Penns Woods Bancorp, Inc. Reports Second Quarter 2008 Earnings
More News related to PWOD
- Penns Woods Bancorp, Inc. Announces Quarterly Dividend
- Penns Woods Bancorp, Inc. Reports Second Quarter 2008 Earnings
- Jersey Shore State Bank (PWOD) Appoints Brian L. Knepp as CFP
- Jersey Shore State Bank Names Chief Financial Officer
- Penns Woods Bancorp (PWOD) Approves Extension to Stock Buyback Plan
More News related to Press Releases
- Rite Aid Continues to Assist with Hurricane Relief Efforts
- Philadelphia Area General Counsels Share Perspective and Insight at the Legal Marketing Association (LMA) - Metropolitan Philadelphia Chapter's "In-House Unplugged"
- Suncor Energy to present at the UBS Best of Americas Conference
- Coastal Carolinas Dialysis Caregivers, Volunteers Brace for Hurricane Hanna; Prepare to Maintain Power, Continued Access for Patients to Life-Saving Treatment
- Research and Markets: The Expectation of PINGGAO-Toshiba Sales Income Will Be 2 Billion Yuan (RMB) In 2008
JERSEY SHORE, Pa.--(BUSINESS WIRE)--
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) today reported that net income from core operations ("operating earnings"), which excludes net securities gains and losses, increased 3.8% and 2.9% to $2,223,000 and $4,329,000 for the three and six months ended June 30, 2008 compared to $2,142,000 and $4,207,000 for the same periods of 2007. In addition, second quarter 2008 operating earnings represent an increase of $117,000 or 5.6% from the first quarter 2008 results. Operating earnings per share for the three months ended June 30, 2008 increased 5.5% to $0.58 basic ($0.57 dilutive) compared to $0.55 basic ($0.55 dilutive) for the three months ended June 30, 2007. Second quarter 2008 operating earnings per share represent an increase of 7.4% or $0.04 compared to operating earnings of $0.54 for the first quarter of 2008. Operating earnings for the three and six month periods ended June 30, 2008 have been positively impacted by continued strong credit quality, deposit growth, solid non-interest income, an increasing net interest margin, and additional bank-owned life insurance.
Net income, as reported under U.S. generally accepted accounting principles, for the three and six months ended June 30, 2008 was $2,057,000 and $4,188,000 compared to $2,335,000 and $4,616,000 for the same periods of 2007. Comparable results were impacted by a decrease in after-tax securities gains of $359,000 (from $193,000 to a loss of $166,000) and $550,000 (from $409,000 to a loss of $141,000) from 2007 to 2008 for the three and six month periods being compared. Basic and dilutive earnings per share for the three and six months ended June 30, 2008 were $0.53 and $1.08 compared to $0.60 and $1.19 for the same corresponding periods of 2007. Return on average assets and return on average equity were 1.30% and 11.73% for the three months ended June 30, 2008 compared to 1.58% and 12.57% for the corresponding period of 2007. Earnings for the six months ended June 30, 2008 correlate to a return on average assets and return on average equity of 1.33% and 11.87% compared to 1.57% and 12.35% for the six month 2007 period.
The net interest margin for the three and six months ended June 30, 2008 was 4.01% and 3.95% as compared to 3.95% for each of the corresponding periods of 2007. A decrease in the rate paid on interest bearing liabilities of 53 basis points (bp) and 33 bp for the three and six months ended June 30, 2008 compared to the same periods of 2007 positively impacted the net interest margin. The decreasing cost of funds is primarily the result of the rate paid on time deposits decreasing 77 bp and 44 bp for the three and six month periods, respectively, while the cost of short-term borrowings has decreased 164 bp and 163 bp over the same time periods. The decreases are the result of Federal Open Market Committee actions coupled with our strategic decision to shorten the duration of the time deposit portfolio over the past year. The shortening of the time deposit portfolio has resulted in an increased repricing frequency which has allowed for the majority of the portfolio to be repriced downward over the past six months.
