Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $7.7 million for the six months ended June 30, 2022,
resulting in basic and diluted earnings per share of $1.08.
Highlights
- Net income, as reported under GAAP,
for the three and six months ended June 30, 2022 was $4.2
million and $7.7 million, respectively, compared to $3.6 million
and $7.0 million for the same periods of 2021. Results for the
three and six months ended June 30, 2022 compared to 2021 were
impacted by an increase in after-tax securities losses of $154,000
(from a gain of $111,000 to a loss of $43,000) for the three month
period and an increase in after-tax securities losses of $296,000
(from a gain of $205,000 to a loss of $91,000) for the six month
period. Results for the three and six months ended June 30, 2022
were impacted by additional compensation expense of $183,000
(after-tax $145,000) associated with the voluntary cash settlement
of 346,725 outstanding stock options. In addition, an after-tax
loss of $201,000 related to a branch closure negatively impacted
results for the six months ended June 30, 2022.
- The provision for loan losses
decreased $20,000 and $385,000 for the three and six months ended
June 30, 2022 to $330,000 and $480,000, respectively, compared to
$350,000 and $865,000 for the 2021 periods. The provision for loan
losses was elevated during 2021 due primarily to the uncertainty
caused by the COVID-19 pandemic.
- Basic and diluted earnings per
share for the three and six months ended June 30, 2022 were $0.60
and $1.08. Basic and diluted earnings per share for the three and
six months ended June 30, 2021 were $0.51 and $1.00.
- Annualized return on average assets
was 0.88% for three months ended June 30, 2022, compared to 0.76%
for the corresponding period of 2021. Annualized return on average
assets was 0.80% for the six months ended June 30, 2022, compared
to 0.75% for the corresponding period of 2021.
- Annualized return on average equity
was 10.15% for the three months ended June 30, 2022, compared to
8.70% for the corresponding period of 2021. Annualized return on
average equity was 9.20% for the six months ended June 30, 2022,
compared to 8.69% for the corresponding period of 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 $4.3 million for the three months ended June 30,
2022 compared to $3.5 million for the same period of 2021. Core
earnings were $7.8 million for the six months ended June 30, 2022,
compared to $6.8 million for the same period of 2021. Core earnings
per share for the three months ended June 30, 2022 were $0.61
basic and diluted, compared to $0.49 basic and diluted core
earnings per share for the same period of 2021. Core earnings per
share for the six months ended June 30, 2022 were $1.10 basic and
diluted, compared to $0.97 basic and diluted for the same period of
2021. Core return on average assets and core return on average
equity were 0.89% and 10.25% for the three months ended June 30,
2022, compared to 0.74% and 8.43% for the corresponding period of
2021. Core return on average assets and core return on average
equity were 0.81% and 9.31% for the six months ended June 30, 2022
compared to 0.73% and 8.44% for the corresponding period of 2021.
Core earnings for the three and six months ended June 30, 2022 were
impacted negatively by an after-tax compensation expense of
$145,000 relating to the voluntary cash settlement of 346,725 stock
options while the six month period ended June 30, 2022 was also
impacted negatively by an after-tax loss of $201,000 relating to a
branch closure. 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 six
months ended June 30, 2022 was 3.12% and 3.03%, compared to 2.78%
and 2.83% for the corresponding periods of 2021. The increase in
the net interest margin for the three and six month periods was
driven by a decline in the rate paid on interest-bearing deposits
of 29 and 33 basis points ("bps") as rates paid decreased
throughout 2021 and remained at historically low levels during
2022. Leading the decline in the rate paid on interest-bearing
deposits were decreases of 98 and 95 bps in the rate paid on time
deposits as time deposits issued prior to the COVID-19 pandemic
matured. The increase in the earning asset yield was driven by an
increase in yield on federal funds sold and interest-bearing
deposits due to the rate increases enacted by the Federal Open
Market Committee ("FOMC"). For the three and six months ended June
30, 2022 there was an increase in rate on federal funds sold of 57
and 30 bps, respectively, while the rate on interest bearing
deposits increased 57 and 26 bps.
Assets
Total assets decreased $3.1 million to $1.9
billion at June 30, 2022 compared to June 30, 2021.
