Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $12.9 million for the nine months ended September 30,
2022, resulting in basic and diluted earnings per share of
$1.83.
Highlights
- Net income, as reported under GAAP,
for the three and nine months ended September 30, 2022 was
$5.3 million and $12.9 million, respectively, compared to $4.1
million and $11.2 million for the same periods of 2021. Results for
the three and nine months ended September 30, 2022 compared to
2021 were impacted by an increase in after-tax securities losses of
$199,000 (from a gain of $32,000 to a loss of $167,000) for the
three month period and an increase in after-tax securities losses
of $494,000 (from a gain of $236,000 to a loss of $258,000) for the
nine month period. Results for the nine months ended September 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 nine months ended September 30, 2022.
- The provision for loan losses
increased $780,000 for the three months and $395,000 for the nine
months ended September 30, 2022 to $855,000 and $1.3 million,
respectively, compared to $75,000 and $940,000 for the 2021
periods. The increases in the provision for loan losses were
primarily due to the significant growth in the loan portfolio.
- Basic and diluted earnings per
share for the three and nine months ended September 30, 2022 were
$0.74 and $1.83. Basic and diluted earnings per share for the three
and nine months ended September 30, 2021 were $0.58 and $1.58.
- Annualized return on average assets
was 1.09% for three months ended September 30, 2022, compared to
0.86% for the corresponding period of 2021. Annualized return on
average assets was 0.89% for the nine months ended September 30,
2022, compared to 0.79% for the corresponding period of 2021.
- Annualized return on average equity
was 12.61% for the three months ended September 30, 2022, compared
to 9.85% for the corresponding period of 2021. Annualized return on
average equity was 10.48% for the nine months ended September 30,
2022, compared to 9.17% 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 $5.4 million for the three months ended
September 30, 2022 compared to $4.1 million for the same
period of 2021. Core earnings were $13.2 million for the nine
months ended September 30, 2022, compared to $10.9 million for the
same period of 2021. Core earnings per share for the three months
ended September 30, 2022 were $0.77 basic and diluted,
compared to $0.58 basic and diluted core earnings per share for the
same period of 2021. Core earnings per share for the nine months
ended September 30, 2022 were $1.87 basic and diluted, compared to
$1.55 basic and diluted for the same period of 2021. Core return on
average assets and core return on average equity were 1.12% and
13.02% for the three months ended September 30, 2022, compared to
0.86% and 9.78% for the corresponding period of 2021. Core return
on average assets and core return on average equity were 0.91% and
10.69% for the nine months ended September 30, 2022 compared to
0.77% and 8.98% for the corresponding period of 2021. Core earnings
for the nine months ended September 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
along with 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 nine
months ended September 30, 2022 was 3.47% and 3.17%, compared to
2.85% and 2.84% for the corresponding periods of 2021. The increase
in the net interest margin for the three and nine month periods was
driven by a decline in the rate paid on interest-bearing deposits
of 23 and 29 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 84 and 91 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 nine months ended
September 30, 2022 in comparison to the same periods of 2021, there
was an increase in rate on federal funds sold of 186 and 70 bps,
respectively, while the rate on interest bearing deposits increased
218 and 48 bps. The three month period ended September 30, 2022 was
impacted by an increase of 18 bps in the yield earned on the
securities portfolio as legacy securities matured with the funds
reinvested at higher rates.
Assets
Total assets decreased $5.7 million to $1.9
billion at September 30, 2022 compared to September 30,
2021. Cash and cash equivalents decreased $244.8 million as
interest-bearing accounts in other financial institutions decreased
$193.7 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 $212.8 million to $1.5 billion at
September 30, 2022 compared to September 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 $21.2 million from
September 30, 2021 to September 30, 2022 as a portion of
the excess cash liquidity was invested primarily into short and
medium-term municipal bonds with a maturity of 10 years or
less.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.37% at September 30, 2022 from 0.58% at
September 30, 2021 as non-performing loans have decreased to
$5.7 million at September 30, 2022 from $7.8 million at
September 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 $300,000
for the nine months ended September 30, 2022 impacted the allowance
for loan losses, which was 0.97% of total loans at
September 30, 2022 compared to 1.08% at September 30,
2021.
Deposits
Deposits decreased $2.6 million to $1.6 billion
at September 30, 2022 compared to September 30, 2021.
Noninterest-bearing deposits increased $55.5 million to $537.4
million at September 30, 2022 compared to September 30,
2021. Driving core 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 $58.1 million due to the
maturity of higher cost time deposits.
