Penns Woods Bancorp, Inc. (NASDAQ: PWOD) -
Penns Woods Bancorp, Inc. achieved net
income of $15.2 million for the twelve months ended December 31,
2020, resulting in basic and diluted earnings per share of
$2.16.
Highlights
- Net income, as reported under GAAP,
for the three and twelve months ended December 31, 2020 was
$3.9 million and $15.2 million, respectively compared to $2.8
million and $15.7 million for the same periods of 2019. Results for
the three and twelve months ended December 31, 2020 compared
to 2019 were impacted by a decrease in after-tax securities gains
of $91,000 (from a gain of $386,000 to a gain of $295,000) for the
three month period and an increase in securities gains of $679,000
(from a gain of $591,000 to a gain of $1,270,000) for the twelve
month period. Impacting the three and twelve months ended December
31, 2019 was a write down of assets held for sale and a loss on
sale of premises and equipment that totaled $949,000.
- Gain on sale of loans increased
$719,000 and $2.4 million, respectfully, for the three and twelve
months ended December 31, 2020, to $1.2 million and $4.1 million,
respectively, compared to $508,000 and $1.8 million for the 2019
periods. The increase is the result of a significant increase in
the number of consumers who are refinancing their mortgage due to
the current low interest rate environment.
- The provision for loan losses
decreased $1.1 million and $110,000, respectfully, for the three
and twelve months ended December 31, 2020, to $585,000 and $2.6
million, respectively, compared to $1.7 million and $2.7 million
for the 2019 periods. The higher provision during the 2019 periods
was primarily due to a commercial loan relationship that had become
non-performing during the fourth quarter of 2019. The provision
during 2020 remained elevated due to the economic uncertainty
caused by the COVID-19 pandemic.
- Basic and diluted earnings per
share for the three and twelve months ended December 31, 2020 were
$0.55 and $2.16, respectively. Basic earnings per share for the
three and twelve months ended December 31, 2019 were $0.40 and
$2.23, respectively, with diluted earnings per share of $0.39 and
$2.20, respectively.
- Return on average assets was 0.85%
for the three months ended December 31, 2020, compared to 0.68% for
the corresponding period of 2019. Return on average assets was
0.85% for the twelve months ended December 31, 2020, compared to
0.94% for the corresponding period of 2019.
- Return on average equity was 9.55%
for the three months ended December 31, 2020, compared to 7.22% for
the corresponding period of 2019. Return on average equity was
9.66% for the twelve months ended December 31, 2020, compared to
10.54% for the corresponding period of 2019.
COVID-19 Activity
- Approximately one third of
employees working remotely.
- As of December 31, 2020, loan
modification/deferral program in place to defer payments up to 180
days for principal and/or interest with only $8.7 million in loan
principal remaining in deferral.
- All COVID-19 related loan deferrals
meet the requirements to not be considered a troubled debt
restructuring.
- Participated in the Paycheck
Protection Program ("PPP") by primarily utilizing third parties to
service and place the loans.
- Significantly reduced deposit rates
during the latter half of March 2020 continuing through December
2020.
- Total paycheck protection program
loans originated to be held on balance sheet at December 31, 2020
total $11.2 million.
Net Income
Net income from core operations (“core
earnings”), which is a non-generally accepted accounting principles
(GAAP) measure of net income excluding net securities gains or
losses, was $3.6 million for the three months ended
December 31, 2020 compared to $2.4 million for the same period
of 2019. Core earnings were $13.9 million for the twelve months
ended December 31, 2020, compared to $15.1 million for the same
period of 2019. Core earnings per share for the three months ended
December 31, 2020 were $0.51 basic and diluted, compared to
$0.35 basic and $0.33 diluted core earnings per share for the same
period of 2019. Core earnings per share for the twelve months ended
December 31, 2020 were $1.98 basic and diluted, compared to $2.14
basic and $2.12 diluted for the same period of 2019. Core return on
average assets and core return on average equity were 0.79% and
8.83% for the three months ended December 31, 2020, compared to
0.59% and 6.23% for the corresponding period of 2019. Core return
on average assets and core return on average equity were 0.78% and
8.85% for the twelve months ended December 31, 2020 compared to
0.90% and 10.14% for the corresponding period of 2019. A
reconciliation of the non-GAAP financial measures of core earnings,
core return on assets, core return on equity, and core earnings per
share described in this press release to the comparable GAAP
financial measures is included at the end of this press
release.
Net Interest Margin
The net interest margin for the three and twelve
months ended December 31, 2020 was 2.81% and 2.94%, compared to
3.22% and 3.31% for the corresponding periods of 2019. The decrease
in the net interest margin was driven by a decrease in the yield of
the loan portfolio of 28 and 16 basis points ("bps"), while the
investment portfolio yield declined 80 and 65 bps, respectively,
for the three and twelve month periods during the current low
interest rate environment. Further compressing the net interest
margin was the significant increase of interest-bearing deposits.