Cash and cash equivalents decreased $176.1 million as
interest-bearing accounts in other financial institutions decreased
$174.9 million. Net loans increased $151.2 million to $1.5 billion
at June 30, 2022 compared to June 30, 2021, as an
emphasis was placed on commercial loan growth and customers focused
on obtaining funding prior to additional FOMC rate increases. The
investment portfolio increased $18.9 million from June 30,
2021 to June 30, 2022 as a portion of the excess cash
liquidity was invested primarily into short-term municipal bonds
with a maturity of five years or less.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.34% at June 30, 2022 from 0.59% at
June 30, 2021 as non-performing loans have decreased to $5.1
million at June 30, 2022 from $7.9 million at June 30,
2021. 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 $263,000 for the six months ended June 30, 2022
impacted the allowance for loan losses, which was 0.97% of total
loans at June 30, 2022 compared to 1.08% at June 30, 2021.
Deposits
Deposits increased $25.9 million to $1.6 billion
at June 30, 2022 compared to June 30, 2021.
Noninterest-bearing deposits increased $46.9 million to $524.3
million at June 30, 2022 compared to June 30, 2021.
Driving deposit growth was the continued emphasis 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.
Interest-bearing deposits decreased due to the maturity of higher
cost time deposits. The increased level of deposits has allowed for
a $28.2 million decrease in long-term borrowings.
Shareholders’ Equity
Shareholders’ equity decreased $781,000 to
$166.1 million at June 30, 2022 compared to June 30,
2021. Accumulated other comprehensive loss of $9.7 million at
June 30, 2022 increased from a loss of $1.4 million at June 30,
2021 as a result of a $6.2 million net unrealized loss on available
for sale securities at June 30, 2022 compared to a unrealized gain
of $4.1 million at June 30, 2021 coupled with a decrease in loss of
$2.1 million in the defined benefit plan obligation. The current
level of shareholders’ equity equates to a book value per share of
$23.56 at June 30, 2022 compared to $23.63 at June 30,
2021, and an equity to asset ratio of 8.78% at June 30, 2022
and 8.80% at June 30, 2021. Dividends declared for the
six months ended June 30, 2022 and 2021 were $0.64 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, 2021.
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)
|
|
June 30, |
(In Thousands, Except Share and Per
Share Data) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
26,540 |
|
|
$ |
27,731 |
|
|
(4.29 |
)% |
Interest-bearing balances in
other financial institutions |
|
|
24,452 |
|
|
|
199,389 |
|
|
(87.74 |
)% |
Federal funds sold |
|
|
40,000 |
|
|
|
40,000 |
|
|
— |
% |
Total cash and cash equivalents |
|
|
90,992 |
|
|
|
267,120 |
|
|
(65.94 |
)% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
192,438 |
|
|
|
171,783 |
|
|
12.02 |
% |
Investment equity securities,
at fair value |
|
|
1,153 |
|
|
|
1,269 |
|
|
(9.14 |
)% |
Investment securities,
trading |
|
|
33 |
|
|
|
43 |
|
|
(23.26 |
)% |
Restricted investment in bank
stock, at fair value |
|
|
13,458 |
|
|
|
15,120 |
|
|
(10.99 |
)% |
Loans held for sale |
|
|
3,857 |
|
|
|
4,927 |
|
|
(21.72 |
)% |
Loans |
|
|
1,489,132 |
|
|
|
1,337,947 |
|
|
11.30 |
% |