Shareholders’ Equity
Shareholders’ equity decreased $4.0 million to
$164.5 million at September 30, 2022 compared to
September 30, 2021. Accumulated other comprehensive loss
of $14.6 million at September 30, 2022 increased from a loss of
$2.0 million at September 30, 2021 as a result of a $11.1 million
net unrealized loss on available for sale securities at September
30, 2022 compared to an unrealized gain of $3.5 million at
September 30, 2021 coupled with a decrease in loss of $2.0 million
in the defined benefit plan obligation. The current level of
shareholders’ equity equates to a book value per share of $23.32 at
September 30, 2022 compared to $23.84 at September 30,
2021, and an equity to asset ratio of 8.63% at September 30,
2022 and 8.82% at September 30, 2021. Dividends declared
for the nine months ended September 30, 2022 and 2021 were $0.96
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) |
|
|
|
|
|
September 30, |
(In Thousands, Except Share and Per
Share Data) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
24,418 |
|
|
$ |
35,523 |
|
|
(31.26 |
)% |
Interest-bearing balances in
other financial institutions |
|
|
12,444 |
|
|
|
206,124 |
|
|
(93.96 |
)% |
Federal funds sold |
|
|
— |
|
|
|
40,000 |
|
|
(100.00 |
)% |
Total cash and cash equivalents |
|
|
36,862 |
|
|
|
281,647 |
|
|
(86.91 |
)% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
188,196 |
|
|
|
166,760 |
|
|
12.85 |
% |
Investment equity securities,
at fair value |
|
|
1,130 |
|
|
|
1,303 |
|
|
(13.28 |
)% |
Restricted investment in bank
stock, at fair value |
|
|
14,539 |
|
|
|
14,649 |
|
|
(0.75 |
)% |
Loans held for sale |
|
|
2,485 |
|
|
|
3,246 |
|
|
(23.44 |
)% |
Loans |
|
|
1,560,700 |
|
|
|
1,347,225 |
|
|
15.85 |
% |
Allowance for loan losses |
|
|
(15,211 |
) |
|
|
(14,557 |
) |
|
4.49 |
% |
Loans, net |
|
|
1,545,489 |
|
|
|
1,332,668 |
|
|
15.97 |
% |
Premises and equipment,
net |
|
|
32,227 |
|
|
|
34,434 |
|
|
(6.41 |
)% |
Accrued interest
receivable |
|
|
8,647 |
|
|
|
8,529 |
|
|
1.38 |
% |
Bank-owned life insurance |
|
|
34,288 |
|
|
|
33,836 |
|
|
1.34 |
% |
Investment in limited
partnerships |
|
|
4,771 |
|
|
|
5,014 |
|
|
(4.85 |
)% |
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
— |
% |
Intangibles |
|
|
361 |
|
|
|
524 |
|
|
(31.11 |
)% |
Operating lease right of use
asset |
|
|
2,699 |
|
|
|
2,899 |
|
|
(6.90 |
)% |
Deferred tax asset |
|
|
7,187 |
|
|
|
4,049 |
|
|
77.50 |
% |
Other assets |
|
|
9,131 |
|
|
|
4,129 |
|
|
121.14 |
% |
TOTAL ASSETS |
|
$ |
1,905,116 |
|
|
$ |
1,910,791 |
|
|
(0.30 |
)% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,053,012 |
|
|
$ |
1,111,144 |
|
|
(5.23 |
)% |
Noninterest-bearing
deposits |
|
|
537,403 |
|
|
|
481,875 |
|
|
11.52 |
% |
Total deposits |
|
|
1,590,415 |
|
|
|
1,593,019 |
|
|
(0.16 |
)% |
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
30,901 |
|
|
|
9,404 |
|
|
228.59 |
% |
Long-term borrowings |
|
|
102,829 |
|
|
|
126,007 |
|
|
(18.39 |
)% |
Accrued interest payable |
|
|
427 |
|
|
|
828 |
|
|
(48.43 |
)% |
Operating lease liability |
|
|
2,753 |
|
|
|
2,947 |
|
|
(6.58 |
)% |
Other liabilities |
|
|
13,302 |
|
|