"The continued uncertainty over the future of the economy and credit markets has led to turbulence in the financial sector causing the value of many financial stocks to decline significantly over the past year. While our stock price has held relatively steady, many of the financial institution stocks held within our investment portfolio have experienced significant price declines. The amount of the declines has caused several of our holdings to be deemed other than temporarily impaired resulting in a write down in value of these holdings of $366,000 and $574,000 for the three and six month periods ended June 30, 2008. As we look into the future, there is much uncertainty as to the length and severity of the current economic turbulence. This turbulence may result in additional write downs through the balance of 2008. If write downs are necessary, we may decide to exit or reduce certain positions so that the losses can be carried back for tax purposes and offset against gains that have been recognized over the past several years," commented Ronald A. Walko, President and Chief Executive Officer of Penns Woods Bancorp, Inc. "We have maintained our distance from the issues that are causing much of the financial sector turbulence. We have not engaged in sub prime lending nor have we invested in high risk bonds. We continually stress asset quality in our investment and loan portfolios. In fact, our commitment to sound lending practices and credit standards has produced a nonperforming loans to total loans ratio of 0.25%, and annualized net loan charge-offs to average loans of only 0.01% for the three month period ended June 30, 2008. In addition, the allowance for loan losses to loans remains sound at 1.15% of total loans," added Mr. Walko.
Total assets increased $47,932,000 to $634,504,000 at June 30, 2008 compared to June 30, 2007. Net loans increased $9,735,000 despite a softening economy that has in general provided fewer loan opportunities. However, due to our sound credit quality and overall balance sheet strength, we have been able to aggressively attract those loans that meet and/or exceed our credit standards. The growth in the investment portfolio of $27,861,000 from June 30, 2007 to June 30, 2008 was driven by a strategic initiative in the latter portion of 2007 to increase net interest income by purchasing fixed rate instruments in anticipation of the decreasing rate environment continuing into 2008. In addition, the characteristics of the instruments purchased complemented the existing portfolio and serve as a means to reduce the level of prepayment risk in the portfolio.
Deposits have increased 7.9% or $32,018,000 to $437,921,000 at June 30, 2008 compared to June 30, 2007 with core deposits increasing $22,788,000. "Driving the increase in deposits has been a focus on targeted versus mass marketing, the impact of natural gas exploration throughout our footprint, and our willingness to work with local municipalities to provide products that fit their specific needs. In addition, we have started a campaign that focuses on the opening of specific types of accounts and the cross selling of related services such as debit cards and internet banking," commented Mr. Walko.
Shareholders' equity decreased $5,198,000 to $64,522,000 at June 30, 2008 as accumulated comprehensive income decreased $5,201,000, and $1,028,000 in treasury stock was strategically purchased as part of the previously announced stock buyback plan, while net income outpaced dividends paid. The decrease in accumulated comprehensive income is a result of a decline in the market value of certain securities held in the investment portfolio at June 30, 2008 compared to June 30, 2007, and the net excess of the projected benefit obligation over the market value of the plan assets of the defined benefit pension plan. The current level of shareholders' equity equates to a book value per share of $16.72 at June 30, 2008 compared to $17.93 at June 30, 2007 and an equity to asset ratio of 10.17% at June 30, 2008. Book value per share, excluding accumulated comprehensive income, was $19.11 at June 30, 2008 compared to $18.97 at June 30, 2007. During the three and six months ended June 30, 2008 cash dividends of $0.46 and $0.92 per share were paid to shareholders compared to $0.44 and $0.88 for the comparable periods of 2007.
