Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $16.0 million for the twelve months ended December 31,
2021, resulting in basic and diluted earnings per share of
$2.27.
Highlights
- Net income, as reported under GAAP,
for the three and twelve months ended December 31, 2021 was
$4.9 million and $16.0 million, respectively, compared to $3.9
million and $15.2 million for the same periods of 2020. Results for
the three and twelve months ended December 31, 2021 compared
to 2020 were impacted by a decrease in after-tax securities gains
of $11,000 (from a gain of $295,000 to a gain of $284,000) for the
three month period and a decrease in after-tax securities gains of
$749,000 (from a gain of $1.3 million to a gain of $521,000) for
the twelve month period.
- The provision for loan losses
decreased $885,000 and $2.0 million, respectively, for the three
and twelve months ended December 31, 2021, to ($300,000) and
$640,000 compared to $585,000 and $2.6 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 twelve months ended December 31, 2021 were
$0.69 and $2.27, respectively. Basic and diluted earnings per share
for the three and twelve months ended December 31, 2020 were $0.55
and $2.16, respectively.
- Return on average assets was 1.02%
for three months ended December 31, 2021, compared to 0.85% for the
corresponding period of 2020. Return on average assets was 0.85%
for the twelve months ended December 31, 2021, compared to 0.85%
for the corresponding period of 2020.
- Return on average equity was 11.59%
for the three months ended December 31, 2021, compared to 9.55% for
the corresponding period of 2020. Return on average equity was
9.93% for the twelve months ended December 31, 2021, compared to
9.66% for the corresponding period of 2020.
COVID-19 Activity
- Approximately one third of
employees working remotely.
- As of December 31, 2021, loan
modification/deferral program in place to defer payments up to 180
days for principal and/or interest with only $379,000 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
2021.
- Total paycheck protection program
loans originated to be held on balance sheet totaled $30.6 million
with $4.0 million remaining on the balance sheet at December 31,
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 $4.6 million for the three months ended
December 31, 2021 compared to $3.6 million for the same period
of 2020. Core earnings were $15.5 million for the twelve months
ended December 31, 2021, compared to $13.9 million for the same
period of 2020. Core earnings per share for the three months ended
December 31, 2021 were $0.65 basic and diluted, compared to
$0.51 basic and diluted core earnings per share for the same period
of 2020. Core earnings per share for the twelve months ended
December 31, 2021 were $2.20 basic and diluted, compared to $1.98
basic and diluted for the same period of 2020. Core return on
average assets and core return on average equity were 0.96% and
10.92% for the three months ended December 31, 2021, compared to
0.79% and 8.83% for the corresponding period of 2020. Core return
on average assets and core return on average equity were 0.82% and
9.61% for the twelve months ended December 31, 2021 compared to
0.78% and 8.85% 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 twelve
months ended December 31, 2021 was 2.90% and 2.85%, compared to
2.81% and 2.94% for the corresponding period of 2020. The increase
in the net interest margin for the three month period and decrease
for the twelve month period was driven by a decrease in the yield
of the loan portfolio of 19 and 28 basis points ("bps"), while the
investment portfolio yield declined 38 and 54 bps, respectively,
during the current low interest rate environment. Offsetting the
decline in yield on the earning asset portfolio was a decline in
rate paid on interest-bearing deposits of 44 and 51 bps for the
three and twelve month periods as rates paid were decreased
significantly during 2020 and 2021 due to the economic impact of
COVID-19 prolonging the low interest rate environment.
Assets
Total assets increased $106.2 million to $1.9
billion at December 31, 2021 compared to December 31,
2020. Cash and cash equivalents increased significantly as
federal funds sold increased $50 million 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 increased $47.4
million to $1.4 billion at December 31, 2021 compared to
December 31, 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 continued to rebound in 2021 in particular the fourth quarter.
The investment portfolio increased $3.3 million from
December 31, 2020 to December 31, 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 0.45% at December 31, 2021 from 0.77% at
December 31, 2020 as non-performing loans have decreased to
$6.3 million at December 31, 2021 from $10.3 million at
December 31, 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 $267,000
for the twelve months ended December 31, 2021 impacted the
allowance for loan losses, which was 1.02% of total loans at
December 31, 2021 compared to 1.03% at December 31, 2020.
