Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $11.1 million for the nine months ended September 30,
2023, resulting in basic and diluted earnings per share of $1.56
and $1.53.
Highlights
- Net income, as reported under GAAP,
for the three and nine months ended September 30, 2023 was
$2.2 million and $11.1 million, compared to $5.3 million and $12.9
million for the same periods of 2022. Results for the three and
nine months ended September 30, 2023 compared to 2022 were
impacted by a decrease in net interest income of $2.2 million and
$1.2 million as interest expense increased significantly due to the
velocity and magnitude of the rate increases enacted by the Federal
Open Market Committee ("FOMC"). In addition, results were impacted
by a decrease in after-tax securities losses of $77,000 (from a
loss of $167,000 to a loss of $90,000) for the three month period
and a decrease in after-tax securities losses of $106,000 (from a
loss of $258,000 to a loss of $152,000) for the nine month period.
Bank-owned life insurance income increased due to a gain on death
benefit of $380,000 during the nine months ended September 30,
2023, while an after-tax loss of $201,000 related to a branch
closure negatively impacted the nine months ended September 30,
2022.
- The provision for credit losses
increased $537,000 for the three months ended September 30, 2023
and decreased $1.1 million for the nine months ended September 30,
2023 due to a provision of $1.4 million and $263,000, respectively,
for the 2023 periods compared to a provision of $835,000 and $1.3
million for the 2022 periods. The decrease for the nine month
periods was due primarily to a recovery on a commercial loan during
the second quarter of 2023. The increase in the provision for
credit losses for the 2023 three month period was due primarily to
loan portfolio growth as loan portfolio credit metrics continue to
improve and loan net charge-offs remain at a low level.
- Basic earnings per share for the
three and nine months ended September 30, 2023 were $0.31 and
$1.56, while the diluted earnings per share were $0.31 and $1.53
for the periods. Basic and diluted earnings per share for the three
and nine months ended September 30, 2022 were $0.74 and $1.83.
- Annualized return on average assets
was 0.41% for three months ended September 30, 2023, compared to
1.09% for the corresponding period of 2022. Annualized return on
average assets was 0.70% for the nine months ended September 30,
2023, compared to 0.89% for the corresponding period of 2022.
- Annualized return on average equity
was 5.06% for the three months ended September 30, 2023, compared
to 12.61% for the corresponding period of 2022. Annualized return
on average equity was 8.58% for the nine months ended September 30,
2023, compared to 10.48% 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 $2.3 million and $11.2 million for the three and nine
months ended September 30, 2023 compared to $5.4 million and
$13.2 million for the same periods of 2022. Basic core earnings per
share for the three and nine months ended September 30, 2023
was $0.33 and $1.59, while the diluted core earnings per share was
$0.32 and $1.55, compared to $0.77 and $1.87 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
0.43% and 5.26% for the three months ended September 30, 2023,
compared to 1.12% and 13.02% for the corresponding periods of 2022.
Core return on average assets and core return on average equity
were 0.71% and 8.69% for the nine months ended September 30, 2023
compared to 0.91% and 10.69% 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 nine
months ended September 30, 2023 was 2.65% and 2.82%, compared to
3.47% and 3.17% for the corresponding periods of 2022. The decrease
in the net interest margin for the three and nine month periods was
driven by an increase in the rate paid on interest-bearing
liabilities of 239 and 189 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 429 bps and 467 bps for the
three and nine month periods ended September 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 $2.4 million and $6.1 million in expense for the three
and nine month periods ended September 30, 2023 compared to the
same periods of 2022. The rate paid on interest-bearing deposits
increased 207 and 154 bps for the three and nine month periods
ended September 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 nine month periods ended September 30, 2023 compared to
the same periods of 2022 increased 328 bps and 259 bps,
respectively, as deposit gathering campaigns initiated in the
latter part of 2022 continued throughout 2023. In addition,
brokered deposits 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 increase 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 $276.8 million and $278.2 million for the three
and nine month periods, respectively, as the average yield on the
portfolio increased 87 and 76 bps for the same periods. The three
and nine month periods ended September 30, 2023 were impacted by an
increase of 113 and 101 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 $2.2 billion at
September 30, 2023, an increase of $271.4 million compared to
September 30, 2022. Net loans increased $260.1 million
to $1.8 billion at September 30, 2023 compared to
September 30, 2022, as an emphasis was placed on commercial
loan growth coupled with growth in indirect auto lending. The
investment portfolio increased $7.2 million from September 30,
2022 to September 30, 2023 as restricted investment in bank
stock increased $10.8 million resulting from the requirement to
hold additional stock in the Federal Home Loan Bank of Pittsburgh
("FHLB") due to an increase in the level of borrowings from the
FHLB. The increase in total borrowings of $277.7 million to $411.4
million at September 30, 2023 was utilized to provide funding for
the growth in the loan portfolio.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.20% at September 30, 2023 from 0.37% at
September 30, 2022, as non-performing loans decreased to $3.7
million at September 30, 2023 from $5.7 million at
September 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 $316,000 for the nine months
ended September 30, 2023 impacted the allowance for credit losses,
which was 0.71% of total loans at September 30, 2023 compared
to 0.97% at September 30, 2022 (prior to the adoption of CECL).
