |
|
|
20.80 |
% |
|
4,083 |
|
|
3,547 |
|
|
15.11 |
% |
| Short-term
borrowings |
|
195 |
|
|
5 |
|
|
3,800.00 |
% |
|
234 |
|
|
46 |
|
|
408.70 |
% |
| Long-term
borrowings |
|
360 |
|
|
493 |
|
|
(26.98 |
)% |
|
1,580 |
|
|
1,974 |
|
|
(19.96 |
)% |
| TOTAL INTEREST
EXPENSE |
|
1,670 |
|
|
1,421 |
|
|
17.52 |
% |
|
5,897 |
|
|
5,567 |
|
|
5.93 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST
INCOME |
|
11,468 |
|
|
10,337 |
|
|
10.94 |
% |
|
44,080 |
|
|
41,246 |
|
|
6.87 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN
LOSSES |
|
125 |
|
|
330 |
|
|
(62.12 |
)% |
|
730 |
|
|
1,196 |
|
|
(38.96 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES |
|
11,343 |
|
|
10,007 |
|
|
13.35 |
% |
|
43,350 |
|
|
40,050 |
|
|
8.24 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges |
|
585 |
|
|
571 |
|
|
2.45 |
% |
|
2,222 |
|
|
2,249 |
|
|
(1.20 |
)% |
| Securities gains,
available for sale |
|
113 |
|
|
437 |
|
|
(74.14 |
)% |
|
600 |
|
|
1,611 |
|
|
(62.76 |
)% |
| Securities (losses)
gains, trading |
|
(6 |
) |
|
4 |
|
|
(250.00 |
)% |
|
(8 |
) |
|
58 |
|
|
(113.79 |
)% |
| Bank-owned life
insurance |
|
167 |
|
|
167 |
|
|
— |
% |
|
666 |
|
|
684 |
|
|
(2.63 |
)% |
| Gain on sale of
loans |
|
358 |
|
|
411 |
|
|
(12.90 |
)% |
|
1,674 |
|
|
2,102 |
|
|
(20.36 |
)% |
| Insurance
commissions |
|
97 |
|
|
191 |
|
|
(49.21 |
)% |
|
496 |
|
|
795 |
|
|
(37.61 |
)% |
| Brokerage
commissions |
|
334 |
|
|
281 |
|
|
18.86 |
% |
|
1,378 |
|
|
1,098 |
|
|
25.50 |
% |
| Debit card income |
|
510 |
|
|
483 |
|
|
5.59 |
% |
|
1,960 |
|
|
1,896 |
|
|
3.38 |
% |
| Other |
|
431 |
|
|
311 |
|
|
38.59 |
% |
|
1,756 |
|
|
1,620 |
|
|
8.40 |
% |
| TOTAL NON-INTEREST
INCOME |
|
2,589 |
|
|
2,856 |
|
|
(9.35 |
)% |
|
10,744 |
|
|
12,113 |
|
|
(11.30 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
4,883 |
|
|
4,380 |
|
|
11.48 |
% |
|
18,999 |
|
|
17,813 |
|
|
6.66 |
% |
| Occupancy |
|
592 |
|
|
593 |
|
|
(0.17 |
)% |
|
2,447 |
|
|
2,223 |
|
|
10.08 |
% |
| Furniture and
equipment |
|
786 |
|
|
751 |
|
|
4.66 |
% |
|
2,915 |
|
|
2,793 |
|
|
4.37 |
% |
| Software
Amortization |
|
224 |
|
|
306 |
|
|
(26.80 |
)% |
|
974 |
|
|
1,256 |
|
|
(22.45 |
)% |
| Pennsylvania shares
tax |
|
229 |
|
|
175 |
|
|
30.86 |
% |
|
925 |
|
|
873 |
|
|
5.96 |
% |
| Professional Fees |
|
537 |
|
|
584 |
|
|
(8.05 |
)% |
|
2,353 |
|
|
2,096 |
|
|
12.26 |
% |
| Federal Deposit
Insurance Corporation deposit insurance |
|
155 |
|
|
97 |
|
|
59.79 |
% |
|
669 |
|
|
767 |
|
|
(12.78 |
)% |
| Debit Card Expense |
|
124 |
|
|
148 |
|
|
(16.22 |
)% |
|
602 |
|
|
604 |
|
|
(0.33 |
)% |
| Marketing |
|
268 |
|
|
172 |
|
|
55.81 |
% |
|
958 |
|
|
740 |
|
|
29.46 |
% |
| Intangible
amortization |
|
81 |
|
|
89 |
|
|
(8.99 |
)% |
|
337 |
|
|
366 |
|
|
(7.92 |
)% |
| Other |
|
1,369 |
|
|
1,330 |
|
|
2.93 |
% |
|
5,683 |
|
|
5,560 |
|
|
2.21 |
% |
| TOTAL NON-INTEREST
EXPENSE |
|
9,248 |
|
|
8,625 |
|
|
7.22 |
% |
|
36,862 |
|
|
35,091 |
|
|
5.05 |