|
10,105 |
|
|
31.64 |
% |
TOTAL LIABILITIES |
|
|
1,740,627 |
|
|
|
1,742,310 |
|
|
(0.10 |
)% |
|
|
|
|
|
|
|
|
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; 7,563,200 and 7,545,922 shares
issued; 7,052,975 and 7,065,697 shares outstanding |
|
|
42,019 |
|
|
|
41,921 |
|
|
0.23 |
% |
Additional paid-in
capital |
|
|
53,958 |
|
|
|
53,508 |
|
|
0.84 |
% |
Retained earnings |
|
|
95,896 |
|
|
|
87,146 |
|
|
10.04 |
% |
Accumulated other
comprehensive (loss) gain: |
|
|
|
|
|
|
|
|
|
|
|
Net unrealized (loss) gain on available for sale securities |
|
|
(11,125 |
) |
|
|
3,504 |
|
|
(417.49 |
)% |
Defined benefit plan |
|
|
(3,444 |
) |
|
|
(5,486 |
) |
|
37.22 |
% |
Treasury stock at cost,
510,225 and 480,225 |
|
|
(12,815 |
) |
|
|
(12,115 |
) |
|
5.78 |
% |
TOTAL PENNS WOODS BANCORP,
INC. SHAREHOLDERS' EQUITY |
|
|
164,489 |
|
|
|
168,478 |
|
|
(2.37 |
)% |
Non-controlling interest |
|
|
— |
|
|
|
3 |
|
|
(100.00 |
)% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
164,489 |
|
|
|
168,481 |
|
|
(2.37 |
)% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,905,116 |
|
|
$ |
1,910,791 |
|
|
(0.30 |
)% |
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) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
15,051 |
|
|
$ |
13,382 |
|
|
12.47 |
% |
|
$ |
41,709 |
|
|
$ |
39,826 |
|
|
4.73 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
949 |
|
|
|
834 |
|
|
13.79 |
% |
|
|
2,550 |
|
|
|
2,491 |
|
|
2.37 |
% |
Tax-exempt |
|
|
236 |
|
|
|
160 |
|
|
47.50 |
% |
|
|
594 |
|
|
|
495 |
|
|
20.00 |
% |
Dividend and other interest income |
|
|
628 |
|
|
|
338 |
|
|
85.80 |
% |
|
|
1,470 |
|
|
|
903 |
|
|
62.79 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
16,864 |
|
|
|
14,714 |
|
|
14.61 |
% |
|
|
46,323 |
|
|
|
43,715 |
|
|
5.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
693 |
|
|
|
1,308 |
|
|
(47.02 |
)% |
|
|
2,191 |
|
|
|
4,481 |
|
|
(51.10 |
)% |
Short-term borrowings |
|
|
26 |
|
|
|
3 |
|
|
766.67 |
% |
|
|
29 |
|
|
|
7 |
|
|
314.29 |
% |
Long-term borrowings |
|
|
613 |
|
|
|
771 |
|
|
(20.49 |
)% |
|
|
1,871 |
|
|
|
2,430 |
|
|
(23.00 |
)% |
TOTAL INTEREST EXPENSE |
|
|
1,332 |
|
|
|
2,082 |
|
|
(36.02 |
)% |
|
|
4,091 |
|
|
|
6,918 |
|
|
(40.86 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
15,532 |
|
|
|
12,632 |
|
|
22.96 |
% |
|
|
42,232 |
|
|
|
36,797 |
|
|
14.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
855 |
|
|
|
75 |
|
|
1,040.00 |
% |
|
|
1,335 |
|
|
|
940 |
|
|
42.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
|
14,677 |
|
|
|
12,557 |
|
|
16.88 |
% |
|
|
40,897 |
|
|
|
35,857 |
|
|
14.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
559 |
|
|
|
456 |
|
|
22.59 |
% |
|
|
1,563 |
|
|
|
1,218 |
|
|
28.33 |
% |
Debt securities (losses)
gains, available for sale |
|
|
(156 |
) |
|
|
48 |
|
|
(425.00 |
)% |
|
|
(168 |
) |
|
|
323 |
|
|
(152.01 |
)% |
Net equity securities
losses |
|
|
(55 |
) |
|
|
(8 |
) |
|
(587.50 |
)% |
|
|
(158 |
) |
|
|
(24 |
) |
|
(558.33 |
)% |
Bank-owned life insurance |
|
|
170 |
|
|
|
279 |
|
|
(39.07 |
)% |
|
|
501 |
|
|
|
614 |
|
|
(18.40 |
)% |
Gain on sale of loans |
|
|
294 |
|
|
|
456 |