Allowance for loan losses |
|
|
(14,393 |
) |
|
|
(14,438 |
) |
|
0.31 |
% |
Loans, net |
|
|
1,474,739 |
|
|
|
1,323,509 |
|
|
11.43 |
% |
Premises and equipment,
net |
|
|
32,671 |
|
|
|
34,629 |
|
|
(5.65 |
)% |
Accrued interest
receivable |
|
|
8,246 |
|
|
|
8,363 |
|
|
(1.40 |
)% |
Bank-owned life insurance |
|
|
34,115 |
|
|
|
34,005 |
|
|
0.32 |
% |
Investment in limited
partnerships |
|
|
4,901 |
|
|
|
4,795 |
|
|
2.21 |
% |
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
— |
% |
Intangibles |
|
|
396 |
|
|
|
568 |
|
|
(30.28 |
)% |
Operating lease right of use
asset |
|
|
2,747 |
|
|
|
2,946 |
|
|
(6.75 |
)% |
Deferred tax asset |
|
|
5,689 |
|
|
|
3,624 |
|
|
56.98 |
% |
Other assets |
|
|
9,267 |
|
|
|
5,065 |
|
|
82.96 |
% |
TOTAL ASSETS |
|
$ |
1,891,806 |
|
|
$ |
1,894,870 |
|
|
(0.16 |
)% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,065,291 |
|
|
$ |
1,086,352 |
|
|
(1.94 |
)% |
Noninterest-bearing
deposits |
|
|
524,288 |
|
|
|
477,344 |
|
|
9.83 |
% |
Total deposits |
|
|
1,589,579 |
|
|
|
1,563,696 |
|
|
1.66 |
% |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
5,464 |
|
|
|
7,520 |
|
|
(27.34 |
)% |
Long-term borrowings |
|
|
112,874 |
|
|
|
141,051 |
|
|
(19.98 |
)% |
Accrued interest payable |
|
|
452 |
|
|
|
961 |
|
|
(52.97 |
)% |
Operating lease liability |
|
|
2,800 |
|
|
|
2,992 |
|
|
(6.42 |
)% |
Other liabilities |
|
|
14,583 |
|
|
|
11,815 |
|
|
23.43 |
% |
TOTAL LIABILITIES |
|
|
1,725,752 |
|
|
|
1,728,035 |
|
|
(0.13 |
)% |
|
|
|
|
|
|
|
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; 7,559,165 and 7,541,627 shares
issued; 7,048,940 and 7,061,042 shares outstanding |
|
|
41,995 |
|
|
|
41,897 |
|
|
0.23 |
% |
Additional paid-in
capital |
|
|
53,651 |
|
|
|
53,205 |
|
|
0.84 |
% |
Retained earnings |
|
|
92,903 |
|
|
|
85,281 |
|
|
8.94 |
% |
Accumulated other
comprehensive (loss) gain: |
|
|
|
|
|
|
Net unrealized (loss) gain on available for sale securities |
|
|
(6,222 |
) |
|
|
4,085 |
|
|
(252.31 |
)% |
Defined benefit plan |
|
|
(3,458 |
) |
|
|
(5,523 |
) |
|
37.39 |
% |
Treasury stock at cost,
510,225 and 480,225 |
|
|
(12,815 |
) |
|
|
(12,115 |
) |
|
5.78 |
% |
TOTAL PENNS WOODS BANCORP,
INC. SHAREHOLDERS' EQUITY |
|
|
166,054 |
|
|
|
166,830 |
|
|
(0.47 |
)% |
Non-controlling interest |
|
|
— |
|
|
|
5 |
|
|
(100.00 |
)% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
166,054 |
|
|
|
166,835 |
|
|
(0.47 |
)% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,891,806 |
|
|
$ |
1,894,870 |
|
|
(0.16 |
)% |
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.CONSOLIDATED STATEMENT OF
INCOME(UNAUDITED)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(In Thousands, Except Share
and Per Share Data) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
13,620 |
|
|
$ |
13,099 |
|
|
3.98 |
% |
|
$ |
26,658 |
|
|
$ |
26,444 |
|
|
0.81 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
864 |
|
|
|
838 |
|
|
3.10 |
% |
|
|
1,601 |
|
|
|
1,657 |
|
|
(3.38 |
)% |
Tax-exempt |
|
|
194 |
|
|
|
164 |
|
|
18.29 |
% |
|
|
358 |
|
|
|
335 |
|
|
6.87 |
% |
Dividend and other interest income |
|
|
506 |
|
|
|
305 |
|
|
65.90 |
% |
|
|
842 |
|
|
|
565 |
|
|
49.03 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
15,184 |
|
|
|
14,406 |
|
|
5.40 |
% |
|
|
29,459 |
|
|
|
29,001 |
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