% |
| INCOME BEFORE INCOME
TAX PROVISION |
|
4,684 |
|
|
4,238 |
|
|
10.52 |
% |
|
17,232 |
|
|
17,072 |
|
|
0.94 |
% |
| INCOME TAX
PROVISION |
|
3,968 |
|
|
1,290 |
|
|
207.60 |
% |
|
7,459 |
|
|
4,597 |
|
|
62.26 |
% |
| NET INCOME |
|
$ |
716 |
|
|
$ |
2,948 |
|
|
(75.71 |
)% |
|
$ |
9,773 |
|
|
$ |
12,475 |
|
|
(21.66 |
)% |
| NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS' |
|
$ |
716 |
|
|
$ |
2,948 |
|
|
(75.71 |
)% |
|
$ |
9,773 |
|
|
$ |
12,475 |
|
|
(21.66 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE -
BASIC |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
(74.19 |
)% |
|
$ |
2.08 |
|
|
$ |
2.64 |
|
|
(21.21 |
)% |
| EARNINGS PER SHARE -
DILUTED |
|
$ |
0.15 |
|
|
$ |
0.62 |
|
|
(75.81 |
)% |
|
$ |
2.08 |
|
|
$ |
2.64 |
|
|
(21.21 |
)% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
4,688,744 |
|
|
4,734,304 |
|
|
(0.96 |
)% |
|
4,705,602 |
|
|
4,735,457 |
|
|
(0.63 |
)% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
4,782,244 |
|
|
4,734,304 |
|
|
1.01 |
% |
|
4,705,602 |
|
|
4,735,457 |
|
|
(0.63 |
)% |
| DIVIDENDS DECLARED PER
SHARE |
|
$ |
0.47 |
|
|
$ |
0.47 |
|
|
— |
% |
|
$ |
1.88 |
|
|
$ |
1.88 |
|
|
— |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES |
| |
|
|
|
Three Months Ended |
|
|
|
December 31, 2017 |
|
December 31, 2016 |
|
(Dollars in Thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
AverageBalance |
|
Interest |
|
AverageRate |
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-exempt loans |
|
$ |
62,012 |
|
|
$ |
609 |
|
|
3.90 |
% |
|
$ |
43,039 |
|
|
$ |
420 |
|
|
3.88 |
% |
| All other loans |
|
1,151,374 |
|
|
11,789 |
|
|
4.06 |
% |
|
1,038,973 |
|
|
10,417 |
|
|
3.99 |
% |
| Total loans |
|
1,213,386 |
|
|
12,398 |
|
|
4.05 |
% |
|
1,082,012 |
|
|
10,837 |
|
|
3.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable securities |
|
80,109 |
|
|
650 |
|
|
3.25 |
% |
|
92,611 |
|
|
728 |
|
|
3.14 |
% |
| Tax-exempt
securities |
|
47,788 |
|
|
421 |
|
|
3.52 |
% |
|
45,735 |
|
|
449 |
|
|
3.93 |
% |
| Total securities |
|
127,897 |
|
|
1,071 |
|
|
3.35 |
% |
|
138,346 |
|
|
1,177 |
|
|
3.40 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits |
|
6,318 |
|
|
19 |
|
|
1.19 |
% |
|
31,176 |
|
|
40 |
|
|
0.51 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
1,347,601 |
|
|
13,488 |
|
|
3.97 |
% |
|
1,251,534 |
|
|
12,054 |
|
|
3.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
101,907 |
|
|
|
|
|
|
99,837 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
1,449,508 |
|
|
|
|
|
|
$ |
1,351,371 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| Savings |
|
$ |
159,204 |
|
|
17 |
|
|
0.04 |
% |
|
$ |
152,109 |
|
|
15 |
|
|
0.04 |
% |
| Super Now deposits |
|
206,005 |
|
|
151 |
|
|
0.29 |
% |
|
177,918 |
|
|
101 |
|
|
0.23 |
% |
| Money market
deposits |
|
263,003 |
|
|
236 |
|
|
0.36 |
% |
|
247,876 |
|
|
178 |
|
|
0.29 |
% |
| Time deposits |
|
220,331 |
|
|
711 |
|
|
1.28 |
% |
|
220,967 |
|
|
629 |
|
|