These deposits carry a current yield of a few basis points as
commercial customers have received PPP funding and retail customers
have received stimulus funding. Rates paid on interest-bearing
liabilities decreased over the three and twelve months ended
December 31, 2020 and these rate decreases have partially offset
the decline in earning asset yield.
Assets
Total assets increased $169.3 million to $1.8
billion at December 31, 2020 compared to December 31,
2019. Cash and cash equivalents increased significantly due
to deposit growth resulting from the various economic recovery
programs instituted at the state and federal levels that impacted
both commercial and retail customers, coupled with customers
becoming more risk adverse and seeking safety in a bank deposit.
Net loans decreased $13.1 million to $1.3 billion at
December 31, 2020 compared to December 31, 2019, as the
COVID-19 business and travel restrictions curtailed various lending
activities such as indirect auto, home equity, and commercial.
Lending activity began to rebound as business and travel
restrictions were lessened during the second half of 2020. The
investment portfolio increased $15.5 million from December 31,
2019 to December 31, 2020 as a portion of the excess cash
liquidity was invested into short-term municipal bonds.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.77% at December 31, 2020 from 0.92% at
December 31, 2019 as non-performing loans have decreased to
$10.3 million at December 31, 2020 from $12.4 million at
December 31, 2019 primarily due to a commercial loan
relationship that was paid-off during the fourth quarter of 2020.
The majority of non-performing loans involve 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 $211,000 and $716,000 for the three and twelve
months ended December 31, 2020 impacted the allowance for loan
losses, which was 1.03% of total loans at December 31, 2020
compared to 0.88% at December 31, 2019.
Deposits
Deposits increased $170.4 million to $1.5
billion at December 31, 2020 compared to December 31,
2019. Noninterest-bearing deposits increased $114.6 million to
$449.4 million at December 31, 2020 compared to
December 31, 2019. Driving deposit growth was the
receipt of PPP funding by commercial customers, stimulus funding by
retail customers, and customers becoming more risk adverse and
seeking safety in a bank deposit. Emphasis during 2020 has been on
increasing the utilization of electronic (internet and mobile)
deposit banking among our customers. Utilization of internet and
mobile banking has increased since the start of 2020 due to these
efforts coupled with a change in consumer behavior due to the
business and travel restrictions caused by the COVID-19
pandemic.
Shareholders’ Equity
Shareholders’ equity increased $9.2 million to
$164.1 million at December 31, 2020 compared to
December 31, 2019. The change in accumulated other
comprehensive loss from $2.8 million at December 31, 2019 to
$882,000 at December 31, 2020 is a result of an increase in
unrealized gains on available for sale securities (from an
unrealized gain of $2.5 million at December 31, 2019 to an
unrealized gain of $4.7 million at December 31, 2020). The
amount of accumulated other comprehensive loss at December 31,
2020 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 $364,000. The current level of shareholders’ equity equates
to a book value per share of $23.27 at December 31, 2020
compared to $22.01 at December 31, 2019, and an equity to
asset ratio of 8.95% at December 31, 2020 compared to 9.31% at
December 31, 2019. Dividends declared for the twelve
