Penns Woods Bancorp, Inc. Reports Third Quarter 2009 Earnings
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WILLIAMSPORT, Pa.--(BUSINESS WIRE)-- Penns Woods Bancorp, Inc. (NASDAQ: PWOD) today reported that net income from core operations ("operating earnings"), which is a non-GAAP measure of net income excluding net securities gains and losses, was $2,257,000 and $6,868,000 for the three and nine months ended September 30, 2009 compared to $2,545,000 and $6,873,000 for the same periods of 2008. Operating earnings per share for the three months ended September 30, 2009 were $0.59 basic and dilutive compared to $0.66 basic and dilutive for the same period of 2008. Operating earnings per share for the nine months ended September 30, 2009 increased to $1.79 basic and dilutive compared to $1.78 basic and dilutive for the same period of 2008. Operating earnings for the three and nine months ended September 30, 2009 have been positively impacted by loan and deposit growth and solid non-interest operating income. A reconciliation of the non-GAAP financial measures of operating earnings, operating earnings per share, operating return on assets, and operating return on equity described in this paragraph to the comparable GAAP financial measures is included at the end of this press release.
Net income, as reported under U.S. generally accepted accounting principles, for the three and nine months ended September 30, 2009 was $1,922,000 and $3,593,000 compared to $1,552,000 and $5,740,000 for the same periods of 2008. Comparable results were impacted by a decrease in after-tax securities losses of $658,000 (from a loss of $993,000 to a loss of $335,000) for the three month period ended September 30, 2009 compared to 2008 and an increase in after-tax securities losses of $2,142,000 (from a loss of $1,133,000 to a loss of $3,275,000) for the comparable nine month periods of 2009 of 2008. Included within the change in after-tax securities losses are pre-tax other than temporary impairment charges relating to certain equity securities held in the investment portfolio for the three and nine months ended September 30, 2009 of $30,000 and $4,614,000 compared to $1,851,000 and $2,425,000 for the three and nine months ended September 30, 2008. Basic and dilutive earnings per share for the three and nine months ended September 30, 2009 were $0.50 and $0.94 compared to $0.40 and $1.49 for the corresponding periods of 2008. Return on average assets and return on average equity were 1.15% and 12.08% for the three months ended September 30, 2009 compared to 0.98% and 9.43% for the corresponding period of 2008. Earnings for the nine months ended September 30, 2009 correlate to a return on average assets and return on average equity of 0.73% and 7.80% compared to 1.21% and 11.10% for the nine month 2008 period.
The net interest margin for the three and nine months ended September 30, 2009 was 4.35% and 4.39% compared to 4.23% and 4.04% for the corresponding periods of 2008. A decrease in the rate paid on interest bearing liabilities of 52 basis points (bp) and 73 bp for the three and nine months ended September 30, 2009 compared to the same periods of 2008 positively impacted the net interest margin. A declining cost of funds is primarily the result of the rate paid on time deposits decreasing 86 bp and 113 bp for the three and nine month periods ended September 30, 2009 compared to the same periods of 2008. The decreases are the result of Federal Open Market Committee (FOMC) actions to maintain low interest rates 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 twelve months. The duration of the time deposit portfolio began to be lengthened during the second quarter and through the past quarter due to the apparent bottoming or near bottoming of deposit rates.
"A net interest margin of 4.35% and 4.39% for the three and nine month periods of 2009 with taxable equivalent net interest income of $6,685,000 and $19,796,000 over the same periods has been the primary driver behind the solid operating earnings. Deposit growth coupled with management of the time deposit portfolio duration has led to the increase of 12 bp and 35 bp in the net interest margin from the comparable three and nine month periods of 2008," commented Ronald A Walko, President and Chief Executive Officer of Penns Woods Bancorp, Inc. "While we have placed emphasis on deposits, we have maintained our focus on sound credit quality and ensuring an adequate risk/return trade-off. Continuing questions surrounding the soft economy are impacting our loan credit quality ratios, although we continue to compare favorably to other members of the financial industry. However, due primarily to the addition of a single past due commercial real estate loan to past due 90 day status, our nonperforming loans to total loans ratio has increased to 1.46%. Furthermore, net loan charge-offs to average loans of 0.12% for the nine month period ended September 30, 2009 remain at a minimal level," added Mr. Walko.