"Our commitment to building shareholder value through sound balance sheet growth, income diversification, and prudent capital management remains steadfast. Over the past year we have grown the balance sheet by building our deposit base which has been utilized to fund solid well collateralized loans. Growth in non-interest income from sources such as insurance and annuity sales, debit and credit card interchange fees, and title insurance has aided in reducing the dependence on net interest income to provide for bottom line net income. The strength of our core operating earnings coupled with the purchase of 18,516 treasury shares and a dividend of $0.92 per share during the first six months of 2008 has allowed capital to be maintained at a level that provides for future asset growth, while providing a dividend yield in excess of 5%," commented Mr. Walko. The range of closing prices for Penns Woods Bancorp, Inc. stock was between $30.01 and $33.15 during the three month periods and $29.66 and $33.47 for the six month periods ended June 30 2008.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates thirteen branch offices providing financial services in Lycoming, Clinton, and Centre Counties. Investment and insurance products are offered through the 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. Because certain of these 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; and (v) the effect of changes in the business cycle and downturns in the local, regional or national economies.
Previous press releases and additional information can be obtained from the Company's website at www.jssb.com.
THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(In Thousands, Except Share Data) June 30,
-----------------------------
2008 2007 % Change
--------- --------- ---------
ASSETS
Noninterest-bearing balances $ 17,193 $ 11,315 51.9%
Interest-bearing deposits in other
financial institutions 16 16 0.0%
--------- --------- ---------
Total cash and cash equivalents 17,209 11,331 51.9%
Investment securities, available for
sale, at fair value 209,284 181,308 15.4%
Investment securities held to maturity
(fair value of $161 and $277) 160 275 -41.8%
Loans held for sale 3,590 5,345 -32.8%
Loans 365,955 356,175 2.7%
Less: Allowance for loan losses 4,207 4,162 1.1%
--------- --------- ---------
Loans, net 361,748 352,013 2.8%
Premises and equipment, net 7,449 6,964 7.0%
Accrued interest receivable 3,322 3,015 10.2%
Bank-owned life insurance 13,319 12,149 9.6%
Investment in limited partnerships 5,083 4,666 8.9%
Goodwill 3,032 3,032 0.0%
Other assets 10,308 6,474 59.2%
--------- --------- ---------
TOTAL ASSETS $634,504 $586,572 8.2%
========= ========= =========
LIABILITIES
Interest-bearing deposits $358,013 $335,903 6.6%
Noninterest-bearing deposits 79,908 70,000 14.2%
--------- --------- ---------
Total deposits 437,921 405,903 7.9%
Short-term borrowings 48,081 28,359 69.5%
Long-term borrowings, Federal Home Loan
Bank (FHLB) 76,778 76,378 0.5%
Accrued interest payable 1,463 1,647 -11.2%
Other liabilities 5,739 4,565 25.7%
--------- --------- ---------
TOTAL LIABILITIES 569,982 516,852 10.3%
--------- --------- ---------
SHAREHOLDERS' EQUITY
Common stock, par value $8.33,
10,000,000 shares authorized; 4,008,833
and 4,005,342 shares issued 33,407 33,378 0.1%
Additional paid-in capital 17,930 17,852 0.4%
Retained earnings 27,898 26,974 3.4%
Accumulated other comprehensive loss:
Net unrealized loss on available for
sale securities (7,860) (3,455) 127.5%
Defined benefit plan (1,375) (579) 137.5%
Less: Treasury stock at cost, 149,818
and 117,802 shares (5,478) (4,450) 23.1%
--------- --------- ---------
TOTAL SHAREHOLDERS' EQUITY 64,522 69,720 -7.5%
--------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $634,504 $586,572 8.2%