1.13 |
% |
| Total interest-bearing
deposits |
|
848,543 |
|
|
1,115 |
|
|
0.52 |
% |
|
798,870 |
|
|
923 |
|
|
0.46 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
borrowings |
|
62,394 |
|
|
195 |
|
|
1.23 |
% |
|
13,291 |
|
|
5 |
|
|
0.15 |
% |
| Long-term
borrowings |
|
75,373 |
|
|
360 |
|
|
1.87 |
% |
|
89,151 |
|
|
493 |
|
|
2.17 |
% |
| Total borrowings |
|
137,767 |
|
|
555 |
|
|
1.58 |
% |
|
102,442 |
|
|
498 |
|
|
1.91 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
986,310 |
|
|
1,670 |
|
|
0.67 |
% |
|
901,312 |
|
|
1,421 |
|
|
0.62 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
305,867 |
|
|
|
|
|
|
|
292,955 |
|
|
|
|
|
|
| Other liabilities |
|
14,258 |
|
|
|
|
|
|
|
17,232 |
|
|
|
|
|
|
| Shareholders’
equity |
|
143,073 |
|
|
|
|
|
|
|
139,872 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,449,508 |
|
|
|
|
|
|
|
$ |
1,351,371 |
|
|
|
|
|
|
| Interest rate
spread |
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.21 |
% |
| Net interest
income/margin |
|
|
|
$ |
11,818 |
|
|
3.48 |
% |
|
|
|
$ |
10,633 |
|
|
3.38 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
| |
|
2017 |
|
2016 |
| Total interest
income |
|
$ |
13,138 |
|
|
$ |
11,758 |
|
| Total interest
expense |
|
1,670 |
|
|
1,421 |
|
| Net interest
income |
|
11,468 |
|
|
10,337 |
|
| Tax equivalent
adjustment |
|
350 |
|
|
296 |
|
| Net interest income
(fully taxable equivalent) |
|
$ |
11,818 |
|
|
$ |
10,633 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Twelve Months Ended |
| |
|
December 31, 2017 |
|
December 31, 2016 |
|
(Dollars in Thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
AverageBalance |
|
Interest |
|
AverageRate |
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-exempt loans |
|
$ |
49,982 |
|
|
$ |
1,924 |
|
|
3.85 |
% |
|
$ |
47,782 |
|
|
$ |
1,852 |
|
|
3.87 |
% |
| All other loans |
|
1,099,465 |
|
|
44,563 |
|
|
4.05 |
% |
|
1,009,384 |
|
|
40,834 |
|
|
4.05 |
% |
| Total loans |
|
1,149,447 |
|
|
46,487 |
|
|
4.04 |
% |
|
1,057,166 |
|
|
42,686 |
|
|
4.04 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable securities |
|
84,079 |
|
|
2,689 |
|
|
3.20 |
% |
|
94,887 |
|
|
3,072 |
|
|
3.24 |
% |
| Tax-exempt
securities |
|
50,169 |
|
|
1,845 |
|
|
3.68 |
% |
|
53,638 |
|
|
2,270 |
|
|
4.23 |
% |
| Total securities |
|
134,248 |
|
|
4,534 |
|
|
3.38 |
% |
|
148,525 |
|
|
5,342 |
|
|
3.60 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits |
|
22,461 |
|
|
237 |
|
|
1.06 |
% |
|
36,592 |
|
|
187 |
|
|
0.51 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
1,306,156 |
|
|
51,258 |
|
|
3.92 |
% |
|
1,242,283 |
|
|
48,215 |
|
|
3.88 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
100,481 |
|
|
|
|
|
|
99,500 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
1,406,637 |
|
|
|
|
|
|
$ |
1,341,783 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| Savings |
|
$ |
157,851 |
|
|
62 |
|
|
0.04 |
% |
|
$ |
151,397 |
|
|
58 |
|
|
0.04 |
% |
