Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $11.2 million for the nine months ended September 30,
2021, resulting in basic and diluted earnings per share of
$1.58.
Highlights
- Net income, as reported under GAAP,
for the three and nine months ended September 30, 2021 was
$4.1 million and $11.2 million, respectively, compared to $4.5
million and $11.3 million for the same periods of 2020. Results for
the three and nine months ended September 30, 2021 compared to
2020 were impacted by a decrease in after-tax securities gains of
$767,000 (from a gain of $799,000 to a gain of $32,000) for the
three month period and a decrease in after-tax securities gains of
$739,000 (from a gain of $975,000 to a gain of $236,000) for the
nine month period.
- The provision for loan losses
decreased $570,000 and $1.1 million, respectively, for the three
and nine months ended September 30, 2021, to $75,000 and $940,000
compared to $645,000 and $2.0 million for the 2020 periods. The
provision for loan losses was elevated in 2020 due primarily to the
uncertainty caused by the COVID-19 pandemic.
- Basic and diluted earnings per
share for the three and nine months ended September 30, 2021 were
$0.58 and $1.58, respectively. Basic and diluted earnings per share
for the three and nine months ended September 30, 2020 were $0.63
and $1.61, respectively.
- Return on average assets was 0.86%
for three months ended September 30, 2021, compared to 0.97% for
the corresponding period of 2020. Return on average assets was
0.79% for the nine months ended September 30, 2021, compared to
0.85% for the corresponding period of 2020.
- Return on average equity was 9.85%
for the three months ended September 30, 2021, compared to 11.05%
for the corresponding period of 2020. Return on average equity was
9.17% for the nine months ended September 30, 2021, compared to
9.57% for the corresponding period of 2020.
COVID-19 Activity
- Approximately one third of
employees working remotely.
- As of September 30, 2021, loan
modification/deferral program in place to defer payments up to 180
days for principal and/or interest with only $1.3 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 September
2021.
- Total paycheck protection program
loans originated to be held on balance sheet totaled $30.6 million
with $10.6 million remaining on the balance sheet at September 30,
2021.
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 $4.1 million for the three months ended
September 30, 2021 compared to $3.7 million for the same
period of 2020. Core earnings were $10.9 million for the nine
months ended September 30, 2021, compared to $10.3 million for the
same period of 2020. Core earnings per share for the three months
ended September 30, 2021 were $0.58 basic and diluted,
compared to $0.52 basic and diluted core earnings per share for the
same period of 2020. Core earnings per share for the nine months
ended September 30, 2021 were $1.55 basic and diluted, compared to
$1.47 basic and diluted for the same period of 2020. Core return on
average assets and core return on average equity were 0.86% and
9.78% for the three months ended September 30, 2021, compared to
0.79% and 9.08% for the corresponding period of 2020. Core return
on average assets and core return on average equity were 0.77% and
8.98% for the nine months ended September 30, 2021 compared to
0.78% and 8.75% for the corresponding period of 2020. 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 nine
months ended September 30, 2021 was 2.85% and 2.84%, compared to
2.76% and 2.97% for the corresponding period of 2020. The increase
in the net interest margin for the nine month period was driven by
a decrease in the yield of the loan portfolio of 19 and 32 basis
points ("bps"), while the investment portfolio yield declined 51
and 59 bps, respectively, 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 and have increased in
average balance as commercial customers have received PPP funding
and retail customers have received stimulus funding. Rates paid on
interest-bearing deposit liabilities decreased 48 and 53 bps as
rates paid were decreased significantly during 2020 due to the
economic impact of COVID-19 prolonging the low interest rate
environment. These deposit rate decreases have partially offset the
decline in earning asset yield.
Assets
Total assets increased $70.0 million to $1.9
billion at September 30, 2021 compared to September 30,
2020. 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 averse and seeking safety in a bank deposit. Net
loans decreased $3.0 million to $1.3 billion at September 30,
2021 compared to September 30, 2020, as the COVID-19 business
and travel restrictions and supply chain interruptions 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
and continues to rebound in 2021. The investment portfolio
increased $16.7 million from September 30, 2020 to
September 30, 2021 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 0.58% at September 30, 2021 from 0.78% at
September 30, 2020 as non-performing loans have decreased to
$7.8 million at September 30, 2021 from $10.6 million at
September 30, 2020, 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 $186,000 for the nine months ended September 30,
2021 impacted the allowance for loan losses, which was 1.08% of
total loans at September 30, 2021 compared to 1.00% at
September 30, 2020.