========= ========= =========
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
(In Thousands, Except Per Share Three Months Ended
Data)
June 30,
--------------------------------
2008 2007 % Change
----------- ---------- ----------
INTEREST AND DIVIDEND INCOME:
Loans including fees $ 6,246 $ 6,516 -4.1%
Investment Securities:
Taxable 1,276 924 38.1%
Tax-exempt 1,210 1,052 15.0%
Dividend and other interest income 204 301 -32.2%
----------- ---------- ---------
TOTAL INTEREST AND DIVIDEND INCOME 8,936 8,793 1.6%
----------- ---------- ---------
INTEREST EXPENSE:
Deposits 2,551 2,868 -11.1%
Short-term borrowings 257 227 13.2%
Long-term borrowings, FHLB 972 904 7.5%
----------- ---------- ---------
TOTAL INTEREST EXPENSE 3,780 3,999 -5.5%
----------- ---------- ---------
NET INTEREST INCOME 5,156 4,794 7.6%
PROVISION FOR LOAN LOSSES 60 10 500.0%
----------- ---------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 5,096 4,784 6.5%
----------- ---------- ---------
NON-INTEREST INCOME:
Deposit service charges 540 567 -4.8%
Securities (losses) gains, net (251) 293 -185.7%
Bank-owned life insurance 91 86 5.8%
Gain on sale of loans 212 234 -9.4%
Insurance commissions 486 550 -11.6%
Other 543 456 19.1%
----------- ---------- ---------
TOTAL NON-INTEREST INCOME 1,621 2,186 -25.8%
----------- ---------- ---------
NON-INTEREST EXPENSE:
Salaries and employee benefits 2,469 2,301 7.3%
Occupancy, net 314 337 -6.8%
Furniture and equipment 287 297 -3.4%
Pennsylvania shares tax 105 161 -34.8%
Amortization of investments in
limited partnerships 178 142 25.4%
Other 1,158 1,102 5.1%
----------- ---------- ---------
TOTAL NON-INTEREST EXPENSE 4,511 4,340 3.9%
----------- ---------- ---------
INCOME BEFORE INCOME TAX PROVISION 2,206 2,630 -16.1%
INCOME TAX PROVISION 149 295 -49.5%
----------- ---------- ---------
NET INCOME $ 2,057 $ 2,335 -11.9%
=========== ========== =========
EARNINGS PER SHARE - BASIC $ 0.53 $ 0.60 -11.7%
=========== ========== =========
EARNINGS PER SHARE - DILUTED $ 0.53 $ 0.60 -11.7%
=========== ========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
- BASIC 3,865,977 3,889,139 -0.6%
=========== ========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
- DILUTED 3,866,115 3,889,401 -0.6%
=========== ========== =========
DIVIDENDS PER SHARE $ 0.46 $ 0.44 4.5%
=========== ========== =========
(In Thousands, Except Per Share Six Months Ended
Data)
June 30,
---------------------------------
2008 2007 % Change
------------ ---------- ---------
INTEREST AND DIVIDEND INCOME:
Loans including fees $ 12,625 $ 12,939 -2.4%
Investment Securities:
Taxable 2,466 1,747 41.2%
Tax-exempt 2,436 2,163 12.6%
Dividend and other interest income 457 623 -26.6%
------------ ---------- ---------
TOTAL INTEREST AND DIVIDEND INCOME 17,984 17,472 2.9%
------------ ---------- ---------
INTEREST EXPENSE:
Deposits 5,092 5,380 -5.4%
Short-term borrowings 686 732 -6.3%
Long-term borrowings, FHLB 2,169 1,826 18.8%
------------ ---------- ---------
TOTAL INTEREST EXPENSE 7,947 7,938 0.1%
------------ ---------- ---------
NET INTEREST INCOME 10,037 9,534 5.3%
PROVISION FOR LOAN LOSSES 120 50 140.0%
------------ ---------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 9,917 9,484 4.6%
------------ ---------- ---------
NON-INTEREST INCOME:
Deposit service charges 1,110 1,108 0.2%
Securities (losses) gains, net (213) 619 -134.4%
Bank-owned life insurance 246 201 22.4%
Gain on sale of loans 364 372 -2.2%
Insurance commissions 1,066 988 7.9%
Other 962 872 10.3%
------------ ---------- ---------
TOTAL NON-INTEREST INCOME 3,535 4,160 -15.0%
------------ ---------- ---------
NON-INTEREST EXPENSE:
Salaries and employee benefits 4,920 4,582 7.4%
Occupancy, net 652 668 -2.4%
Furniture and equipment 572 583 -1.9%