Deposits
Deposits decreased $23.1 million to $1.6 billion
at September 30, 2023 compared to September 30, 2022.
Noninterest-bearing deposits decreased $65.9 million to $471.5
million at September 30, 2023 compared to September 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 $42.7 million
from September 30, 2022 to September 30, 2023 primarily due to
increased utilization of brokered deposits of $101.2 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 commenced during the latter
part of 2022 and has continued during the first nine months of 2023
with current efforts centered on five to twelve months.
Shareholders’ Equity
Shareholders’ equity increased $10.1 million to
$174.5 million at September 30, 2023 compared to
September 30, 2022. During the three months ended
September 30, 2023 the Company sold 34,411 shares of common stock,
for net proceeds of $752,000, in a registered at-the-market
offering. An additional 8,349 shares for net proceeds of $200,000
were issued as part of the Dividend Reinvestment Plan during the
three months ended September 30, 2023. Accumulated other
comprehensive loss of $14.9 million at September 30, 2023 increased
from a loss of $14.6 million at September 30, 2022 as a result of a
$10.9 million net unrealized loss on available for sale securities
at September 30, 2023 compared to an unrealized loss of $11.1
million at September 30, 2022 coupled with an increase in loss of
$607,000 in the defined benefit plan obligation. The current level
of shareholders’ equity equates to a book value per share of $24.55
at September 30, 2023 compared to $23.32 at September 30,
2022, and an equity to asset ratio of 8.02% at September 30,
2023 and 8.63% at September 30, 2022. Dividends declared
for the nine months ended September 30, 2023 and 2022 were $0.96
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 Officer |
|
110 Reynolds
Street |
|
Williamsport, PA
17702 |
|
570-322-1111 |
e-mail: pwod@pwod.com |
PENNS WOODS
BANCORP, INC.CONSOLIDATED BALANCE
SHEET(UNAUDITED)
|
|
September 30, |
(In Thousands, Except Share and Per
Share Data) |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
26,651 |
|
|
$ |
24,418 |
|
|
9.14 |
% |
Interest-bearing balances in
other financial institutions |
|
|
8,939 |
|
|
|
12,444 |
|
|
(28.17 |
)% |
Total cash and cash equivalents |
|
|
35,590 |
|
|
|
36,862 |
|
|
(3.45 |
)% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
184,667 |
|
|
|
188,196 |
|
|
(1.88 |
)% |
Investment equity securities,
at fair value |
|
|
1,072 |
|
|
|
1,130 |
|
|
(5.13 |
)% |
Restricted investment in bank
stock, at fair value |
|
|
25,289 |
|
|
|
14,539 |
|
|
73.94 |
% |
Loans held for sale |
|
|
4,083 |
|
|
|
2,485 |
|
|
64.31 |
% |
Loans |
|
|
1,818,461 |
|
|
|
1,560,700 |
|
|
16.52 |
% |
Allowance for credit
losses |
|
|
(12,890 |
) |
|
|
(15,211 |
) |
|
(15.26 |
)% |
Loans, net |
|
|
1,805,571 |
|
|
|
1,545,489 |
|
|
16.83 |
% |
Premises and equipment,
net |
|
|
30,746 |
|
|
|
32,227 |
|
|
(4.60 |
)% |
Accrued interest
receivable |
|
|
10,500 |
|
|
|
8,647 |
|
|
21.43 |
% |
Bank-owned life insurance |
|
|
33,695 |
|
|
|
34,288 |
|
|
(1.73 |
)% |
Investment in limited
partnerships |
|
|
8,275 |
|
|
|
4,771 |
|
|
73.44 |
% |
Goodwill |
|
|
16,450 |
