Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $8.8 million for the six months ended June 30, 2023,
resulting in basic and diluted earnings per share of $1.25.
Highlights
- Net income, as reported under GAAP,
for the three and six months ended June 30, 2023 was $4.2
million and $8.8 million, compared to $4.2 million and $7.7 million
for the same periods of 2022. Results for the three and six months
ended June 30, 2023 compared to 2022 were impacted by a
decrease in after-tax securities losses of $12,000 (from a loss of
$43,000 to a loss of $31,000) for the three month period and a
decrease in after-tax securities losses of $29,000 (from a loss of
$91,000 to a loss of $62,000) for the six month period. In
addition, bank-owned life insurance income increased due to a gain
on death benefit of $380,000 during the six months ended June 30,
2023, while an after-tax loss of $201,000 related to a branch
closure negatively impacted the six months ended June 30,
2022.
- The provision for credit losses
decreased $850,000 and $629,000 for the three and six months ended
June 30, 2023 to a recovery of $1.2 million and $1.1 million,
respectively compared to a provision of $330,000 and $480,000 for
the 2022 periods due primarily to a recovery on a commercial loan
during the second quarter of 2023. The decrease in the provision
for credit losses also resulted from improving loan portfolio
credit metrics and a minimal level of loan charge-offs.
- Basic and diluted earnings per
share for the three and six months ended June 30, 2023 were $0.59
and $1.25. Basic and diluted earnings per share for the three and
six months ended June 30, 2022 were $0.60 and $1.08.
- Annualized return on average assets
was 0.80% for three months ended June 30, 2023, compared to 0.88%
for the corresponding period of 2022. Annualized return on average
assets was 0.86% for the six months ended June 30, 2023, compared
to 0.80% for the corresponding period of 2022.
- Annualized return on average equity
was 9.53% for the three months ended June 30, 2023, compared to
10.15% for the corresponding period of 2022. Annualized return on
average equity was 10.37% for the six months ended June 30, 2023,
compared to 9.20% for the corresponding period of 2022.
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 $4.2 million and $8.9 million for the three and six
months ended June 30, 2023 compared to $4.3 million and $7.8
million for the same periods of 2022. Core earnings per share for
the three and six months ended June 30, 2023 was $0.60 and
$1.26 basic and diluted, compared to $0.61 and $1.10 basic and
diluted core earnings per share for the same periods of 2022.
Annualized core return on average assets and core return on average
equity were 0.80% and 9.60% for the three months ended June 30,
2023, compared to 0.89% and 10.25% for the corresponding periods of
2022. Core return on average assets and core return on average
equity were 0.86% and 10.44% for the six months ended June 30, 2023
compared to 0.81% and 9.31% for the corresponding periods of 2022.
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, 2023 was 2.77% and 2.92%, compared to 3.12%
and 3.03% for the corresponding periods of 2022. The decrease in
the net interest margin for the three and six month periods was
driven by an increase in the rate paid on interest-bearing
liabilities of 198 and 161 basis points ("bps"), respectively. The
FOMC rate increases during 2022 and 2023 contributed to the
increases in rate paid on interest-bearing liabilities as the rate
paid on short-term borrowings increased 513 bps and 498 bps for the
three and six month periods ended June 30, 2023 compared to the
same periods of 2022. Short-term borrowings increased in volume and
rate paid as this funding source was utilized to provide funding
for the growth in the loan portfolio, resulting in an increase of
$2.2 million and $3.7 million in expense for the three and six
month periods ended June 30, 2023 compared to the same periods of
2022. The rate paid on interest-bearing deposits increased 158 and
127 bps for the three and six month periods ended June 30, 2023
compared to the corresponding periods of 2022 due to the FOMC rate
actions and an increase in competition for deposits. The rates paid
on time deposits significantly contributed to the increase in
funding costs as rates paid for the three and six month periods
ended June 30, 2023 compared to the same periods of 2022 increased
266 bps and 211 bps, respectively, as deposit gathering campaigns
initiated in the latter part of 2022 continued throughout 2023. In
addition, brokered deposit have been utilized to assist with the
funding of the loan portfolio growth and contributed to the
increase in time deposit funding costs. Partially offsetting the
increase in funding cost was an increases in the yield on
interest-earning assets and growth in the average balance of the
earning asset portfolio compared to the same periods in 2022. The
average loan portfolio balance increased $291.2 million and $278.9
million for the three and six month periods, respectively, as the
average yield on the portfolio increased 81 and 71 bps for the same
periods. The three and six month periods ended June 30, 2023 were
impacted by an increase of 109 and 99 bps in the yield earned on
the securities portfolio as legacy securities matured with the
funds reinvested at higher rates.