Pennsylvania shares tax 210 322 -34.8%
Amortization of investments in
limited partnerships 356 283 25.8%
Other 2,246 2,030 10.6%
------------ ---------- ---------
TOTAL NON-INTEREST EXPENSE 8,956 8,468 5.8%
------------ ---------- ---------
INCOME BEFORE INCOME TAX PROVISION 4,496 5,176 -13.1%
INCOME TAX PROVISION 308 560 -45.0%
------------ ---------- ---------
NET INCOME $ 4,188 $ 4,616 -9.3%
============ ========== =========
EARNINGS PER SHARE - BASIC $ 1.08 $ 1.19 -9.2%
============ ========== =========
EARNINGS PER SHARE - DILUTED $ 1.08 $ 1.19 -9.2%
============ ========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
- BASIC 3,870,359 3,893,286 -0.6%
============ ========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
- DILUTED 3,870,523 3,893,586 -0.6%
============ ========== =========
DIVIDENDS PER SHARE $ 0.92 $ 0.88 4.5%
============ ========== =========
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
For the Three Months Ended
---------------------------------------------------
June 30, 2008 June 30, 2007
------------------------- -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
-------- -------- ------- -------- -------- -------
ASSETS:
Tax-exempt loans $ 8,506 $ 135 6.31% $ 7,819 $ 120 6.16%
All other loans 358,980 6,157 6.82% 353,019 6,437 7.31%
-------- -------- ------- -------- -------- -------
Total loans 367,486 6,292 6.81% 360,838 6,557 7.29%
-------- -------- ------- -------- -------- -------
Taxable securities 105,295 1,480 5.62% 83,328 1,209 5.80%
Tax-exempt
securities 108,670 1,833 6.75% 100,403 1,594 6.35%
-------- -------- ------- -------- -------- -------
Total securities 213,965 3,313 6.19% 183,731 2,803 6.10%
-------- -------- ------- -------- -------- -------
Interest bearing
deposits 34 - 0.00% 1,230 16 5.22%
-------- -------- ------- -------- -------- -------
Total interest-
earning assets 581,485 9,605 6.58% 545,799 9,376 6.88%
-------- ------- -------- -------
Other assets 50,186 43,594
-------- --------
TOTAL ASSETS $631,671 $589,393
======== ========
LIABILITIES AND
SHAREHOLDERS'
EQUITY:
Savings $ 61,197 115 0.75% $ 59,906 110 0.74%
Super Now deposits 54,327 183 1.34% 47,531 153 1.29%
Money Market
deposits 26,803 146 2.17% 26,346 158 2.41%
Time deposits 209,539 2,107 4.00% 205,554 2,447 4.77%
-------- -------- ------- -------- -------- -------
Total Deposits 351,866 2,551 2.88% 339,337 2,868 3.39%
-------- -------- ------- -------- -------- -------
Short-term
borrowings 41,319 257 2.45% 22,239 227 4.09%
Long-term
borrowings 85,789 972 4.43% 77,971 904 4.65%
-------- -------- ------- -------- -------- -------
Total borrowings 127,108 1,229 3.79% 100,210 1,131 4.53%
-------- -------- ------- -------- -------- -------
Total interest-
bearing
liabilities 478,974 3,780 3.12% 439,547 3,999 3.65%
-------- ------- -------- -------
Demand deposits 73,485 68,677
Other liabilities 9,095 6,888
Shareholders'
equity 70,117 74,281
-------- --------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY $631,671 $589,393
======== ========
Interest rate
spread 3.46% 3.23%
======= =======
Net interest
income/margin $ 5,825 4.01% $ 5,377 3.95%
======== ======= ======== =======
For the Three
Months Ended
June 30,
----------------
2008 2007
-------- -------
Total interest
income $ 8,936 $8,793
Total interest
expense 3,780 3,999
-------- -------
Net interest
income 5,156 4,794
Tax equivalent
adjustment 669 583
-------- -------
Net interest
income (fully
taxable
equivalent) $ 5,825 $5,377
======== =======
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
For the Six Months Ended
----------------------------------------------------
June 30, 2008 June 30, 2007
-------------------------- -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