|
|
(35.53 |
)% |
. |
|
905 |
|
|
|
2,034 |
|
|
(55.51 |
)% |
Insurance commissions |
|
|
109 |
|
|
|
129 |
|
|
(15.50 |
)% |
|
|
386 |
|
|
|
436 |
|
|
(11.47 |
)% |
Brokerage commissions |
|
|
142 |
|
|
|
237 |
|
|
(40.08 |
)% |
|
|
500 |
|
|
|
663 |
|
|
(24.59 |
)% |
Loan broker income |
|
|
438 |
|
|
|
772 |
|
|
(43.26 |
)% |
|
|
1,350 |
|
|
|
1,449 |
|
|
(6.83 |
)% |
Debit card income |
|
|
344 |
|
|
|
388 |
|
|
(11.34 |
)% |
|
|
1,080 |
|
|
|
1,166 |
|
|
(7.38 |
)% |
Other |
|
|
238 |
|
|
|
194 |
|
|
22.68 |
% |
|
|
673 |
|
|
|
595 |
|
|
13.11 |
% |
TOTAL NON-INTEREST INCOME |
|
|
2,083 |
|
|
|
2,951 |
|
|
(29.41 |
)% |
|
|
6,632 |
|
|
|
8,474 |
|
|
(21.74 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
6,016 |
|
|
|
5,837 |
|
|
3.07 |
% |
|
|
18,421 |
|
|
|
17,107 |
|
|
7.68 |
% |
Occupancy |
|
|
730 |
|
|
|
745 |
|
|
(2.01 |
)% |
|
|
2,380 |
|
|
|
2,438 |
|
|
(2.38 |
)% |
Furniture and equipment |
|
|
816 |
|
|
|
883 |
|
|
(7.59 |
)% |
|
|
2,454 |
|
|
|
2,663 |
|
|
(7.85 |
)% |
Software amortization |
|
|
188 |
|
|
|
226 |
|
|
(16.81 |
)% |
|
|
660 |
|
|
|
632 |
|
|
4.43 |
% |
Pennsylvania shares tax |
|
|
334 |
|
|
|
373 |
|
|
(10.46 |
)% |
|
|
1,119 |
|
|
|
1,097 |
|
|
2.01 |
% |
Professional fees |
|
|
626 |
|
|
|
615 |
|
|
1.79 |
% |
|
|
1,746 |
|
|
|
1,882 |
|
|
(7.23 |
)% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
260 |
|
|
|
220 |
|
|
18.18 |
% |
|
|
690 |
|
|
|
705 |
|
|
(2.13 |
)% |
Marketing |
|
|
151 |
|
|
|
231 |
|
|
(34.63 |
)% |
|
|
435 |
|
|
|
434 |
|
|
0.23 |
% |
Intangible amortization |
|
|
34 |
|
|
|
44 |
|
|
(22.73 |
)% |
|
|
119 |
|
|
|
147 |
|
|
(19.05 |
)% |
Other |
|
|
1,165 |
|
|
|
1,273 |
|
|
(8.48 |
)% |
|
|
3,723 |
|
|
|
3,541 |
|
|
5.14 |
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
10,320 |
|
|
|
10,447 |
|
|
(1.22 |
)% |
|
|
31,747 |
|
|
|
30,646 |
|
|
3.59 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
6,440 |
|
|
|
5,061 |
|
|
27.25 |
% |
|
|
15,782 |
|
|
|
13,685 |
|
|
15.32 |
% |
INCOME TAX PROVISION |
|
|
1,190 |
|
|
|
932 |
|
|
27.68 |
% |
|
|
2,869 |
|
|
|
2,516 |
|
|
14.03 |
% |
NET INCOME |
|
$ |
5,250 |
|
|
$ |
4,129 |
|
|
27.15 |
% |
|
$ |
12,913 |
|
|
$ |
11,169 |
|
|
15.61 |
% |
Earnings attributable to
noncontrolling interest |
|
|
— |
|
|
|
4 |
|
|
(100.00 |
)% |
|
|
— |
|
|
|
15 |
|
|
(100.00 |
)% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
5,250 |
|
|
$ |
4,125 |
|
|
27.27 |
% |
|
$ |
12,913 |
|
|
$ |
11,154 |
|
|
15.77 |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.74 |
|
|
$ |
0.58 |
|
|
27.59 |
% |
|
$ |
1.83 |
|
|
$ |
1.58 |
|
|
15.82 |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.74 |
|
|
$ |
0.58 |
|
|
27.59 |
% |
|
$ |
1.83 |
|
|
$ |
1.58 |
|
|
15.82 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,051,228 |
|
|
|
7,063,994 |
|
|
(0.18 |
)% |
|
|
7,060,871 |
|
|
|
7,059,625 |
|
|
0.02 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,051,228 |
|
|
|
7,063,994 |
|
|
(0.18 |
)% |
|
|
7,060,871 |
|
|
|
7,059,625 |
|
|
0.02 |
% |
PENNS WOODS BANCORP, INC.AVERAGE BALANCES
AND INTEREST RATES(UNAUDITED) |
|
|
|
Three Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
