Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $9.2 million for the six months ended June 30, 2024,
resulting in basic and diluted earnings per share of $1.22.
Highlights
- Net income, as reported under GAAP,
for the three and six months ended June 30, 2024 was $5.4
million and $9.2 million, respectively, compared to $4.2 million
and $8.8 million for the same periods of 2023. Results for the
three and six months ended June 30, 2024 compared to 2023 were
impacted by a increase in net interest income of $1.1 million and
$577,000 as the cost of funds has stabilized, which led to a 14
basis point increase in the net interest margin for the second
quarter of 2024 compared to the first quarter of 2024. The disposal
of assets related to two former branch properties resulted in a one
time after-tax loss of $261,000 for the six month period ended June
30, 2024.
- The allowance for credit losses was
impacted for the three and six months ended June 30, 2024 by
negative provisions for credit losses of $1.2 million and $1.0
million, respectively, compared to negative provisions for credit
losses of $1.2 million and $1.1 million for the 2023 periods. The
recognition of negative provisions for credit losses for all
periods is due primarily to recoveries during the second quarter of
2024 and 2023 on a commercial loan. In addition, a minimal level of
loan charge-offs contributed to the recognition of the negative
provisions for credit losses.
- Basic and diluted earnings per
share for the three and six months ended June 30, 2024 were $0.72
and $1.22, respectively, compared to basic and diluted earnings per
share of $0.59 and $1.25 for the three and six month periods ended
June 30, 2023.
- Annualized return on average assets
was 0.97% for the three months ended June 30, 2024, compared to
0.80% for the corresponding period of 2023. Annualized return on
average assets was 0.83% for the six months ended June 30, 2024,
compared to 0.86% for the corresponding period of 2023.
- Annualized return on average equity
was 11.12% for the three months ended June 30, 2024, compared to
9.53% for the corresponding period of 2023. Annualized return on
average equity was 9.67% for the six months ended June 30, 2024,
compared to 10.37% for the corresponding period of 2023.
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 and $9.2 million, respectively, for the
three and six months ended June 30, 2024 compared to $4.2
million and $8.9 million for the same periods of 2023. Basic and
diluted core earnings per share (non-GAAP) for the three and six
months ended June 30, 2024 were $0.72 and $1.23, respectively,
while basic and diluted core earnings per share for the same
periods of 2023 were $0.60 and $1.26. Annualized core return on
average assets and core return on average equity (non-GAAP) were
0.98% and 11.15%, respectively, for the three months ended June 30,
2024, compared to 0.80% and 9.60% for the corresponding period of
2023. Annualized core return on average assets and core return on
average equity (non-GAAP) were 0.83% and 9.72%, respectively, for
the six months ended June 30, 2024, compared to 0.86% and 10.44%
for the corresponding period of 2023. A reconciliation of the
non-GAAP financial measures of core earnings, core return on
assets, core return on equity, core earnings per share and tangible
book value per share described in this press release to the
comparable GAAP financial measures is included at the end of this
press release.
Net Interest Margin
The net interest margin for the three and six
months ended June 30, 2024 was 2.83% and 2.75% respectively,
compared to 2.77% and 2.92% for the corresponding periods of 2023.
The increase in the net interest margin for the three month period
was driven by an increase in the rate paid on interest-earning
assets of 74 basis points ("bps"), while the decrease in the net
interest margin for the six month period was driven by a 120 bps
increase in the rate paid on interest-bearing liabilities. The FOMC
rate increases enacted over the past several years contributed to
the increase in rate paid on interest-bearing liabilities as the
rate paid on interest-bearing liabilities increased 86 bps and 120
bps for the three and six month periods ended June 30, 2024
compared to the same periods of 2023. Short-term borrowings
decreased in volume, which offset the impact of an increase in rate
paid, resulting in a decrease of $1.1 million and $580,000 in
expense for the three and six month periods ended June 30, 2024
compared to the same periods of 2023. The rate paid on
interest-bearing deposits increased 115 bps and 137 bps or $4.0
million and $8.6 million in expense for the three and six month
periods ended June 30, 2024 compared to the corresponding periods
of 2023 due to the FOMC rate actions, an increase in competition
for deposits, and a migration of deposit balances from core
deposits to higher rate time deposits. The rates paid on time
deposits significantly contributed to the increase in funding costs
as rates paid for the three and six month periods ended June 30,
2024 compared to the same periods of 2023 increased 119 bps and 150
bps, respectively, or $2.8 million and $6.0 million in expense, as
deposit gathering campaigns continued to focus on time deposits
with a maturity of five months. In addition, brokered deposits have
been utilized to assist with funding the loan portfolio growth and
contributed to the increase in time deposit funding costs.
Partially offsetting the increase in funding cost was an increase
in the yield on interest-earning assets and growth in the average
balance of the earning assets portfolio compared to the same
periods in 2023. The average loan portfolio balance increased
$120.8 million and $153.0 million for the three and six month
periods ended June 30, 2024 compared to the same periods of 2023 as
the average yield on the portfolio increased 73 bps and 76 bps
resulting in an increase in taxable equivalent interest income of
$4.7 million and $10.5 million for the periods. The three and six
month periods ended June 30, 2024 were impacted by an increase of
78 bps and 79 bps in the yield earned on the securities portfolio
as legacy securities matured with the funds reinvested at higher
rates, which resulted in an increase of taxable equivalent interest
income of $434,000 and $897,000, respectively.