| Super Now deposits |
|
200,436 |
|
|
528 |
|
|
0.26 |
% |
|
187,106 |
|
|
458 |
|
|
0.24 |
% |
| Money market
deposits |
|
274,546 |
|
|
949 |
|
|
0.35 |
% |
|
238,175 |
|
|
648 |
|
|
0.27 |
% |
| Time deposits |
|
210,608 |
|
|
2,544 |
|
|
1.21 |
% |
|
221,498 |
|
|
2,383 |
|
|
1.08 |
% |
| Total interest-bearing
deposits |
|
843,441 |
|
|
4,083 |
|
|
0.48 |
% |
|
798,176 |
|
|
3,547 |
|
|
0.44 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
borrowings |
|
25,984 |
|
|
234 |
|
|
0.89 |
% |
|
18,518 |
|
|
46 |
|
|
0.25 |
% |
| Long-term
borrowings |
|
78,745 |
|
|
1,580 |
|
|
1.98 |
% |
|
90,554 |
|
|
1,974 |
|
|
2.14 |
% |
| Total borrowings |
|
104,729 |
|
|
1,814 |
|
|
1.71 |
% |
|
109,072 |
|
|
2,020 |
|
|
1.82 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
948,170 |
|
|
5,897 |
|
|
0.62 |
% |
|
907,248 |
|
|
5,567 |
|
|
0.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
302,651 |
|
|
|
|
|
|
|
279,130 |
|
|
|
|
|
|
| Other liabilities |
|
14,398 |
|
|
|
|
|
|
|
16,152 |
|
|
|
|
|
|
| Shareholders’
equity |
|
141,418 |
|
|
|
|
|
|
|
139,253 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,406,637 |
|
|
|
|
|
|
|
$ |
1,341,783 |
|
|
|
|
|
|
| Interest rate
spread |
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.27 |
% |
| Net interest
income/margin |
|
|
|
$ |
45,361 |
|
|
3.47 |
% |
|
|
|
$ |
42,648 |
|
|
3.44 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Twelve Months Ended December 31, |
| |
|
2017 |
|
2016 |
| Total interest
income |
|
$ |
49,977 |
|
|
$ |
46,813 |
|
| Total interest
expense |
|
5,897 |
|
|
5,567 |
|
| Net interest
income |
|
44,080 |
|
|
41,246 |
|
| Tax equivalent
adjustment |
|
1,281 |
|
|
1,402 |
|
| Net interest income
(fully taxable equivalent) |
|
$ |
45,361 |
|
|
$ |
42,648 |
|
| |
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
| |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
| Operating
Data |
|
|
|
|
|
|
|
|
|
|
| Net
income |
|
$ |
716 |
|
|
$ |
3,284 |
|
|
$ |
3,086 |
|
|
$ |
2,686 |
|
|
$ |
2,948 |
|
| Net
interest income |
|
11,468 |
|
|
11,452 |
|
|
10,824 |
|
|
10,336 |
|
|
10,337 |
|
| Provision
for loan losses |
|
125 |
|
|
60 |
|
|
215 |
|
|
330 |
|
|
330 |
|
| Net
security gains (losses) |
|
107 |
|
|
298 |
|
|
(12 |
) |
|
199 |
|
|
441 |
|
|
Non-interest income, excluding net security gains |
|
2,482 |
|
|
2,442 |
|
|
2,775 |
|
|
2,452 |
|
|
2,415 |
|
|
Non-interest expense |
|
9,248 |
|
|
9,566 |
|
|
9,063 |
|
|
8,985 |
|
|
8,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
| Net
interest margin |
|
3.48 |
% |
|
3.57 |
% |
|
3.44 |
% |
|
3.40 |
% |
|
3.38 |
% |
|
Annualized return on average assets |
|
0.20 |
% |
|
0.93 |
% |
|
0.88 |
% |
|
0.79 |
% |
|
0.87 |
% |
|
Annualized return on average equity |
|
2.00 |
% |
|
9.43 |
% |
|
8.79 |
% |
|
7.69 |
% |
|
8.43 |
% |
|
Annualized net loan charge-offs to average loans |
|
0.07 |
% |
|
0.08 |
% |
|
— |
% |
|
0.12 |
% |
|
0.06 |
% |
| Net
charge-offs |
|
200 |
|
|
236 |