Assets
Total assets increased to $2.1 billion at
June 30, 2023, an increase of $243.5 million compared to
June 30, 2022. Cash and cash equivalents decreased $46.1
million as interest-bearing accounts in other financial
institutions decreased $11.9 million and fed funds sold decreased
$40.0 million as excess liquidity was primarily utilized to fund
the growth in the loan portfolio. Net loans increased $283.1
million to $1.8 billion at June 30, 2023 compared to
June 30, 2022, as an emphasis was placed on commercial loan
growth coupled with growth in indirect auto lending. The investment
portfolio increased $5.1 million from June 30, 2022 to
June 30, 2023 as restricted investment in bank stock increased
$11.0 million as additional stock was required to be held in the
Federal Home Loan Bank of Pittsburgh ("FHLB") due to an increase in
the level of borrowings from the FHLB.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.24% at June 30, 2023 from 0.34% at
June 30, 2022, as non-performing loans decreased to $4.3
million at June 30, 2023 from $5.1 million at June 30,
2022. 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 been classified as
individually evaluated loans that have a specific allocation
recorded within the allowance for credit losses. Net loan
recoveries of $349,000 for the six months ended June 30, 2023
impacted the allowance for credit losses, which was 0.66% of total
loans at June 30, 2023 compared to 0.97% at June 30, 2022
(prior to the adoption of CECL).
Deposits
Deposits decreased $35.8 million to $1.6 billion
at June 30, 2023 compared to June 30, 2022.
Noninterest-bearing deposits decreased $48.4 million to $475.9
million at June 30, 2023 compared to June 30, 2022.
Core deposits declined as deposits migrated from core deposit
accounts into time deposits as market rates increased due to the
FOMC rate increases and increased competition for deposits. Core
deposit gathering efforts remained focused on increasing the
utilization of electronic (internet and mobile) deposit banking by
our customers. Interest-bearing deposits increased $12.5 million
from June 30, 2022 to June 30, 2023 primarily due to increased
utilization of brokered deposits of $79.2 million as this funding
source was utilized to supplement funding loan portfolio growth,
while reducing the need to draw upon available borrowing lines. A
campaign to attract time deposits with a maturity of five to
twenty-four months was started during the latter part of 2022 and
has continued during the first six months of 2023.
Shareholders’ Equity
Shareholders’ equity increased $8.3 million to
$174.4 million at June 30, 2023 compared to June 30,
2022. Accumulated other comprehensive loss of $13.8 million
at June 30, 2023 increased from a loss of $9.7 million at June 30,
2022 as a result of a $9.8 million net unrealized loss on available
for sale securities at June 30, 2023 compared to an unrealized loss
of $6.2 million at June 30, 2022 coupled with an increase in loss
of $622,000 in the defined benefit plan obligation. The current
level of shareholders’ equity equates to a book value per share of
$24.70 at June 30, 2023 compared to $23.56 at June 30,
2022, and an equity to asset ratio of 8.17% at June 30, 2023
and 8.78% at June 30, 2022. Dividends declared for the
six months ended June 30, 2023 and 2022 were $0.64 per share.
Penns Woods Bancorp, Inc. is the parent
company of Jersey Shore State Bank, which operates sixteen 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, 2022.
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 Officer110 Reynolds
StreetWilliamsport, PA 17702570-322-1111 |
|
e-mail: pwod@pwod.com |
|
|
|
|
|
PENNS WOODS
BANCORP, INC.CONSOLIDATED BALANCE
SHEET(UNAUDITED)
|
|
June 30, |
(In Thousands, Except Share and Per