Assets
Total assets increased to $2.2 billion at
June 30, 2024, an increase of $99.3 million compared to
June 30, 2023. Net loans increased $97.2 million to $1.9
billion at June 30, 2024 compared to June 30, 2023, as
continued emphasis was placed on commercial loan growth coupled
with growth in indirect auto lending. The investment portfolio
increased $11.4 million from June 30, 2023 to June 30,
2024. Investment debt securities increased $13.1 million from June
30, 2023 to June 30, 2024 as fixed rate instruments with maturities
of approximately ten years were added to the portfolio to lock in
yields prior to anticipated FOMC actions to reduce interest rates.
The decrease in total borrowings of $19.6 million to $363.5 million
at June 30, 2024 was the result of increased utilization of
brokered deposits which replaced short-term borrowings.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio increased to 0.36% at June 30, 2024 from 0.24% at
June 30, 2023, as non-performing loans increased to $6.8
million at June 30, 2024 from $4.3 million at June 30,
2023. The majority of non-performing loans involve loans that are
either in a secured position and have sureties with a strong
underlying financial position or have been classified as
individually evaluated loans that have a specific allocation
recorded within the allowance for credit losses. Net loan
recoveries of $396,000 and $16,000 for the three and six months
ended June 30, 2024, respectively, impacted the allowance for
credit losses, which was 0.60% of total loans at June 30, 2024
compared to 0.66% at June 30, 2023. Exposure to non-owner occupied
office space is minimal at $15.5 million at June 30, 2024 with none
of these loans being delinquent.
Deposits
Deposits increased $94.3 million to $1.6 billion
at June 30, 2024 compared to June 30, 2023.
Noninterest-bearing deposits decreased $14.8 million to $461.1
million at June 30, 2024 compared to June 30, 2023.
Core deposits declined as deposits migrated from core deposit
accounts into time deposits as market rates increased due to the
FOMC rate increases and increased competition for deposits. Core
deposit gathering efforts remained focused on increasing the
utilization of electronic (internet and mobile) deposit banking by
our customers. Core deposits have remained stable at $1.2 billion
over the past five quarters. Interest-bearing deposits increased
$109.2 million from June 30, 2023 to June 30, 2024 primarily due to
growth in the time deposit portfolio of $84.0 million as customers
sought a higher rate of interest. Brokered deposit balances
increased $41.3 million from June 20,2023 to June 30, 2024 as this
funding source was utilized to supplement funding loan portfolio
growth, while reducing the need to draw upon available borrowing
lines. A campaign to attract time deposits with a maturity of five
to twenty-four months commenced during the latter part of 2022 and
has continued throughout 2023 and 2024 with current efforts
centered on five months.
Shareholders’ Equity
Shareholders’ equity increased $22.7 million to
$197.1 million at June 30, 2024 compared to June 30, 2023
due in part to a registered at-the-market offering that generated
$8.3 million in capital during the second half of 2023.
During the three and six months ended June 30, 2024 there were no
shares issued as part of the registered at-the-market offering. A
total of 11,036 and 21,976 shares for net proceeds of $222,000 and
$427,000 were issued as part of the Dividend Reinvestment Plan
during the three and six months ended June 30 2024. Accumulated
other comprehensive loss of $9.1 million at June 30, 2024 decreased
from a loss of $13.8 million at June 30, 2023 as a result of a
decrease in net unrealized loss on available for sale securities to
$6.3 million at June 30, 2024 from a net unrealized loss of $9.8
million at June 30, 2023 coupled with a decrease in loss of $1.4
million in the defined benefit plan obligation. The current level
of shareholders’ equity equates to a book value per share of $26.13
at June 30, 2024 compared to $24.69 at June 30, 2023, and
an equity to asset ratio of 8.82% at June 30, 2024 and 8.17%
at June 30, 2023. Tangible book value per share (a
non-GAAP measure) increased to $23.93 at June 30, 2024 compared to
$22.32 at June 30, 2023. Dividends declared for the three and six
months ended June 30, 2024 and 2023 were $0.32 and $0.64 per
share.
Penns Woods Bancorp, Inc. is the parent
company of Jersey Shore State Bank, which operates sixteen branch
offices providing financial services in Lycoming, Clinton, Centre,
Montour, Union, and Blair Counties, and Luzerne Bank, which
operates eight branch offices providing financial services in
Luzerne County, and United Insurance Solutions, LLC, which offers
insurance products. Investment and insurance products are
offered through Jersey Shore State Bank’s subsidiary, The M
Group, Inc. D/B/A The Comprehensive Financial Group.
NOTE: This press release contains
financial information determined by methods other than in
accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”). Management uses the non-GAAP measure of net income
from core operations in its analysis of the company’s performance.
This measure, as used by the Company, adjusts net income determined
in accordance with GAAP to exclude the effects of special items,
including significant gains or losses that are unusual in nature
such as net securities gains and losses. Because these certain
items and their impact on the Company’s performance are difficult
to predict, management believes presentation of financial measures
excluding the impact of such items provides useful supplemental
information in evaluating the operating results of the Company’s
core businesses. These disclosures should not be viewed as a
substitute for net income determined in accordance with GAAP, nor
are they necessarily comparable to non-GAAP performance measures
that may be presented by other companies.