Deposits
Deposits increased $126.9 million to $1.6
billion at December 31, 2021 compared to December 31,
2020. Noninterest-bearing deposits increased $45.0 million to
$494.4 million at December 31, 2021 compared to
December 31, 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 long-term borrowings.
Shareholders’ Equity
Shareholders’ equity increased $8.1 million to
$172.3 million at December 31, 2021 compared to
December 31, 2020. Accumulated other comprehensive loss
of $1.1 million at December 31, 2021 increased from a loss of
$882,000 at December 31, 2020 as a result of a decrease of $2.3
million in the net unrealized gain on available for sale securities
and a change in the defined benefit plan of $2.1 million. The
current level of shareholders’ equity equates to a book value per
share of $24.37 at December 31, 2021 compared to $23.27 at
December 31, 2020, and an equity to asset ratio of 8.88% at
December 31, 2021 and 8.95% at December 31,
2020. Dividends declared for the twelve months ended December
31, 2021 and 2020 were $1.28 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, 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)
|
|
December 31, |
(In Thousands, Except Share Data) |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing
balances |
|
$ |
19,233 |
|
|
$ |
31,821 |
|
|
(39.56)% |
Interest-bearing balances in
other financial institutions |
|
|
194,629 |
|
|
|
181,537 |
|
|
7.21% |
Federal funds sold |
|
|
50,000 |
|
|
|
— |
|
|
n/a |
Total cash and cash
equivalents |
|
|
263,862 |
|
|
|
213,358 |
|
|
23.67% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
166,410 |
|
|
|
162,261 |
|
|
2.56% |
Investment equity securities,
at fair value |
|
|
1,251 |
|
|
|
1,288 |
|
|
(2.87)% |
Investment securities,
trading |
|
|
37 |
|
|
|
40 |
|
|
(7.50)% |
Restricted investment in bank
stock, at fair value |
|
|
14,531 |
|
|
|
15,377 |
|
|
(5.50)% |
Loans held for sale |
|
|
3,725 |
|
|
|
5,239 |
|
|
(28.90)% |
Loans |
|
|
1,392,147 |
|
|
|
1,344,327 |
|
|
3.56% |
Allowance for loan losses |
|
|
(14,176 |
) |
|
|
(13,803 |
) |
|
2.70% |
Loans, net |
|
|
1,377,971 |
|
|
|
1,330,524 |
|
|
3.57% |
Premises and equipment,
net |
|
|
34,025 |
|
|
|
32,702 |
|
|
4.05% |
Accrued interest
receivable |
|
|
8,048 |
|
|
|
8,394 |
|
|
(4.12)% |
Bank-owned life insurance |
|
|
33,768 |
|
|
|
33,638 |
|
|
0.39% |
Investment in limited
partnerships |
|
|
4,607 |
|
|
|
3,944 |
|
|
16.81% |
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
—% |
Intangibles |
|
|
480 |
|
|
|
671 |
|
|
(28.46)% |
Operating lease right of use
asset |
|
|
2,851 |
|
|
|
3,136 |
|
|
(9.09)% |
Deferred tax asset |
|
|
2,946 |
|
|
|
2,526 |
|
|
16.63% |
Other assets |
|
|
9,193 |
|
|
|
4,441 |
|
|
107.00% |
TOTAL ASSETS |
|
$ |
1,940,809 |
|
|
$ |
1,834,643 |
|
|
5.79% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,126,955 |
|
|
$ |
1,045,086 |
|
|
7.83% |
Noninterest-bearing
deposits |
|
|
494,360 |
|
|
|
449,357 |
|
|
10.01% |
Total deposits |
|
|
1,621,315 |
|
|
|
1,494,443 |
|
|
8.49% |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
5,747 |
|
|
|
5,244 |
|
|
9.59% |
Long-term borrowings |
|
|
125,963 |