Deposits
Deposits increased $101.2 million to $1.6
billion at September 30, 2021 compared to September 30,
2020. Noninterest-bearing deposits increased $47.6 million to
$481.9 million at September 30, 2021 compared to
September 30, 2020. Driving deposit growth was the
receipt of PPP funding by commercial customers, stimulus funding by
retail customers, and customers becoming more risk averse and
seeking safety in a bank deposit. Emphasis remains 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. The increased level
of deposits has allowed for a decrease in short and long-term
borrowings.
Shareholders’ Equity
Shareholders’ equity increased $6.1 million to
$168.5 million at September 30, 2021 compared to
September 30, 2020. Accumulated other comprehensive loss
of $2.0 million at September 30, 2021 increased from a loss of
$678,000 at September 30, 2020 primarily as a result of a decrease
of $936,000 in the net unrealized gain on available for sale
securities. The current level of shareholders’ equity equates to a
book value per share of $23.84 at September 30, 2021 compared
to $23.05 at September 30, 2020, and an equity to asset ratio
of 8.82% at September 30, 2021 and September 30,
2020. Dividends declared for the nine months ended September
30, 2021 and 2020 were $0.96 per share..
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, Union, and Blair Counties, and Luzerne Bank, which
operates eight branch offices providing financial services in
Luzerne County, and United Insurance Solutions, LLC, which offers
insurance products. 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 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, 2020.
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 |
|
|
|
|
|
|
PENNS WOODS
BANCORP, INC.CONSOLIDATED BALANCE
SHEET(UNAUDITED)
|
|
September 30, |
(In Thousands, Except Share Data) |
|
2021 |
|
2020 |
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
35,523 |
|
|
|
$ |
34,987 |
|
|
|
1.53 |
|
% |
Interest-bearing balances in
other financial institutions |
|
206,124 |
|
|
|
191,285 |
|
|
|
7.76 |
|
% |
Federal funds sold |
|
40,000 |
|
|
|
— |
|
|
|
n/a |
Total cash and cash equivalents |
|
281,647 |
|
|
|
226,272 |
|
|
|
24.47 |
|
% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
166,760 |
|
|
|
149,675 |
|
|
|
11.41 |
|
% |
Investment equity securities,
at fair value |
|
1,263 |
|
|
|
1,291 |
|
|
|
(2.17 |
) |
% |
Investment securities,
trading |
|
40 |
|
|
|
35 |
|
|
|
14.29 |
|
% |
Restricted investment in bank
stock, at fair value |
|
14,649 |
|
|
|
15,006 |
|
|
|
(2.38 |
) |
% |
Loans held for sale |
|
3,246 |
|
|
|
6,647 |
|
|
|
(51.17 |
) |
% |
Loans |
|
1,347,225 |
|
|
|
1,349,140 |
|
|
|
(0.14 |
) |
% |
Allowance for loan losses |
|
(14,557 |
) |
|
|
(13,429 |
) |
|
|
8.40 |
|
% |
Loans, net |
|
1,332,668 |
|
|
|
1,335,711 |
|
|
|
(0.23 |
) |
% |
Premises and equipment,
net |
|
34,434 |
|
|
|
32,886 |
|
|
|
4.71 |
|
% |
Accrued interest
receivable |
|
8,529 |
|
|
|
8,540 |
|
|
|
(0.13 |
) |
% |
Bank-owned life insurance |
|
33,836 |
|
|
|
33,474 |
|
|
|
1.08 |
|
% |
Investment in limited
partnerships |
|
5,014 |
|
|
|
2,524 |
|
|
|
98.65 |
|
% |
Goodwill |
|
17,104 |
|
|
|
17,104 |
|
|
|
— |
|
% |
Intangibles |
|
524 |
|
|
|
724 |
|
|
|
(27.62 |
) |
% |
Operating lease right of use
asset |
|
2,899 |