months ended December 31, 2020 and 2019 were $1.28 per share and
$1.26 per share, respectively.
Penns Woods Bancorp, Inc. is the parent
company of Jersey Shore State Bank, which operates eighteen 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. Because 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.
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; (v)
the effects of health emergencies, including the spread of
infectious diseases or pandemics; or (vi) 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, 2019.
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) |
|
2020 |
|
2019 |
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
31,821 |
|
|
|
$ |
24,725 |
|
|
|
28.70 |
|
% |
Interest-bearing balances in
other financial institutions |
|
181,537 |
|
|
|
23,864 |
|
|
|
660.71 |
|
% |
Total cash and cash equivalents |
|
213,358 |
|
|
|
48,589 |
|
|
|
339.11 |
|
% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
162,261 |
|
|
|
148,619 |
|
|
|
9.18 |
|
% |
Investment equity securities,
at fair value |
|
1,288 |
|
|
|
1,261 |
|
|
|
2.14 |
|
% |
Investment securities,
trading |
|
40 |
|
|
|
51 |
|
|
|
(21.57 |
) |
% |
Restricted investment in bank
stock, at fair value |
|
15,377 |
|
|
|
13,528 |
|
|
|
13.67 |
|
% |
Loans held for sale |
|
5,239 |
|
|
|
4,232 |
|
|
|
23.79 |
|
% |
Loans |
|
1,344,327 |
|
|
|
1,355,544 |
|
|
|
(0.83 |
) |
% |
Allowance for loan losses |
|
(13,803 |
) |
|
|
(11,894 |
) |
|
|
16.05 |
|
% |
Loans, net |
|
1,330,524 |
|
|
|
1,343,650 |
|
|
|
(0.98 |
) |
% |
Premises and equipment,
net |
|
32,702 |
|
|
|
32,929 |
|
|
|
(0.69 |
) |
% |
Accrued interest
receivable |
|
8,394 |
|
|
|
5,246 |
|
|
|
60.01 |
|
% |
Bank-owned life insurance |
|
33,638 |
|
|
|
29,253 |
|
|
|
14.99 |
|
% |
Goodwill |
|
17,104 |
|
|
|
17,104 |
|
|
|
— |
|
% |
Intangibles |
|
671 |
|
|
|
898 |
|
|
|
(25.28 |
) |
% |
Operating lease right of use
asset |
|
3,136 |
|
|
|
4,154 |
|
|
|
(24.51 |
) |
% |
Deferred tax asset |
|
2,526 |
|
|
|
3,338 |
|
|
|
(24.33 |
) |
% |
Other assets |
|
8,385 |
|
|
|
12,471 |
|
|
|
(32.76 |
) |
% |
TOTAL ASSETS |
|
$ |
1,834,643 |
|
|
|
$ |
1,665,323 |
|
|
|
10.17 |
|
% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,045,086 |
|
|
|
$ |
989,259 |
|
|
|
5.64 |
|
% |
Noninterest-bearing
deposits |
|
449,357 |
|
|
|
334,746 |
|
|
|
34.24 |
|
% |
Total deposits |
|
1,494,443 |
|
|
|
1,324,005 |
|
|
|
12.87 |
|
% |
|
|
|
|
|
|
|
Short-term borrowings |
|
5,244 |
|
|
|
4,920 |
|
|
|
6.59 |
|
% |
Long-term borrowings |
|
153,475 |
|
|
|
161,920 |
|
|
|
(5.22 |
) |
% |
Accrued interest payable |
|
1,112 |
|
|
|
1,671 |
|
|
|
(33.45 |
) |
% |
Operating lease liability |
|
3,175 |
|
|
|
4,170 |
|
|
|
(23.86 |
) |
% |
Other liabilities |
|
13,048 |
|
|
|
13,655 |
|
|
|
(4.45 |
) |
% |
TOTAL LIABILITIES |
|
1,670,497 |
|
|
|
1,510,341 |
|
|
|
10.60 |
|
% |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
Preferred stock, no par value,
3,000,000 shares authorized; no shares issued |
|
— |
|
|
|
— |
|
|
|
n/a |
Common stock, par value $5.55, 22,500,000 shares authorized;
7,532,576 and 7,520,740 shares issued; 7,052,351 and 7,040,515
shares outstanding |
|
41,847 |
|
|
|
41,782 |
|
|
|
0.16 |
|
% |
Additional paid-in
capital |
|
52,523 |
|
|
|
51,487 |
|
|
|
2.01 |
|
% |
Retained earnings |
|
82,769 |
|
|
|
76,583 |
|
|
|
8.08 |
|
% |
Accumulated other
comprehensive (loss) gain: |
|
|
|
|
|
|
Net unrealized gain on available for sale securities |
|
4,714 |
|
|
|
2,455 |
|
|
|
92.02 |
|
% |
Defined benefit plan |
|
(5,596 |
) |
|
|
(5,232 |
) |
|
|
(6.96 |
) |
% |
Treasury stock at cost,
480,225 |
|
(12,115 |
) |
|
|
(12,115 |
) |
|
|
— |
|
% |
TOTAL PENNS WOODS BANCORP,