Share Data) |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
32,265 |
|
|
$ |
26,540 |
|
|
|
21.57 |
% |
Interest-bearing balances in
other financial institutions |
|
|
12,596 |
|
|
|
24,452 |
|
|
|
(48.49 |
)% |
Federal funds sold |
|
|
— |
|
|
|
40,000 |
|
|
|
(100.00 |
)% |
Total cash and cash equivalents |
|
|
44,861 |
|
|
|
90,992 |
|
|
|
(50.70 |
)% |
|
|
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
186,626 |
|
|
|
192,438 |
|
|
|
(3.02 |
)% |
Investment equity securities,
at fair value |
|
|
1,143 |
|
|
|
1,186 |
|
|
|
(3.63 |
)% |
Restricted investment in bank
stock, at fair value |
|
|
24,438 |
|
|
|
13,458 |
|
|
|
81.59 |
% |
Loans held for sale |
|
|
3,049 |
|
|
|
3,857 |
|
|
|
(20.95 |
)% |
Loans |
|
|
1,769,403 |
|
|
|
1,489,132 |
|
|
|
18.82 |
% |
Allowance for credit
losses |
|
|
(11,592 |
) |
|
|
(14,393 |
) |
|
|
(19.46 |
)% |
Loans, net |
|
|
1,757,811 |
|
|
|
1,474,739 |
|
|
|
19.19 |
% |
Premises and equipment,
net |
|
|
31,180 |
|
|
|
32,671 |
|
|
|
(4.56 |
)% |
Accrued interest
receivable |
|
|
9,498 |
|
|
|
8,246 |
|
|
|
15.18 |
% |
Bank-owned life insurance |
|
|
33,524 |
|
|
|
34,115 |
|
|
|
(1.73 |
)% |
Investment in limited
partnerships |
|
|
8,402 |
|
|
|
4,901 |
|
|
|
71.43 |
% |
Goodwill |
|
|
16,450 |
|
|
|
17,104 |
|
|
|
(3.82 |
)% |
Intangibles |
|
|
260 |
|
|
|
396 |
|
|
|
(34.34 |
)% |
Operating lease right of use
asset |
|
|
2,586 |
|
|
|
2,747 |
|
|
|
(5.86 |
)% |
Deferred tax asset |
|
|
6,332 |
|
|
|
5,689 |
|
|
|
11.30 |
% |
Other assets |
|
|
9,159 |
|
|
|
9,267 |
|
|
|
(1.17 |
)% |
TOTAL ASSETS |
|
$ |
2,135,319 |
|
|
$ |
1,891,806 |
|
|
|
12.87 |
% |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,077,820 |
|
|
$ |
1,065,291 |
|
|
|
1.18 |
% |
Noninterest-bearing
deposits |
|
|
475,937 |
|
|
|
524,288 |
|
|
|
(9.22 |
)% |
Total deposits |
|
|
1,553,757 |
|
|
|
1,589,579 |
|
|
|
(2.25 |
)% |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
180,410 |
|
|
|
5,464 |
|
|
|
3,201.79 |
% |
Long-term borrowings |
|
|
202,692 |
|
|
|
112,874 |
|
|
|
79.57 |
% |
Accrued interest payable |
|
|
2,129 |
|
|
|
452 |
|
|
|
371.02 |
% |
Operating lease liability |
|
|
2,642 |
|
|
|
2,800 |
|
|
|
(5.64 |
)% |
Other liabilities |
|
|
19,287 |
|
|
|
14,583 |
|
|
|
32.26 |
% |
TOTAL LIABILITIES |
|
|
1,960,917 |
|
|
|
1,725,752 |
|
|
|
13.63 |
% |
|
|
|
|
|
|
|
|
|
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; 7,573,713 and 7,559,165 shares
issued; 7,063,488 and 7,048,940 shares outstanding |
|
|
42,077 |
|
|
|
41,995 |
|
|
|
0.20 |
% |
Additional paid-in
capital |
|
|
54,869 |
|
|
|
53,651 |
|
|
|
2.27 |
% |
Retained earnings |
|
|
104,104 |
|
|
|
92,903 |
|
|
|
12.06 |
% |
Accumulated other
comprehensive loss: |
|
|
|
|
|
|
Net unrealized loss on available for sale securities |
|
|
(9,753 |
) |
|
|
(6,222 |
) |
|
|
(56.75 |
)% |
Defined benefit plan |
|
|
(4,080 |
) |
|
|
(3,458 |
) |
|
|
(17.99 |
)% |
Treasury stock at cost,
510,225 |
|
|
(12,815 |
) |
|
|
(12,815 |
) |
|
|
— |
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
174,402 |
|
|
|
166,054 |
|
|
|
5.03 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,135,319 |
|
|
$ |
1,891,806 |
|
|
|
12.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
19,846 |
|
|
$ |
13,620 |
|
|
|
45.71 |
% |
|
$ |
37,851 |
|
|
$ |
26,658 |
|
|
|
41.99 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,287 |
|
|
|
864 |
|
|
|
48.96 |
% |
|
|
2,505 |
|
|
|
1,601 |
|
|
|
56.46 |
% |
Tax-exempt |
|
|
118 |
|
|
|
194 |
|
|
|
(39.18 |
)% |
|
|
296 |
|
|
|
358 |
|
|
|
(17.32 |
)% |
Dividend and other interest income |
|
|
642 |
|
|
|
506 |
|
|
|
26.88 |
% |
|
|
1,105 |
|
|
|
842 |
|
|
|
31.24 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
21,893 |
|
|
|
15,184 |
|
|
|
44.18 |
% |
|
|
41,757 |
|
|
|
29,459 |
|
|
|