|
|
|
3,184 |
|
|
|
(8.95 |
) |
% |
Deferred tax asset |
|
4,049 |
|
|
|
3,409 |
|
|
|
18.77 |
|
% |
Other assets |
|
4,129 |
|
|
|
4,297 |
|
|
|
(3.91 |
) |
% |
TOTAL ASSETS |
|
$ |
1,910,791 |
|
|
|
$ |
1,840,779 |
|
|
|
3.80 |
|
% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,111,144 |
|
|
|
$ |
1,057,562 |
|
|
|
5.07 |
|
% |
Noninterest-bearing
deposits |
|
481,875 |
|
|
|
434,248 |
|
|
|
10.97 |
|
% |
Total deposits |
|
1,593,019 |
|
|
|
1,491,810 |
|
|
|
6.78 |
|
% |
|
|
|
|
|
|
|
Short-term borrowings |
|
9,404 |
|
|
|
15,009 |
|
|
|
(37.34 |
) |
% |
Long-term borrowings |
|
126,007 |
|
|
|
153,534 |
|
|
|
(17.93 |
) |
% |
Accrued interest payable |
|
828 |
|
|
|
1,491 |
|
|
|
(44.47 |
) |
% |
Operating lease liability |
|
2,947 |
|
|
|
3,219 |
|
|
|
(8.45 |
) |
% |
Other liabilities |
|
10,105 |
|
|
|
13,287 |
|
|
|
(23.95 |
) |
% |
TOTAL LIABILITIES |
|
1,742,310 |
|
|
|
1,678,350 |
|
|
|
3.81 |
|
% |
|
|
|
|
|
|
|
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;
7,545,922 and 7,527,605 shares issued; 7,065,697 and 7,047,380
shares outstanding |
|
41,921 |
|
|
|
41,820 |
|
|
|
0.24 |
|
% |
Additional paid-in
capital |
|
53,508 |
|
|
|
52,268 |
|
|
|
2.37 |
|
% |
Retained earnings |
|
87,146 |
|
|
|
81,127 |
|
|
|
7.42 |
|
% |
Accumulated other
comprehensive gain (loss): |
|
|
|
|
|
|
Net unrealized gain on available for sale securities |
|
3,504 |
|
|
|
4,440 |
|
|
|
(21.08 |
) |
% |
Defined benefit plan |
|
(5,486 |
) |
|
|
(5,118 |
) |
|
|
7.19 |
|
% |
Treasury stock at cost,
480,225 |
|
(12,115 |
) |
|
|
(12,115 |
) |
|
|
— |
|
% |
TOTAL PENNS WOODS BANCORP,
INC. SHAREHOLDERS' EQUITY |
|
168,478 |
|
|
|
162,422 |
|
|
|
3.73 |
|
% |
Non-controlling interest |
|
3 |
|
|
|
7 |
|
|
|
(57.14 |
) |
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
168,481 |
|
|
|
162,429 |
|
|
|
3.73 |
|
% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,910,791 |
|
|
|
$ |
1,840,779 |
|
|
|
3.80 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.CONSOLIDATED STATEMENT OF
INCOME(UNAUDITED)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(In Thousands, Except Per Share Data) |
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
13,382 |
|
|
|
$ |
14,080 |
|
|
|
(4.96 |
) |
% |
|
$ |
39,826 |
|
|
|
$ |
43,403 |
|
|
|
(8.24 |
) |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
834 |
|
|
|
925 |
|
|
|
(9.84 |
) |
% |
|
2,491 |
|
|
|
2,958 |
|
|
|
(15.79 |
) |
% |
Tax-exempt |
|
160 |
|
|
|
170 |
|
|
|
(5.88 |
) |
% |
|
495 |
|
|
|
484 |
|
|
|
2.27 |
|
% |
Dividend and other interest income |
|
338 |
|
|
|
212 |
|
|
|
59.43 |
|
% |
|
903 |
|
|
|
747 |
|
|
|
20.88 |
|
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
14,714 |
|
|
|
15,387 |
|
|
|
(4.37 |
) |
% |
|
43,715 |
|
|
|
47,592 |
|
|
|
(8.15 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,308 |
|
|
|
2,569 |
|
|
|
(49.09 |
) |
% |
|
4,481 |
|
|
|
8,406 |
|
|
|
(46.69 |
) |
% |
Short-term borrowings |
|
3 |
|
|
|
8 |
|
|
|
(62.50 |
) |
% |
|
7 |
|
|
|
37 |
|
|
|
(81.08 |
) |
% |
Long-term borrowings |
|
771 |
|
|
|
965 |
|
|
|
(20.10 |
) |
% |
|
2,430 |
|
|
|
2,893 |
|
|
|
(16.00 |
) |
% |
TOTAL INTEREST EXPENSE |
|
2,082 |
|
|
|
3,542 |
|
|
|
(41.22 |
) |
% |
|
6,918 |
|
|
|
11,336 |
|
|
|
(38.97 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
12,632 |
|
|
|
11,845 |
|
|
|