|
|
|
153,475 |
|
|
(17.93)% |
Accrued interest payable |
|
|
651 |
|
|
|
1,112 |
|
|
(41.46)% |
Operating lease liability |
|
|
2,898 |
|
|
|
3,175 |
|
|
(8.72)% |
Other liabilities |
|
|
11,961 |
|
|
|
13,048 |
|
|
(8.33)% |
TOTAL LIABILITIES |
|
|
1,768,535 |
|
|
|
1,670,497 |
|
|
5.87% |
|
|
|
|
|
|
|
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; 7,550,272 and 7,532,576 shares
issued; 7,070,047 and 7,052,351 shares outstanding |
|
|
41,945 |
|
|
|
41,847 |
|
|
0.23% |
Additional paid-in
capital |
|
|
53,795 |
|
|
|
52,523 |
|
|
2.42% |
Retained earnings |
|
|
89,761 |
|
|
|
82,769 |
|
|
8.45% |
Accumulated other
comprehensive gain (loss): |
|
|
|
|
|
|
Net unrealized gain on
available for sale securities |
|
|
2,373 |
|
|
|
4,714 |
|
|
(49.66)% |
Defined benefit plan |
|
|
(3,485 |
) |
|
|
(5,596 |
) |
|
(37.72)% |
Treasury stock at cost,
480,225 |
|
|
(12,115 |
) |
|
|
(12,115 |
) |
|
—% |
TOTAL PENNS WOODS BANCORP,
INC. SHAREHOLDERS' EQUITY |
|
|
172,274 |
|
|
|
164,142 |
|
|
4.95% |
Non-controlling interest |
|
|
— |
|
|
|
4 |
|
|
(100.00)% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
172,274 |
|
|
|
164,146 |
|
|
4.95% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,940,809 |
|
|
$ |
1,834,643 |
|
|
5.79% |
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
13,406 |
|
|
$ |
13,814 |
|
|
(2.95)% |
|
$ |
53,232 |
|
|
$ |
57,217 |
|
|
(6.96)% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
790 |
|
|
|
820 |
|
|
(3.66)% |
|
|
3,281 |
|
|
|
3,778 |
|
|
(13.16)% |
Tax-exempt |
|
|
160 |
|
|
|
166 |
|
|
(3.61)% |
|
|
655 |
|
|
|
650 |
|
|
0.77 |
% |
Dividend and other interest income |
|
|
343 |
|
|
|
246 |
|
|
39.43 |
% |
|
|
1,246 |
|
|
|
993 |
|
|
25.48 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
14,699 |
|
|
|
15,046 |
|
|
(2.31)% |
|
|
58,414 |
|
|
|
62,638 |
|
|
(6.74)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,064 |
|
|
|
2,159 |
|
|
(50.72)% |
|
|
5,545 |
|
|
|
10,565 |
|
|
(47.52)% |
Short-term borrowings |
|
|
2 |
|
|
|
6 |
|
|
(66.67)% |
|
|
9 |
|
|
|
43 |
|
|
(79.07)% |
Long-term borrowings |
|
|
712 |
|
|
|
914 |
|
|
(22.10)% |
|
|
3,142 |
|
|
|
3,807 |
|
|
(17.47)% |
TOTAL INTEREST EXPENSE |
|
|
1,778 |
|
|
|
3,079 |
|
|
(42.25)% |
|
|
8,696 |
|
|
|
14,415 |
|
|
(39.67)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
12,921 |
|
|
|
11,967 |
|
|
7.97 |
% |
|
|
49,718 |
|
|
|
48,223 |
|
|
3.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
(300 |
) |
|
|
585 |
|
|
(151.28)% |
|
|
640 |
|
|
|
2,625 |
|
|
(75.62)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
|
13,221 |
|
|
|
11,382 |
|
|
16.16 |
% |
|
|
49,078 |
|
|
|
45,598 |
|
|
7.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
485 |
|
|
|
441 |
|
|
9.98 |
% |
|
|
1,703 |
|
|
|
1,690 |
|
|
0.77 |
% |
Debt securities gains,
available for sale |
|
|
376 |
|
|
|
372 |
|
|
1.08 |
% |
|
|
699 |
|
|
|
1,592 |
|
|
(56.09)% |
Equity securities (losses)
gains |
|
|
(12 |
) |
|
|
(3 |
) |
|
(300.00)% |
|
|
(37 |
) |
|
|
27 |
|
|
(237.04)% |
Securities (losses) gains,
trading |
|
|
(4 |
) |
|
|
5 |
|
|
(180.00)% |
|
|
(3 |
) |
|
|
(11 |
) |
|
72.73 |
% |
Bank-owned life insurance |