41.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,851 |
|
|
|
710 |
|
|
|
583.24 |
% |
|
|
8,223 |
|
|
|
1,498 |
|
|
|
448.93 |
% |
Short-term borrowings |
|
|
2,232 |
|
|
|
2 |
|
|
|
n/m |
|
|
|
3,672 |
|
|
|
3 |
|
|
|
n/m |
|
Long-term borrowings |
|
|
1,424 |
|
|
|
625 |
|
|
|
127.84 |
% |
|
|
2,178 |
|
|
|
1,258 |
|
|
|
73.13 |
% |
TOTAL INTEREST EXPENSE |
|
|
8,507 |
|
|
|
1,337 |
|
|
|
536.28 |
% |
|
|
14,073 |
|
|
|
2,759 |
|
|
|
410.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
13,386 |
|
|
|
13,847 |
|
|
|
(3.33 |
)% |
|
|
27,684 |
|
|
|
26,700 |
|
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Recovery) provision for loan
credit |
|
|
(614 |
) |
|
|
330 |
|
|
|
(286.06 |
)% |
|
|
(605 |
) |
|
|
480 |
|
|
|
(226.04 |
)% |
(Recovery) provision for off
balance sheet credit exposures |
|
|
(566 |
) |
|
|
— |
|
|
|
n/a |
|
|
|
(504 |
) |
|
|
— |
|
|
|
n/a |
|
TOTAL (RECOVERY) PROVISION FOR
CREDIT LOSSES |
|
|
(1,180 |
) |
|
|
330 |
|
|
|
(457.58 |
)% |
|
|
(1,109 |
) |
|
|
480 |
|
|
|
(331.04 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
(RECOVERY) PROVISION FOR CREDIT LOSSES |
|
|
14,566 |
|
|
|
13,517 |
|
|
|
7.76 |
% |
|
|
28,793 |
|
|
|
26,220 |
|
|
|
9.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
516 |
|
|
|
509 |
|
|
|
1.38 |
% |
|
|
1,012 |
|
|
|
1,004 |
|
|
|
0.80 |
% |
Debt securities losses,
available for sale |
|
|
(19 |
) |
|
|
(10 |
) |
|
|
(90.00 |
)% |
|
|
(80 |
) |
|
|
(12 |
) |
|
|
(566.67 |
)% |
Net equity securities (losses)
gains |
|
|
(20 |
) |
|
|
(44 |
) |
|
|
54.55 |
% |
|
|
1 |
|
|
|
(103 |
) |
|
|
100.97 |
% |
Bank-owned life insurance |
|
|
166 |
|
|
|
161 |
|
|
|
3.11 |
% |
|
|
722 |
|
|
|
331 |
|
|
|
118.13 |
% |
Gain on sale of loans |
|
|
244 |
|
|
|
266 |
|
|
|
(8.27 |
)% |
|
|
475 |
|
|
|
611 |
|
|
|
(22.26 |
)% |
Insurance commissions |
|
|
115 |
|
|
|
107 |
|
|
|
7.48 |
% |
|
|
280 |
|
|
|
277 |
|
|
|
1.08 |
% |
Brokerage commissions |
|
|
141 |
|
|
|
158 |
|
|
|
(10.76 |
)% |
|
|
306 |
|
|
|
358 |
|
|
|
(14.53 |
)% |
Loan broker income |
|
|
317 |
|
|
|
371 |
|
|
|
(14.56 |
)% |
|
|
487 |
|
|
|
912 |
|
|
|
(46.60 |
)% |
Debit card income |
|
|
340 |
|
|
|
391 |
|
|
|
(13.04 |
)% |
|
|
675 |
|
|
|
736 |
|
|
|
(8.29 |
)% |
Other |
|
|
222 |
|
|
|
228 |
|
|
|
(2.63 |
)% |
|
|
401 |
|
|
|
435 |
|
|
|
(7.82 |
)% |
TOTAL NON-INTEREST INCOME |
|
|
2,022 |
|
|
|
2,137 |
|
|
|
(5.38 |
)% |
|
|
4,279 |
|
|
|
4,549 |
|
|
|
(5.94 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
6,312 |
|
|
|
6,141 |
|
|
|
2.78 |
% |
|
|
12,488 |
|
|
|
12,405 |
|
|
|
0.67 |
% |
Occupancy |
|
|
772 |
|
|
|
740 |
|
|
|
4.32 |
% |
|
|
1,638 |
|
|
|
1,650 |
|
|
|
(0.73 |
)% |
Furniture and equipment |
|
|
790 |
|
|
|
746 |
|
|
|
5.90 |
% |
|
|
1,636 |
|
|
|
1,638 |
|
|
|
(0.12 |
)% |
Software amortization |
|
|
173 |
|
|
|
219 |
|
|
|
(21.00 |
)% |
|
|
356 |
|
|
|
472 |
|
|
|
(24.58 |
)% |
Pennsylvania shares tax |
|
|
279 |
|
|
|
396 |
|
|
|
(29.55 |
)% |
|
|
527 |
|
|
|
785 |
|
|
|
(32.87 |
)% |
Professional fees |
|
|
906 |
|
|
|
582 |
|
|
|
55.67 |
% |
|
|
1,594 |
|
|
|
1,120 |
|
|
|
42.32 |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
452 |
|
|
|
228 |
|
|
|
98.25 |
% |
|
|
697 |
|
|
|
430 |
|
|
|
62.09 |
% |
Marketing |
|
|
272 |
|
|
|
220 |
|
|
|
23.64 |
% |
|
|
427 |
|
|
|
284 |
|
|
|
50.35 |
% |
Intangible amortization |
|
|
32 |
|
|
|
41 |
|
|
|
(21.95 |
)% |
|
|
67 |
|
|
|
85 |
|
|
|
(21.18 |
)% |
Other |
|
|
1,441 |
|
|
|
1,107 |
|
|
|
30.17 |
% |
|
|
2,897 |
|
|
|
2,558 |
|
|
|
13.25 |
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
11,429 |
|
|
|
10,420 |
|
|
|
9.68 |
% |
|
|
22,327 |
|
|
|
21,427 |
|
|
|
4.20 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
5,159 |
|
|
|
5,234 |
|
|
|
(1.43 |
)% |
|
|
10,745 |
|
|
|
9,342 |
|
|
|
15.02 |
% |