This press release may contain certain
“forward-looking statements” including statements concerning plans,
objectives, future events or performance and assumptions and other
statements, which are statements other than statements of
historical fact. The Company cautions readers that the
following important factors, among others, may have affected and
could in the future affect actual results and could cause actual
results for subsequent periods to differ materially from those
expressed in any forward-looking statement made by or on behalf of
the Company herein: (i) the effect of changes in laws and
regulations, including federal and state banking laws and
regulations, and the associated costs of compliance with such laws
and regulations either currently or in the future as applicable;
(ii) the effect of changes in accounting policies and
practices, as may be adopted by the regulatory agencies as well as
by the Financial Accounting Standards Board, or of changes in the
Company’s organization, compensation and benefit plans;
(iii) the effect on the Company’s competitive position within
its market area of the increasing consolidation within the banking
and financial services industries, including the increased
competition from larger regional and out-of-state banking
organizations as well as non-bank providers of various financial
services; (iv) the effect of changes in interest rates; (v)
the effects of health emergencies, including the spread of
infectious diseases or pandemics; or (vi) the effect of
changes in the business cycle and downturns in the local, regional
or national economies. For a list of other factors which
could affect the Company’s results, see the Company’s filings with
the Securities and Exchange Commission, including
“Item 1A. Risk Factors,” set forth in the Company’s
Annual Report on Form 10-K for the fiscal year ended
December 31, 2023.
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) |
|
|
|
June 30, |
(In Thousands, Except Share and Per
Share Data) |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
|
|
Noninterest-bearing
balances |
|
$ |
24,996 |
|
|
$ |
32,265 |
|
|
(22.53 |
) |
% |
Interest-bearing balances in
other financial
institutions |
|
|
10,100 |
|
|
|
12,596 |
|
|
(19.82 |
) |
% |
Total cash and cash
equivalents |
|
|
35,096 |
|
|
|
44,861 |
|
|
(21.77 |
) |
% |
|
|
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair
value |
|
|
199,718 |
|
|
|
186,626 |
|
|
7.02 |
|
% |
Investment equity securities,
at fair value |
|
|
1,105 |
|
|
|
1,143 |
|
|
(3.32 |
) |
% |
Restricted investment in bank
stock |
|
|
22,781 |
|
|
|
24,438 |
|
|
(6.78 |
) |
% |
Loans held for
sale |
|
|
4,444 |
|
|
|
3,049 |
|
|
45.75 |
|
% |
Loans |
|
|
1,866,288 |
|
|
|
1,769,403 |
|
|
5.48 |
|
% |
Allowance for credit
losses |
|
|
(11,234 |
) |
|
|
(11,592 |
) |
|
(3.09 |
) |
% |
Loans, net |
|
|
1,855,054 |
|
|
|
1,757,811 |
|
|
5.53 |
|
% |
Premises and equipment,
net |
|
|
28,966 |
|
|
|
31,180 |
|
|
(7.10 |
) |
% |
Accrued interest
receivable |
|
|
11,281 |
|
|
|
9,498 |
|
|
18.77 |
|
% |
Bank-owned life
insurance |
|
|
33,024 |
|
|
|
33,524 |
|
|
(1.49 |
) |
% |
Investment in limited
partnerships |
|
|
7,240 |
|
|
|
8,402 |
|
|
(13.83 |
) |
% |
Goodwill |
|
|
16,450 |
|
|
|
16,450 |
|
|
— |
|
% |
Intangibles |
|
|
158 |
|
|
|
260 |
|
|
(39.23 |
) |
% |
Operating lease right of use
asset |
|
|
2,911 |
|
|
|
2,586 |
|
|
12.57 |
|
% |
Deferred tax
asset |
|
|
4,433 |
|
|
|
6,332 |
|
|
(29.99 |
) |
% |
Other
assets |
|
|
11,956 |
|
|
|
9,159 |
|
|
30.54 |
|
% |
TOTAL
ASSETS |
|
$ |
2,234,617 |
|
|
$ |
2,135,319 |
|
|
4.65 |
|
% |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
|
$ |
1,187,001 |
|
|
$ |
1,077,820 |
|
|
10.13 |
|
% |
Noninterest-bearing
deposits |