(Dollars in Thousands) |
|
AverageBalance(1) |
|
Interest |
|
AverageRate |
|
AverageBalance(1) |
|
Interest |
|
AverageRate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
58,735 |
|
$ |
394 |
|
2.66 |
% |
|
$ |
46,193 |
|
$ |
307 |
|
2.64 |
% |
All other loans |
|
|
1,463,330 |
|
|
14,740 |
|
4.00 |
% |
|
|
1,296,790 |
|
|
13,139 |
|
4.02 |
% |
Total loans (2) |
|
|
1,522,065 |
|
|
15,134 |
|
3.94 |
% |
|
|
1,342,983 |
|
|
13,446 |
|
3.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
33,641 |
|
|
218 |
|
2.57 |
% |
|
|
40,000 |
|
|
72 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
159,721 |
|
|
1,158 |
|
2.94 |
% |
|
|
150,308 |
|
|
1,022 |
|
2.76 |
% |
Tax-exempt securities (3) |
|
|
49,177 |
|
|
299 |
|
2.47 |
% |
|
|
37,069 |
|
|
203 |
|
2.22 |
% |
Total securities |
|
|
208,898 |
|
|
1,457 |
|
2.83 |
% |
|
|
187,377 |
|
|
1,225 |
|
2.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
34,202 |
|
|
201 |
|
2.33 |
% |
|
|
205,715 |
|
|
78 |
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,798,806 |
|
|
17,010 |
|
3.76 |
% |
|
|
1,776,075 |
|
|
14,821 |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
130,576 |
|
|
|
|
|
|
132,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,929,382 |
|
|
|
|
|
$ |
1,908,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
249,083 |
|
|
26 |
|
0.04 |
% |
|
$ |
228,255 |
|
|
22 |
|
0.04 |
% |
Super Now deposits |
|
|
405,173 |
|
|
287 |
|
0.28 |
% |
|
|
308,591 |
|
|
219 |
|
0.28 |
% |
Money market deposits |
|
|
287,660 |
|
|
200 |
|
0.28 |
% |
|
|
306,177 |
|
|
238 |
|
0.31 |
% |
Time deposits |
|
|
148,968 |
|
|
180 |
|
0.48 |
% |
|
|
248,649 |
|
|
829 |
|
1.32 |
% |
Total interest-bearing
deposits |
|
|
1,090,884 |
|
|
693 |
|
0.25 |
% |
|
|
1,091,672 |
|
|
1,308 |
|
0.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
8,062 |
|
|
26 |
|
1.23 |
% |
|
|
8,696 |
|
|
3 |
|
0.14 |
% |
Long-term borrowings |
|
|
109,269 |
|
|
613 |
|
2.23 |
% |
|
|
133,536 |
|
|
771 |
|
2.29 |
% |
Total borrowings |
|
|
117,331 |
|
|
639 |
|
2.16 |
% |
|
|
142,232 |
|
|
774 |
|
2.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,208,215 |
|
|
1,332 |
|
0.44 |
% |
|
|
1,233,904 |
|
|
2,082 |
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
533,681 |
|
|
|
|
|
|
490,500 |
|
|
|
|
Other liabilities |
|
|
21,008 |
|
|
|
|
|
|
17,027 |
|
|
|
|
Shareholders’ equity |
|
|
166,478 |
|
|
|
|
|
|
167,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,929,382 |
|
|
|
|
|
$ |
1,908,895 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
3.32 |
% |
|
|
|
|
|
2.65 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
15,678 |
|
3.47 |
% |
|
|
|
$ |
12,739 |
|
2.85 |
% |
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, |
|
|
2022 |
|
2021 |
Total interest income |
|
$ |
16,864 |
|
$ |
14,714 |
Total interest expense |
|
|
1,332 |
|
|
2,082 |
Net interest income
(GAAP) |
|
|
15,532 |
|
|
12,632 |
Tax equivalent adjustment |
|
|
146 |
|
|
107 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
15,678 |
|
$ |
12,739 |
PENNS WOODS BANCORP, INC.AVERAGE BALANCES AND
INTEREST RATES (UNAUDITED) |
|
|
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