|
|
302 |
|
|
|
161 |
|
|
87.58 |
% |
|
|
916 |
|
|
|
653 |
|
|
40.28 |
% |
Gain on sale of loans |
|
|
440 |
|
|
|
1,227 |
|
|
(64.14)% |
. |
|
2,474 |
|
|
|
4,148 |
|
|
(40.36)% |
Insurance commissions |
|
|
117 |
|
|
|
96 |
|
|
21.88 |
% |
|
|
553 |
|
|
|
416 |
|
|
32.93 |
% |
Brokerage commissions |
|
|
188 |
|
|
|
191 |
|
|
(1.57)% |
|
|
851 |
|
|
|
970 |
|
|
(12.27)% |
Debit card income |
|
|
345 |
|
|
|
344 |
|
|
0.29 |
% |
|
|
1,511 |
|
|
|
1,280 |
|
|
18.05 |
% |
Other |
|
|
958 |
|
|
|
241 |
|
|
297.51 |
% |
|
|
3,002 |
|
|
|
1,403 |
|
|
113.97 |
% |
TOTAL NON-INTEREST INCOME |
|
|
3,195 |
|
|
|
3,075 |
|
|
3.90 |
% |
|
|
11,669 |
|
|
|
12,168 |
|
|
(4.10)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,907 |
|
|
|
5,270 |
|
|
12.09 |
% |
|
|
23,014 |
|
|
|
21,632 |
|
|
6.39 |
% |
Occupancy |
|
|
771 |
|
|
|
723 |
|
|
6.64 |
% |
|
|
3,209 |
|
|
|
2,650 |
|
|
21.09 |
% |
Furniture and equipment |
|
|
859 |
|
|
|
886 |
|
|
(3.05)% |
|
|
3,522 |
|
|
|
3,411 |
|
|
3.25 |
% |
Software amortization |
|
|
236 |
|
|
|
235 |
|
|
0.43 |
% |
|
|
868 |
|
|
|
978 |
|
|
(11.25)% |
Pennsylvania shares tax |
|
|
253 |
|
|
|
341 |
|
|
(25.81)% |
|
|
1,350 |
|
|
|
1,289 |
|
|
4.73 |
% |
Professional fees |
|
|
550 |
|
|
|
474 |
|
|
16.03 |
% |
|
|
2,432 |
|
|
|
2,362 |
|
|
2.96 |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
258 |
|
|
|
289 |
|
|
(10.73)% |
|
|
963 |
|
|
|
939 |
|
|
2.56 |
% |
Marketing |
|
|
111 |
|
|
|
91 |
|
|
21.98 |
% |
|
|
545 |
|
|
|
261 |
|
|
108.81 |
% |
Intangible amortization |
|
|
44 |
|
|
|
53 |
|
|
(16.98)% |
|
|
191 |
|
|
|
227 |
|
|
(15.86)% |
Other |
|
|
1,270 |
|
|
|
1,278 |
|
|
(0.63)% |
|
|
4,811 |
|
|
|
5,319 |
|
|
(9.55)% |
TOTAL NON-INTEREST
EXPENSE |
|
|
10,259 |
|
|
|
9,640 |
|
|
6.42 |
% |
|
|
40,905 |
|
|
|
39,068 |
|
|
4.70 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
6,157 |
|
|
|
4,817 |
|
|
27.82 |
% |
|
|
19,842 |
|
|
|
18,698 |
|
|
6.12 |
% |
INCOME TAX PROVISION |
|
|
1,278 |
|
|
|
911 |
|
|
40.29 |
% |
|
|
3,794 |
|
|
|
3,474 |
|
|
9.21 |
% |
NET INCOME |
|
$ |
4,879 |
|
|
$ |
3,906 |
|
|
24.91 |
% |
|
$ |
16,048 |
|
|
$ |
15,224 |
|
|
5.41 |
% |
Earnings attributable to
noncontrolling interest |
|
|
— |
|
|
|
5 |
|
|
(100.00)% |
|
|
15 |
|
|
|
18 |
|
|
(16.67)% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,879 |
|
|
$ |
3,901 |
|
|
25.07 |
% |
|
$ |
16,033 |
|
|
$ |
15,206 |
|
|
5.44 |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
25.45 |
% |
|
$ |
2.27 |
|
|
$ |
2.16 |
|
|
5.09 |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
25.45 |
% |
|
$ |
2.27 |
|
|
$ |
2.16 |
|
|
5.09 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,068,327 |
|
|
|
7,050,389 |
|
|
0.25 |
% |
|
|
7,061,818 |
|
|
|
7,044,542 |
|
|
0.25 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,068,327 |
|
|
|
7,050,389 |
|
|
0.25 |
% |
|
|
7,061,818 |
|
|
|
7,044,542 |
|
|
0.25 |
% |
DIVIDENDS DECLARED PER
SHARE |
|
$ |
0.32 |
|
|
$ |
0.32 |
|
|
— |
% |
|
$ |
1.28 |
|
|
$ |
1.28 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Three Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
46,583 |
|
$ |
317 |
|
2.70 |
% |
|
$ |