|
|
461,092 |
|
|
|
475,937 |
|
|
(3.12 |
) |
% |
Total deposits |
|
|
1,648,093 |
|
|
|
1,553,757 |
|
|
6.07 |
|
% |
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
106,407 |
|
|
|
180,410 |
|
|
(41.02 |
) |
% |
Long-term
borrowings |
|
|
257,111 |
|
|
|
202,692 |
|
|
26.85 |
|
% |
Accrued interest
payable |
|
|
5,474 |
|
|
|
2,129 |
|
|
157.12 |
|
% |
Operating lease
liability |
|
|
2,983 |
|
|
|
2,642 |
|
|
12.91 |
|
% |
Other
liabilities |
|
|
17,462 |
|
|
|
19,287 |
|
|
(9.46 |
) |
% |
TOTAL
LIABILITIES |
|
|
2,037,530 |
|
|
|
1,960,917 |
|
|
3.91 |
|
% |
|
|
|
|
|
|
|
|
|
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;
8,051,699 and 7,573,713 shares issued; 7,541,474 and 7,063,488
shares
outstanding |
|
|
44,730 |
|
|
|
42,077 |
|
|
6.31 |
|
% |
Additional paid-in
capital |
|
|
62,608 |
|
|
|
54,869 |
|
|
14.10 |
|
% |
Retained
earnings |
|
|
111,622 |
|
|
|
104,104 |
|
|
7.22 |
|
% |
Accumulated other
comprehensive loss: |
|
|
|
|
|
|
|
|
Net unrealized loss on available for sale
securities |
|
|
(6,328 |
) |
|
|
(9,753 |
) |
|
35.12 |
|
% |
Defined benefit
plan |
|
|
(2,730 |
) |
|
|
(4,080 |
) |
|
33.09 |
|
% |
Treasury stock at cost,
510,225 shares |
|
|
(12,815 |
) |
|
|
(12,815 |
) |
|
— |
|
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
197,087 |
|
|
|
174,402 |
|
|
13.01 |
|
% |
TOTAL LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
$ |
2,234,617 |
|
|
$ |
2,135,319 |
|
|
4.65 |
|
% |
|
PENNS WOODS BANCORP, INC.CONSOLIDATED STATEMENT OF
INCOME(UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(In Thousands, Except Share
and Per Share Data) |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans including
fees |
|
$ |
24,529 |
|
|
$ |
19,846 |
|
|
23.60 |
|
% |
|
$ |
48,389 |
|
|
$ |
37,851 |
|
|
27.84 |
|
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,745 |
|
|
|
1,287 |
|
|
35.59 |
|
% |
|
|
3,339 |
|
|
|
2,505 |
|
|
33.29 |
|
% |
Tax-exempt |
|
|
75 |
|
|
|
118 |
|
|
(36.44 |
) |
% |
|
|
172 |
|
|
|
296 |
|
|
(41.89 |
) |
% |
Dividend and other interest
income |
|
|
680 |
|
|
|
642 |
|
|
5.92 |
|
% |
|
|
1,359 |
|
|
|
1,105 |
|
|
22.99 |
|
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
27,029 |
|
|
|
21,893 |
|
|
23.46 |
|
% |
|
|
53,259 |
|
|
|
41,757 |
|
|
27.55 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
8,877 |
|
|
|
4,851 |
|
|
82.99 |
|
% |
|
|
16,840 |
|
|
|
8,223 |
|
|
104.79 |
|
% |
Short-term
borrowings |
|
|
1,087 |
|
|
|
2,232 |
|
|
(51.30 |
) |
% |
|
|
3,092 |
|
|
|
3,672 |
|
|
(15.80 |
) |
% |
Long-term
borrowings |
|
|
2,550 |
|
|
|
1,424 |
|
|
79.07 |
|
% |
|
|
5,066 |
|
|
|
2,178 |
|
|
132.60 |
|
% |
TOTAL INTEREST
EXPENSE |
|
|
12,514 |
|
|
|
8,507 |
|
|
47.10 |
|
% |
|
|
24,998 |
|
|
|
14,073 |
|
|
77.63 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
|
14,515 |
|
|
|
13,386 |
|
|
8.43 |
|
% |
|
|
28,261 |
|
|
|
27,684 |
|
|
2.08 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECOVERY OF CREDIT LOSSES
|
|
|
(1,177 |
) |
|
|
(1,180 |
) |
|
0.25 |
|
% |
|
|
(1,039 |
) |
|
|
(1,109 |
) |
|
6.31 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
RECOVERY OF CREDIT
LOSSES |
|
|
15,692 |
|
|
|
14,566 |
|
|
7.73 |
|
% |
|
|
29,300 |
|
|
|
28,793 |
|
|
1.76 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges |
|
|
499 |
|
|
|
516 |
|
|
(3.29 |
) |
% |
|
|
1,014 |
|
|
|
1,012 |
|
|
0.20 |
|
% |
Net debt securities losses,
available for
sale |
|
|
(12 |
) |
|
|
(19 |
) |
|
36.84 |
|
% |
|
|
(35 |
) |
|
|
(80 |
) |
|
56.25 |
|
% |
Net equity securities (losses)
gains |
|
|
(7 |
) |
|
|
(20 |
) |
|
65.00 |
|
% |
|
|
(17 |
) |
|
|
1 |
|
|
N/M |
Bank-owned life
insurance |
|
|
187 |
|
|
|
166 |
|
|
12.65 |
|
% |
|
|
650 |
|
|
|
722 |
|
|
(9.97 |
) |
% |
Gain on sale of
loans |
|
|
300 |