INCOME TAX PROVISION |
|
|
988 |
|
|
|
1,003 |
|
|
|
(1.50 |
)% |
|
|
1,916 |
|
|
|
1,679 |
|
|
|
14.12 |
% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,171 |
|
|
$ |
4,231 |
|
|
|
(1.42 |
)% |
|
$ |
8,829 |
|
|
$ |
7,663 |
|
|
|
15.22 |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
|
(1.67 |
)% |
|
$ |
1.25 |
|
|
$ |
1.08 |
|
|
|
15.74 |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
|
(1.67 |
)% |
|
$ |
1.25 |
|
|
$ |
1.08 |
|
|
|
15.74 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,062,018 |
|
|
|
7,059,045 |
|
|
|
0.04 |
% |
|
|
7,060,218 |
|
|
|
7,065,772 |
|
|
|
(0.08 |
)% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,062,018 |
|
|
|
7,059,045 |
|
|
|
0.04 |
% |
|
|
7,060,218 |
|
|
|
7,065,772 |
|
|
|
(0.08 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Three Months Ended |
|
|
June 30, 2023 |
|
June 30, 2022 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
66,613 |
|
|
$ |
461 |
|
|
|
2.78 |
% |
|
$ |
52,886 |
|
|
$ |
331 |
|
|
|
2.51 |
% |
All other loans |
|
|
1,672,111 |
|
|
|
19,482 |
|
|
|
4.67 |
% |
|
|
1,394,631 |
|
|
|
13,358 |
|
|
|
3.84 |
% |
Total loans (2) |
|
|
1,738,724 |
|
|
|
19,943 |
|
|
|
4.60 |
% |
|
|
1,447,517 |
|
|
|
13,689 |
|
|
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
n/a |
|
|
|
48,352 |
|
|
|
154 |
|
|
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
190,862 |
|
|
|
1,807 |
|
|
|
3.84 |
% |
|
|
154,484 |
|
|
|
1,048 |
|
|
|
2.75 |
% |
Tax-exempt securities (3) |
|
|
23,310 |
|
|
|
150 |
|
|
|
2.61 |
% |
|
|
45,824 |
|
|
|
245 |
|
|
|
2.17 |
% |
Total securities |
|
|
214,172 |
|
|
|
1,957 |
|
|
|
3.71 |
% |
|
|
200,308 |
|
|
|
1,293 |
|
|
|
2.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial institutions |
|
|
9,961 |
|
|
|
122 |
|
|
|
4.91 |
% |
|
|
102,172 |
|
|
|
168 |
|
|
|
0.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,962,857 |
|
|
|
22,022 |
|
|
|
4.50 |
% |
|
|
1,798,349 |
|
|
|
15,304 |
|
|
|
3.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
133,239 |
|
|
|
|
|
|
|
131,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,096,096 |
|
|
|
|
|
|
$ |
1,929,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
232,889 |
|
|
|
155 |
|
|
|
0.27 |
% |
|
$ |
248,063 |
|
|
|
24 |
|
|
|
0.04 |
% |
Super Now deposits |
|
|
271,438 |
|
|
|
913 |
|
|
|
1.35 |
% |
|
|
388,002 |
|
|
|
239 |
|
|
|
0.25 |
% |
Money market deposits |
|
|
293,682 |
|
|
|
1,665 |
|
|
|
2.27 |
% |
|
|
304,636 |
|
|
|
210 |
|
|
|
0.28 |
% |
Time deposits |
|
|
261,947 |
|
|
|
2,118 |
|
|
|
3.24 |
% |
|
|
164,301 |
|
|
|
237 |
|
|
|
0.58 |
% |
Total interest-bearing
deposits |
|
|
1,059,956 |
|
|
|
4,851 |
|
|
|
1.84 |
% |
|
|
1,105,002 |
|
|
|
710 |
|
|
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
169,723 |
|
|
|
2,232 |
|
|
|
5.27 |
% |
|
|
5,636 |
|
|
|
2 |
|
|
|
0.14 |
% |
Long-term borrowings |
|
|
182,719 |
|
|
|
1,424 |
|
|
|
3.13 |
% |
|
|
112,901 |
|
|
|
625 |
|
|
|
2.22 |
% |
Total borrowings |
|
|
352,442 |
|
|
|
3,656 |
|
|
|
4.16 |
% |
|
|
118,537 |
|
|
|
627 |
|
|
|
2.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,412,398 |
|
|
|
8,507 |
|
|
|
2.42 |
% |
|
|
1,223,539 |
|
|
|
1,337 |
|
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
484,607 |
|
|
|
|
|
|
|
518,467 |
|
|
|
|
|
Other liabilities |
|
|
24,059 |
|
|
|
|
|
|
|
20,708 |
|
|
|
|
|
Shareholders’ equity |
|
|
175,032 |
|
|
|
|
|
|
|
166,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,096,096 |
|
|
|
|
|
|
$ |
1,929,466 |
|
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
|
2.98 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
13,515 |
|
|
|
2.77 |
% |
|
|
|
$ |
13,967 |
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Information on this table has been calculated
using average daily balance sheets to obtain average balances.2.