42,882 |
|
$ |
303 |
|
2.81 |
% |
All other loans |
|
|
1,320,972 |
|
|
13,156 |
|
3.95 |
% |
|
|
1,304,521 |
|
|
13,575 |
|
4.14 |
% |
Total loans |
|
|
1,367,555 |
|
|
13,473 |
|
3.91 |
% |
|
|
1,347,403 |
|
|
13,878 |
|
4.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
47,391 |
|
|
85 |
|
0.71 |
% |
|
|
— |
|
|
— |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
148,434 |
|
|
978 |
|
2.67 |
% |
|
|
140,074 |
|
|
1,048 |
|
3.04 |
% |
Tax-exempt securities |
|
|
38,043 |
|
|
202 |
|
2.15 |
% |
|
|
33,187 |
|
|
210 |
|
2.57 |
% |
Total securities |
|
|
186,477 |
|
|
1,180 |
|
2.57 |
% |
|
|
173,261 |
|
|
1,258 |
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
184,591 |
|
|
70 |
|
0.15 |
% |
|
|
183,428 |
|
|
18 |
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,786,014 |
|
|
14,808 |
|
3.30 |
% |
|
|
1,704,092 |
|
|
15,154 |
|
3.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
130,859 |
|
|
|
|
|
|
123,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,916,873 |
|
|
|
|
|
$ |
1,827,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
233,791 |
|
|
22 |
|
0.04 |
% |
|
$ |
206,563 |
|
|
47 |
|
0.09 |
% |
Super Now deposits |
|
|
345,653 |
|
|
206 |
|
0.24 |
% |
|
|
271,600 |
|
|
433 |
|
0.63 |
% |
Money market deposits |
|
|
301,651 |
|
|
211 |
|
0.28 |
% |
|
|
277,980 |
|
|
304 |
|
0.44 |
% |
Time deposits |
|
|
218,260 |
|
|
625 |
|
1.14 |
% |
|
|
285,281 |
|
|
1,375 |
|
1.92 |
% |
Total interest-bearing
deposits |
|
|
1,099,355 |
|
|
1,064 |
|
0.38 |
% |
|
|
1,041,424 |
|
|
2,159 |
|
0.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
7,255 |
|
|
2 |
|
0.11 |
% |
|
|
11,068 |
|
|
6 |
|
0.29 |
% |
Long-term borrowings |
|
|
125,991 |
|
|
712 |
|
2.25 |
% |
|
|
153,506 |
|
|
914 |
|
2.50 |
% |
Total borrowings |
|
|
133,246 |
|
|
714 |
|
2.13 |
% |
|
|
164,574 |
|
|
920 |
|
2.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,232,601 |
|
|
1,778 |
|
0.57 |
% |
|
|
1,205,998 |
|
|
3,079 |
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
496,478 |
|
|
|
|
|
|
439,841 |
|
|
|
|
Other liabilities |
|
|
19,463 |
|
|
|
|
|
|
18,218 |
|
|
|
|
Shareholders’ equity |
|
|
168,331 |
|
|
|
|
|
|
163,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,916,873 |
|
|
|
|
|
$ |
1,827,444 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.73 |
% |
|
|
|
|
|
2.51 |
% |
Net interest
income/margin |
|
|
|
$ |
13,030 |
|
2.90 |
% |
|
|
|
$ |
12,075 |
|
2.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
2021 |
|
|
2020 |
Total interest income |
|
$ |
14,699 |
|
$ |
15,046 |
Total interest expense |
|
|
1,778 |
|
|
3,079 |
Net interest income |
|
|
12,921 |
|
|
11,967 |
Tax equivalent adjustment |
|
|
109 |
|
|
108 |
Net interest income (fully
taxable equivalent) |
|
$ |
13,030 |
|
$ |
12,075 |
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
46,312 |
|
$ |
1,308 |
|
2.82 |
% |
|
$ |
45,650 |
|
$ |
1,441 |
|
3.16 |
% |
All other loans |
|
|
1,299,321 |
|
|
52,199 |
|
4.02 |
% |
|
|
1,304,209 |
|
|
56,079 |
|
4.30 |
% |
Total loans |
|
|
1,345,633 |
|
|
53,507 |
|
3.98 |
% |
|
|
1,349,859 |
|
|
57,520 |
|
4.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