-------- -------- -------- -------- -------- -------
ASSETS:
Tax-exempt loans $ 8,277 $ 262 6.37% $ 8,022 $ 247 6.21%
All other loans 356,830 12,453 7.02% 352,829 12,776 7.30%
-------- -------- -------- -------- -------- -------
Total loans 365,107 12,715 7.00% 360,851 13,023 7.28%
-------- -------- -------- -------- -------- -------
Taxable
securities 103,013 2,923 5.68% 82,952 2,353 5.67%
Tax-exempt
securities 111,630 3,691 6.61% 101,588 3,277 6.45%
-------- -------- -------- -------- -------- -------
Total securities 214,643 6,614 6.16% 184,540 5,630 6.10%
-------- -------- -------- -------- -------- -------
Interest bearing
deposits 19 - 0.00% 629 17 5.45%
-------- -------- -------- -------- -------- -------
Total interest-
earning assets 579,769 19,329 6.69% 546,020 18,670 6.88%
-------- -------- -------- -------
Other assets 49,325 41,723
-------- --------
TOTAL ASSETS $629,094 $587,743
======== ========
LIABILITIES AND
SHAREHOLDERS'
EQUITY:
Savings $ 59,880 224 0.75% $ 59,454 215 0.73%
Super Now
deposits 50,347 338 1.35% 46,196 302 1.32%
Money Market
deposits 25,064 273 2.19% 24,962 283 2.29%
Time deposits 200,233 4,257 4.28% 195,712 4,580 4.72%
-------- -------- -------- -------- -------- -------
Total Deposits 335,524 5,092 3.05% 326,324 5,380 3.32%
-------- -------- -------- -------- -------- -------
Short-term
borrowings 46,216 686 2.95% 32,206 732 4.58%
Long-term
borrowings 95,661 2,169 4.48% 79,339 1,826 4.64%
-------- -------- -------- -------- -------- -------
Total borrowings 141,877 2,855 3.99% 111,545 2,558 4.62%
-------- -------- -------- -------- -------- -------
Total interest-
bearing
liabilities 477,401 7,947 3.33% 437,869 7,938 3.66%
-------- -------- -------- -------
Demand deposits 71,864 68,446
Other liabilities 9,280 6,673
Shareholders'
equity 70,549 74,755
-------- --------
TOTAL LIABILITIES
AND
SHAREHOLDERS'
EQUITY $629,094 $587,743
======== ========
Interest rate
spread 3.36% 3.22%
======== =======
Net interest
income/margin $ 11,382 3.95% $ 10,732 3.95%
======== ======== ======== =======
For the Six
Months Ended
June 30,
-----------------
2008 2007
-------- --------
Total interest
income $ 17,984 $17,472
Total interest
expense 7,947 7,938
-------- --------
Net interest
income 10,037 9,534
Tax equivalent
adjustment 1,345 1,198
-------- --------
Net interest
income (fully
taxable
equivalent) $ 11,382 $10,732
======== ========
Quarter Ended
(Dollars in
Thousands, Except
Per Share Data) 6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
-=========-=========-==========-=========-=========
Operating Data
Net income $ 2,057 $ 2,131 $ 1,939 $ 2,322 $ 2,335
---------------------------------------------------
Net interest
income 5,156 4,881 5,103 4,865 4,794
---------------------------------------------------
Provision for
loan losses 60 60 90 10 10
---------------------------------------------------
Net security
gains (losses) (251) 38 (673) - 293
---------------------------------------------------
Non-interest
income, ex. net
security gains
(losses) 1,872 1,876 1,985 2,006 1,893
---------------------------------------------------
Non-interest
expense 4,511 4,445 4,418 4,430 4,340
---------------------------------------------------
Performance
Statistics
Net interest
margin 4.01% 3.87% 3.93% 3.98% 3.95%
---------------------------------------------------
Annualized
return on
average assets 1.30% 1.36% 1.25% 1.57% 1.58%
---------------------------------------------------
Annualized
return on
average equity 11.73% 12.01% 10.68% 13.21% 12.57%
---------------------------------------------------
Annualized net
loan charge-
offs to avg
loans 0.01% 0.04% 0.06% 0.09% 0.05%
---------------------------------------------------
Net charge-offs 7 36 52 80 49
---------------------------------------------------