(Dollars in Thousands) |
|
AverageBalance(1) |
|
Interest |
|
AverageRate |
|
AverageBalance(1) |
|
Interest |
|
AverageRate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
53,269 |
|
$ |
1,033 |
|
2.59 |
% |
|
$ |
46,217 |
|
$ |
991 |
|
2.87 |
% |
All other loans |
|
|
1,403,504 |
|
|
40,893 |
|
3.90 |
% |
|
|
1,292,028 |
|
|
39,043 |
|
4.04 |
% |
Total loans (2) |
|
|
1,456,773 |
|
|
41,926 |
|
3.85 |
% |
|
|
1,338,245 |
|
|
40,034 |
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
43,938 |
|
|
465 |
|
1.41 |
% |
|
|
21,993 |
|
|
117 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
152,937 |
|
|
3,126 |
|
2.76 |
% |
|
|
147,942 |
|
|
3,105 |
|
2.84 |
% |
Tax-exempt securities (3) |
|
|
45,357 |
|
|
752 |
|
2.24 |
% |
|
|
36,638 |
|
|
627 |
|
2.31 |
% |
Total securities |
|
|
198,294 |
|
|
3,878 |
|
2.64 |
% |
|
|
184,580 |
|
|
3,732 |
|
2.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
97,520 |
|
|
429 |
|
0.59 |
% |
|
|
206,895 |
|
|
172 |
|
0.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,796,525 |
|
|
46,698 |
|
3.48 |
% |
|
|
1,751,713 |
|
|
44,055 |
|
3.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
129,048 |
|
|
|
|
|
|
128,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,925,573 |
|
|
|
|
|
$ |
1,880,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
246,063 |
|
|
72 |
|
0.04 |
% |
|
$ |
222,889 |
|
|
94 |
|
0.06 |
% |
Super Now deposits |
|
|
388,149 |
|
|
721 |
|
0.25 |
% |
|
|
294,570 |
|
|
694 |
|
0.31 |
% |
Money market deposits |
|
|
296,998 |
|
|
596 |
|
0.27 |
% |
|
|
307,309 |
|
|
761 |
|
0.33 |
% |
Time deposits |
|
|
167,876 |
|
|
802 |
|
0.64 |
% |
|
|
253,130 |
|
|
2,932 |
|
1.55 |
% |
Total interest-bearing
deposits |
|
|
1,099,086 |
|
|
2,191 |
|
0.27 |
% |
|
|
1,077,898 |
|
|
4,481 |
|
0.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
6,308 |
|
|
29 |
|
0.59 |
% |
|
|
7,152 |
|
|
7 |
|
0.13 |
% |
Long-term borrowings |
|
|
112,457 |
|
|
1,871 |
|
2.22 |
% |
|
|
138,669 |
|
|
2,430 |
|
2.34 |
% |
Total borrowings |
|
|
118,765 |
|
|
1,900 |
|
2.14 |
% |
|
|
145,821 |
|
|
2,437 |
|
2.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,217,851 |
|
|
4,091 |
|
0.45 |
% |
|
|
1,223,719 |
|
|
6,918 |
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
519,599 |
|
|
|
|
|
|
473,088 |
|
|
|
|
Other liabilities |
|
|
23,814 |
|
|
|
|
|
|
21,327 |
|
|
|
|
Shareholders’ equity |
|
|
164,309 |
|
|
|
|
|
|
162,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,925,573 |
|
|
|
|
|
$ |
1,880,280 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
2.61 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
42,607 |
|
3.17 |
% |
|
|
|
$ |
37,137 |
|
2.84 |
% |
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, |
|
|
2022 |
|
2021 |
Total interest income |
|
$ |
46,323 |
|
$ |
43,715 |
Total interest expense |
|
|
4,091 |
|
|
6,918 |
Net interest income |
|
|
42,232 |
|
|
36,797 |
Tax equivalent adjustment |
|
|
375 |
|
|
340 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
42,607 |
|
$ |
37,137 |
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Quarter Ended |
|
|
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,250 |