|
|
|
17,104 |
|
|
(3.82 |
)% |
Intangibles |
|
|
235 |
|
|
|
361 |
|
|
(34.90 |
)% |
Operating lease right of use
asset |
|
|
2,562 |
|
|
|
2,699 |
|
|
(5.08 |
)% |
Deferred tax asset |
|
|
6,961 |
|
|
|
7,187 |
|
|
(3.14 |
)% |
Other assets |
|
|
10,772 |
|
|
|
9,131 |
|
|
17.97 |
% |
TOTAL ASSETS |
|
$ |
2,176,468 |
|
|
$ |
1,905,116 |
|
|
14.24 |
% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,095,760 |
|
|
$ |
1,053,012 |
|
|
4.06 |
% |
Noninterest-bearing
deposits |
|
|
471,507 |
|
|
|
537,403 |
|
|
(12.26 |
)% |
Total deposits |
|
|
1,567,267 |
|
|
|
1,590,415 |
|
|
(1.46 |
)% |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
193,746 |
|
|
|
30,901 |
|
|
526.99 |
% |
Long-term borrowings |
|
|
217,645 |
|
|
|
102,829 |
|
|
111.66 |
% |
Accrued interest payable |
|
|
2,716 |
|
|
|
427 |
|
|
536.07 |
% |
Operating lease liability |
|
|
2,619 |
|
|
|
2,753 |
|
|
(4.87 |
)% |
Other liabilities |
|
|
17,935 |
|
|
|
13,302 |
|
|
34.83 |
% |
TOTAL LIABILITIES |
|
|
2,001,928 |
|
|
|
1,740,627 |
|
|
15.01 |
% |
|
|
|
|
|
|
|
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; 7,620,250 and 7,563,200 shares
issued; 7,110,025 and 7,052,975 shares outstanding |
|
|
42,335 |
|
|
|
42,019 |
|
|
0.75 |
% |
Additional paid-in
capital |
|
|
55,890 |
|
|
|
53,958 |
|
|
3.58 |
% |
Retained earnings |
|
|
104,067 |
|
|
|
95,896 |
|
|
8.52 |
% |
Accumulated other
comprehensive loss: |
|
|
|
|
|
|
Net unrealized loss on available for sale securities |
|
|
(10,886 |
) |
|
|
(11,125 |
) |
|
2.15 |
% |
Defined benefit plan |
|
|
(4,051 |
) |
|
|
(3,444 |
) |
|
(17.62 |
)% |
Treasury stock at cost,
510,225 |
|
|
(12,815 |
) |
|
|
(12,815 |
) |
|
— |
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
174,540 |
|
|
|
164,489 |
|
|
6.11 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,176,468 |
|
|
$ |
1,905,116 |
|
|
14.24 |
% |
PENNS WOODS
BANCORP, INC.CONSOLIDATED STATEMENT OF
INCOME(UNAUDITED)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(In Thousands, Except Share
and Per Share Data) |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
21,720 |
|
|
$ |
15,051 |
|
|
44.31 |
% |
|
$ |
59,571 |
|
|
$ |
41,709 |
|
|
42.83 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,365 |
|
|
|
949 |
|
|
43.84 |
% |
|
|
3,870 |
|
|
|
2,550 |
|
|
51.76 |
% |
Tax-exempt |
|
|
114 |
|
|
|
236 |
|
|
(51.69 |
)% |
|
|
410 |
|
|
|
594 |
|
|
(30.98 |
)% |
Dividend and other interest income |
|
|
722 |
|
|
|
628 |
|
|
14.97 |
% |
|
|
1,827 |
|
|
|
1,470 |
|
|
24.29 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
23,921 |
|
|
|
16,864 |
|
|
41.85 |
% |
|
|
65,678 |
|
|
|
46,323 |
|
|
41.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,463 |
|
|
|
693 |
|
|
832.61 |
% |
|
|
14,686 |
|
|
|
2,191 |
|
|
570.29 |
% |
Short-term borrowings |
|
|
2,412 |
|
|
|
26 |
|
|
n/m |
|
|
6,084 |
|
|
|
29 |
|
|
n/m |
Long-term borrowings |
|
|
1,714 |
|
|
|
613 |
|
|
179.61 |
% |
|
|
3,892 |
|
|
|
1,871 |
|
|
108.02 |
% |
TOTAL INTEREST EXPENSE |
|
|
10,589 |
|
|
|
1,332 |
|
|
694.97 |
% |
|
|
24,662 |
|
|
|
4,091 |
|
|
502.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
13,332 |
|
|
|
15,532 |
|
|
(14.16 |
)% |
|
|
41,016 |
|
|
|
42,232 |
|
|
(2.88 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan credit