Non-accrual loans have been included with loans for the purpose of
analyzing net interest earnings.3. Income and rates on fully
taxable equivalent basis include an adjustment for the difference
between annual income from tax-exempt obligations and the
taxable equivalent of such income at the standard tax rate of
21%
|
|
Three Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Total interest income |
|
$ |
21,893 |
|
|
$ |
15,184 |
|
Total interest expense |
|
|
8,507 |
|
|
|
1,337 |
|
Net interest income
(GAAP) |
|
|
13,386 |
|
|
|
13,847 |
|
Tax equivalent adjustment |
|
|
129 |
|
|
|
120 |
|
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
13,515 |
|
|
$ |
13,967 |
|
|
|
|
|
|
|
|
|
|
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Six Months Ended |
|
|
June 30, 2023 |
|
June 30, 2022 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
65,669 |
|
|
$ |
909 |
|
|
|
2.79 |
% |
|
$ |
50,775 |
|
|
$ |
639 |
|
|
|
2.54 |
% |
All other loans |
|
|
1,636,798 |
|
|
|
37,133 |
|
|
|
4.57 |
% |
|
|
1,372,810 |
|
|
|
26,153 |
|
|
|
3.84 |
% |
Total loans (2) |
|
|
1,702,467 |
|
|
|
38,042 |
|
|
|
4.51 |
% |
|
|
1,423,585 |
|
|
|
26,792 |
|
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
n/a |
|
|
|
49,171 |
|
|
|
247 |
|
|
|
1.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
186,168 |
|
|
|
3,386 |
|
|
|
3.67 |
% |
|
|
149,489 |
|
|
|
1,968 |
|
|
|
2.67 |
% |
Tax-exempt securities (3) |
|
|
28,409 |
|
|
|
375 |
|
|
|
2.66 |
% |
|
|
43,416 |
|
|
|
453 |
|
|
|
2.12 |
% |
Total securities |
|
|
214,577 |
|
|
|
3,761 |
|
|
|
3.53 |
% |
|
|
192,905 |
|
|
|
2,421 |
|
|
|
2.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial institutions |
|
|
9,985 |
|
|
|
224 |
|
|
|
4.52 |
% |
|
|
129,704 |
|
|
|
228 |
|
|
|
0.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,927,029 |
|
|
|
42,027 |
|
|
|
4.20 |
% |
|
|
1,795,365 |
|
|
|
29,688 |
|
|
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
132,561 |
|
|
|
|
|
|
|
128,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,059,590 |
|
|
|
|
|
|
$ |
1,923,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
238,067 |
|
|
|
275 |
|
|
|
0.23 |
% |
|
$ |
244,528 |
|
|
|
46 |
|
|
|
0.04 |
% |
Super Now deposits |
|
|
318,669 |
|
|
|
1,852 |
|
|
|
1.17 |
% |
|
|
379,496 |
|
|
|
434 |
|
|
|
0.23 |
% |
Money market deposits |
|
|
291,719 |
|
|
|
2,945 |
|
|
|
2.04 |
% |
|
|
301,744 |
|
|
|
396 |
|
|
|
0.26 |
% |
Time deposits |
|
|
225,414 |
|
|
|
3,151 |
|
|
|
2.82 |
% |
|
|
177,487 |
|
|
|
622 |
|
|
|
0.71 |
% |
Total interest-bearing
deposits |
|
|
1,073,869 |
|
|
|
8,223 |
|
|
|
1.54 |
% |
|
|
1,103,255 |
|
|
|
1,498 |
|
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
145,871 |
|
|
|
3,672 |
|
|
|
5.09 |
% |
|
|
5,416 |
|
|
|
3 |
|
|
|
0.11 |
% |
Long-term borrowings |
|
|
151,169 |
|
|
|
2,178 |
|
|
|
2.91 |
% |
|
|
114,077 |
|
|
|
1,258 |
|
|
|
2.23 |
% |
Total borrowings |
|
|
297,040 |
|
|
|
5,850 |
|
|
|
3.98 |
% |
|
|
119,493 |
|
|
|
1,261 |
|
|
|
2.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,370,909 |
|
|
|
14,073 |
|
|
|
2.07 |
% |
|
|
1,222,748 |
|
|
|
2,759 |
|
|
|
0.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
491,356 |
|
|
|
|
|
|
|
512,441 |
|
|
|
|
|
Other liabilities |
|
|
27,050 |
|
|
|
|
|
|
|
22,184 |
|
|
|
|
|
Shareholders’ equity |
|
|
170,275 |
|
|
|
|
|
|
|
166,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,059,590 |
|
|
|
|
|
|
$ |
1,923,989 |
|
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
|
2.13 |
% |
|
|
|
|
|
|
2.88 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
27,954 |
|
|
|
2.92 |
% |
|
|
|
$ |
26,929 |
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Information on this table has been calculated
using average daily balance sheets to obtain average balances.2.