Total assets increased $46,441,000 to $678,685,000 at September 30, 2009 compared to September 30, 2008. Net loans increased $29,068,000 despite a softening economy that has in general provided fewer loan opportunities. However, due to our credit quality position and overall balance sheet strength, we have been able to aggressively attract those loans that meet and/or exceed our credit standards. The investment portfolio increased $18,159,000 from September 30, 2008 to 2009 primarily due to an increase in the market value of the portfolio. During the nine months ended September 30, 2009, the equity segment of the portfolio experienced write downs of $4,614,000 ($30,000 during the three months ended September 30, 2009) due to the turbulence in the equity markets, particularly the financial sector, which has caused several of our investments in regional and national financial institutions to be classified as other than temporarily impaired. Despite our ability to hold our equity investment positions that have depreciated in value, each position has been and will continue to be evaluated for other than temporary impairment, and/or a possible exit due primarily to the ability to carry back tax losses.
Deposits have increased 13.8% or $59,491,000 to $490,062,000 at September 30, 2009 compared to 2008 with core deposits (total deposits excluding time deposits) increasing 17.1% or $39,766,000. "Increasing total deposits, with the emphasis on core deposits, continues to be one of our top priorities. Deposit growth has funded the 7.9% growth in gross loans, while also allowing for a reduction in short-term borrowings. Sources of the deposit increase cover a broad spectrum ranging from consumer and commercial to government entity accounts. Leading to the deposit growth across the spectrum are our efforts to keep banking simple. We do not attempt to hide fees, but rather present our position in easy to understand terms, with no strings attached. This straight forward approach combined with the use of technology to deliver service has built a solid reputation within our market footprint. During the past quarter we have added mobile or cell phone based banking to our technology based service channels that include remote deposit capture, electronic delivery of statements, and online banking and cash management services," commented Mr. Walko.
Shareholders' equity increased $10,978,000 to $70,539,000 at September 30, 2009 compared to September 30, 2008 as accumulated comprehensive loss decreased $12,612,000, and $510,000 in common stock was strategically repurchased as part of the previously announced stock buyback plan. The decrease in accumulated other comprehensive loss is primarily a result of a change in unrealized gains/losses on available for sale securities from an unrealized loss of $12,347,000 at September 30, 2008 to an unrealized gain of $2,670,000 at September 30, 2009. Countering the change in unrealized gains/losses on available for sale securities was an increase of $2,405,000 in the net excess of the projected benefit obligation over the market value of the plan assets of the defined benefit pension plan due to a decline in the market value of the plan assets caused by the significant downturn in the stock and bond markets over the past year. The current level of shareholders' equity equates to a book value per share of $18.40 at September 30, 2009 compared to $15.47 at September 30, 2008 and an equity to asset ratio of 10.39% at September 30, 2009. Book value per share, excluding accumulated other comprehensive loss, was $18.69 at September 30, 2009 compared to $19.03 at September 30, 2008. During the three and nine months ended September 30, 2009 and 2008 cash dividends of $0.46 and $1.38 per share were paid to shareholders.
"The economic uncertainty and focus on the dealings of larger financial institutions has resulted in community banks falling away from the spot light. This lack of attention has caused the solid performance of many community banks to go unnoticed. Our inclusion in the Russell 3000 index has attracted market attention with our average daily volume of shares traded increasing since inclusion. Continued strong operating earnings, well capitalized status, and commitment to solid local banking provide a solid foundation for the future. Our well capitalized status and level of core operating earnings have provided the resources to maintain our dividend and to purchase 20,000 treasury shares over the past twelve months," commented Mr. Walko.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates twelve 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 such as net securities gains and losses. 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. 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, 2008.
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.jssb.com.
THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(In Thousands, Except Share Data) September 30,
2009 2008 % Change
ASSETS
Noninterest-bearing balances $ 12,633 $ 12,538 0.8 %
Interest-bearing deposits in other financial 30 16 87.5 %
institutions
Total cash and cash equivalents 12,663 12,554 0.9 %
Investment securities, available for sale, 219,404 201,220 9.0 %
at fair value
Investment securities held to maturity (fair 110 135 -18.5 %
value of $111 and $136)
Loans held for sale 5,403 4,987 8.3 %
Loans 400,825 371,547 7.9 %
Less: Allowance for loan losses 4,478 4,268 4.9 %
Loans, net 396,347 367,279 7.9 %
Premises and equipment, net 7,791 7,835 -0.6 %
Accrued interest receivable 3,515 3,451 1.9 %
Bank-owned life insurance 15,023 13,457 11.6 %
Investment in limited partnerships 5,040 4,905 2.8 %
Goodwill 3,032 3,032 0.0 %
Deferred tax asset 6,907 11,376 -39.3 %
Other assets 3,450 2,013 71.4 %
TOTAL ASSETS $ 678,685 $ 632,244 7.3 %
LIABILITIES
Interest-bearing deposits $ 414,493 $ 356,985 16.1 %
Noninterest-bearing deposits 75,569 73,586 2.7 %
Total deposits 490,062 430,571 13.8 %
Short-term borrowings 21,440 48,429 -55.7 %
Long-term borrowings, Federal Home Loan Bank 86,778 86,778 0.0 %
(FHLB)
Accrued interest payable 1,191 1,371 -13.1 %
Other liabilities 8,675 5,534 56.8 %
TOTAL LIABILITIES 608,146 572,683 6.2 %
SHAREHOLDERS' EQUITY
Common stock, par value $8.33, 10,000,000
shares authorized; 4,012,519 and 4,009,546 33,437 33,413 0.1 %
shares issued
Additional paid-in capital 17,995 17,944 0.3 %
Retained earnings 26,481 27,680 -4.3 %
Accumulated other comprehensive gain (loss):
Net unrealized gain (loss) on available for 2,670 (12,347 ) 121.6 %
sale securities
Defined benefit plan (3,780 ) (1,375 ) -174.9 %
Less: Treasury stock at cost, 179,028 and (6,264 ) (5,754 ) 8.9 %
159,028 shares
TOTAL SHAREHOLDERS' EQUITY 70,539 59,561 18.4 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 678,685 $ 632,244 7.3 %
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
(In
Thousands, Three Months Ended Nine Months Ended
Except Per
Share Data)
September 30, September 30,
2009 2008 % 2009 2008 % Change
Change
INTEREST AND
DIVIDEND
INCOME:
Loans
including $ 6,457 $ 6,311 2.3 % $ 19,025 $ 18,936 0.5 %
fees
Investment
securities:
Taxable 1,368 1,391 -1.7 % 4,105 3,857 6.4 %
Tax-exempt 1,253 1,205 4.0 % 3,748 3,641 2.9 %
Dividend and
other 35 201 -82.6 % 165 658 -74.9 %
interest
income
TOTAL
INTEREST AND 9,113 9,108 0.1 % 27,043 27,092 -0.2 %
DIVIDEND
INCOME
INTEREST
EXPENSE:
Deposits 2,148 2,410 -10.9 % 6,357 7,502 -15.3 %
Short-term 82 310 -73.5 % 318 996 -68.1 %
borrowings
Long-term
borrowings, 938 875 7.2 % 2,781 3,044 -8.6 %
FHLB
TOTAL
INTEREST 3,168 3,595 -11.9 % 9,456 11,542 -18.1 %
EXPENSE
NET INTEREST 5,945 5,513 7.8 % 17,587 15,550 13.1 %
INCOME
PROVISION
FOR LOAN 270 110 145.5 % 582 230 153.0 %
LOSSES
NET INTEREST
INCOME AFTER
PROVISION 5,675 5,403 5.0 % 17,005 15,320 11.0 %
FOR LOAN
LOSSES
NON-INTEREST
INCOME:
Deposit
service 553 594 -6.9 % 1,619 1,704 -5.0 %
charges