losses |
|
|
1,331 |
|
|
|
855 |
|
|
55.67 |
% |
|
|
726 |
|
|
|
1,335 |
|
|
(45.62 |
)% |
Provision (recovery) for off
balance sheet credit exposures |
|
|
41 |
|
|
|
— |
|
|
n/a |
|
|
(463 |
) |
|
|
— |
|
|
n/a |
TOTAL PROVISION FOR CREDIT
LOSSES |
|
|
1,372 |
|
|
|
855 |
|
|
60.47 |
% |
|
|
263 |
|
|
|
1,335 |
|
|
(80.30 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES |
|
|
11,960 |
|
|
|
14,677 |
|
|
(18.51 |
)% |
|
|
40,753 |
|
|
|
40,897 |
|
|
(0.35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
545 |
|
|
|
559 |
|
|
(2.50 |
)% |
|
|
1,557 |
|
|
|
1,563 |
|
|
(0.38 |
)% |
Debt securities losses,
available for sale |
|
|
(78 |
) |
|
|
(156 |
) |
|
50.00 |
% |
|
|
(158 |
) |
|
|
(168 |
) |
|
5.95 |
% |
Net equity securities
losses |
|
|
(36 |
) |
|
|
(55 |
) |
|
34.55 |
% |
|
|
(35 |
) |
|
|
(158 |
) |
|
77.85 |
% |
Bank-owned life insurance |
|
|
170 |
|
|
|
170 |
|
|
— |
% |
|
|
892 |
|
|
|
501 |
|
|
78.04 |
% |
Gain on sale of loans |
|
|
290 |
|
|
|
294 |
|
|
(1.36 |
)% |
. |
|
765 |
|
|
|
905 |
|
|
(15.47 |
)% |
Insurance commissions |
|
|
136 |
|
|
|
109 |
|
|
24.77 |
% |
|
|
416 |
|
|
|
386 |
|
|
7.77 |
% |
Brokerage commissions |
|
|
142 |
|
|
|
142 |
|
|
— |
% |
|
|
448 |
|
|
|
500 |
|
|
(10.40 |
)% |
Loan broker income |
|
|
241 |
|
|
|
438 |
|
|
(44.98 |
)% |
|
|
728 |
|
|
|
1,350 |
|
|
(46.07 |
)% |
Debit card income |
|
|
320 |
|
|
|
344 |
|
|
(6.98 |
)% |
|
|
995 |
|
|
|
1,080 |
|
|
(7.87 |
)% |
Other |
|
|
145 |
|
|
|
238 |
|
|
(39.08 |
)% |
|
|
546 |
|
|
|
673 |
|
|
(18.87 |
)% |
TOTAL NON-INTEREST INCOME |
|
|
1,875 |
|
|
|
2,083 |
|
|
(9.99 |
)% |
|
|
6,154 |
|
|
|
6,632 |
|
|
(7.21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
6,290 |
|
|
|
6,016 |
|
|
4.55 |
% |
|
|
18,778 |
|
|
|
18,421 |
|
|
1.94 |
% |
Occupancy |
|
|
784 |
|
|
|
730 |
|
|
7.40 |
% |
|
|
2,422 |
|
|
|
2,380 |
|
|
1.76 |
% |
Furniture and equipment |
|
|
867 |
|
|
|
816 |
|
|
6.25 |
% |
|
|
2,503 |
|
|
|
2,454 |
|
|
2.00 |
% |
Software amortization |
|
|
237 |
|
|
|
188 |
|
|
26.06 |
% |
|
|
593 |
|
|
|
660 |
|
|
(10.15 |
)% |
Pennsylvania shares tax |
|
|
280 |
|
|
|
334 |
|
|
(16.17 |
)% |
|
|
807 |
|
|
|
1,119 |
|
|
(27.88 |
)% |
Professional fees |
|
|
719 |
|
|
|
626 |
|
|
14.86 |
% |
|
|
2,313 |
|
|
|
1,746 |
|
|
32.47 |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
425 |
|
|
|
260 |
|
|
63.46 |
% |
|
|
1,122 |
|
|
|
690 |
|
|
62.61 |
% |
Marketing |
|
|
167 |
|
|
|
151 |
|
|
10.60 |
% |
|
|
594 |
|
|
|
435 |
|
|
36.55 |
% |
Intangible amortization |
|
|
25 |
|
|
|
34 |
|
|
(26.47 |
)% |
|
|
92 |
|
|
|
119 |
|
|
(22.69 |
)% |
Other |
|
|
1,378 |
|
|
|
1,165 |
|
|
18.28 |
% |
|
|
4,275 |
|
|
|
3,723 |
|
|
14.83 |
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
11,172 |
|
|
|
10,320 |
|
|
8.26 |
% |
|
|
33,499 |
|
|
|
31,747 |
|
|
5.52 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
2,663 |
|
|
|
6,440 |
|
|
(58.65 |
)% |
|
|
13,408 |
|
|
|
15,782 |
|
|
(15.04 |
)% |
INCOME TAX PROVISION |
|
|
439 |
|
|
|
1,190 |
|
|
(63.11 |
)% |
|
|
2,355 |
|
|
|
2,869 |
|
|
(17.92 |
)% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
2,224 |
|
|
$ |
5,250 |
|
|
(57.64 |
)% |
|
$ |
11,053 |
|
|
$ |
12,913 |
|
|
(14.40 |
)% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.31 |
|
|
$ |
0.74 |
|
|
(58.11 |
)% |
|
$ |
1.56 |
|
|
$ |
1.83 |
|
|
(14.75 |
)% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.31 |
|
|
$ |
0.74 |
|
|
(58.11 |
)% |
|
$ |
1.53 |
|
|
$ |
1.83 |
|
|
(16.39 |
)% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,072,440 |
|
|
|
7,051,228 |
|
|
0.30 |
% |
|
|
7,064,336 |
|
|
|
7,060,871 |
|
|
0.05 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,228,940 |
|
|
|
7,051,228 |
|
|
2.52 |
% |
|
|
7,220,836 |
|
|
|
7,060,871 |
|
|
2.27 |
% |
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Three Months Ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
68,243 |
|
$ |
462 |
|
2.69 |
% |
|
$ |
58,735 |
|
$ |
394 |
|
2.66 |
% |
All other loans |
|
|
1,730,669 |
|
|
21,355 |
|
4.90 |
% |
|
|
1,463,330 |
|
|
14,740 |
|
4.00 |
% |
Total loans (2) |
|
|
1,798,912 |
|
|
21,817 |
|
4.81 |
% |
|
|
1,522,065 |
|
|
15,134 |
|
3.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
— |
|
|
— |
|
— |
% |
|
|
33,641 |
|
|
218 |
|
2.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
193,019 |
|
|
1,945 |
|
4.09 |
% |
|
|
159,721 |
|
|
1,158 |
|
2.94 |
% |
Tax-exempt securities (3) |
|
|
20,777 |
|
|
144 |
|
2.81 |
% |
|
|
49,177 |
|
|
299 |
|
2.47 |
% |
Total securities |
|
|
213,796 |
|
|
2,089 |
|
3.96 |
% |
|
|
208,898 |
|
|
1,457 |
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial institutions |
|
|
11,868 |
|
|
142 |
|
4.75 |
% |
|
|
34,202 |
|
|
201 |
|
2.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
2,024,576 |
|
|
24,048 |
|
4.72 |
% |
|
|
1,798,806 |
|
|
17,010 |
|
3.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
131,451 |
|
|
|
|
|
|
130,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,156,027 |
|
|
|
|
|
$ |
1,929,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
225,357 |
|
|
181 |
|
0.32 |
% |
|
$ |
249,083 |
|
|
26 |
|
0.04 |
% |
Super Now deposits |
|
|
244,387 |
|
|
1,174 |
|
1.91 |
% |
|
|
405,173 |
|
|
287 |
|
0.28 |
% |
Money market deposits |
|
|
294,006 |
|
|
1,862 |
|
2.51 |
% |
|
|
287,660 |
|
|
200 |
|
0.28 |
% |
Time deposits |
|
|
342,450 |
|
|
3,246 |
|
3.76 |
% |
|
|
148,968 |
|
|
180 |
|
0.48 |
% |
Total interest-bearing
deposits |
|
|
1,106,200 |
|
|
6,463 |
|
2.32 |
% |
|
|
1,090,884 |
|
|
693 |
|
0.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
173,364 |
|
|
2,412 |
|
5.52 |
% |
|
|
8,062 |
|
|
26 |
|
1.23 |
% |
Long-term borrowings |
|
|
204,901 |
|
|
1,714 |
|
3.32 |
% |
|
|
109,269 |
|
|
613 |
|
2.23 |
% |
Total borrowings |
|
|
378,265 |
|
|
4,126 |
|
4.33 |
% |
|
|
117,331 |
|
|
639 |
|
2.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,484,465 |
|
|
10,589 |
|
2.83 |
% |
|
|
1,208,215 |
|
|
1,332 |
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
471,494 |
|
|
|
|
|
|
533,681 |
|
|
|
|
Other liabilities |
|
|
24,193 |
|
|
|
|
|
|
21,008 |
|
|
|
|
Shareholders’ equity |
|
|
175,875 |
|
|
|
|
|
|
166,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,156,027 |
|
|
|
|
|
$ |
1,929,382 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
1.89 |
% |
|
|
|
|
|
3.32 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
13,459 |
|
2.65 |
% |
|
|
|
$ |
15,678 |
|
3.47 |
% |
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 September 30, |