Non-accrual loans have been included with loans for the purpose of
analyzing net interest earnings.3. Income and rates on fully
taxable equivalent basis include an adjustment for the difference
between annual income from tax-exempt obligations and the
taxable equivalent of such income at the standard tax rate of
21%
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Total interest income |
|
$ |
41,757 |
|
|
$ |
29,459 |
|
Total interest expense |
|
|
14,073 |
|
|
|
2,759 |
|
Net interest income |
|
|
27,684 |
|
|
|
26,700 |
|
Tax equivalent adjustment |
|
|
270 |
|
|
|
229 |
|
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
27,954 |
|
|
$ |
26,929 |
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,171 |
|
|
$ |
4,658 |
|
|
$ |
4,509 |
|
|
$ |
5,250 |
|
|
$ |
4,231 |
|
Net interest income |
|
|
13,386 |
|
|
|
14,298 |
|
|
|
15,548 |
|
|
|
15,532 |
|
|
|
13,847 |
|
(Recovery) provision for credit losses |
|
|
(1,180 |
) |
|
|
71 |
|
|
|
575 |
|
|
|
855 |
|
|
|
330 |
|
Net security losses |
|
|
(39 |
) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
(211 |
) |
|
|
(54 |
) |
Non-interest income, excluding net security losses |
|
|
2,061 |
|
|
|
2,297 |
|
|
|
2,120 |
|
|
|
2,294 |
|
|
|
2,191 |
|
Non-interest expense |
|
|
11,429 |
|
|
|
10,898 |
|
|
|
11,251 |
|
|
|
10,320 |
|
|
|
10,420 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.77 |
% |
|
|
3.10 |
% |
|
|
3.42 |
% |
|
|
3.47 |
% |
|
|
3.12 |
% |
Annualized return on average assets |
|
|
0.80 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
|
|
1.09 |
% |
|
|
0.88 |
% |
Annualized return on average equity |
|
|
9.53 |
% |
|
|
11.12 |
% |
|
|
10.92 |
% |
|
|
12.61 |
% |
|
|
10.15 |
% |
Annualized net loan charge-offs (recoveries) to average loans |
|
|
(0.11 |
)% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
(0.01 |
)% |
Net (recoveries) charge-offs |
|
|
(472 |
) |
|
|
123 |
|
|
|
149 |
|
|
|
37 |
|
|
|
(40 |
) |
Efficiency ratio |
|
|
73.78 |
% |
|
|
65.46 |
% |
|
|
59.79 |
% |
|
|
57.70 |
% |
|
|
64.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.59 |
|
|
$ |
0.66 |
|
|
$ |
0.64 |
|
|
$ |
0.74 |
|
|
$ |
0.60 |
|
Diluted earnings per share |
|
|
0.59 |
|
|
|
0.64 |
|
|
|
0.64 |
|
|
|
0.74 |
|
|
|
0.60 |
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
24.70 |
|
|
|
24.64 |
|
|
|
23.76 |
|
|
|
23.32 |
|
|
|
23.56 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
27.34 |
|
|
|
27.77 |
|
|
|
26.89 |
|
|
|
24.29 |
|
|
|
24.35 |
|
Low |
|
|
21.95 |
|
|
|
21.90 |
|
|
|
23.15 |
|
|
|
22.02 |
|
|
|
22.34 |
|
Close |
|
|
25.03 |
|
|
|
23.10 |
|
|
|
26.62 |
|
|
|
22.91 |
|
|
|
23.09 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,062 |
|
|
|
7,058 |
|
|
|
7,055 |
|
|
|
7,051 |
|
|
|
7,059 |
|
Fully Diluted |
|
|
7,062 |
|
|
|
7,334 |
|
|
|
7,055 |
|
|
|
7,051 |
|
|
|
7,059 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,574 |
|
|
|
7,570 |
|
|
|
7,567 |
|
|
|
7,563 |
|
|
|
7,559 |
|
Treasury |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
|
Quarter Ended |
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,135,319 |
|
|
$ |
2,065,143 |
|
|
$ |
2,000,080 |
|
|
$ |
1,905,116 |
|
|
$ |
1,891,806 |
|
Loans, net |
|
|
1,757,811 |
|
|
|
1,688,289 |
|
|
|
1,624,094 |
|
|
|
1,545,489 |
|
|
|
1,474,739 |
|
Goodwill |
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
|
17,104 |
|
|
|
17,104 |
|
Intangibles |
|
|
260 |
|
|
|
292 |
|
|
|
327 |
|
|
|
361 |
|
|
|
396 |
|
Total deposits |
|
|
1,553,757 |
|
|
|
1,638,835 |
|
|
|
1,556,460 |
|
|
|
1,590,415 |
|
|
|
1,589,579 |
|
Noninterest-bearing |
|
|
475,937 |