|
|
|
244 |
|
|
22.95 |
|
% |
. |
|
605 |
|
|
|
475 |
|
|
27.37 |
|
% |
Insurance
commissions |
|
|
127 |
|
|
|
115 |
|
|
10.43 |
|
% |
|
|
280 |
|
|
|
280 |
|
|
— |
|
% |
Brokerage
commissions |
|
|
171 |
|
|
|
141 |
|
|
21.28 |
|
% |
|
|
357 |
|
|
|
306 |
|
|
16.67 |
|
% |
Loan broker
income |
|
|
268 |
|
|
|
317 |
|
|
(15.46 |
) |
% |
|
|
490 |
|
|
|
487 |
|
|
0.62 |
|
% |
Debit card
income |
|
|
368 |
|
|
|
340 |
|
|
8.24 |
|
% |
|
|
697 |
|
|
|
675 |
|
|
3.26 |
|
% |
Other |
|
|
124 |
|
|
|
222 |
|
|
(44.14 |
) |
% |
|
|
446 |
|
|
|
401 |
|
|
11.22 |
|
% |
TOTAL NON-INTEREST
INCOME |
|
|
2,025 |
|
|
|
2,022 |
|
|
0.15 |
|
% |
|
|
4,487 |
|
|
|
4,279 |
|
|
4.86 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
6,400 |
|
|
|
6,312 |
|
|
1.39 |
|
% |
|
|
12,822 |
|
|
|
12,488 |
|
|
2.67 |
|
% |
Occupancy |
|
|
758 |
|
|
|
772 |
|
|
(1.81 |
) |
% |
|
|
1,663 |
|
|
|
1,638 |
|
|
1.53 |
|
% |
Furniture and
equipment |
|
|
766 |
|
|
|
790 |
|
|
(3.04 |
) |
% |
|
|
1,705 |
|
|
|
1,636 |
|
|
4.22 |
|
% |
Software
amortization |
|
|
222 |
|
|
|
173 |
|
|
28.32 |
|
% |
|
|
412 |
|
|
|
356 |
|
|
15.73 |
|
% |
Pennsylvania shares
tax |
|
|
351 |
|
|
|
279 |
|
|
25.81 |
|
% |
|
|
671 |
|
|
|
527 |
|
|
27.32 |
|
% |
Professional
fees |
|
|
572 |
|
|
|
906 |
|
|
(36.87 |
) |
% |
|
|
1,124 |
|
|
|
1,594 |
|
|
(29.49 |
) |
% |
Federal Deposit Insurance
Corporation deposit
insurance |
|
|
421 |
|
|
|
452 |
|
|
(6.86 |
) |
% |
|
|
780 |
|
|
|
697 |
|
|
11.91 |
|
% |
Marketing |
|
|
78 |
|
|
|
272 |
|
|
(71.32 |
) |
% |
|
|
149 |
|
|
|
427 |
|
|
(65.11 |
) |
% |
Intangible
amortization |
|
|
25 |
|
|
|
32 |
|
|
(21.88 |
) |
% |
|
|
51 |
|
|
|
67 |
|
|
(23.88 |
) |
% |
Other |
|
|
1,403 |
|
|
|
1,441 |
|
|
(2.64 |
) |
% |
|
|
3,242 |
|
|
|
2,897 |
|
|
11.91 |
|
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
10,996 |
|
|
|
11,429 |
|
|
(3.79 |
) |
% |
|
|
22,619 |
|
|
|
22,327 |
|
|
1.31 |
|
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
6,721 |
|
|
|
5,159 |
|
|
30.28 |
|
% |
|
|
11,168 |
|
|
|
10,745 |
|
|
3.94 |
|
% |
INCOME TAX
PROVISION |
|
|
1,331 |
|
|
|
988 |
|
|
34.72 |
|
% |
|
|
1,970 |
|
|
|
1,916 |
|
|
2.82 |
|
% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
5,390 |
|
|
$ |
4,171 |
|
|
29.23 |
|
% |
|
$ |
9,198 |
|
|
$ |
8,829 |
|
|
4.18 |
|
% |
EARNINGS PER SHARE - BASIC
|
|
$ |
0.72 |
|
|
$ |
0.59 |
|
|
22.03 |
|
% |
|
$ |
1.22 |
|
|
$ |
1.25 |
|
|
(2.40 |
) |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.72 |
|
|
$ |
0.59 |
|
|
22.03 |
|
% |
|
$ |
1.22 |
|
|
$ |
1.25 |
|
|
(2.40 |
) |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING -
BASIC |
|
|
7,529,239 |
|
|
|
7,062,018 |
|
|
6.62 |
|
% |
|
|
7,520,880 |
|
|
|
7,060,218 |
|
|
6.52 |
|
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING -
DILUTED |
|
|
7,529,239 |
|
|
|
7,062,018 |
|
|
6.62 |
|
% |
|
|
7,520,880 |
|
|
|
7,060,218 |
|
|
6.52 |
|
% |
|
PENNS WOODS BANCORP, INC.AVERAGE BALANCES AND
INTEREST RATES (UNAUDITED) |
|
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
June 30, 2023 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans
(3) |
|
$ |
68,826 |
|
|
$ |
493 |
|
|
2.88 |
|
% |
|
$ |
66,613 |
|
|
$ |
461 |
|
|
2.78 |
|
% |
All other
loans |
|
|
1,790,712 |
|
|
|
24,140 |
|
|
5.42 |
|
% |
|
|
1,672,111 |
|
|
|
19,482 |
|
|
4.67 |
|
% |
Total loans
(2) |
|
|
1,859,538 |
|
|
|
24,633 |
|
|
5.33 |
|
% |
|
|
1,738,724 |
|
|
|
19,943 |
|
|
4.60 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities |
|
|
203,687 |
|
|
|
2,296 |
|
|
4.58 |
|
% |
|
|
190,862 |
|
|
|
1,807 |
|
|
3.84 |
|
% |
Tax-exempt securities
(3) |
|
|
12,896 |
|
|
|
95 |
|
|
3.00 |
|
% |
|
|
23,310 |
|
|
|
150 |
|
|
2.61 |
|
% |
Total
securities |
|
|
216,583 |
|
|
|
2,391 |
|
|
4.49 |
|
% |
|
|