|
|
11 |
|
|
321 |
|
|
152 |
|
|
Efficiency ratio |
|
65.7 |
% |
|
68.3 |
% |
|
65.9 |
% |
|
69.6 |
% |
|
66.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Per Share
Data |
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
|
$ |
0.16 |
|
|
$ |
0.70 |
|
|
$ |
0.65 |
|
|
$ |
0.57 |
|
|
$ |
0.62 |
|
| Diluted
earnings per share |
|
0.15 |
|
|
0.70 |
|
|
0.65 |
|
|
0.56 |
|
|
0.62 |
|
| Dividend
declared per share |
|
0.47 |
|
|
0.47 |
|
|
0.47 |
|
|
0.47 |
|
|
0.47 |
|
| Book
value |
|
29.47 |
|
|
29.79 |
|
|
29.53 |
|
|
29.38 |
|
|
29.20 |
|
| Common
stock price: |
|
|
|
|
|
|
|
|
|
|
| High |
|
49.79 |
|
|
46.47 |
|
|
43.60 |
|
|
49.45 |
|
|
52.03 |
|
| Low |
|
45.65 |
|
|
41.08 |
|
|
38.17 |
|
|
43.28 |
|
|
41.00 |
|
|
Close |
|
46.58 |
|
|
46.47 |
|
|
41.18 |
|
|
43.45 |
|
|
50.50 |
|
| Weighted
average common shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
4,689 |
|
|
4,688 |
|
|
4,711 |
|
|
4,735 |
|
|
4,734 |
|
| Fully
Diluted |
|
4,782 |
|
|
4,688 |
|
|
4,711 |
|
|
4,761 |
|
|
4,734 |
|
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
5,009 |
|
|
5,009 |
|
|
5,008 |
|
|
5,008 |
|
|
5,007 |
|
|
Treasury |
|
320 |
|
|
320 |
|
|
320 |
|
|
272 |
|
|
272 |
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
| |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
| Financial
Condition Data: |
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
1,474,492 |
|
|
$ |
1,430,197 |
|
|
$ |
1,395,364 |
|
|
$ |
1,400,708 |
|
|
$ |
1,348,590 |
|
| Loans,
net |
|
1,232,268 |
|
|
1,176,781 |
|
|
1,125,976 |
|
|
1,098,195 |
|
|
1,080,785 |
|
|
Goodwill |
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
Intangibles |
|
1,462 |
|
|
1,543 |
|
|
1,623 |
|
|
1,709 |
|
|
1,799 |
|
| Total
deposits |
|
1,146,320 |
|
|
1,153,996 |
|
|
1,151,110 |
|
|
1,160,664 |
|
|
1,095,214 |
|
|
Noninterest-bearing |
|
303,316 |
|
|
310,830 |
|
|
300,054 |
|
|
312,392 |
|
|
303,277 |
|
|
Savings |
|
160,698 |
|
|
156,437 |
|
|
158,101 |
|
|
159,652 |
|
|
153,788 |
|
| NOW |
|
215,021 |
|
|
203,744 |
|
|
199,917 |
|
|
205,011 |
|
|
174,653 |
|
| Money
Market |
|
237,818 |
|
|
274,528 |
|
|
287,140 |
|
|
278,443 |
|
|
245,121 |
|
| Time
Deposits |
|
229,467 |
|
|
208,457 |
|
|
205,898 |
|
|
205,166 |
|
|
218,375 |
|
| Total
interest-bearing deposits |
|
843,004 |
|
|
843,166 |
|
|
851,056 |
|
|
848,272 |
|
|
791,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core
deposits* |
|
916,853 |
|
|
945,539 |
|
|
945,212 |
|
|
955,498 |
|
|
876,839 |
|
|
Shareholders’ equity |
|
138,192 |
|
|
139,669 |
|
|
138,440 |
|
|
139,113 |
|
|
138,249 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Asset
Quality |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
7,268 |
|
|
$ |
8,317 |
|
|
$ |
12,498 |
|
|
$ |
10,871 |
|
|
$ |
11,626 |
|
|
Non-performing loans to total assets |
|
0.49 |
% |
|
0.58 |
% |
|
0.90 |
% |
|
0.78 |
% |
|
0.86 |
% |
| Allowance
for loan losses |
|
12,858 |
|
|
12,933 |
|
|
13,109 |
|
|
12,905 |