INC. SHAREHOLDERS' EQUITY |
|
164,142 |
|
|
|
154,960 |
|
|
|
5.93 |
|
% |
Non-controlling interest |
|
4 |
|
|
|
22 |
|
|
|
(81.82 |
) |
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
164,146 |
|
|
|
154,982 |
|
|
|
5.91 |
|
% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,834,643 |
|
|
|
$ |
1,665,323 |
|
|
|
10.17 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
13,814 |
|
|
|
$ |
14,789 |
|
|
|
(6.59 |
) |
% |
|
$ |
57,217 |
|
|
|
$ |
60,384 |
|
|
(5.24 |
) |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
820 |
|
|
|
1,098 |
|
|
|
(25.32 |
) |
% |
|
3,778 |
|
|
|
3,997 |
|
|
(5.48 |
) |
% |
Tax-exempt |
|
166 |
|
|
|
140 |
|
|
|
18.57 |
|
% |
|
650 |
|
|
|
660 |
|
|
(1.52 |
) |
% |
Dividend and other interest income |
|
246 |
|
|
|
388 |
|
|
|
(36.60 |
) |
% |
|
993 |
|
|
|
1,733 |
|
|
(42.70 |
) |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
15,046 |
|
|
|
16,415 |
|
|
|
(8.34 |
) |
% |
|
62,638 |
|
|
|
66,774 |
|
|
(6.19 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,159 |
|
|
|
3,107 |
|
|
|
(30.51 |
) |
% |
|
10,565 |
|
|
|
11,443 |
|
|
(7.67 |
) |
% |
Short-term borrowings |
|
6 |
|
|
|
3 |
|
|
|
100.00 |
|
% |
|
43 |
|
|
|
793 |
|
|
(94.58 |
) |
% |
Long-term borrowings |
|
914 |
|
|
|
984 |
|
|
|
(7.11 |
) |
% |
|
3,807 |
|
|
|
3,723 |
|
|
2.26 |
|
% |
TOTAL INTEREST EXPENSE |
|
3,079 |
|
|
|
4,094 |
|
|
|
(24.79 |
) |
% |
|
14,415 |
|
|
|
15,959 |
|
|
(9.67 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
11,967 |
|
|
|
12,321 |
|
|
|
(2.87 |
) |
% |
|
48,223 |
|
|
|
50,815 |
|
|
(5.10 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
585 |
|
|
|
1,700 |
|
|
|
(65.59 |
) |
% |
|
2,625 |
|
|
|
2,735 |
|
|
(4.02 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
11,382 |
|
|
|
10,621 |
|
|
|
7.17 |
|
% |
|
45,598 |
|
|
|
48,080 |
|
|
(5.16 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
441 |
|
|
|
635 |
|
|
|
(30.55 |
) |
% |
|
1,690 |
|
|
|
2,411 |
|
|
(29.90 |
) |
% |
Debt securities gains,
available for sale |
|
372 |
|
|
|
440 |
|
|
|
(15.45 |
) |
% |
|
1,592 |
|
|
|
640 |
|
|
148.75 |
|
% |
Equity securities (losses)
gains |
|
(3 |
) |
|
|
74 |
|
|
|
(104.05 |
) |
% |
|
27 |
|
|
|
89 |
|
|
(69.66 |
) |
% |
Securities gains (losses),
trading |
|
5 |
|
|
|
(25 |
) |
|
|
120.00 |
|
% |
|
(11 |
) |
|
|
19 |
|
|
(157.89 |
) |
% |
Bank-owned life insurance |
|
161 |
|
|
|
140 |
|
|
|
15.00 |
|
% |
|
653 |
|
|
|
574 |
|
|
13.76 |
|
% |
Gain on sale of loans |
|
1,227 |
|
|
|
508 |
|
|
|
141.54 |
|
% |
|
4,148 |
|
|
|
1,754 |
|
|
136.49 |
|
% |
Insurance commissions |
|
96 |
|
|
|
87 |
|
|
|
10.34 |
|
% |
|
416 |
|
|
|
433 |
|
|
(3.93 |
) |
% |
Brokerage commissions |
|
191 |
|
|
|
326 |
|
|
|
(41.41 |
) |
% |
|
970 |
|
|
|
1,358 |
|
|
(28.57 |
) |
% |
Debit card income |
|
344 |
|
|
|
346 |
|
|
|
(0.58 |
) |
% |
|
1,280 |
|
|
|
1,378 |
|
|
(7.11 |
) |
% |
Other |
|
241 |
|
|
|
376 |
|
|
|
(35.90 |
) |
% |
|
1,403 |
|
|
|
1,796 |
|
|
(21.88 |
) |
% |
TOTAL NON-INTEREST INCOME |
|
3,075 |
|
|
|
2,907 |
|
|
|
5.78 |
|
% |
|
12,168 |
|
|
|
10,452 |
|
|
16.42 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
5,270 |
|
|
|
5,317 |
|
|
|
(0.88 |
) |
% |
|
21,632 |
|
|
|
21,829 |
|
|
(0.90 |
) |
% |
Occupancy |
|
723 |
|
|
|
627 |
|
|
|
15.31 |
|
% |
|
2,650 |
|
|
|
2,712 |
|
|
(2.29 |
) |
% |
Furniture and equipment |
|
886 |
|
|
|
827 |
|
|
|
7.13 |
|
% |
|
3,411 |
|
|
|
3,248 |
|
|
5.02 |
|
% |
Software amortization |
|
235 |
|
|
|
242 |
|
|
|
(2.89 |
) |
% |
|
978 |
|
|
|
871 |
|
|
12.28 |
|
% |
Pennsylvania shares tax |
|
341 |
|
|
|
285 |
|
|
|
19.65 |
|
% |
|
1,289 |
|
|
|
1,148 |
|
|
12.28 |
|
% |