Securities (507 ) (1,504 ) 66.3 % (4,962 ) (1,717 ) -189.0 %
losses, net
Bank-owned
life 144 121 19.0 % 418 367 13.9 %
insurance
Gain on sale 305 314 -2.9 % 526 678 -22.4 %
of loans
Insurance 287 416 -31.0 % 988 1,482 -33.3 %
commissions
Other 599 531 12.8 % 1,624 1,493 8.8 %
TOTAL
NON-INTEREST 1,381 472 192.6 % 213 4,007 -94.7 %
INCOME
NON-INTEREST
EXPENSE:
Salaries and
employee 2,588 2,355 9.9 % 7,665 7,275 5.4 %
benefits
Occupancy, 299 315 -5.1 % 956 967 -1.1 %
net
Furniture
and 293 304 -3.6 % 906 876 3.4 %
equipment
Pennsylvania 171 105 62.9 % 514 315 63.2 %
shares tax
Amortization
of
investments 142 178 -20.2 % 425 534 -20.4 %
in limited
partnerships
Other 1,604 1,194 34.3 % 4,161 3,440 21.0 %
TOTAL
NON-INTEREST 5,097 4,451 14.5 % 14,627 13,407 9.1 %
EXPENSE
INCOME
BEFORE
INCOME TAX 1,959 1,424 37.6 % 2,591 5,920 -56.2 %
(BENEFIT)
PROVISION
INCOME TAX
(BENEFIT) 37 (128 ) 128.9 % (1,002 ) 180 -656.7 %
PROVISION
NET INCOME $ 1,922 $ 1,552 23.8 % $ 3,593 $ 5,740 -37.4 %
EARNINGS PER
SHARE - $ 0.50 $ 0.40 25.0 % $ 0.94 $ 1.49 -36.9 %
BASIC
EARNINGS PER
SHARE - $ 0.50 $ 0.40 25.0 % $ 0.94 $ 1.49 -36.9 %
DILUTED
WEIGHTED
AVERAGE
SHARES 3,833,131 3,855,348 -0.6 % 3,832,471 3,865,317 -0.8 %
OUTSTANDING
- BASIC
WEIGHTED
AVERAGE
SHARES 3,833,305 3,855,458 -0.6 % 3,832,555 3,865,463 -0.9 %
OUTSTANDING
- DILUTED
DIVIDENDS $ 0.46 $ 0.46 0.0 % $ 1.38 $ 1.38 0.0 %
PER SHARE
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
For the Three Months Ended
(Dollars in September 30, 2009 September 30, 2008
Thousands)
Average Interest Average Average Interest Average
Balance Rate Balance Rate
ASSETS:
Tax-exempt loans $ 17,207 $ 279 6.43 % $ 9,108 $ 148 6.46 %
All other loans 382,670 6,273 6.50 % 364,926 6,213 6.77 %
Total loans 399,877 6,552 6.50 % 374,034 6,361 6.77 %
Taxable 104,905 1,402 5.35 % 107,751 1,592 5.91 %
securities
Tax-exempt 104,719 1,898 7.25 % 103,431 1,826 7.06 %
securities
Total securities 209,624 3,300 6.30 % 211,182 3,418 6.47 %
Interest bearing 4,218 1 0.09 % 34 - 0.00 %
deposits
Total
interest-earning 613,719 9,853 6.39 % 585,250 9,779 6.66 %
assets
Other assets 54,284 50,225
TOTAL ASSETS $ 668,003 $ 635,475
LIABILITIES AND
SHAREHOLDERS'
EQUITY:
Savings $ 62,265 85 0.54 % $ 62,792 120 0.76 %
Super Now 60,476 127 0.83 % 52,970 175 1.31 %
deposits
Money market 71,204 345 1.92 % 34,915 208 2.37 %
deposits
Time deposits 222,816 1,591 2.83 % 205,346 1,907 3.69 %
Total Deposits 416,761 2,148 2.04 % 356,023 2,410 2.69 %
Short-term 15,457 82 2.13 % 51,215 310 2.38 %
borrowings
Long-term 86,778 938 4.23 % 79,061 875 4.33 %
borrowings
Total borrowings 102,235 1,020 3.91 % 130,276 1,185 3.57 %
Total
interest-bearing 518,996 3,168 2.41 % 486,299 3,595 2.93 %
liabilities
Demand deposits 75,114 75,863
Other 10,256 7,467
liabilities
Shareholders' 63,637 65,846
equity
TOTAL
LIABILITIES AND $ 668,003 $ 635,475
SHAREHOLDERS'
EQUITY
Interest rate 3.97 % 3.73 %
spread
Net interest $ 6,685 4.35 % $ 6,184 4.23 %
income/margin
For the Three Months
Ended
September 30,
2009 2008
Total interest $ 9,113 $ 9,108
income