710 |
|
|
|
1,489 |
|
|
(52.32 |
)% |
|
|
1,498 |
|
|
|
3,173 |
|
|
(52.79 |
)% |
Short-term borrowings |
|
|
2 |
|
|
|
2 |
|
|
— |
% |
|
|
3 |
|
|
|
4 |
|
|
(25.00 |
)% |
Long-term borrowings |
|
|
625 |
|
|
|
820 |
|
|
(23.78 |
)% |
|
|
1,258 |
|
|
|
1,659 |
|
|
(24.17 |
)% |
TOTAL INTEREST EXPENSE |
|
|
1,337 |
|
|
|
2,311 |
|
|
(42.15 |
)% |
|
|
2,759 |
|
|
|
4,836 |
|
|
(42.95 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
13,847 |
|
|
|
12,095 |
|
|
14.49 |
% |
|
|
26,700 |
|
|
|
24,165 |
|
|
10.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
330 |
|
|
|
350 |
|
|
(5.71 |
)% |
|
|
480 |
|
|
|
865 |
|
|
(44.51 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
|
13,517 |
|
|
|
11,745 |
|
|
15.09 |
% |
|
|
26,220 |
|
|
|
23,300 |
|
|
12.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
509 |
|
|
|
379 |
|
|
34.30 |
% |
|
|
1,004 |
|
|
|
762 |
|
|
31.76 |
% |
Debt securities (losses)
gains, available for sale |
|
|
(10 |
) |
|
|
137 |
|
|
(107.30 |
)% |
|
|
(12 |
) |
|
|
275 |
|
|
(104.36 |
)% |
Equity securities (losses)
gains |
|
|
(41 |
) |
|
|
4 |
|
|
(1,125.00 |
)% |
|
|
(99 |
) |
|
|
(19 |
) |
|
(421.05 |
)% |
Securities (losses) gains,
trading |
|
|
(3 |
) |
|
|
(1 |
) |
|
(200.00 |
)% |
|
|
(4 |
) |
|
|
3 |
|
|
(233.33 |
)% |
Bank-owned life insurance |
|
|
161 |
|
|
|
162 |
|
|
(0.62 |
)% |
|
|
331 |
|
|
|
335 |
|
|
(1.19 |
)% |
Gain on sale of loans |
|
|
266 |
|
|
|
670 |
|
|
(60.30 |
)% |
. |
|
611 |
|
|
|
1,578 |
|
|
(61.28 |
)% |
Insurance commissions |
|
|
107 |
|
|
|
150 |
|
|
(28.67 |
)% |
|
|
277 |
|
|
|
307 |
|
|
(9.77 |
)% |
Brokerage commissions |
|
|
158 |
|
|
|
207 |
|
|
(23.67 |
)% |
|
|
358 |
|
|
|
426 |
|
|
(15.96 |
)% |
Loan broker income |
|
|
371 |
|
|
|
238 |
|
|
55.88 |
% |
|
|
912 |
|
|
|
677 |
|
|
34.71 |
% |
Debit card income |
|
|
391 |
|
|
|
398 |
|
|
(1.76 |
)% |
|
|
736 |
|
|
|
778 |
|
|
(5.40 |
)% |
Other |
|
|
228 |
|
|
|
565 |
|
|
(59.65 |
)% |
|
|
435 |
|
|
|
401 |
|
|
8.48 |
% |
TOTAL NON-INTEREST INCOME |
|
|
2,137 |
|
|
|
2,909 |
|
|
(26.54 |
)% |
|
|
4,549 |
|
|
|
5,523 |
|
|
(17.64 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
6,141 |
|
|
|
5,672 |
|
|
8.27 |
% |
|
|
12,405 |
|
|
|
11,270 |
|
|
10.07 |
% |
Occupancy |
|
|
740 |
|
|
|
717 |
|
|
3.21 |
% |
|
|
1,650 |
|
|
|
1,693 |
|
|
(2.54 |
)% |
Furniture and equipment |
|
|
746 |
|
|
|
971 |
|
|
(23.17 |
)% |
|
|
1,638 |
|
|
|
1,780 |
|
|
(7.98 |
)% |
Software amortization |
|
|
219 |
|
|
|
208 |
|
|
5.29 |
% |
|
|
472 |
|
|
|
406 |
|
|
16.26 |
% |
Pennsylvania shares tax |
|
|
396 |
|
|
|
372 |
|
|
6.45 |
% |
|
|
785 |
|
|
|
724 |
|
|
8.43 |
% |
Professional fees |
|
|
582 |
|
|
|
684 |
|
|
(14.91 |
)% |
|
|
1,120 |
|
|
|
1,267 |
|
|
(11.60 |
)% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
228 |
|
|
|
264 |
|
|
(13.64 |
)% |
|
|
430 |
|
|
|
485 |
|
|
(11.34 |
)% |
Marketing |
|
|
220 |
|
|
|
140 |
|
|
57.14 |
% |
|
|
284 |
|
|
|
203 |
|
|
39.90 |
% |
Intangible amortization |
|
|
41 |
|
|
|
50 |
|
|
(18.00 |
)% |
|
|
85 |
|
|
|
103 |
|
|
(17.48 |
)% |
Other |
|
|
1,107 |
|
|
|
1,170 |
|
|
(5.38 |
)% |
|
|
2,558 |
|
|
|
2,268 |
|
|
12.79 |
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
10,420 |
|
|
|
10,248 |
|
|
1.68 |
% |
|
|
21,427 |
|
|
|
20,199 |
|
|
6.08 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
5,234 |
|
|
|
4,406 |