214,172 |
|
|
|
1,957 |
|
|
3.71 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial
institutions |
|
|
10,783 |
|
|
|
129 |
|
|
4.81 |
|
% |
|
|
9,961 |
|
|
|
122 |
|
|
4.91 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
2,086,904 |
|
|
|
27,153 |
|
|
5.24 |
|
% |
|
|
1,962,857 |
|
|
|
22,022 |
|
|
4.50 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
129,783 |
|
|
|
|
|
|
|
133,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
2,216,687 |
|
|
|
|
|
|
$ |
2,096,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
218,430 |
|
|
|
261 |
|
|
0.48 |
|
% |
|
$ |
232,889 |
|
|
|
155 |
|
|
0.27 |
|
% |
Super Now
deposits |
|
|
218,200 |
|
|
|
1,086 |
|
|
2.00 |
|
% |
|
|
271,438 |
|
|
|
913 |
|
|
1.35 |
|
% |
Money market
deposits |
|
|
310,323 |
|
|
|
2,594 |
|
|
3.36 |
|
% |
|
|
293,682 |
|
|
|
1,665 |
|
|
2.27 |
|
% |
Time
deposits |
|
|
448,571 |
|
|
|
4,936 |
|
|
4.43 |
|
% |
|
|
261,947 |
|
|
|
2,118 |
|
|
3.24 |
|
% |
Total interest-bearing
deposits |
|
|
1,195,524 |
|
|
|
8,877 |
|
|
2.99 |
|
% |
|
|
1,059,956 |
|
|
|
4,851 |
|
|
1.84 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
79,190 |
|
|
|
1,087 |
|
|
5.52 |
|
% |
|
|
169,723 |
|
|
|
2,232 |
|
|
5.27 |
|
% |
Long-term
borrowings |
|
|
260,312 |
|
|
|
2,550 |
|
|
3.94 |
|
% |
|
|
182,719 |
|
|
|
1,424 |
|
|
3.13 |
|
% |
Total
borrowings |
|
|
339,502 |
|
|
|
3,637 |
|
|
4.31 |
|
% |
|
|
352,442 |
|
|
|
3,656 |
|
|
4.16 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,535,026 |
|
|
|
12,514 |
|
|
3.28 |
|
% |
|
|
1,412,398 |
|
|
|
8,507 |
|
|
2.42 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
|
459,876 |
|
|
|
|
|
|
|
484,607 |
|
|
|
|
|
Other
liabilities |
|
|
27,880 |
|
|
|
|
|
|
|
24,059 |
|
|
|
|
|
Shareholders’
equity |
|
|
193,905 |
|
|
|
|
|
|
|
175,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
$ |
2,216,687 |
|
|
|
|
|
|
$ |
2,096,096 |
|
|
|
|
|
Interest rate spread
(3) |
|
|
|
|
|
1.96 |
|
% |
|
|
|
|
|
2.08 |
|
% |
Net interest income/margin
(3) |
|
|
|
$ |
14,639 |
|
|
2.83 |
|
% |
|
|
|
$ |
13,515 |
|
|
2.77 |
|
% |
|
- Information on this table has been calculated using average
daily balance sheets to obtain average balances.
- Non-accrual loans have been included with loans for the purpose
of analyzing net interest earnings.
- Income and rates on fully taxable equivalent basis include an
adjustment for the difference between annual income from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%.
|
Three Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
Total interest
income |
$ |
27,029 |
|
|
$ |
21,893 |
|
Total interest
expense |
|
12,514 |
|
|
|
8,507 |
|
Net interest income
(GAAP) |
|
14,515 |
|
|
|
13,386 |
|
Tax equivalent
adjustment |
|
124 |
|
|
|
129 |
|
Net interest income (fully
taxable equivalent)
(non-GAAP) |
$ |
14,639 |
|
|
$ |
13,515 |
|
|
PENNS WOODS BANCORP, INC.AVERAGE BALANCES AND
INTEREST RATES (UNAUDITED) |
|
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
June 30, 2023 |
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans
(3) |
|
$ |
69,026 |
|
|
$ |
956 |
|
|
2.78 |
|
% |
|
$ |
65,669 |
|
|
$ |
909 |
|
|
2.79 |
|
% |
All other
loans |
|
|
1,786,399 |
|
|
|
47,634 |
|
|
5.36 |
|
% |
|
|
1,636,798 |
|
|
|
37,133 |
|
|
4.57 |
|
% |
Total loans
(2) |
|
|
1,855,425 |
|
|
|
48,590 |
|
|
5.27 |
|
% |
|
|
1,702,467 |
|
|
|
38,042 |
|
|
4.51 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities |
|
|
201,981 |
|
|
|
4,440 |
|
|
4.42 |
|
% |
|
|
186,168 |
|
|
|
3,386 |
|
|
3.67 |
|
% |
Tax-exempt securities
(3) |
|
|
14,712 |
|
|
|
218 |
|
|
2.98 |
|
% |
|
|
28,409 |
|
|
|
375 |
|
|
2.66 |
|
% |
Total
securities |
|
|
216,693 |
|
|
|
4,658 |
|
|
4.32 |
|
% |
|
|
214,577 |
|
|
|
3,761 |
|
|
3.53 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances in