Total interest 3,168 3,595
expense
Net interest 5,945 5,513
income
Tax equivalent 740 671
adjustment
Net interest
income (fully $ 6,685 $ 6,184
taxable
equivalent)
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
For the Nine Months Ended
September 30, 2009 September 30, 2008
Average Interest Average Average Interest Average
Balance Rate Balance Rate
ASSETS:
Tax-exempt loans $ 16,682 $ 817 6.55 % $ 8,534 $ 411 6.43 %
All other loans 378,043 18,486 6.54 % 359,570 18,665 6.93 %
Total loans 394,725 19,303 6.54 % 368,104 19,076 6.92 %
Taxable 102,937 4,269 5.53 % 104,604 4,514 5.75 %
securities
Tax-exempt 103,418 5,679 7.32 % 108,877 5,517 6.76 %
securities
Total securities 206,355 9,948 6.43 % 213,481 10,031 6.27 %
Interest bearing 1,886 1 0.07 % 13 1 10.28 %
deposits
Total
interest-earning 602,966 29,252 6.48 % 581,598 29,108 6.68 %
assets
Other assets 55,080 49,638
TOTAL ASSETS $ 658,046 $ 631,236
LIABILITIES AND
SHAREHOLDERS'
EQUITY:
Savings $ 61,106 244 0.53 % $ 60,857 343 0.75 %
Super Now 57,028 387 0.91 % 51,228 513 1.34 %
deposits
Money Market 59,061 924 2.09 % 28,372 481 2.26 %
deposits
Time deposits 217,679 4,802 2.95 % 201,950 6,165 4.08 %
Total Deposits 394,874 6,357 2.15 % 342,407 7,502 2.93 %
Short-term 31,491 318 1.39 % 47,894 996 2.75 %
borrowings
Long-term 86,778 2,781 4.23 % 90,088 3,044 4.44 %
borrowings
Total borrowings 118,269 3,099 3.47 % 137,982 4,040 3.85 %
Total
interest-bearing 513,143 9,456 2.46 % 480,389 11,542 3.19 %
liabilities
Demand deposits 73,469 73,205
Other 10,018 8,672
liabilities
Shareholders' 61,416 68,970
equity
TOTAL
LIABILITIES AND $ 658,046 $ 631,236
SHAREHOLDERS'
EQUITY
Interest rate 4.02 % 3.49 %
spread
Net interest $ 19,796 4.39 % $ 17,566 4.04 %
income/margin
For the Nine Months
Ended
September 30,
2009 2008
Total interest $ 27,043 $ 27,092
income
Total interest 9,456 11,542
expense
Net interest 17,587 15,550
income
Tax equivalent 2,209 2,016
adjustment
Net interest
income (fully $ 19,796 $ 17,566
taxable
equivalent)
Quarter Ended
(Dollars in
Thousands, 9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
Except Per
Share Data)
Operating Data
Net income $ 1,922 $ 832 $ 839 $ 2,263 $ 1,552
Net interest 5,945 5,805 5,837 5,726 5,513
income
Provision for 270 186 126 145 110
loan losses
Net security (507 ) (2,086 ) (2,369 ) (314 ) (1,504 )
losses
Non-interest
income, ex. 1,888 1,694 1,593 1,763 1,976
net security
losses
Non-interest 5,097 4,885 4,645 4,542 4,451
expense
Performance
Statistics
Net interest 4.35 % 4.36 % 4.47 % 4.42 % 4.23 %
margin
Annualized
return on 1.15 % 0.51 % 0.52 % 1.43 % 0.98 %
average assets
Annualized
return on 12.08 % 5.45 % 5.64 % 15.20 % 9.43 %
average equity
Annualized net
loan 0.17 % 0.25 % 0.04 % 0.06 % 0.05 %
charge-offs to
avg loans
Net 168 250 41 57 49
charge-offs
Efficiency 65.1 % 65.1 % 62.5 % 60.7 % 59.4 %
ratio
Per Share Data
Basic earnings $ 0.50 $ 0.22 $ 0.22 $ 0.59 $ 0.40
per share
Diluted
earnings per 0.50 0.22 0.22 0.59 0.40
share
Dividend
declared per 0.46 0.46 0.46 0.46 0.46
share
Book value 18.40 16.01 15.29 15.93 15.47