|
|
18.79 |
% |
|
|
9,342 |
|
|
|
8,624 |
|
|
8.33 |
% |
INCOME TAX PROVISION |
|
|
1,003 |
|
|
|
813 |
|
|
23.37 |
% |
|
|
1,679 |
|
|
|
1,584 |
|
|
6.00 |
% |
NET INCOME |
|
$ |
4,231 |
|
|
$ |
3,593 |
|
|
17.76 |
% |
|
$ |
7,663 |
|
|
$ |
7,040 |
|
|
8.85 |
% |
Earnings attributable to
noncontrolling interest |
|
|
— |
|
|
|
5 |
|
|
(100.00 |
)% |
|
|
— |
|
|
|
11 |
|
|
(100.00 |
)% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,231 |
|
|
$ |
3,588 |
|
|
17.92 |
% |
|
$ |
7,663 |
|
|
$ |
7,029 |
|
|
9.02 |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.60 |
|
|
$ |
0.51 |
|
|
17.65 |
% |
|
$ |
1.08 |
|
|
$ |
1.00 |
|
|
8.00 |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.60 |
|
|
$ |
0.51 |
|
|
17.65 |
% |
|
$ |
1.08 |
|
|
$ |
1.00 |
|
|
8.00 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,059,045 |
|
|
|
7,059,667 |
|
|
(0.01 |
)% |
|
|
7,065,772 |
|
|
|
7,057,404 |
|
|
0.12 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,059,045 |
|
|
|
7,059,667 |
|
|
(0.01 |
)% |
|
|
7,065,772 |
|
|
|
7,057,404 |
|
|
0.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Three Months Ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
52,886 |
|
$ |
331 |
|
2.51 |
% |
|
$ |
46,926 |
|
$ |
334 |
|
2.85 |
% |
All other loans |
|
|
1,394,631 |
|
|
13,358 |
|
3.84 |
% |
|
|
1,285,853 |
|
|
12,835 |
|
4.00 |
% |
Total loans |
|
|
1,447,517 |
|
|
13,689 |
|
3.79 |
% |
|
|
1,332,779 |
|
|
13,169 |
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
48,352 |
|
|
154 |
|
1.28 |
% |
|
|
25,538 |
|
|
45 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
154,484 |
|
|
1,048 |
|
2.75 |
% |
|
|
148,415 |
|
|
1,051 |
|
2.87 |
% |
Tax-exempt securities |
|
|
45,824 |
|
|
245 |
|
2.17 |
% |
|
|
36,469 |
|
|
208 |
|
2.31 |
% |
Total securities |
|
|
200,308 |
|
|
1,293 |
|
2.62 |
% |
|
|
184,884 |
|
|
1,259 |
|
2.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
102,172 |
|
|
168 |
|
0.66 |
% |
|
|
218,868 |
|
|
48 |
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,798,349 |
|
|
15,304 |
|
3.42 |
% |
|
|
1,762,069 |
|
|
14,521 |
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
131,117 |
|
|
|
|
|
|
128,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,929,466 |
|
|
|
|
|
$ |
1,890,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
248,063 |
|
|
24 |
|
0.04 |
% |
|
$ |
225,625 |
|
|
28 |
|
0.05 |
% |
Super Now deposits |
|
|
388,002 |
|
|
239 |
|
0.25 |
% |
|
|
285,672 |
|
|
208 |
|
0.29 |
% |
Money market deposits |
|
|
304,636 |
|
|
210 |
|
0.28 |
% |
|
|
309,749 |
|
|
256 |
|
0.33 |
% |
Time deposits |
|
|
164,301 |
|
|
237 |
|
0.58 |
% |
|
|
256,345 |
|
|
997 |
|
1.56 |
% |
Total interest-bearing
deposits |
|
|
1,105,002 |
|
|
710 |
|
0.26 |
% |
|
|
1,077,391 |
|
|
1,489 |
|
0.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
5,636 |
|
|
2 |
|
0.14 |
% |
|
|
7,047 |
|
|
2 |
|
0.11 |
% |
Long-term borrowings |
|
|
112,901 |
|
|
625 |
|
2.22 |
% |
|
|
141,076 |
|
|
820 |
|
2.33 |
% |
Total borrowings |
|
|
118,537 |
|
|
627 |
|
2.12 |
% |
|
|
148,123 |
|
|
822 |
|
2.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,223,539 |
|
|
1,337 |
|
0.44 |
% |
|
|
1,225,514 |
|
|
2,311 |
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
518,467 |
|
|
|
|
|
|
482,513 |
|
|
|
|
Other liabilities |
|
|
20,708 |
|
|
|
|
|
|
17,384 |
|
|
|
|