28,395 |
|
|
202 |
|
0.71 |
% |
|
|
— |
|
|
— |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
148,066 |
|
|
4,083 |
|
2.80 |
% |
|
|
142,714 |
|
|
4,630 |
|
3.30 |
% |
Tax-exempt securities |
|
|
36,993 |
|
|
829 |
|
2.27 |
% |
|
|
28,973 |
|
|
823 |
|
2.89 |
% |
Total securities |
|
|
185,059 |
|
|
4,912 |
|
2.69 |
% |
|
|
171,687 |
|
|
5,453 |
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
201,273 |
|
|
242 |
|
0.12 |
% |
|
|
140,022 |
|
|
141 |
|
0.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,760,360 |
|
|
58,863 |
|
3.35 |
% |
|
|
1,661,568 |
|
|
63,114 |
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
129,582 |
|
|
|
|
|
|
118,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,889,942 |
|
|
|
|
|
$ |
1,780,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
225,637 |
|
|
116 |
|
0.05 |
% |
|
$ |
193,568 |
|
|
256 |
|
0.13 |
% |
Super Now deposits |
|
|
307,446 |
|
|
900 |
|
0.29 |
% |
|
|
254,177 |
|
|
1,755 |
|
0.69 |
% |
Money market deposits |
|
|
305,883 |
|
|
972 |
|
0.32 |
% |
|
|
245,633 |
|
|
1,529 |
|
0.62 |
% |
Time deposits |
|
|
244,341 |
|
|
3,557 |
|
1.46 |
% |
|
|
338,895 |
|
|
7,025 |
|
2.07 |
% |
Total interest-bearing
deposits |
|
|
1,083,307 |
|
|
5,545 |
|
0.51 |
% |
|
|
1,032,273 |
|
|
10,565 |
|
1.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
7,178 |
|
|
9 |
|
0.13 |
% |
|
|
12,660 |
|
|
43 |
|
0.34 |
% |
Long-term borrowings |
|
|
135,474 |
|
|
3,142 |
|
2.32 |
% |
|
|
162,636 |
|
|
3,807 |
|
2.34 |
% |
Total borrowings |
|
|
142,652 |
|
|
3,151 |
|
2.21 |
% |
|
|
175,296 |
|
|
3,850 |
|
2.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,225,959 |
|
|
8,696 |
|
0.71 |
% |
|
|
1,207,569 |
|
|
14,415 |
|
1.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
478,984 |
|
|
|
|
|
|
394,210 |
|
|
|
|
Other liabilities |
|
|
23,568 |
|
|
|
|
|
|
20,858 |
|
|
|
|
Shareholders’ equity |
|
|
161,431 |
|
|
|
|
|
|
157,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,889,942 |
|
|
|
|
|
$ |
1,780,104 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.64 |
% |
|
|
|
|
|
2.61 |
% |
Net interest
income/margin |
|
|
|
$ |
50,167 |
|
2.85 |
% |
|
|
|
$ |
48,699 |
|
2.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
|
2021 |
|
|
2020 |
Total interest income |
|
$ |
58,414 |
|
$ |
62,638 |
Total interest expense |
|
|
8,696 |
|
|
14,415 |
Net interest income |
|
|
49,718 |
|
|
48,223 |
Tax equivalent adjustment |
|
|
449 |
|
|
476 |
Net interest income (fully
taxable equivalent) |
|
$ |
50,167 |
|
$ |
48,699 |
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Quarter Ended |
|
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
4,879 |
|
|
$ |
4,125 |
|
|
$ |
3,588 |
|
|
$ |
3,441 |
|
|
$ |
3,901 |
|
Net interest
income |
|
|
12,921 |
|
|
|
12,632 |
|
|
|
12,095 |
|
|
|
12,070 |
|
|
|
11,967 |
|
Provision for loan
losses |
|
|
(300 |
) |
|
|
75 |
|
|
|
350 |
|
|
|
515 |
|
|
|
585 |
|
Net security gains |
|
|
360 |
|
|
|
40 |
|
|
|
140 |
|
|
|
119 |
|
|
|
374 |
|
Non-interest income, excluding
net security gains |
|
|
2,835 |
|
|
|
2,911 |
|
|
|
2,769 |
|
|
|
2,495 |
|
|
|
2,701 |
|
Non-interest expense |
|
|
10,259 |
|
|
|