Professional fees |
|
474 |
|
|
|
640 |
|
|
|
(25.94 |
) |
% |
|
2,362 |
|
|
|
2,474 |
|
|
(4.53 |
) |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
289 |
|
|
|
97 |
|
|
|
197.94 |
|
% |
|
939 |
|
|
|
578 |
|
|
62.46 |
|
% |
Write down of assets held for
sale |
|
— |
|
|
|
475 |
|
|
|
(100.00 |
) |
% |
|
— |
|
|
|
475 |
|
|
(100.00 |
) |
% |
Loss on sale of premises and
equipment |
|
— |
|
|
|
474 |
|
|
|
(100.00 |
) |
% |
|
— |
|
|
|
474 |
|
|
(100.00 |
) |
% |
Marketing |
|
91 |
|
|
|
192 |
|
|
|
(52.60 |
) |
% |
|
261 |
|
|
|
425 |
|
|
(38.59 |
) |
% |
Intangible amortization |
|
53 |
|
|
|
62 |
|
|
|
(14.52 |
) |
% |
|
227 |
|
|
|
264 |
|
|
(14.02 |
) |
% |
Other |
|
1,278 |
|
|
|
1,056 |
|
|
|
21.02 |
|
% |
|
5,319 |
|
|
|
5,210 |
|
|
2.09 |
|
% |
TOTAL NON-INTEREST
EXPENSE |
|
9,640 |
|
|
|
10,294 |
|
|
|
(6.35 |
) |
% |
|
39,068 |
|
|
|
39,708 |
|
|
(1.61 |
) |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
4,817 |
|
|
|
3,234 |
|
|
|
48.95 |
|
% |
|
18,698 |
|
|
|
18,824 |
|
|
(0.67 |
) |
% |
INCOME TAX PROVISION |
|
911 |
|
|
|
397 |
|
|
|
129.47 |
|
% |
|
3,474 |
|
|
|
3,138 |
|
|
10.71 |
|
% |
NET INCOME |
|
$ |
3,906 |
|
|
|
$ |
2,837 |
|
|
|
37.68 |
|
% |
|
$ |
15,224 |
|
|
|
$ |
15,686 |
|
|
(2.95 |
) |
% |
Earnings attributable to
noncontrolling interest |
|
5 |
|
|
|
4 |
|
|
|
25.00 |
|
% |
|
18 |
|
|
|
14 |
|
|
28.57 |
|
% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
3,901 |
|
|
|
$ |
2,833 |
|
|
|
37.70 |
|
% |
|
$ |
15,206 |
|
|
|
$ |
15,672 |
|
|
(2.97 |
) |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.55 |
|
|
|
$ |
0.40 |
|
|
|
37.50 |
|
% |
|
$ |
2.16 |
|
|
|
$ |
2.23 |
|
|
(3.14 |
) |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.55 |
|
|
|
$ |
0.39 |
|
|
|
41.03 |
|
% |
|
$ |
2.16 |
|
|
|
$ |
2.20 |
|
|
(1.82 |
) |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
7,050,389 |
|
|
|
7,039,968 |
|
|
|
0.15 |
|
% |
|
7,044,542 |
|
|
|
7,038,714 |
|
|
0.08 |
|
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
7,050,389 |
|
|
|
7,338,468 |
|
|
|
(3.93 |
) |
% |
|
7,044,542 |
|
|
|
7,113,339 |
|
|
(0.97 |
) |
% |
DIVIDENDS DECLARED PER
SHARE |
|
$ |
0.32 |
|
|
|
$ |
0.32 |
|
|
|
— |
|
% |
|
$ |
1.28 |
|
|
|
$ |
1.26 |
|
|
1.59 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES
|
|
Three Months Ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
(Dollars in Thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
AverageBalance |
|
Interest |
|
AverageRate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
42,882 |
|
|
$ |
303 |
|
|
2.81 |
% |
|
$ |
55,727 |
|
|
$ |
446 |
|
|
3.21 |
% |
All other loans |
|
1,304,521 |
|
|
13,575 |
|
|
4.14 |
% |
|
1,306,203 |
|
|
14,437 |
|
|
4.43 |
% |
Total loans |
|
1,347,403 |
|
|
13,878 |
|
|
4.10 |
% |
|
1,361,930 |
|
|
14,883 |
|
|
4.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
140,074 |
|
|
1,048 |
|
|
3.04 |
% |
|
145,273 |
|
|
1,372 |
|
|
3.83 |
% |
Tax-exempt securities |
|
33,187 |
|
|
210 |
|
|
2.57 |
% |
|
22,406 |
|
|
177 |
|
|
3.20 |
% |
Total securities |
|
173,261 |
|
|
1,258 |
|
|
2.95 |
% |
|
167,679 |
|
|
1,549 |
|
|
3.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
183,428 |
|
|
18 |
|
|
0.04 |
% |
|
30,393 |
|
|
207 |
|
|
1.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
1,704,092 |
|
|
15,154 |
|
|
3.54 |
% |
|
1,560,002 |
|
|
16,639 |
|
|
4.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
123,352 |
|
|
|
|
|
|
108,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,827,444 |
|
|
|
|
|
|
$ |
1,668,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
206,563 |
|
|
47 |
|
|
0.09 |
% |
|
$ |
172,573 |
|
|
69 |
|
|
0.16 |
% |