6.64 |
|
% |
|
36,797 |
|
|
|
36,256 |
|
|
|
1.49 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
75 |
|
|
|
645 |
|
|
|
(88.37 |
) |
% |
|
940 |
|
|
|
2,040 |
|
|
|
(53.92 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
12,557 |
|
|
|
11,200 |
|
|
|
12.12 |
|
% |
|
35,857 |
|
|
|
34,216 |
|
|
|
4.80 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
456 |
|
|
|
388 |
|
|
|
17.53 |
|
% |
|
1,218 |
|
|
|
1,249 |
|
|
|
(2.48 |
) |
% |
Debt securities gains,
available for sale |
|
48 |
|
|
|
1,013 |
|
|
|
(95.26 |
) |
% |
|
323 |
|
|
|
1,220 |
|
|
|
(73.52 |
) |
% |
Equity securities (losses)
gains |
|
(6 |
) |
|
|
— |
|
|
|
n/a |
|
(25 |
) |
|
|
30 |
|
|
|
(183.33 |
) |
% |
Securities (losses) gains,
trading |
|
(2 |
) |
|
|
(2 |
) |
|
|
— |
|
% |
|
1 |
|
|
|
(16 |
) |
|
|
106.25 |
|
% |
Bank-owned life insurance |
|
279 |
|
|
|
156 |
|
|
|
78.85 |
|
% |
|
614 |
|
|
|
492 |
|
|
|
24.80 |
|
% |
Gain on sale of loans |
|
456 |
|
|
|
1,449 |
|
|
|
(68.53 |
) |
% |
. |
2,034 |
|
|
|
2,921 |
|
|
|
(30.37 |
) |
% |
Insurance commissions |
|
129 |
|
|
|
101 |
|
|
|
27.72 |
|
% |
|
436 |
|
|
|
320 |
|
|
|
36.25 |
|
% |
Brokerage commissions |
|
237 |
|
|
|
224 |
|
|
|
5.80 |
|
% |
|
663 |
|
|
|
779 |
|
|
|
(14.89 |
) |
% |
Debit card income |
|
388 |
|
|
|
352 |
|
|
|
10.23 |
|
% |
|
1,166 |
|
|
|
936 |
|
|
|
24.57 |
|
% |
Other |
|
966 |
|
|
|
354 |
|
|
|
172.88 |
|
% |
|
2,044 |
|
|
|
1,162 |
|
|
|
75.90 |
|
% |
TOTAL NON-INTEREST INCOME |
|
2,951 |
|
|
|
4,035 |
|
|
|
(26.86 |
) |
% |
|
8,474 |
|
|
|
9,093 |
|
|
|
(6.81 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
5,837 |
|
|
|
5,465 |
|
|
|
6.81 |
|
% |
|
17,107 |
|
|
|
16,362 |
|
|
|
4.55 |
|
% |
Occupancy |
|
745 |
|
|
|
599 |
|
|
|
24.37 |
|
% |
|
2,438 |
|
|
|
1,927 |
|
|
|
26.52 |
|
% |
Furniture and equipment |
|
883 |
|
|
|
837 |
|
|
|
5.50 |
|
% |
|
2,663 |
|
|
|
2,525 |
|
|
|
5.47 |
|
% |
Software amortization |
|
226 |
|
|
|
257 |
|
|
|
(12.06 |
) |
% |
|
632 |
|
|
|
743 |
|
|
|
(14.94 |
) |
% |
Pennsylvania shares tax |
|
373 |
|
|
|
340 |
|
|
|
9.71 |
|
% |
|
1,097 |
|
|
|
948 |
|
|
|
15.72 |
|
% |
Professional fees |
|
615 |
|
|
|
608 |
|
|
|
1.15 |
|
% |
|
1,882 |
|
|
|
1,888 |
|
|
|
(0.32 |
) |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
220 |
|
|
|
271 |
|
|
|
(18.82 |
) |
% |
|
705 |
|
|
|
650 |
|
|
|
8.46 |
|
% |
Marketing |
|
231 |
|
|
|
61 |
|
|
|
278.69 |
|
% |
|
434 |
|
|
|
170 |
|
|
|
155.29 |
|
% |
Intangible amortization |
|
44 |
|
|
|
53 |
|
|
|
(16.98 |
) |
% |
|
147 |
|
|
|
174 |
|
|
|
(15.52 |
) |
% |
Other |
|
1,273 |
|
|
|
1,216 |
|
|
|
4.69 |
|
% |
|
3,541 |
|
|
|
4,041 |
|
|
|
(12.37 |
) |
% |
TOTAL NON-INTEREST
EXPENSE |
|
10,447 |
|
|
|
9,707 |
|
|
|
7.62 |
|
% |
|
30,646 |
|
|
|
29,428 |
|
|
|
4.14 |
|
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
5,061 |
|
|
|
5,528 |
|
|
|
(8.45 |
) |
% |
|
13,685 |
|
|
|
13,881 |
|
|
|
(1.41 |
) |
% |
INCOME TAX PROVISION |
|
932 |
|
|
|
1,051 |
|
|
|
(11.32 |
) |
% |
|
2,516 |
|
|
|
2,563 |
|
|
|
(1.83 |
) |
% |
NET INCOME |
|
$ |
4,129 |
|
|
|
$ |
4,477 |
|
|
|
(7.77 |
) |
% |
|
$ |
11,169 |
|
|
|
$ |
11,318 |
|
|
|
(1.32 |
) |
% |
Earnings attributable to
noncontrolling interest |
|
4 |
|
|
|
5 |
|
|
|
(20.00 |
) |
% |
|
15 |
|
|
|
13 |
|
|
|
15.38 |
|
% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,125 |