10,447 |
|
|
|
10,248 |
|
|
|
9,951 |
|
|
|
9,640 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.90 |
% |
|
|
2.85 |
% |
|
|
2.78 |
% |
|
|
2.88 |
% |
|
|
2.81 |
% |
Annualized return on average
assets |
|
|
1.02 |
% |
|
|
0.86 |
% |
|
|
0.76 |
% |
|
|
0.75 |
% |
|
|
0.85 |
% |
Annualized return on average
equity |
|
|
11.59 |
% |
|
|
9.85 |
% |
|
|
8.70 |
% |
|
|
8.59 |
% |
|
|
9.55 |
% |
Annualized net loan
charge-offs (recoveries) to average loans |
|
|
0.02 |
% |
|
|
(0.01 |
)% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
0.06 |
% |
Net charge-offs
(recoveries) |
|
|
81 |
|
|
|
(44 |
) |
|
|
114 |
|
|
|
116 |
|
|
|
211 |
|
Efficiency ratio |
|
|
64.83 |
% |
|
|
66.93 |
% |
|
|
68.61 |
% |
|
|
67.96 |
% |
|
|
65.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.69 |
|
|
$ |
0.58 |
|
|
$ |
0.51 |
|
|
$ |
0.49 |
|
|
$ |
0.55 |
|
Diluted earnings per
share |
|
|
0.69 |
|
|
|
0.58 |
|
|
|
0.51 |
|
|
|
0.49 |
|
|
|
0.55 |
|
Dividend declared per
share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
24.37 |
|
|
|
23.84 |
|
|
|
23.63 |
|
|
|
23.25 |
|
|
|
23.27 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
24.65 |
|
|
|
24.42 |
|
|
|
26.51 |
|
|
|
27.78 |
|
|
|
27.30 |
|
Low |
|
|
23.50 |
|
|
|
22.78 |
|
|
|
23.03 |
|
|
|
20.55 |
|
|
|
19.61 |
|
Close |
|
|
23.65 |
|
|
|
23.92 |
|
|
|
23.82 |
|
|
|
24.09 |
|
|
|
26.01 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,068 |
|
|
|
7,064 |
|
|
|
7,060 |
|
|
|
7,055 |
|
|
|
7,050 |
|
Fully Diluted |
|
|
7,068 |
|
|
|
7,064 |
|
|
|
7,060 |
|
|
|
7,055 |
|
|
|
7,050 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,550 |
|
|
|
7,546 |
|
|
|
7,542 |
|
|
|
7,537 |
|
|
|
7,533 |
|
Treasury |
|
|
480 |
|
|
|
480 |
|
|
|
480 |
|
|
|
480 |
|
|
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data,
Unautdited) |
|
Quarter Ended |
|
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,940,809 |
|
|
$ |
1,910,791 |
|
|
$ |
1,894,870 |
|
|
$ |
1,896,192 |
|
|
$ |
1,834,643 |
|
Loans, net |
|
|
1,377,971 |
|
|
|
1,332,668 |
|
|
|
1,323,509 |
|
|
|
1,321,697 |
|
|
|
1,330,524 |
|
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
Intangibles |
|
|
480 |
|
|
|
524 |
|
|
|
568 |
|
|
|
618 |
|
|
|
671 |
|
Total deposits |
|
|
1,621,315 |
|
|
|
1,593,019 |
|
|
|
1,563,696 |
|
|
|
1,564,364 |
|
|
|
1,494,443 |
|
Noninterest-bearing |
|
|
494,360 |
|
|
|
481,875 |
|
|
|
477,344 |
|
|
|
478,916 |
|
|
|
449,357 |
|
Savings |
|
|
236,312 |
|
|
|
231,189 |
|
|
|
226,573 |
|
|
|
224,890 |
|
|
|
209,924 |
|
NOW |
|
|
366,399 |
|
|
|
340,441 |
|
|
|
296,450 |
|
|
|
290,355 |
|
|
|
287,775 |
|
Money Market |
|
|
318,877 |
|
|
|
305,156 |
|
|
|
301,405 |
|
|
|
324,207 |
|
|
|
283,742 |
|
Time Deposits |
|
|
205,367 |
|
|
|
234,358 |
|
|
|
261,924 |
|
|
|
245,996 |
|
|
|
263,645 |
|
Total interest-bearing
deposits |
|
|
1,126,955 |
|
|
|
1,111,144 |
|
|
|
1,086,352 |
|
|
|
1,085,448 |
|
|
|
1,045,086 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,415,948 |
|
|
|
1,358,661 |
|
|
|
1,301,772 |
|
|
|
1,318,368 |
|
|
|
1,230,798 |
|
Shareholders’ equity |
|
|
172,274 |
|
|
|
168,478 |
|
|
|
166,830 |
|
|
|
164,059 |
|
|
|