|
|
12,896 |
|
| Allowance
for loan losses to total loans |
|
1.03 |
% |
|
1.09 |
% |
|
1.15 |
% |
|
1.16 |
% |
|
1.18 |
% |
| Allowance
for loan losses to non-performing loans |
|
176.91 |
% |
|
157.05 |
% |
|
104.56 |
% |
|
118.72 |
% |
|
110.92 |
% |
|
Non-performing loans to total loans |
|
0.58 |
% |
|
0.69 |
% |
|
1.10 |
% |
|
0.98 |
% |
|
1.06 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
9.37 |
% |
|
9.77 |
% |
|
9.92 |
% |
|
9.93 |
% |
|
10.25 |
% |
* Core deposits are defined as total deposits less time
deposits
| Reconciliation of GAAP and Non-GAAP Financial
Measures |
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
(Dollars in Thousands, Except Per Share Data) |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| GAAP net
income |
|
$ |
716 |
|
|
$ |
2,948 |
|
|
$ |
9,773 |
|
|
$ |
12,475 |
|
| Less: net securities
gains, net of tax |
|
|
71 |
|
|
|
291 |
|
|
|
391 |
|
|
|
1,102 |
|
| Add: Effect of deferred
tax asset revaluation |
|
|
2,734 |
|
|
|
— |
|
|
|
2,734 |
|
|
|
— |
|
| Non-GAAP operating
earnings |
|
$ |
3,379 |
|
|
$ |
2,657 |
|
|
$ |
12,116 |
|
|
$ |
11,373 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Return on average
assets (ROA) |
|
|
0.20 |
% |
|
|
0.87 |
% |
|
|
0.69 |
% |
|
|
0.93 |
% |
| Less: net securities
gains, net of tax |
|
|
0.02 |
% |
|
|
0.08 |
% |
|
|
0.02 |
% |
|
|
0.08 |
% |
| Add: Effect of deferred
tax asset revaluation |
|
|
0.75 |
% |
|
|
— |
% |
|
|
0.19 |
% |
|
|
— |
% |
| Non-GAAP operating
ROA |
|
|
0.93 |
% |
|
|
0.79 |
% |
|
|
0.86 |
% |
|
|
0.85 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Return on average
equity (ROE) |
|
|
2.00 |
% |
|
|
8.43 |
% |
|
|
6.91 |
% |
|
|
8.96 |
% |
| Less: net securities
gains, net of tax |
|
|
0.20 |
% |
|
|
0.83 |
% |
|
|
0.27 |
% |
|
|
0.79 |
% |
| Add: Effect of deferred
tax asset revaluation |
|
|
7.65 |
% |
|
|
— |
% |
|
|
1.93 |
% |
|
|
— |
% |
| Non-GAAP operating
ROE |
|
|
9.45 |
% |
|
|
7.60 |
% |
|
|
8.57 |
% |
|
|
8.17 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Basic earnings per
share (EPS) |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
2.08 |
|
|
$ |
2.64 |
|
| Less: net securities
gains, net of tax |
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.09 |
|
|
|
0.24 |
|
| Add: Effect of deferred
tax asset revaluation |
|
|
0.58 |
|
|
|
— |
|
|
|
0.58 |
|
|
|
— |
|
| Non-GAAP basic
operating EPS |
|
$ |
0.72 |
|
|
$ |
0.56 |
|
|
$ |
2.57 |
|
|
$ |
2.40 |
|
| |
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Dilutive EPS |
|
$ |
0.15 |
|
|
$ |
0.62 |
|
|
$ |
2.08 |
|
|
$ |
2.64 |
|
| Less: net securities
gains, net of tax |
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.09 |
|
|
|
0.24 |
|
| Add: Effect of deferred
tax asset revaluation |
|
|
0.58 |
|
|
|
— |
|
|
|
0.58 |
|
|
|
— |
|
| Non-GAAP dilutive
operating EPS |
|
$ |
0.71 |
|
|
$ |
0.56 |
|
|
$ |
2.57 |
|
|
$ |
2.40 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jul 2023 to Jul 2024