|
|
|
502,352 |
|
|
|
519,063 |
|
|
|
537,403 |
|
|
|
524,288 |
|
Savings |
|
|
229,108 |
|
|
|
239,526 |
|
|
|
247,952 |
|
|
|
249,532 |
|
|
|
249,057 |
|
NOW |
|
|
238,353 |
|
|
|
363,548 |
|
|
|
372,574 |
|
|
|
392,140 |
|
|
|
353,102 |
|
Money Market |
|
|
296,957 |
|
|
|
300,273 |
|
|
|
270,589 |
|
|
|
268,532 |
|
|
|
309,453 |
|
Time Deposits |
|
|
226,224 |
|
|
|
191,203 |
|
|
|
137,949 |
|
|
|
137,348 |
|
|
|
145,714 |
|
Brokered Deposits |
|
|
87,178 |
|
|
|
41,933 |
|
|
|
8,333 |
|
|
|
5,460 |
|
|
|
7,965 |
|
Total interest-bearing deposits |
|
|
1,077,820 |
|
|
|
1,136,483 |
|
|
|
1,037,397 |
|
|
|
1,053,012 |
|
|
|
1,065,291 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,240,355 |
|
|
|
1,405,699 |
|
|
|
1,410,178 |
|
|
|
1,447,607 |
|
|
|
1,435,900 |
|
Shareholders’ equity |
|
|
174,402 |
|
|
|
173,970 |
|
|
|
167,665 |
|
|
|
164,489 |
|
|
|
166,054 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
4,276 |
|
|
$ |
4,766 |
|
|
$ |
4,890 |
|
|
$ |
5,743 |
|
|
$ |
5,100 |
|
Non-performing loans to total assets |
|
|
0.20 |
% |
|
|
0.23 |
% |
|
|
0.24 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
Allowance for loan losses |
|
|
11,592 |
|
|
|
11,734 |
|
|
|
15,637 |
|
|
|
15,211 |
|
|
|
14,393 |
|
Allowance for loan losses to total loans |
|
|
0.66 |
% |
|
|
0.69 |
% |
|
|
0.95 |
% |
|
|
0.97 |
% |
|
|
0.97 |
% |
Allowance for loan losses to non-performing loans |
|
|
271.09 |
% |
|
|
246.20 |
% |
|
|
319.78 |
% |
|
|
264.86 |
% |
|
|
282.22 |
% |
Non-performing loans to total loans |
|
|
0.24 |
% |
|
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
8.17 |
% |
|
|
8.42 |
% |
|
|
8.40 |
% |
|
|
8.63 |
% |
|
|
8.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Core deposits are defined as total deposits less time deposits
and brokered deposits.
Reconciliation of GAAP and Non-GAAP
Financial Measures(UNAUDITED)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Dollars in Thousands, Except Per Share Data) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net income |
|
$ |
4,171 |
|
|
$ |
4,231 |
|
|
$ |
8,829 |
|
|
$ |
7,663 |
|
Net securities losses, net of
tax |
|
|
31 |
|
|
|
43 |
|
|
|
62 |
|
|
|
91 |
|
Non-GAAP core earnings |
|
$ |
4,202 |
|
|
$ |
4,274 |
|
|
$ |
8,891 |
|
|
$ |
7,754 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Return on average assets
(ROA) |
|
|
0.80 |
% |
|
|
0.88 |
% |
|
|
0.86 |
% |
|
|
0.80 |
% |
Net securities losses, net of
tax |
|
|
— |
% |
|
|
0.01 |
% |
|
|
— |
% |
|
|
0.01 |
% |
Non-GAAP core ROA |
|
|
0.80 |
% |
|
|
0.89 |
% |
|
|
0.86 |
% |
|
|
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Return on average equity
(ROE) |
|
|
9.53 |
% |
|
|
10.15 |
% |
|
|
10.37 |
% |
|
|
9.20 |
% |
Net securities losses, net of
tax |
|
|
0.07 |
% |
|
|
0.10 |
% |
|
|
0.07 |
% |
|
|
0.11 |
% |
Non-GAAP core ROE |
|
|
9.60 |
% |
|
|
10.25 |
% |
|
|
10.44 |
% |
|
|
9.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Basic earnings per share
(EPS) |
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
1.25 |
|
|
$ |
1.08 |
|
Net securities losses, net of
tax |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
Non-GAAP basic core EPS |
|
$ |
0.60 |
|
|
$ |
0.61 |
|
|
$ |
1.26 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Diluted EPS |
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
1.25 |
|
|
$ |
1.08 |
|
Net securities losses, net of
tax |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
Non-GAAP diluted core EPS |
|
$ |
0.60 |
|
|
$ |
0.61 |
|
|
$ |
1.26 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Jul 2023 to Jul 2024