Shareholders’ equity |
|
|
166,752 |
|
|
|
|
|
|
165,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,929,466 |
|
|
|
|
|
$ |
1,890,471 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
2.55 |
% |
Net interest
income/margin |
|
|
|
$ |
13,967 |
|
3.12 |
% |
|
|
|
$ |
12,210 |
|
2.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
Total interest income |
|
$ |
15,184 |
|
$ |
14,406 |
Total interest expense |
|
|
1,337 |
|
|
2,311 |
Net interest income
(GAAP) |
|
|
13,847 |
|
|
12,095 |
Tax equivalent adjustment |
|
|
120 |
|
|
115 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
13,967 |
|
$ |
12,210 |
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Six Months Ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
(Dollars in Thousands) |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans |
|
$ |
50,775 |
|
$ |
639 |
|
2.54 |
% |
|
$ |
46,177 |
|
$ |
684 |
|
2.99 |
% |
All other loans |
|
|
1,372,810 |
|
|
26,153 |
|
3.84 |
% |
|
|
1,289,660 |
|
|
25,904 |
|
4.05 |
% |
Total loans |
|
|
1,423,585 |
|
|
26,792 |
|
3.80 |
% |
|
|
1,335,837 |
|
|
26,588 |
|
4.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
49,171 |
|
|
247 |
|
1.01 |
% |
|
|
12,840 |
|
|
45 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
149,489 |
|
|
1,968 |
|
2.67 |
% |
|
|
146,740 |
|
|
2,083 |
|
2.88 |
% |
Tax-exempt securities |
|
|
43,416 |
|
|
453 |
|
2.12 |
% |
|
|
36,420 |
|
|
424 |
|
2.36 |
% |
Total securities |
|
|
192,905 |
|
|
2,421 |
|
2.54 |
% |
|
|
183,160 |
|
|
2,507 |
|
2.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
129,704 |
|
|
228 |
|
0.35 |
% |
|
|
207,495 |
|
|
94 |
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,795,365 |
|
|
29,688 |
|
3.34 |
% |
|
|
1,739,332 |
|
|
29,234 |
|
3.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
128,624 |
|
|
|
|
|
|
126,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,923,989 |
|
|
|
|
|
$ |
1,865,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
244,528 |
|
|
46 |
|
0.04 |
% |
|
$ |
220,161 |
|
|
72 |
|
0.07 |
% |
Super Now deposits |
|
|
379,496 |
|
|
434 |
|
0.23 |
% |
|
|
287,444 |
|
|
475 |
|
0.33 |
% |
Money market deposits |
|
|
301,744 |
|
|
396 |
|
0.26 |
% |
|
|
307,885 |
|
|
523 |
|
0.34 |
% |
Time deposits |
|
|
177,487 |
|
|
622 |
|
0.71 |
% |
|
|
255,408 |
|
|
2,103 |
|
1.66 |
% |
Total interest-bearing
deposits |
|
|
1,103,255 |
|
|
1,498 |
|
0.27 |
% |
|
|
1,070,898 |
|
|
3,173 |
|
0.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
5,416 |
|
|
3 |
|
0.11 |
% |
|
|
6,368 |
|
|
4 |
|
0.13 |
% |
Long-term borrowings |
|
|
114,077 |
|
|
1,258 |
|
2.23 |
% |
|
|
141,279 |
|
|
1,659 |
|
2.37 |
% |
Total borrowings |
|
|
119,493 |
|
|
1,261 |
|
2.13 |
% |
|
|
147,647 |
|
|
1,663 |
|
2.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,222,748 |
|
|
2,759 |
|
0.46 |
% |
|
|
1,218,545 |
|
|
4,836 |
|
0.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
512,441 |
|
|
|
|
|
|
464,237 |
|
|
|
|
Other liabilities |
|
|
22,184 |
|
|
|
|
|
|
21,227 |
|
|
|
|
Shareholders’ equity |
|
|
166,616 |
|
|
|
|
|
|
161,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,923,989 |
|
|
|
|
|
$ |
1,865,750 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
2.59 |
% |
Net interest
income/margin |
|
|
|
$ |
26,929 |
|
3.03 |
% |
|
|
|
$ |
24,398 |
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