Super Now deposits |
|
271,600 |
|
|
433 |
|
|
0.63 |
% |
|
216,535 |
|
|
445 |
|
|
0.82 |
% |
Money market deposits |
|
277,980 |
|
|
304 |
|
|
0.44 |
% |
|
229,486 |
|
|
535 |
|
|
0.94 |
% |
Time deposits |
|
285,281 |
|
|
1,375 |
|
|
1.92 |
% |
|
375,838 |
|
|
2,058 |
|
|
2.20 |
% |
Total interest-bearing
deposits |
|
1,041,424 |
|
|
2,159 |
|
|
0.82 |
% |
|
994,432 |
|
|
3,107 |
|
|
1.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
11,068 |
|
|
6 |
|
|
0.29 |
% |
|
4,781 |
|
|
3 |
|
|
0.25 |
% |
Long-term borrowings |
|
153,506 |
|
|
914 |
|
|
2.50 |
% |
|
162,241 |
|
|
984 |
|
|
2.30 |
% |
Total borrowings |
|
164,574 |
|
|
920 |
|
|
2.35 |
% |
|
167,022 |
|
|
987 |
|
|
2.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
1,205,998 |
|
|
3,079 |
|
|
1.03 |
% |
|
1,161,454 |
|
|
4,094 |
|
|
1.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
439,841 |
|
|
|
|
|
|
329,873 |
|
|
|
|
|
Other liabilities |
|
18,218 |
|
|
|
|
|
|
19,693 |
|
|
|
|
|
Shareholders’ equity |
|
163,387 |
|
|
|
|
|
|
157,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,827,444 |
|
|
|
|
|
|
$ |
1,668,237 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.51 |
% |
|
|
|
|
|
2.87 |
% |
Net interest
income/margin |
|
|
|
$ |
12,075 |
|
|
2.81 |
% |
|
|
|
$ |
12,545 |
|
|
3.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2020 |
|
2019 |
Total interest income |
|
$ |
15,046 |
|
|
$ |
16,415 |
|
Total interest expense |
|
3,079 |
|
|
4,094 |
|
Net interest income |
|
11,967 |
|
|
12,321 |
|
Tax equivalent adjustment |
|
108 |
|
|
224 |
|
Net interest income (fully
taxable equivalent) |
|
$ |
12,075 |
|
|
$ |
12,545 |
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES
|
|
Twelve Months Ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
(Dollars in Thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
AverageBalance |
|
Interest |
|
AverageRate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
45,650 |
|
|
$ |
1,441 |
|
|
3.16 |
% |
|
$ |
66,435 |
|
|
$ |
2,038 |
|
|
3.07 |
% |
All other loans |
|
1,304,209 |
|
|
56,079 |
|
|
4.30 |
% |
|
1,309,806 |
|
|
58,774 |
|
|
4.49 |
% |
Total loans |
|
1,349,859 |
|
|
57,520 |
|
|
4.26 |
% |
|
1,376,241 |
|
|
60,812 |
|
|
4.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
142,714 |
|
|
4,630 |
|
|
3.30 |
% |
|
134,935 |
|
|
5,306 |
|
|
3.99 |
% |
Tax-exempt securities |
|
28,973 |
|
|
823 |
|
|
2.89 |
% |
|
25,702 |
|
|
835 |
|
|
3.29 |
% |
Total securities |
|
171,687 |
|
|
5,453 |
|
|
3.23 |
% |
|
160,637 |
|
|
6,141 |
|
|
3.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
140,022 |
|
|
141 |
|
|
0.10 |
% |
|
21,161 |
|
|
310 |
|
|
2.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
1,661,568 |
|
|
63,114 |
|
|
3.80 |
% |
|
1,558,039 |
|
|
67,263 |
|
|
4.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
118,536 |
|
|
|
|
|
|
111,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,780,104 |
|
|
|
|
|
|
$ |
1,669,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
193,568 |
|
|
256 |
|
|
0.13 |
% |
|
$ |
169,832 |
|
|
216 |
|
|
0.13 |
% |
Super Now deposits |
|
254,177 |
|
|
1,755 |
|
|
0.69 |
% |
|
231,816 |
|
|
1,758 |
|
|
0.76 |
% |
Money market deposits |
|
245,633 |
|
|
1,529 |
|
|
0.62 |
% |
|
239,317 |
|
|
2,184 |
|
|
0.91 |
% |
Time deposits |
|
338,895 |
|
|
7,025 |
|
|
2.07 |
% |
|
345,635 |
|
|
7,285 |
|
|
2.11 |
% |
Total interest-bearing
deposits |
|
1,032,273 |
|
|
10,565 |
|
|
1.02 |
% |
|
986,600 |
|
|
11,443 |
|
|
1.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
12,660 |
|
|
43 |
|
|
0.34 |
% |
|
34,897 |
|
|
793 |
|
|
2.27 |
% |
Long-term borrowings |
|
162,636 |
|
|
3,807 |
|
|
2.34 |
% |
|