|
|
$ |
4,231 |
|
|
$ |
3,432 |
|
|
$ |
4,879 |
|
|
$ |
4,125 |
|
Net interest income |
|
|
15,532 |
|
|
|
13,847 |
|
|
|
12,853 |
|
|
|
12,921 |
|
|
|
12,632 |
|
Provision (credit) for loan losses |
|
|
855 |
|
|
|
330 |
|
|
|
150 |
|
|
|
(300 |
) |
|
|
75 |
|
Net security (losses) gains |
|
|
(211 |
) |
|
|
(54 |
) |
|
|
(61 |
) |
|
|
360 |
|
|
|
40 |
|
Non-interest income, excluding net security gains |
|
|
2,294 |
|
|
|
2,191 |
|
|
|
2,473 |
|
|
|
2,835 |
|
|
|
2,911 |
|
Non-interest expense |
|
|
10,320 |
|
|
|
10,420 |
|
|
|
11,007 |
|
|
|
10,259 |
|
|
|
10,447 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.47 |
% |
|
|
3.12 |
% |
|
|
2.93 |
% |
|
|
2.90 |
% |
|
|
2.85 |
% |
Annualized return on average assets |
|
|
1.09 |
% |
|
|
0.88 |
% |
|
|
0.72 |
% |
|
|
1.02 |
% |
|
|
0.86 |
% |
Annualized return on average equity |
|
|
12.61 |
% |
|
|
10.15 |
% |
|
|
8.17 |
% |
|
|
11.59 |
% |
|
|
9.85 |
% |
Annualized net loan charge-offs (recoveries) to average loans |
|
|
0.01 |
% |
|
|
(0.01 |
)% |
|
|
0.09 |
% |
|
|
0.02 |
% |
|
|
(0.01 |
)% |
Net charge-offs (recoveries) |
|
|
37 |
|
|
|
(40 |
) |
|
|
303 |
|
|
|
81 |
|
|
|
(44 |
) |
Efficiency ratio |
|
|
57.70 |
% |
|
|
64.72 |
% |
|
|
71.53 |
% |
|
|
64.83 |
% |
|
|
66.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.74 |
|
|
$ |
0.60 |
|
|
$ |
0.49 |
|
|
$ |
0.69 |
|
|
$ |
0.58 |
|
Diluted earnings per share |
|
|
0.74 |
|
|
|
0.60 |
|
|
|
0.49 |
|
|
|
0.69 |
|
|
|
0.58 |
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
23.32 |
|
|
|
23.56 |
|
|
|
23.81 |
|
|
|
24.37 |
|
|
|
23.84 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
24.29 |
|
|
|
24.35 |
|
|
|
24.67 |
|
|
|
24.65 |
|
|
|
24.42 |
|
Low |
|
|
22.02 |
|
|
|
22.34 |
|
|
|
23.64 |
|
|
|
23.50 |
|
|
|
22.78 |
|
Close |
|
|
22.91 |
|
|
|
23.09 |
|
|
|
24.43 |
|
|
|
23.65 |
|
|
|
23.92 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,051 |
|
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
|
|
7,064 |
|
Fully Diluted |
|
|
7,051 |
|
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
|
|
7,064 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,563 |
|
|
|
7,559 |
|
|
|
7,555 |
|
|
|
7,550 |
|
|
|
7,546 |
|
Treasury |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Quarter Ended |
|
|
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,905,116 |
|
|
$ |
1,891,806 |
|
|
$ |
1,916,809 |
|
|
$ |
1,940,809 |
|
|
$ |
1,910,791 |
|
Loans, net |
|
|
1,545,489 |
|
|
|
1,474,739 |
|
|
|
1,391,943 |
|
|
|
1,377,971 |
|
|
|
1,332,668 |
|
Goodwill |
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
Intangibles |
|
|
361 |
|
|
|
396 |
|
|
|
437 |
|
|
|
480 |
|
|
|
524 |
|
Total deposits |
|
|
1,590,415 |
|
|
|
1,589,579 |
|
|
|
1,612,395 |
|
|
|
1,621,315 |
|
|
|
1,593,019 |
|
Noninterest-bearing |
|
|
537,403 |
|
|
|
524,288 |
|
|
|
514,130 |
|
|
|
494,360 |
|
|
|
481,875 |
|
Savings |
|
|
249,532 |
|
|
|
249,057 |
|
|
|
245,661 |
|
|
|
236,312 |
|
|
|
231,189 |
|
NOW |
|
|
392,140 |
|
|
|
353,102 |
|
|
|
379,838 |
|
|
|
366,399 |
|
|
|
340,441 |
|
Money Market |
|
|
268,532 |
|
|
|
309,453 |
|
|
|
299,166 |
|
|
|
318,877 |
|
|
|
305,156 |
|