Total interest income |
|
$ |
29,459 |
|
$ |
29,001 |
Total interest expense |
|
|
2,759 |
|
|
4,836 |
Net interest income |
|
|
26,700 |
|
|
24,165 |
Tax equivalent adjustment |
|
|
229 |
|
|
233 |
Net interest income (fully taxable equivalent) |
|
$ |
26,929 |
|
$ |
24,398 |
|
|
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Quarter Ended |
|
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,231 |
|
|
$ |
3,432 |
|
|
$ |
4,879 |
|
|
$ |
4,125 |
|
|
$ |
3,588 |
|
Net interest income |
|
|
13,847 |
|
|
|
12,853 |
|
|
|
12,921 |
|
|
|
12,632 |
|
|
|
12,095 |
|
Provision for loan losses |
|
|
330 |
|
|
|
150 |
|
|
|
(300 |
) |
|
|
75 |
|
|
|
350 |
|
Net security (losses) gains |
|
|
(54 |
) |
|
|
(61 |
) |
|
|
360 |
|
|
|
40 |
|
|
|
140 |
|
Non-interest income, excluding net security gains |
|
|
2,191 |
|
|
|
2,473 |
|
|
|
2,835 |
|
|
|
2,911 |
|
|
|
2,769 |
|
Non-interest expense |
|
|
10,420 |
|
|
|
11,007 |
|
|
|
10,259 |
|
|
|
10,447 |
|
|
|
10,248 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.12 |
% |
|
|
2.93 |
% |
|
|
2.90 |
% |
|
|
2.85 |
% |
|
|
2.78 |
% |
Annualized return on average assets |
|
|
0.88 |
% |
|
|
0.72 |
% |
|
|
1.02 |
% |
|
|
0.86 |
% |
|
|
0.76 |
% |
Annualized return on average equity |
|
|
10.15 |
% |
|
|
8.17 |
% |
|
|
11.59 |
% |
|
|
9.85 |
% |
|
|
8.70 |
% |
Annualized net loan (recoveries) charge-offs to average loans |
|
|
(0.01 |
)% |
|
|
0.09 |
% |
|
|
0.02 |
% |
|
|
(0.01 |
)% |
|
|
0.03 |
% |
Net (recoveries) charge-offs |
|
|
(40 |
) |
|
|
303 |
|
|
|
81 |
|
|
|
(44 |
) |
|
|
114 |
|
Efficiency ratio |
|
|
64.72 |
% |
|
|
71.53 |
% |
|
|
64.83 |
% |
|
|
66.93 |
% |
|
|
68.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.60 |
|
|
$ |
0.49 |
|
|
$ |
0.69 |
|
|
$ |
0.58 |
|
|
$ |
0.51 |
|
Diluted earnings per share |
|
|
0.60 |
|
|
|
0.49 |
|
|
|
0.69 |
|
|
|
0.58 |
|
|
|
0.51 |
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
23.56 |
|
|
|
23.81 |
|
|
|
24.37 |
|
|
|
23.84 |
|
|
|
23.63 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
24.35 |
|
|
|
24.67 |
|
|
|
24.65 |
|
|
|
24.42 |
|
|
|
26.51 |
|
Low |
|
|
22.34 |
|
|
|
23.64 |
|
|
|
23.50 |
|
|
|
22.78 |
|
|
|
23.03 |
|
Close |
|
|
23.09 |
|
|
|
24.43 |
|
|
|
23.65 |
|
|
|
23.92 |
|
|
|
23.82 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
|
|
7,064 |
|
|
|
7,060 |
|
Fully Diluted |
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
|
|
7,064 |
|
|
|
7,060 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,559 |
|
|
|
7,555 |
|
|
|
7,550 |
|
|
|
7,546 |
|
|
|
7,542 |
|
Treasury |
|
|
(510 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Quarter Ended |
|
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,891,806 |
|
|
$ |
1,916,809 |
|
|
$ |
1,940,809 |
|
|
$ |
1,910,791 |
|
|
$ |
1,894,870 |
|
Loans, net |
|
|
1,474,739 |
|
|
|
1,391,943 |
|
|
|
1,377,971 |
|
|
|
1,332,668 |
|
|
|
1,323,509 |
|
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
Intangibles |
|
|
396 |
|
|
|
437 |
|
|
|
480 |
|
|
|
524 |
|
|
|
568 |
|
Total deposits |
|
|
1,589,579 |
|
|
|
1,612,395 |
|
|
|
1,621,315 |
|
|
|
1,593,019 |
|
|
|
1,563,696 |
|
Noninterest-bearing |
|
|
524,288 |
|
|
|
514,130 |
|
|
|
494,360 |
|
|
|
481,875 |
|
|
|
477,344 |
|
Savings |
|
|
249,057 |
|
|
|
245,661 |
|
|
|
236,312 |
|
|
|
231,189 |
|
|
|
226,573 |
|
NOW |
|
|
353,102 |
|
|
|