|
|
|
$ |
4,472 |
|
|
|
(7.76 |
) |
% |
|
$ |
11,154 |
|
|
|
$ |
11,305 |
|
|
|
(1.34 |
) |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.58 |
|
|
|
$ |
0.63 |
|
|
|
(7.94 |
) |
% |
|
$ |
1.58 |
|
|
|
$ |
1.61 |
|
|
|
(1.86 |
) |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.58 |
|
|
|
$ |
0.63 |
|
|
|
(7.94 |
) |
% |
|
$ |
1.58 |
|
|
|
$ |
1.61 |
|
|
|
(1.86 |
) |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
7,063,994 |
|
|
|
7,045,336 |
|
|
|
0.26 |
|
% |
|
7,059,625 |
|
|
|
7,042,578 |
|
|
|
0.24 |
|
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
7,063,994 |
|
|
|
7,045,336 |
|
|
|
0.26 |
|
% |
|
7,059,625 |
|
|
|
7,042,578 |
|
|
|
0.24 |
|
% |
DIVIDENDS DECLARED PER
SHARE |
|
$ |
0.32 |
|
|
|
$ |
0.32 |
|
|
|
— |
|
% |
|
$ |
0.96 |
|
|
|
$ |
0.96 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES
|
|
Three Months Ended |
|
|
September 30, 2021 |
|
September 30, 2020 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
46,193 |
|
|
$ |
307 |
|
|
2.64 |
% |
|
$ |
42,047 |
|
|
$ |
386 |
|
|
3.65 |
% |
All other loans |
|
1,296,790 |
|
|
13,139 |
|
|
4.02 |
% |
|
1,313,474 |
|
|
13,775 |
|
|
4.17 |
% |
Total loans |
|
1,342,983 |
|
|
13,446 |
|
|
3.97 |
% |
|
1,355,521 |
|
|
14,161 |
|
|
4.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
40,000 |
|
|
72 |
|
|
0.71 |
% |
|
— |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
150,308 |
|
|
1,022 |
|
|
2.76 |
% |
|
140,695 |
|
|
1,116 |
|
|
3.23 |
% |
Tax-exempt securities |
|
37,069 |
|
|
203 |
|
|
2.22 |
% |
|
30,587 |
|
|
216 |
|
|
2.87 |
% |
Total securities |
|
187,377 |
|
|
1,225 |
|
|
2.65 |
% |
|
171,282 |
|
|
1,332 |
|
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
205,715 |
|
|
78 |
|
|
0.15 |
% |
|
203,817 |
|
|
21 |
|
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
1,776,075 |
|
|
14,821 |
|
|
3.32 |
% |
|
1,730,620 |
|
|
15,514 |
|
|
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
132,820 |
|
|
|
|
|
|
121,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,908,895 |
|
|
|
|
|
|
$ |
1,852,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
228,255 |
|
|
22 |
|
|
0.04 |
% |
|
$ |
199,420 |
|
|
51 |
|
|
0.10 |
% |
Super Now deposits |
|
308,591 |
|
|
219 |
|
|
0.28 |
% |
|
273,190 |
|
|
489 |
|
|
0.71 |
% |
Money market deposits |
|
306,177 |
|
|
238 |
|
|
0.31 |
% |
|
263,926 |
|
|
330 |
|
|
0.50 |
% |
Time deposits |
|
248,649 |
|
|
829 |
|
|
1.32 |
% |
|
329,190 |
|
|
1,699 |
|
|
2.05 |
% |
Total interest-bearing
deposits |
|
1,091,672 |
|
|
1,308 |
|
|
0.48 |
% |
|
1,065,726 |
|
|
2,569 |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
8,696 |
|
|
3 |
|
|
0.14 |
% |
|
17,517 |
|
|
8 |
|
|
0.18 |
% |
Long-term borrowings |
|
133,536 |
|
|
771 |
|
|
2.29 |
% |
|
165,064 |
|
|
965 |
|
|
2.33 |
% |
Total borrowings |
|
142,232 |
|
|
774 |
|
|
2.16 |
% |
|
182,581 |
|
|
973 |
|
|
2.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
1,233,904 |
|
|
2,082 |
|
|
0.67 |
% |
|
1,248,307 |
|
|
3,542 |
|
|
1.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
490,500 |
|
|
|
|
|
|
424,753 |
|
|
|
|
|
Other liabilities |
|
17,027 |
|
|
|
|
|
|
17,644 |
|
|
|
|
|
Shareholders’ equity |
|
167,464 |
|
|
|
|
|
|
161,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,908,895 |
|
|
|
|
|
|
$ |
1,852,521 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