|
|
|
2023 |
|
|
2022 |
Total interest income |
|
$ |
23,921 |
|
$ |
16,864 |
Total interest expense |
|
|
10,589 |
|
|
1,332 |
Net interest income
(GAAP) |
|
|
13,332 |
|
|
15,532 |
Tax equivalent adjustment |
|
|
127 |
|
|
146 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
13,459 |
|
$ |
15,678 |
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
66,372 |
|
$ |
1,371 |
|
2.76 |
% |
|
$ |
53,269 |
|
$ |
1,033 |
|
2.59 |
% |
All other loans |
|
|
1,668,596 |
|
|
58,488 |
|
4.69 |
% |
|
|
1,403,504 |
|
|
40,893 |
|
3.90 |
% |
Total loans (2) |
|
|
1,734,968 |
|
|
59,859 |
|
4.61 |
% |
|
|
1,456,773 |
|
|
41,926 |
|
3.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
— |
|
|
— |
|
— |
% |
|
|
43,938 |
|
|
465 |
|
1.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
188,477 |
|
|
5,331 |
|
3.78 |
% |
|
|
152,937 |
|
|
3,126 |
|
2.76 |
% |
Tax-exempt securities (3) |
|
|
25,837 |
|
|
519 |
|
2.69 |
% |
|
|
45,357 |
|
|
752 |
|
2.24 |
% |
Total securities |
|
|
214,314 |
|
|
5,850 |
|
3.65 |
% |
|
|
198,294 |
|
|
3,878 |
|
2.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial institutions |
|
|
10,619 |
|
|
366 |
|
4.61 |
% |
|
|
97,520 |
|
|
429 |
|
0.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,959,901 |
|
|
66,075 |
|
4.41 |
% |
|
|
1,796,525 |
|
|
46,698 |
|
3.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
132,133 |
|
|
|
|
|
|
129,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,092,034 |
|
|
|
|
|
$ |
1,925,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
233,784 |
|
|
456 |
|
0.26 |
% |
|
$ |
246,063 |
|
|
72 |
|
0.04 |
% |
Super Now deposits |
|
|
293,636 |
|
|
3,026 |
|
1.38 |
% |
|
|
388,149 |
|
|
721 |
|
0.25 |
% |
Money market deposits |
|
|
292,490 |
|
|
4,807 |
|
2.20 |
% |
|
|
296,998 |
|
|
596 |
|
0.27 |
% |
Time deposits |
|
|
264,855 |
|
|
6,397 |
|
3.23 |
% |
|
|
167,876 |
|
|
802 |
|
0.64 |
% |
Total interest-bearing
deposits |
|
|
1,084,765 |
|
|
14,686 |
|
1.81 |
% |
|
|
1,099,086 |
|
|
2,191 |
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
155,136 |
|
|
6,084 |
|
5.26 |
% |
|
|
6,308 |
|
|
29 |
|
0.59 |
% |
Long-term borrowings |
|
|
169,276 |
|
|
3,892 |
|
3.07 |
% |
|
|
112,457 |
|
|
1,871 |
|
2.22 |
% |
Total borrowings |
|
|
324,412 |
|
|
9,976 |
|
4.12 |
% |
|
|
118,765 |
|
|
1,900 |
|
2.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,409,177 |
|
|
24,662 |
|
2.34 |
% |
|
|
1,217,851 |
|
|
4,091 |
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
484,662 |
|
|
|
|
|
|
519,599 |
|
|
|
|
Other liabilities |
|
|
26,334 |
|
|
|
|
|
|
23,814 |
|
|
|
|
Shareholders’ equity |
|
|
171,861 |
|
|
|
|
|
|
164,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,092,034 |
|
|
|
|
|
$ |
1,925,573 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
2.07 |
% |
|
|
|
|
|
3.03 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
41,413 |
|
2.82 |
% |
|
|
|
$ |
42,607 |
|
3.17 |
% |
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%
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
Total interest income |
|
$ |
65,678 |
|
$ |
46,323 |
Total interest expense |
|
|
24,662 |
|
|
4,091 |
Net interest income |
|
|
41,016 |
|
|
42,232 |
Tax equivalent adjustment |
|
|
397 |
|
|