other financial
institutions |
|
|
10,491 |
|
|
|
258 |
|
|
4.95 |
|
% |
|
|
9,985 |
|
|
|
224 |
|
|
4.52 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
2,082,609 |
|
|
|
53,506 |
|
|
5.17 |
|
% |
|
|
1,927,029 |
|
|
|
42,027 |
|
|
4.20 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
130,370 |
|
|
|
|
|
|
|
132,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
2,212,979 |
|
|
|
|
|
|
$ |
2,059,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
218,576 |
|
|
|
529 |
|
|
0.49 |
|
% |
|
$ |
238,067 |
|
|
|
275 |
|
|
0.23 |
|
% |
Super Now
deposits |
|
|
217,035 |
|
|
|
2,170 |
|
|
2.01 |
|
% |
|
|
318,669 |
|
|
|
1,852 |
|
|
1.17 |
|
% |
Money market
deposits |
|
|
301,515 |
|
|
|
4,953 |
|
|
3.30 |
|
% |
|
|
291,719 |
|
|
|
2,945 |
|
|
2.04 |
|
% |
Time
deposits |
|
|
427,870 |
|
|
|
9,188 |
|
|
4.32 |
|
% |
|
|
225,414 |
|
|
|
3,151 |
|
|
2.82 |
|
% |
Total interest-bearing
deposits |
|
|
1,164,996 |
|
|
|
16,840 |
|
|
2.91 |
|
% |
|
|
1,073,869 |
|
|
|
8,223 |
|
|
1.54 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
111,770 |
|
|
|
3,092 |
|
|
5.60 |
|
% |
|
|
145,871 |
|
|
|
3,672 |
|
|
5.09 |
|
% |
Long-term
borrowings |
|
|
260,004 |
|
|
|
5,066 |
|
|
3.92 |
|
% |
|
|
151,169 |
|
|
|
2,178 |
|
|
2.91 |
|
% |
Total
borrowings |
|
|
371,774 |
|
|
|
8,158 |
|
|
4.42 |
|
% |
|
|
297,040 |
|
|
|
5,850 |
|
|
3.98 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,536,770 |
|
|
|
24,998 |
|
|
3.27 |
|
% |
|
|
1,370,909 |
|
|
|
14,073 |
|
|
2.07 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
|
455,877 |
|
|
|
|
|
|
|
491,356 |
|
|
|
|
|
Other
liabilities |
|
|
30,178 |
|
|
|
|
|
|
|
27,050 |
|
|
|
|
|
Shareholders’
equity |
|
|
190,154 |
|
|
|
|
|
|
|
170,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
$ |
2,212,979 |
|
|
|
|
|
|
$ |
2,059,590 |
|
|
|
|
|
Interest rate spread
(3) |
|
|
|
|
|
1.90 |
|
% |
|
|
|
|
|
2.13 |
|
% |
Net interest income/margin
(3) |
|
|
|
$ |
28,508 |
|
|
2.75 |
|
% |
|
|
|
$ |
27,954 |
|
|
2.92 |
|
% |
|
- Information on this table has been calculated using average
daily balance sheets to obtain average balances.
- Non-accrual loans have been included with loans for the purpose
of analyzing net interest earnings.
- Income and rates on fully taxable equivalent basis include an
adjustment for the difference between annual income from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%.
|
Six months ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
Total interest
income |
$ |
53,259 |
|
|
$ |
41,757 |
|
Total interest
expense |
|
24,998 |
|
|
|
14,073 |
|
Net interest income
(GAAP) |
|
28,261 |
|
|
|
27,684 |
|
Tax equivalent
adjustment |
|
247 |
|
|
|
270 |
|
Net interest income (fully
taxable equivalent)
(non-GAAP) |
$ |
28,508 |
|
|
$ |
27,954 |
|
(Dollars in Thousands, Except
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,390 |
|
|
|
$ |
3,808 |
|
|
|
$ |
5,555 |
|
|
|
$ |
2,224 |
|
|
|
$ |
4,171 |
|
|
Net interest
income |
|
|
14,515 |
|
|
|
|
13,746 |
|
|
|
|
13,948 |
|
|
|
|
13,332 |
|
|
|
|
13,386 |
|
|
(Recovery) provision for credit
losses |
|
|
(1,177 |
) |
|
|
|
138 |
|
|
|
|
(1,742 |
) |
|
|
|
1,372 |
|
|
|
|
(1,180 |
) |
|
Net security
losses |
|
|
(19 |
) |
|
|
|
(33 |
) |
|
|
|
(18 |
) |
|
|
|
(81 |
) |
|
|
|
(39 |
) |
|
Non-interest income, excluding net security
losses |
|
|
2,044 |
|
|
|
|
2,495 |
|
|
|
|
2,239 |
|
|
|
|
1,956 |
|
|
|
|
2,061 |
|
|
Non-interest
expense |
|
|
10,996 |
|
|
|
|
11,623 |
|
|
|
|
10,997 |
|
|
|
|
11,172 |
|
|
|
|
11,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
2.83 |
|
% |
|
|
2.69 |
|
% |
|
|
2.73 |
|
% |
|
|
2.65 |
|
% |
|
|
2.77 |
|
% |
Annualized cost of total
deposits |
|
|
2.14 |
|
% |
|
|
2.01 |
|
% |
|
|
1.89 |
|
% |
|
|