2.44 |
% |
Net interest
income/margin |
|
|
|
$ |
12,739 |
|
|
2.85 |
% |
|
|
|
$ |
11,972 |
|
|
2.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
2021 |
|
2020 |
Total interest income |
|
$ |
14,714 |
|
|
$ |
15,387 |
|
Total interest expense |
|
2,082 |
|
|
3,542 |
|
Net interest income |
|
12,632 |
|
|
11,845 |
|
Tax equivalent adjustment |
|
107 |
|
|
127 |
|
Net interest income (fully
taxable equivalent) |
|
$ |
12,739 |
|
|
$ |
11,972 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, 2021 |
|
September 30, 2020 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
46,217 |
|
|
$ |
991 |
|
|
2.87 |
% |
|
$ |
46,476 |
|
|
$ |
1,138 |
|
|
3.27 |
% |
All other loans |
|
1,292,028 |
|
|
39,043 |
|
|
4.04 |
% |
|
1,304,207 |
|
|
42,504 |
|
|
4.35 |
% |
Total loans |
|
1,338,245 |
|
|
40,034 |
|
|
4.00 |
% |
|
1,350,683 |
|
|
43,642 |
|
|
4.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
21,993 |
|
|
117 |
|
|
0.71 |
% |
|
— |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
147,942 |
|
|
3,105 |
|
|
2.84 |
% |
|
143,601 |
|
|
3,582 |
|
|
3.38 |
% |
Tax-exempt securities |
|
36,638 |
|
|
627 |
|
|
2.31 |
% |
|
27,558 |
|
|
613 |
|
|
3.02 |
% |
Total securities |
|
184,580 |
|
|
3,732 |
|
|
2.73 |
% |
|
171,159 |
|
|
4,195 |
|
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
206,895 |
|
|
172 |
|
|
0.11 |
% |
|
125,447 |
|
|
123 |
|
|
0.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
1,751,713 |
|
|
44,055 |
|
|
3.37 |
% |
|
1,647,289 |
|
|
47,960 |
|
|
3.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
128,567 |
|
|
|
|
|
|
116,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,880,280 |
|
|
|
|
|
|
$ |
1,764,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
222,889 |
|
|
94 |
|
|
0.06 |
% |
|
$ |
189,205 |
|
|
209 |
|
|
0.15 |
% |
Super Now deposits |
|
294,570 |
|
|
694 |
|
|
0.31 |
% |
|
248,327 |
|
|
1,322 |
|
|
0.71 |
% |
Money market deposits |
|
307,309 |
|
|
761 |
|
|
0.33 |
% |
|
234,772 |
|
|
1,225 |
|
|
0.70 |
% |
Time deposits |
|
253,130 |
|
|
2,932 |
|
|
1.55 |
% |
|
356,897 |
|
|
5,650 |
|
|
2.11 |
% |
Total interest-bearing
deposits |
|
1,077,898 |
|
|
4,481 |
|
|
0.56 |
% |
|
1,029,201 |
|
|
8,406 |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
7,152 |
|
|
7 |
|
|
0.13 |
% |
|
13,195 |
|
|
37 |
|
|
0.37 |
% |
Long-term borrowings |
|
138,669 |
|
|
2,430 |
|
|
2.34 |
% |
|
165,702 |
|
|
2,893 |
|
|
2.33 |
% |
Total borrowings |
|
145,821 |
|
|
2,437 |
|
|
2.23 |
% |
|
178,897 |
|
|
2,930 |
|
|
2.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
1,223,719 |
|
|
6,918 |
|
|
0.76 |
% |
|
1,208,098 |
|
|
11,336 |
|
|
1.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
473,088 |
|
|
|
|
|
|
378,889 |
|
|
|
|
|
Other liabilities |
|
21,327 |
|
|
|
|
|
|
19,682 |
|
|
|
|
|
Shareholders’ equity |
|
162,146 |
|
|
|
|
|
|
157,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,880,280 |
|
|
|
|
|
|
$ |
1,764,157 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.61 |
% |
|
|
|
|
|
2.64 |
% |
Net interest
income/margin |
|
|
|
$ |
37,137 |
|
|
2.84 |
% |
|
|
|
$ |
36,624 |
|
|
2.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
Total interest income |
|
$ |
43,715 |
|
|
$ |
47,592 |
|
Total interest expense |
|
6,918 |
|
|
11,336 |
|
Net interest income |
|
36,797 |
|
|