155,841 |
|
|
3,723 |
|
|
2.25 |
% |
Total borrowings |
|
175,296 |
|
|
3,850 |
|
|
2.20 |
% |
|
190,738 |
|
|
4,516 |
|
|
2.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
1,207,569 |
|
|
14,415 |
|
|
1.19 |
% |
|
1,177,338 |
|
|
15,959 |
|
|
1.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
394,210 |
|
|
|
|
|
|
321,443 |
|
|
|
|
|
Other liabilities |
|
20,858 |
|
|
|
|
|
|
22,379 |
|
|
|
|
|
Shareholders’ equity |
|
157,467 |
|
|
|
|
|
|
148,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,780,104 |
|
|
|
|
|
|
$ |
1,669,878 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.61 |
% |
|
|
|
|
|
2.99 |
% |
Net interest
income/margin |
|
|
|
$ |
48,699 |
|
|
2.94 |
% |
|
|
|
$ |
51,304 |
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
Total interest income |
|
$ |
62,638 |
|
|
$ |
66,774 |
|
Total interest expense |
|
14,415 |
|
|
15,959 |
|
Net interest income |
|
48,223 |
|
|
50,815 |
|
Tax equivalent adjustment |
|
476 |
|
|
489 |
|
Net interest income (fully
taxable equivalent) |
|
$ |
48,699 |
|
|
$ |
51,304 |
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
|
|
12/31/2020 |
|
9/30/2020 |
|
6/30/2020 |
|
3/31/2020 |
|
12/31/2019 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,901 |
|
|
$ |
4,472 |
|
|
$ |
3,760 |
|
|
$ |
3,073 |
|
|
$ |
2,833 |
|
Net interest income |
|
11,967 |
|
|
11,845 |
|
|
12,250 |
|
|
12,161 |
|
|
12,321 |
|
Provision for loan losses |
|
585 |
|
|
645 |
|
|
645 |
|
|
750 |
|
|
1,700 |
|
Net security gains |
|
374 |
|
|
1,011 |
|
|
196 |
|
|
27 |
|
|
489 |
|
Non-interest income, excluding net security gains |
|
2,701 |
|
|
3,024 |
|
|
2,423 |
|
|
2,409 |
|
|
2,418 |
|
Non-interest expense |
|
9,640 |
|
|
9,707 |
|
|
9,611 |
|
|
10,110 |
|
|
10,294 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
2.81 |
% |
|
2.76 |
% |
|
3.01 |
% |
|
3.19 |
% |
|
3.22 |
% |
Annualized return on average assets |
|
0.85 |
% |
|
0.97 |
% |
|
0.85 |
% |
|
0.74 |
% |
|
0.68 |
% |
Annualized return on average equity |
|
9.55 |
% |
|
11.05 |
% |
|
9.60 |
% |
|
7.83 |
% |
|
7.22 |
% |
Annualized net loan charge-offs to average loans |
|
0.06 |
% |
|
0.06 |
% |
|
0.05 |
% |
|
0.04 |
% |
|
1.19 |
% |
Net charge-offs |
|
211 |
|
|
193 |
|
|
168 |
|
|
144 |
|
|
4,055 |
|
Efficiency ratio |
|
65.36 |
% |
|
64.89 |
% |
|
65.10 |
% |
|
68.96 |
% |
|
69.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.55 |
|
|
$ |
0.63 |
|
|
$ |
0.53 |
|
|
$ |
0.44 |
|
|
$ |
0.40 |
|
Diluted earnings per share |
|
0.55 |
|
|
0.63 |
|
|
0.53 |
|
|
0.43 |
|
|
0.39 |
|
Dividend declared per share |
|
0.32 |
|
|
0.32 |
|
|
0.32 |
|
|
0.32 |
|
|
0.32 |
|
Book value |
|
23.27 |
|
|
23.05 |
|
|
22.66 |
|
|
22.23 |
|
|
22.01 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
27.30 |
|
|
22.83 |
|
|
27.75 |
|
|
35.36 |
|
|
35.58 |
|
Low |
|
19.61 |
|
|
19.61 |
|
|
20.01 |
|
|
19.05 |
|
|
29.68 |
|
Close |
|
26.01 |
|
|
19.85 |
|
|
22.71 |
|
|
24.30 |
|
|
35.58 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,050 |
|
|
7,045 |
|
|
7,042 |
|
|
7,041 |
|
|
7,040 |
|
Fully Diluted |
|
7,050 |
|
|
7,045 |
|
|
7,042 |
|
|
7,103 |
|
|
7,338 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
7,533 |
|
|
7,528 |
|
|
7,523 |
|
|
7,521 |
|
|
7,521 |
|
Treasury |
|
480 |
|
|
480 |
|
|
480 |
|
|
480 |
|
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
|
|
12/31/2020 |
|
9/30/2020 |
|
6/30/2020 |
|
3/31/2020 |
|
12/31/2019 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,834,643 |
|
|
$ |
1,840,779 |
|
|
$ |
1,838,364 |
|
|
$ |
1,688,508 |
|
|
$ |
1,665,323 |
|
Loans, net |
|
1,330,524 |
|
|
1,335,711 |
|
|
1,336,370 |
|
|
1,336,900 |
|
|
1,343,650 |
|