164,142 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
6,250 |
|
|
$ |
7,763 |
|
|
$ |
7,931 |
|
|
$ |
9,272 |
|
|
$ |
10,334 |
|
Non-performing loans to total
assets |
|
|
0.32 |
% |
|
|
0.41 |
% |
|
|
0.42 |
% |
|
|
0.49 |
% |
|
|
0.56 |
% |
Allowance for loan losses |
|
|
14,176 |
|
|
|
14,557 |
|
|
|
14,438 |
|
|
|
14,202 |
|
|
|
13,803 |
|
Allowance for loan losses to
total loans |
|
|
1.02 |
% |
|
|
1.08 |
% |
|
|
1.08 |
% |
|
|
1.06 |
% |
|
|
1.03 |
% |
Allowance for loan losses to non-performing loans |
|
|
226.82 |
% |
|
|
187.52 |
% |
|
|
182.05 |
% |
|
|
153.17 |
% |
|
|
133.57 |
% |
Non-performing loans to total
loans |
|
|
0.45 |
% |
|
|
0.58 |
% |
|
|
0.59 |
% |
|
|
0.69 |
% |
|
|
0.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total
assets |
|
|
8.88 |
% |
|
|
8.82 |
% |
|
|
8.80 |
% |
|
|
8.65 |
% |
|
|
8.95 |
% |
* Core deposits are defined as total deposits less time
deposits
Reconciliation of GAAP and Non-GAAP
Financial Measures(UNAUDITED)
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
(Dollars in Thousands, Except Per Share Data) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
GAAP net income |
|
$ |
4,879 |
|
|
$ |
3,901 |
|
|
$ |
16,033 |
|
|
$ |
15,206 |
|
Less: net securities gains,
net of tax |
|
|
284 |
|
|
|
295 |
|
|
|
521 |
|
|
|
1,270 |
|
Non-GAAP core earnings |
|
$ |
4,595 |
|
|
$ |
3,606 |
|
|
$ |
15,512 |
|
|
$ |
13,936 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Return on average assets
(ROA) |
|
|
1.02 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
Less: net securities gains,
net of tax |
|
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.03 |
% |
|
|
0.07 |
% |
Non-GAAP core ROA |
|
|
0.96 |
% |
|
|
0.79 |
% |
|
|
0.82 |
% |
|
|
0.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Return on average equity
(ROE) |
|
|
11.59 |
% |
|
|
9.55 |
% |
|
|
9.93 |
% |
|
|
9.66 |
% |
Less: net securities gains,
net of tax |
|
|
0.67 |
% |
|
|
0.72 |
% |
|
|
0.32 |
% |
|
|
0.81 |
% |
Non-GAAP core ROE |
|
|
10.92 |
% |
|
|
8.83 |
% |
|
|
9.61 |
% |
|
|
8.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Basic earnings per share
(EPS) |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
$ |
2.27 |
|
|
$ |
2.16 |
|
Less: net securities gains,
net of tax |
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.18 |
|
Non-GAAP basic core EPS |
|
$ |
0.65 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
1.98 |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Diluted EPS |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
$ |
2.27 |
|
|
$ |
2.16 |
|
Less: net securities gains,
net of tax |
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.18 |
|
Non-GAAP diluted core EPS |
|
$ |
0.65 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
1.98 |
|
COVID-19 Loan Deferrals as of December 31,
2021
(In Thousands, Unaudited) |
|
Amount |
Commercial, financial, and
agricultural |
|
$ |
— |
Real estate mortgage: |
|
|
Residential |
|
|
192 |
Commercial |
|
|
158 |
Consumer automobile
loans |
|
|
20 |
Other consumer installment
loans |
|
|
9 |
Total loan deferrals
|
|
$ |
379 |
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