36,256 |
|
Tax equivalent adjustment |
|
340 |
|
|
368 |
|
Net interest income (fully
taxable equivalent) |
|
$ |
37,137 |
|
|
$ |
36,624 |
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
|
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
9/30/2020 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,125 |
|
|
|
$ |
3,588 |
|
|
$ |
3,441 |
|
|
$ |
3,901 |
|
|
$ |
4,472 |
|
Net interest income |
|
12,632 |
|
|
|
12,095 |
|
|
12,070 |
|
|
11,967 |
|
|
11,845 |
|
Provision for loan losses |
|
75 |
|
|
|
350 |
|
|
515 |
|
|
585 |
|
|
645 |
|
Net security gains |
|
40 |
|
|
|
140 |
|
|
119 |
|
|
374 |
|
|
1,011 |
|
Non-interest income, excluding net security gains |
|
2,911 |
|
|
|
2,769 |
|
|
2,495 |
|
|
2,701 |
|
|
3,024 |
|
Non-interest expense |
|
10,447 |
|
|
|
10,248 |
|
|
9,951 |
|
|
9,640 |
|
|
9,707 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
2.85 |
|
% |
|
2.78 |
% |
|
2.88 |
% |
|
2.81 |
% |
|
2.76 |
% |
Annualized return on average assets |
|
0.86 |
|
% |
|
0.76 |
% |
|
0.75 |
% |
|
0.85 |
% |
|
0.97 |
% |
Annualized return on average equity |
|
9.85 |
|
% |
|
8.70 |
% |
|
8.59 |
% |
|
9.55 |
% |
|
11.05 |
% |
Annualized net loan charge-offs (recoveries) to average loans |
|
(0.01 |
) |
% |
|
0.03 |
% |
|
0.04 |
% |
|
0.06 |
% |
|
0.06 |
% |
Net charge-offs (recoveries) |
|
(44 |
) |
|
|
114 |
|
|
116 |
|
|
211 |
|
|
193 |
|
Efficiency ratio |
|
66.93 |
|
% |
|
68.61 |
% |
|
67.96 |
% |
|
65.36 |
% |
|
64.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.58 |
|
|
|
$ |
0.51 |
|
|
$ |
0.49 |
|
|
$ |
0.55 |
|
|
$ |
0.63 |
|
Diluted earnings per share |
|
0.58 |
|
|
|
0.51 |
|
|
0.49 |
|
|
0.55 |
|
|
0.63 |
|
Dividend declared per share |
|
0.32 |
|
|
|
0.32 |
|
|
0.32 |
|
|
0.32 |
|
|
0.32 |
|
Book value |
|
23.84 |
|
|
|
23.63 |
|
|
23.25 |
|
|
23.27 |
|
|
23.05 |
|
Common stock price: |
|
|
21.12 |
|
|
|
|
21.12 |
|
|
|
|
|
|
|
High |
|
24.42 |
|
|
|
26.51 |
|
|
27.78 |
|
|
27.30 |
|
|
22.83 |
|
Low |
|
22.78 |
|
|
|
23.03 |
|
|
20.55 |
|
|
19.61 |
|
|
19.61 |
|
Close |
|
23.92 |
|
|
|
23.82 |
|
|
24.09 |
|
|
26.01 |
|
|
19.85 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,064 |
|
|
|
7,060 |
|
|
7,055 |
|
|
7,050 |
|
|
7,045 |
|
Fully Diluted |
|
7,064 |
|
|
|
7,060 |
|
|
7,055 |
|
|
7,050 |
|
|
7,045 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
7,546 |
|
|
|
7,542 |
|
|
7,537 |
|
|
7,533 |
|
|
7,528 |
|
Treasury |
|
480 |
|
|
|
480 |
|
|
480 |
|
|
480 |
|
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
|
Quarter Ended |
|
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
9/30/2020 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,910,791 |
|
|
$ |
1,894,870 |
|
|
$ |
1,896,192 |
|
|
$ |
1,834,643 |
|
|
$ |
1,840,779 |
|
Loans, net |
|
1,332,668 |
|
|
1,323,509 |
|
|
1,321,697 |
|
|
1,330,524 |
|
|
1,335,711 |
|
Goodwill |
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
|
17,104 |
|
Intangibles |
|
524 |
|
|
568 |
|
|
618 |
|
|
671 |
|
|
724 |
|
Total deposits |
|
1,593,019 |
|
|
1,563,696 |
|
|
1,564,364 |
|
|
1,494,443 |
|
|
1,491,810 |
|
Noninterest-bearing |
|
481,875 |
|
|
477,344 |
|
|
478,916 |
|
|
449,357 |
|
|
434,248 |
|
Savings |
|
231,189 |
|
|
226,573 |
|
|
224,890 |
|
|
209,924 |
|
|
202,781 |
|
NOW |
|
340,441 |
|
|
296,450 |
|
|
290,355 |
|
|
287,775 |
|
|
268,463 |
|
Money Market |