Efficiency ratio 64.2 65.8 62.3 64.5 64.9
---------------------------------------------------
Per Share Data
Basic earnings
per share $ 0.53 $ 0.55 $ 0.50 $ 0.60 $ 0.60
---------------------------------------------------
Diluted earnings
per share 0.53 0.55 0.50 0.60 0.60
---------------------------------------------------
Dividend
declared per
share 0.46 0.46 0.46 0.45 0.44
---------------------------------------------------
Book value 16.72 17.86 18.21 18.46 17.93
---------------------------------------------------
Common stock
price:
High 33.15 33.47 32.50 35.00 35.00
---------------------------------------------------
Low 30.01 29.66 30.33 30.80 33.86
---------------------------------------------------
Close 31.25 33.15 32.50 31.99 34.24
---------------------------------------------------
Weighted average
common shares:
Basic 3,866 3,875 3,878 3,881 3,889
---------------------------------------------------
Fully Diluted 3,866 3,875 3,878 3,882 3,889
---------------------------------------------------
End-of-period
common shares:
Issued 4,009 4,008 4,007 4,006 4,005
---------------------------------------------------
Treasury 150 136 131 129 118
---------------------------------------------------
Quarter Ended
(Dollars in
Thousands, Except
Per Share Data) 6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
-=========-=========-==========-=========-=========
Financial Condition
Data:
General
Total assets $ 634,504 $ 631,016 $ 628,138 $ 613,329 $ 586,572
---------------------------------------------------
Loans, net 361,748 353,455 356,348 353,623 352,013
---------------------------------------------------
Intangibles 3,032 3,032 3,032 3,032 3,032
---------------------------------------------------
Total deposits 437,921 396,125 389,022 404,854 405,903
---------------------------------------------------
Noninterest-
bearing 79,908 71,662 74,671 72,990 70,000
---------------------------------------------------
Savings 62,847 59,985 56,757 59,883 59,798
---------------------------------------------------
NOW 52,948 50,193 50,883 47,129 48,555
---------------------------------------------------
Money Market 28,860 25,110 21,029 22,295 23,422
---------------------------------------------------
Time Deposits 213,358 189,175 185,682 202,557 204,128
---------------------------------------------------
Total
interest-
bearing
deposits 358,013 324,463 314,351 331,864 335,903
---------------------------------------------------
Core deposits* 224,563 206,950 203,340 202,297 201,775
---------------------------------------------------
Shareholders'
equity 64,522 69,154 70,559 71,552 69,720
---------------------------------------------------
Asset Quality
Non-performing
assets $ 909 $ 1,427 $ 1,320 $ 1,013 $ 1,098
---------------------------------------------------
Non-performing
assets to total
assets 0.14% 0.23% 0.21% 0.17% 0.19%
---------------------------------------------------
Allowance for
loan losses 4,207 4,154 4,130 4,092 4,162
---------------------------------------------------
Allowance for
loan losses to
total loans 1.15% 1.16% 1.15% 1.14% 1.17%
---------------------------------------------------
Allowance for
loan losses to
non-performing
loans 462.82% 291.10% 312.88% 403.95% 379.05%
---------------------------------------------------
Non-performing
loans to total
loans 0.25% 0.40% 0.37% 0.28% 0.31%
---------------------------------------------------
Capitalization
Shareholders'
equity to total
assets 10.17% 10.96% 11.23% 11.67% 11.89%
---------------------------------------------------
* Core deposits are defined as total deposits less time deposits
Source: Penns Woods Bancorp, Inc.
Related Categories
Press ReleasesStocks Mentioned
-0.21Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