375 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
41,413 |
|
$ |
42,607 |
(Dollars in Thousands, Except
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,224 |
|
|
$ |
4,171 |
|
|
$ |
4,658 |
|
|
$ |
4,509 |
|
|
$ |
5,250 |
|
Net interest income |
|
|
13,332 |
|
|
|
13,386 |
|
|
|
14,298 |
|
|
|
15,548 |
|
|
|
15,532 |
|
Provision (recovery) for credit losses |
|
|
1,372 |
|
|
|
(1,180 |
) |
|
|
71 |
|
|
|
575 |
|
|
|
855 |
|
Net security losses |
|
|
(114 |
) |
|
|
(39 |
) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
(211 |
) |
Non-interest income, excluding net security losses |
|
|
1,989 |
|
|
|
2,061 |
|
|
|
2,297 |
|
|
|
2,120 |
|
|
|
2,294 |
|
Non-interest expense |
|
|
11,172 |
|
|
|
11,429 |
|
|
|
10,898 |
|
|
|
11,251 |
|
|
|
10,320 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.65 |
% |
|
|
2.77 |
% |
|
|
3.10 |
% |
|
|
3.42 |
% |
|
|
3.47 |
% |
Annualized return on average assets |
|
|
0.41 |
% |
|
|
0.80 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
|
|
1.09 |
% |
Annualized return on average equity |
|
|
5.06 |
% |
|
|
9.53 |
% |
|
|
11.12 |
% |
|
|
10.92 |
% |
|
|
12.61 |
% |
Annualized net loan charge-offs (recoveries) to average loans |
|
|
0.01 |
% |
|
(0.11 |
)% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
Net charge-offs (recoveries) |
|
|
33 |
|
|
|
(472 |
) |
|
|
123 |
|
|
|
149 |
|
|
|
37 |
|
Efficiency ratio |
|
|
72.76 |
% |
|
|
73.78 |
% |
|
|
65.46 |
% |
|
|
59.79 |
% |
|
|
57.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.31 |
|
|
$ |
0.59 |
|
|
$ |
0.66 |
|
|
$ |
0.64 |
|
|
$ |
0.74 |
|
Diluted earnings per share |
|
|
0.31 |
|
|
|
0.59 |
|
|
|
0.64 |
|
|
|
0.64 |
|
|
|
0.74 |
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
24.55 |
|
|
|
24.70 |
|
|
|
24.64 |
|
|
|
23.76 |
|
|
|
23.32 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
27.17 |
|
|
|
27.34 |
|
|
|
27.77 |
|
|
|
26.89 |
|
|
|
24.29 |
|
Low |
|
|
20.70 |
|
|
|
21.95 |
|
|
|
21.90 |
|
|
|
23.15 |
|
|
|
22.02 |
|
Close |
|
|
21.08 |
|
|
|
25.03 |
|
|
|
23.10 |
|
|
|
26.62 |
|
|
|
22.91 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,072 |
|
|
|
7,062 |
|
|
|
7,058 |
|
|
|
7,055 |
|
|
|
7,051 |
|
Fully Diluted |
|
|
7,229 |
|
|
|
7,062 |
|
|
|
7,334 |
|
|
|
7,055 |
|
|
|
7,051 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,620 |
|
|
|
7,574 |
|
|
|
7,570 |
|
|
|
7,567 |
|
|
|
7,563 |
|
Treasury |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
(Dollars in Thousands) |
|
Quarter Ended |
|
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,176,468 |
|
|
$ |
2,135,319 |
|
|
$ |
2,065,143 |
|
|
$ |
2,000,080 |
|
|
$ |
1,905,116 |
|
Loans, net |
|
|
1,805,571 |
|
|
|
1,757,811 |
|
|
|
1,688,289 |
|
|
|
1,624,094 |
|
|
|
1,545,489 |
|
Goodwill |
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
|
17,104 |
|
Intangibles |
|
|
235 |
|
|
|
260 |
|
|
|
292 |
|
|
|
327 |
|
|
|
361 |
|
Total deposits |
|
|
1,567,267 |
|
|
|
1,553,757 |
|
|
|
1,638,835 |
|
|
|
1,556,460 |
|
|
|
1,590,415 |
|
Noninterest-bearing |
|
|
471,507 |
|
|
|
475,937 |
|
|
|
502,352 |
|
|
|
519,063 |
|
|
|
537,403 |
|
Savings |
|
|
226,897 |
|
|
|
229,108 |
|
|
|
239,526 |
|
|
|
247,952 |
|
|
|
249,532 |
|
NOW |
|
|
220,730 |
|
|
|
238,353 |
|
|
|
363,548 |