|
305,156 |
|
|
301,405 |
|
|
324,207 |
|
|
283,742 |
|
|
274,480 |
|
Time Deposits |
|
234,358 |
|
|
261,924 |
|
|
245,996 |
|
|
263,645 |
|
|
311,838 |
|
Total interest-bearing deposits |
|
1,111,144 |
|
|
1,086,352 |
|
|
1,085,448 |
|
|
1,045,086 |
|
|
1,057,562 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
1,358,661 |
|
|
1,301,772 |
|
|
1,318,368 |
|
|
1,230,798 |
|
|
1,179,972 |
|
Shareholders’ equity |
|
168,478 |
|
|
166,830 |
|
|
164,059 |
|
|
164,142 |
|
|
162,422 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
7,763 |
|
|
$ |
7,931 |
|
|
$ |
9,272 |
|
|
$ |
10,334 |
|
|
$ |
10,553 |
|
Non-performing loans to total assets |
|
0.41 |
% |
|
0.42 |
% |
|
0.49 |
% |
|
0.56 |
% |
|
0.57 |
% |
Allowance for loan losses |
|
14,557 |
|
|
14,438 |
|
|
14,202 |
|
|
13,803 |
|
|
13,429 |
|
Allowance for loan losses to total loans |
|
1.08 |
% |
|
1.08 |
% |
|
1.06 |
% |
|
1.03 |
% |
|
1.00 |
% |
Allowance for loan losses to non-performing loans |
|
187.52 |
% |
|
182.05 |
% |
|
153.17 |
% |
|
133.57 |
% |
|
127.25 |
% |
Non-performing loans to total loans |
|
0.58 |
% |
|
0.59 |
% |
|
0.69 |
% |
|
0.77 |
% |
|
0.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
8.82 |
% |
|
8.80 |
% |
|
8.65 |
% |
|
8.95 |
% |
|
8.82 |
% |
* Core deposits are defined as total deposits less time
deposits
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollars in Thousands, Except Per Share Data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
GAAP net income |
|
$ |
4,125 |
|
$ |
4,472 |
|
$ |
11,154 |
|
$ |
11,305 |
Less: net securities gains,
net of tax |
|
32 |
|
799 |
|
236 |
|
975 |
Non-GAAP core earnings |
|
$ |
4,093 |
|
$ |
3,673 |
|
$ |
10,918 |
|
$ |
10,330 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Return on average assets
(ROA) |
|
0.86 |
% |
|
0.97 |
% |
|
0.79 |
% |
|
0.85 |
% |
Less: net securities gains,
net of tax |
|
— |
% |
|
0.18 |
% |
|
0.02 |
% |
|
0.07 |
% |
Non-GAAP core ROA |
|
0.86 |
% |
|
0.79 |
% |
|
0.77 |
% |
|
0.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Return on average equity
(ROE) |
|
9.85 |
% |
|
11.05 |
% |
|
9.17 |
% |
|
9.57 |
% |
Less: net securities gains,
net of tax |
|
0.07 |
% |
|
1.97 |
% |
|
0.19 |
% |
|
0.82 |
% |
Non-GAAP core ROE |
|
9.78 |
% |
|
9.08 |
% |
|
8.98 |
% |
|
8.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Basic earnings per share (EPS) |
|
$ |
0.58 |
|
|
$ |
0.63 |
|
|
$ |
1.58 |
|
|
$ |
1.61 |
|
Less: net securities gains,
net of tax |
|
— |
|
|
0.11 |
|
|
0.03 |
|
|
0.14 |
|
Non-GAAP basic core EPS |
|
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
1.55 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Diluted EPS |
|
$ |
0.58 |
|
|
$ |
0.63 |
|
|
$ |
1.58 |
|
|
$ |
1.61 |
|
Less: net securities gains,
net of tax |
|
— |
|
|
0.11 |
|
|
0.03 |
|
|
0.14 |
|
Non-GAAP diluted core EPS |
|
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
1.55 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 Loan Deferrals as of September 30,
2021
(In Thousands) |
|
Amount |
Commercial, financial, and agricultural |
|
$ |
— |
|
Real estate mortgage: |
|
|
Residential |
|
1,066 |
|
Commercial |
|
271 |
|
Consumer automobile loans |
|
— |
|
Other consumer installment
loans |
|
9 |
|
Total loan deferrals |
|
$ |
1,346 |
|
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