Goodwill |
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
Intangibles |
|
671 |
|
|
724 |
|
|
777 |
|
|
836 |
|
|
898 |
|
Total deposits |
|
1,494,443 |
|
|
1,491,810 |
|
|
1,474,305 |
|
|
1,326,734 |
|
|
1,324,005 |
|
Noninterest-bearing |
|
449,357 |
|
|
434,248 |
|
|
418,324 |
|
|
332,759 |
|
|
334,746 |
|
Savings |
|
209,924 |
|
|
202,781 |
|
|
195,964 |
|
|
183,929 |
|
|
176,732 |
|
NOW |
|
287,775 |
|
|
268,463 |
|
|
268,348 |
|
|
229,919 |
|
|
218,605 |
|
Money Market |
|
283,742 |
|
|
274,480 |
|
|
247,753 |
|
|
204,832 |
|
|
216,038 |
|
Time Deposits |
|
263,645 |
|
|
311,838 |
|
|
343,915 |
|
|
375,295 |
|
|
377,884 |
|
Total interest-bearing deposits |
|
1,045,086 |
|
|
1,057,562 |
|
|
1,055,980 |
|
|
993,975 |
|
|
989,259 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
1,230,798 |
|
|
1,179,972 |
|
|
1,130,389 |
|
|
951,439 |
|
|
946,121 |
|
Shareholders’ equity |
|
164,142 |
|
|
162,422 |
|
|
159,578 |
|
|
156,562 |
|
|
154,960 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
10,334 |
|
|
$ |
10,553 |
|
|
$ |
11,097 |
|
|
$ |
11,300 |
|
|
$ |
12,421 |
|
Non-performing loans to total assets |
|
0.56 |
% |
|
0.57 |
% |
|
0.60 |
% |
|
0.67 |
% |
|
0.75 |
% |
Allowance for loan losses |
|
13,803 |
|
|
13,429 |
|
|
12,977 |
|
|
12,500 |
|
|
11,894 |
|
Allowance for loan losses to total loans |
|
1.03 |
% |
|
1.00 |
% |
|
0.96 |
% |
|
0.93 |
% |
|
0.88 |
% |
Allowance for loan losses to non-performing loans |
|
133.57 |
% |
|
127.25 |
% |
|
116.94 |
% |
|
110.62 |
% |
|
95.76 |
% |
Non-performing loans to total loans |
|
0.77 |
% |
|
0.78 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
8.95 |
% |
|
8.82 |
% |
|
8.68 |
% |
|
9.27 |
% |
|
9.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP net income |
|
$ |
3,901 |
|
$ |
2,833 |
|
$ |
15,206 |
|
|
$ |
15,672 |
|
Less: net securities gains,
net of tax |
|
295 |
|
386 |
|
|
1,270 |
|
|
|
591 |
|
Non-GAAP core earnings |
|
$ |
3,606 |
|
$ |
2,447 |
|
$ |
13,936 |
|
|
$ |
15,081 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Return on average assets
(ROA) |
|
0.85 |
% |
|
0.68 |
% |
|
0.85 |
% |
|
0.94 |
% |
Less: net securities gains,
net of tax |
|
0.06 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.04 |
% |
Non-GAAP core ROA |
|
0.79 |
% |
|
0.59 |
% |
|
0.78 |
% |
|
0.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Return on average equity
(ROE) |
|
9.55 |
% |
|
7.22 |
% |
|
9.66 |
% |
|
10.54 |
% |
Less: net securities gains,
net of tax |
|
0.72 |
% |
|
0.99 |
% |
|
0.81 |
% |
|
0.40 |
% |
Non-GAAP core ROE |
|
8.83 |
% |
|
6.23 |
% |
|
8.85 |
% |
|
10.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic earnings per share (EPS) |
|
$ |
0.55 |
|
|
$ |
0.40 |
|
|
$ |
2.16 |
|
|
$ |
2.23 |
|
Less: net securities gains,
net of tax |
|
0.04 |
|
|
0.05 |
|
|
0.18 |
|
|
0.09 |
|
Non-GAAP basic core EPS |
|
$ |
0.51 |
|
|
$ |
0.35 |
|
|
$ |
1.98 |
|
|
$ |
2.14 |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Diluted EPS |
|
$ |
0.55 |
|
|
$ |
0.39 |
|
|
$ |
2.16 |
|
|
$ |
2.20 |
|
Less: net securities gains,
net of tax |
|
0.04 |
|
|
0.06 |
|
|
0.18 |
|
|
0.08 |
|
Non-GAAP diluted core EPS |
|
$ |
0.51 |
|
|
$ |
0.33 |
|
|
$ |
1.98 |
|
|
$ |
2.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 Loan Deferrals as of December 31,
2020
(In Thousands) |
|
Amount |
Commercial, financial, and agricultural |
|
$ |
2,497 |
|
Real estate mortgage: |
|
|
Residential |
|
1,626 |
|
Commercial |
|
4,172 |
|
Consumer automobile loans |
|
384 |
|
Other consumer installment
loans |
|
36 |
|
Total loan deferrals |
|
$ |
8,715 |
|
|
|
|
|
|
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