|
|
|
372,574 |
|
|
|
392,140 |
|
Money Market |
|
|
291,889 |
|
|
|
296,957 |
|
|
|
300,273 |
|
|
|
270,589 |
|
|
|
268,532 |
|
Time Deposits |
|
|
249,550 |
|
|
|
226,224 |
|
|
|
191,203 |
|
|
|
137,949 |
|
|
|
137,348 |
|
Brokered Deposits |
|
|
106,694 |
|
|
|
87,178 |
|
|
|
41,933 |
|
|
|
8,333 |
|
|
|
5,460 |
|
Total interest-bearing deposits |
|
|
1,095,760 |
|
|
|
1,077,820 |
|
|
|
1,136,483 |
|
|
|
1,037,397 |
|
|
|
1,053,012 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,211,023 |
|
|
|
1,240,355 |
|
|
|
1,405,699 |
|
|
|
1,410,178 |
|
|
|
1,447,607 |
|
Shareholders’ equity |
|
|
174,540 |
|
|
|
174,402 |
|
|
|
173,970 |
|
|
|
167,665 |
|
|
|
164,489 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
3,683 |
|
|
$ |
4,276 |
|
|
$ |
4,766 |
|
|
$ |
4,890 |
|
|
$ |
5,743 |
|
Non-performing loans to total assets |
|
|
0.17 |
% |
|
|
0.20 |
% |
|
|
0.23 |
% |
|
|
0.24 |
% |
|
|
0.30 |
% |
Allowance for loan losses |
|
|
12,890 |
|
|
|
11,592 |
|
|
|
11,734 |
|
|
|
15,637 |
|
|
|
15,211 |
|
Allowance for loan losses to total loans |
|
|
0.71 |
% |
|
|
0.66 |
% |
|
|
0.69 |
% |
|
|
0.95 |
% |
|
|
0.97 |
% |
Allowance for loan losses to non-performing loans |
|
|
349.99 |
% |
|
|
271.09 |
% |
|
|
246.20 |
% |
|
|
319.78 |
% |
|
|
264.86 |
% |
Non-performing loans to total loans |
|
|
0.20 |
% |
|
|
0.24 |
% |
|
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
8.02 |
% |
|
|
8.17 |
% |
|
|
8.42 |
% |
|
|
8.40 |
% |
|
|
8.63 |
% |
* 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 September 30, |
|
Nine Months Ended September 30, |
(Dollars in Thousands, Except Per Share Data) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net income |
|
$ |
2,224 |
|
|
$ |
5,250 |
|
|
$ |
11,053 |
|
|
$ |
12,913 |
|
Net securities losses, net of
tax |
|
|
90 |
|
|
|
167 |
|
|
|
152 |
|
|
|
258 |
|
Non-GAAP core earnings |
|
$ |
2,314 |
|
|
$ |
5,417 |
|
|
$ |
11,205 |
|
|
$ |
13,171 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Return on average assets
(ROA) |
|
|
0.41 |
% |
|
|
1.09 |
% |
|
|
0.70 |
% |
|
|
0.89 |
% |
Net securities losses, net of
tax |
|
|
0.02 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
Non-GAAP core ROA |
|
|
0.43 |
% |
|
|
1.12 |
% |
|
|
0.71 |
% |
|
|
0.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Return on average equity
(ROE) |
|
|
5.06 |
% |
|
|
12.61 |
% |
|
|
8.58 |
% |
|
|
10.48 |
% |
Net securities losses, net of
tax |
|
|
0.20 |
% |
|
|
0.41 |
% |
|
|
0.11 |
% |
|
|
0.21 |
% |
Non-GAAP core ROE |
|
|
5.26 |
% |
|
|
13.02 |
% |
|
|
8.69 |
% |
|
|
10.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Basic earnings per share
(EPS) |
|
$ |
0.31 |
|
|
$ |
0.74 |
|
|
$ |
1.56 |
|
|
$ |
1.83 |
|
Net securities losses, net of
tax |
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Non-GAAP basic core EPS |
|
$ |
0.33 |
|
|
$ |
0.77 |
|
|
$ |
1.59 |
|
|
$ |
1.87 |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Diluted EPS |
|
$ |
0.31 |
|
|
$ |
0.74 |
|
|
$ |
1.53 |
|
|
$ |
1.83 |
|
Net securities losses, net of
tax |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.04 |
|
Non-GAAP diluted core EPS |
|
$ |
0.32 |
|
|
$ |
0.77 |
|
|
$ |
1.55 |
|
|
$ |
1.87 |
|
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