Common stock
price:
High 34.25 31.81 25.61 30.40 35.00
Low 29.89 24.89 23.00 23.00 29.00
Close 32.01 29.14 25.42 23.03 29.00
Weighted
average common
shares:
Basic 3,833 3,833 3,832 3,843 3,855
Fully Diluted 3,833 3,833 3,832 3,843 3,855
End-of-period
common shares:
Issued 4,013 4,012 4,011 4,011 4,010
Treasury 179 179 179 179 159
Quarter Ended
(Dollars in
Thousands, Except 9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
Per Share Data)
Financial Condition
Data:
General
Total assets $ 678,685 $ 667,861 $ 649,612 $ 652,803 $ 632,244
Loans, net 396,347 387,697 382,751 377,122 367,279
Intangibles 3,032 3,032 3,032 3,032 3,032
Total deposits 490,062 495,001 448,807 421,368 430,571
Noninterest-bearing 75,569 74,509 71,963 76,035 73,586
Savings 62,717 61,924 60,764 58,668 62,591
NOW 61,855 58,020 55,816 53,821 56,391
Money Market 71,820 71,748 50,476 35,848 39,627
Time Deposits 218,101 228,800 209,788 196,996 198,376
Total
interest-bearing 414,493 420,492 376,844 345,333 356,985
deposits
Core deposits* 271,961 266,201 239,019 224,372 232,195
Shareholders' 70,539 61,371 58,584 61,027 59,561
equity
Asset Quality
Non-performing $ 5,844 $ 2,667 $ 2,269 $ 1,735 $ 941
assets
Non-performing
assets to total 0.86 % 0.40 % 0.35 % 0.27 % 0.15 %
assets
Allowance for loan 4,478 4,377 4,441 4,356 4,268
losses
Allowance for loan
losses to total 1.12 % 1.12 % 1.15 % 1.14 % 1.15 %
loans
Allowance for loan
losses to 76.63 % 164.12 % 195.72 % 251.07 % 453.56 %
non-performing
loans
Non-performing
loans to total 1.46 % 0.68 % 0.59 % 0.46 % 0.25 %
loans
Capitalization
Shareholders'
equity to total 10.39 % 9.19 % 9.02 % 9.35 % 9.42 %
assets
* Core deposits are defined as total deposits less time deposits
Reconciliation of GAAP and non-GAAP Financial Measures
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
GAAP net income $ 1,922 $ 1,552 $ 3,593 $ 5,740
Securities losses, net of tax (335 ) (993 ) (3,275 ) (1,133 )
Non-GAAP operating earnings $ 2,257 $ 2,545 $ 6,868 $ 6,873
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Return on average assets (ROA) 1.15 % 0.98 % 0.73 % 1.21 %
Adjustment for net after tax 0.20 % 0.62 % 0.66 % 0.24 %
securities losses (gains)
Non-GAAP operating ROA 1.35 % 1.60 % 1.39 % 1.45 %
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Return on average equity (ROE) 12.08 % 9.43 % 7.80 % 11.10 %
Adjustment for net after tax 2.11 % 6.03 % 7.11 % 2.19 %
securities losses
Non-GAAP operating ROE 14.19 % 15.46 % 14.91 % 13.29 %
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Basic earnings per share (EPS) $ 0.50 $ 0.40 $ 0.94 $ 1.49
Adjustment for net after tax 0.09 0.26 0.85 0.29
securities losses
Non-GAAP basic operating EPS $ 0.59 $ 0.66 $ 1.79 $ 1.78
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Dilutive EPS $ 0.50 $ 0.40 $ 0.94 $ 1.49
Adjustment for net after tax 0.09 0.26 0.85 0.29
securities losses
Non-GAAP dilutive operating EPS $ 0.59 $ 0.66 $ 1.79 $ 1.78
Source: Penns Woods Bancorp, Inc.
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