Time Deposits |
|
|
142,808 |
|
|
|
153,679 |
|
|
|
173,600 |
|
|
|
205,367 |
|
|
|
234,358 |
|
Total interest-bearing deposits |
|
|
1,053,012 |
|
|
|
1,065,291 |
|
|
|
1,098,265 |
|
|
|
1,126,955 |
|
|
|
1,111,144 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,447,607 |
|
|
|
1,435,900 |
|
|
|
1,438,795 |
|
|
|
1,415,948 |
|
|
|
1,358,661 |
|
Shareholders’ equity |
|
|
164,489 |
|
|
|
166,054 |
|
|
|
168,427 |
|
|
|
172,274 |
|
|
|
168,478 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
5,743 |
|
|
$ |
5,100 |
|
|
$ |
5,281 |
|
|
$ |
6,250 |
|
|
$ |
7,763 |
|
Non-performing loans to total assets |
|
|
0.30 |
% |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.32 |
% |
|
|
0.41 |
% |
Allowance for loan losses |
|
|
15,211 |
|
|
|
14,393 |
|
|
|
14,023 |
|
|
|
14,176 |
|
|
|
14,557 |
|
Allowance for loan losses to total loans |
|
|
0.97 |
% |
|
|
0.97 |
% |
|
|
1.00 |
% |
|
|
1.02 |
% |
|
|
1.08 |
% |
Allowance for loan losses to non-performing loans |
|
|
264.86 |
% |
|
|
282.22 |
% |
|
|
265.54 |
% |
|
|
226.82 |
% |
|
|
187.52 |
% |
Non-performing loans to total loans |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
0.38 |
% |
|
|
0.45 |
% |
|
|
0.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
8.63 |
% |
|
|
8.78 |
% |
|
|
8.79 |
% |
|
|
8.88 |
% |
|
|
8.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Core deposits
are defined as total deposits less time 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) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP net income |
|
$ |
5,250 |
|
|
$ |
4,125 |
|
|
$ |
12,913 |
|
|
$ |
11,154 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(167 |
) |
|
|
32 |
|
|
|
(258 |
) |
|
|
236 |
|
Non-GAAP core earnings |
|
$ |
5,417 |
|
|
$ |
4,093 |
|
|
$ |
13,171 |
|
|
$ |
10,918 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Return on average assets
(ROA) |
|
|
1.09 |
% |
|
|
0.86 |
% |
|
|
0.89 |
% |
|
|
0.79 |
% |
Less: net securities (losses)
gains, net of tax |
|
|
(0.03 |
)% |
|
|
— |
% |
|
|
(0.02 |
)% |
|
|
0.02 |
% |
Non-GAAP core ROA |
|
|
1.12 |
% |
|
|
0.86 |
% |
|
|
0.91 |
% |
|
|
0.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Return on average equity
(ROE) |
|
|
12.61 |
% |
|
|
9.85 |
% |
|
|
10.48 |
% |
|
|
9.17 |
% |
Less: net securities (losses)
gains, net of tax |
|
|
(0.41 |
)% |
|
|
0.07 |
% |
|
|
(0.21 |
)% |
|
|
0.19 |
% |
Non-GAAP core ROE |
|
|
13.02 |
% |
|
|
9.78 |
% |
|
|
10.69 |
% |
|
|
8.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Basic earnings per share
(EPS) |
|
$ |
0.74 |
|
|
$ |
0.58 |
|
|
$ |
1.83 |
|
|
$ |
1.58 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
0.03 |
|
Non-GAAP basic core EPS |
|
$ |
0.77 |
|
|
$ |
0.58 |
|
|
$ |
1.87 |
|
|
$ |
1.55 |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Diluted EPS |
|
$ |
0.74 |
|
|
$ |
0.58 |
|
|
$ |
1.83 |
|
|
$ |
1.58 |
|
Less: net securities (losses)
gains, net of tax |
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
0.03 |
|
Non-GAAP diluted core EPS |
|
$ |
0.77 |
|
|
$ |
0.58 |
|
|
$ |
1.87 |
|
|
$ |
1.55 |
|
Penns Woods Bancorp (NASDAQ:PWOD)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024