379,838 |
|
|
|
366,399 |
|
|
|
340,441 |
|
|
|
296,450 |
|
Money Market |
|
|
309,453 |
|
|
|
299,166 |
|
|
|
318,877 |
|
|
|
305,156 |
|
|
|
301,405 |
|
Time Deposits |
|
|
153,679 |
|
|
|
173,600 |
|
|
|
205,367 |
|
|
|
234,358 |
|
|
|
261,924 |
|
Total interest-bearing deposits |
|
|
1,065,291 |
|
|
|
1,098,265 |
|
|
|
1,126,955 |
|
|
|
1,111,144 |
|
|
|
1,086,352 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,435,900 |
|
|
|
1,438,795 |
|
|
|
1,415,948 |
|
|
|
1,358,661 |
|
|
|
1,301,772 |
|
Shareholders’ equity |
|
|
166,054 |
|
|
|
168,427 |
|
|
|
172,274 |
|
|
|
168,478 |
|
|
|
166,830 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
5,100 |
|
|
$ |
5,281 |
|
|
$ |
6,250 |
|
|
$ |
7,763 |
|
|
$ |
7,931 |
|
Non-performing loans to total assets |
|
|
0.27% |
|
|
|
0.28% |
|
|
|
0.32% |
|
|
|
0.41% |
|
|
|
0.42% |
|
Allowance for loan losses |
|
|
14,393 |
|
|
|
14,023 |
|
|
|
14,176 |
|
|
|
14,557 |
|
|
|
14,438 |
|
Allowance for loan losses to total loans |
|
|
0.97% |
|
|
|
1.00% |
|
|
|
1.02% |
|
|
|
1.08% |
|
|
|
1.08% |
|
Allowance for loan losses to non-performing loans |
|
|
282.22% |
|
|
|
265.54% |
|
|
|
226.82% |
|
|
|
187.52% |
|
|
|
182.05% |
|
Non-performing loans to total loans |
|
|
0.34% |
|
|
|
0.38% |
|
|
|
0.45% |
|
|
|
0.58% |
|
|
|
0.59% |
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
8.78% |
|
|
|
8.79% |
|
|
|
8.88% |
|
|
|
8.82% |
|
|
|
8.80% |
|
* Core deposits are defined as total deposits less time
deposits
Reconciliation of GAAP and Non-GAAP
Financial Measures(UNAUDITED)
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(Dollars in Thousands, Except Per Share Data) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP net income |
|
$ |
4,231 |
|
|
$ |
3,588 |
|
|
$ |
7,663 |
|
|
$ |
7,029 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(43 |
) |
|
|
111 |
|
|
|
(91 |
) |
|
|
205 |
|
Non-GAAP core earnings |
|
$ |
4,274 |
|
|
$ |
3,477 |
|
|
$ |
7,754 |
|
|
$ |
6,824 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Return on average assets
(ROA) |
|
|
0.88 |
% |
|
|
0.76 |
% |
|
|
0.80 |
% |
|
|
0.75 |
% |
Less: net securities (losses)
gains, net of tax |
|
|
(0.01 |
)% |
|
|
0.02 |
% |
|
|
(0.01 |
)% |
|
|
0.02 |
% |
Non-GAAP core ROA |
|
|
0.89 |
% |
|
|
0.74 |
% |
|
|
0.81 |
% |
|
|
0.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Return on average equity
(ROE) |
|
|
10.15 |
% |
|
|
8.70 |
% |
|
|
9.20 |
% |
|
|
8.69 |
% |
Less: net securities (losses)
gains, net of tax |
|
|
(0.10 |
)% |
|
|
0.27 |
% |
|
|
(0.11 |
)% |
|
|
0.25 |
% |
Non-GAAP core ROE |
|
|
10.25 |
% |
|
|
8.43 |
% |
|
|
9.31 |
% |
|
|
8.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Basic earnings per share
(EPS) |
|
$ |
0.60 |
|
|
$ |
0.51 |
|
|
$ |
1.08 |
|
|
$ |
1.00 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(0.01 |
) |
|
|
0.02 |
|
|
|
(0.02 |
) |
|
|
0.03 |
|
Non-GAAP basic core EPS |
|
$ |
0.61 |
|
|
$ |
0.49 |
|
|
$ |
1.10 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Diluted EPS |
|
$ |
0.60 |
|
|
$ |
0.51 |
|
|
$ |
1.08 |
|
|
$ |
1.00 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(0.01 |
) |
|
|
0.02 |
|
|
|
(0.02 |
) |
|
|
0.03 |
|
Non-GAAP diluted core EPS |
|
$ |
0.61 |
|
|
$ |
0.49 |
|
|
$ |
1.10 |
|
|
$ |
0.97 |
|
Penns Woods Bancorp (NASDAQ:PWOD)
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