1.64 |
|
% |
|
|
1.26 |
|
% |
Annualized non-interest income to average
assets |
|
|
0.37 |
|
% |
|
|
0.45 |
|
% |
|
|
0.41 |
|
% |
|
|
0.35 |
|
% |
|
|
0.39 |
|
% |
Annualized non-interest expense to average
assets |
|
|
1.98 |
|
% |
|
|
2.10 |
|
% |
|
|
2.02 |
|
% |
|
|
2.07 |
|
% |
|
|
2.18 |
|
% |
Annualized return on average
assets |
|
|
0.97 |
|
% |
|
|
0.69 |
|
% |
|
|
1.02 |
|
% |
|
|
0.41 |
|
% |
|
|
0.80 |
|
% |
Annualized return on average
equity |
|
|
11.12 |
|
% |
|
|
8.03 |
|
% |
|
|
12.60 |
|
% |
|
|
5.06 |
|
% |
|
|
9.53 |
|
% |
Annualized net loan (recoveries) charge-offs to average loans |
|
|
(0.09 |
) |
% |
|
|
0.08 |
|
% |
|
|
(0.05 |
) |
% |
|
|
0.01 |
|
% |
|
|
(0.11 |
) |
% |
Net (recoveries) charge-offs
|
|
|
(396 |
) |
|
|
|
380 |
|
|
|
|
(209 |
) |
|
|
|
33 |
|
|
|
|
(472 |
) |
|
Efficiency
ratio |
|
|
66.25 |
|
% |
|
|
71.41 |
|
% |
|
|
67.78 |
|
% |
|
|
72.76 |
|
% |
|
|
73.78 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.72 |
|
|
|
$ |
0.51 |
|
|
|
$ |
0.77 |
|
|
|
$ |
0.31 |
|
|
|
$ |
0.59 |
|
|
Diluted earnings per
share |
|
|
0.72 |
|
|
|
|
0.51 |
|
|
|
|
0.77 |
|
|
|
|
0.31 |
|
|
|
|
0.59 |
|
|
Dividend declared per
share |
|
|
0.32 |
|
|
|
|
0.32 |
|
|
|
|
0.32 |
|
|
|
|
0.32 |
|
|
|
|
0.32 |
|
|
Book value |
|
|
26.13 |
|
|
|
|
25.72 |
|
|
|
|
25.51 |
|
|
|
|
24.55 |
|
|
|
|
24.69 |
|
|
Tangible book
value |
|
|
23.93 |
|
|
|
|
23.50 |
|
|
|
|
23.29 |
|
|
|
|
22.20 |
|
|
|
|
22.32 |
|
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
21.08 |
|
|
|
|
22.64 |
|
|
|
|
23.64 |
|
|
|
|
27.17 |
|
|
|
|
27.34 |
|
|
Low |
|
|
17.17 |
|
|
|
|
18.44 |
|
|
|
|
20.05 |
|
|
|
|
20.70 |
|
|
|
|
21.95 |
|
|
Close |
|
|
20.55 |
|
|
|
|
19.41 |
|
|
|
|
22.51 |
|
|
|
|
21.08 |
|
|
|
|
25.03 |
|
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,529 |
|
|
|
|
7,513 |
|
|
|
|
7,255 |
|
|
|
|
7,072 |
|
|
|
|
7,062 |
|
|
Fully Diluted |
|
|
7,529 |
|
|
|
|
7,513 |
|
|
|
|
7,255 |
|
|
|
|
7,229 |
|
|
|
|
7,062 |
|
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
8,052 |
|
|
|
|
8,036 |
|
|
|
|
8,019 |
|
|
|
|
7,620 |
|
|
|
|
7,574 |
|
|
Treasury |
|
|
(510 |
) |
|
|
|
(510 |
) |
|
|
|
(510 |
) |
|
|
|
(510 |
) |
|
|
|
(510 |
) |
|
(Dollars in Thousands, Unaudited) |
|
Quarter Ended |
|
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,234,617 |
|
|
|
$ |
2,210,116 |
|
|
|
$ |
2,204,809 |
|
|
|
$ |
2,176,468 |
|
|
|
$ |
2,135,319 |
|
|
Loans, net |
|
|
1,855,054 |
|
|
|
|
1,843,805 |
|
|
|
|
1,828,318 |
|
|
|
|
1,805,571 |
|
|
|
|
1,757,811 |
|
|
Goodwill |
|
|
16,450 |
|
|
|
|
16,450 |
|
|
|
|
16,450 |
|
|
|
|
16,450 |
|
|
|
|
16,450 |
|
|
Intangibles |
|
|
158 |
|
|
|
|
184 |
|
|
|
|
210 |
|
|
|
|
235 |
|
|
|
|
260 |
|
|
Total deposits |
|
|
1,648,093 |
|
|
|
|
1,618,562 |
|
|
|
|
1,589,493 |
|
|
|
|
1,567,267 |
|
|
|
|
1,553,757 |
|
|
Noninterest-bearing |
|
|
461,092 |
|
|
|
|
471,451 |
|
|
|
|
471,173 |
|
|
|
|
471,507 |
|
|
|
|
475,937 |
|
|
Savings |
|
|
218,354 |
|
|
|
|
220,932 |
|
|
|
|
219,287 |
|
|
|
|
226,897 |
|
|
|
|
229,108 |
|
|
NOW |
|
|
209,906 |
|
|
|
|
208,073 |
|
|
|
|
214,888 |
|
|
|
|
220,730 |
|
|
|
|
238,353 |
|
|
Money Market |
|
|
320,101 |
|
|
|
|
299,916 |
|
|
|
|
299,353 |
|
|
|
|
291,889 |
|
|
|
|
296,957 |
|
|
Time Deposits |
|
|
310,187 |
|
|
|
|
292,372 |
|
|
|
|
260,067 |
|
|
|
|
249,550 |
|
|
|
|
226,224 |
|
|
Brokered
Deposits |
|
|
128,453 |
|
|
|
|
125,818 |
|
|
|
|
124,725 |
|
|
|
|
106,694 |
|
|
|
|
87,178 |
|
|
Total interest-bearing
deposits |
|
|
1,187,001 |
|
|
|
|
1,147,111 |
|
|
|
|
1,118,320 |
|
|
|
|
1,095,760 |
|
|
|
|
1,077,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,209,453 |
|
|
|
|
1,200,372 |
|
|
|
|
1,204,701 |
|
|
|
|
1,211,023 |
|
|
|
|
1,240,355 |
|
|
Shareholders’
equity |
|
|
197,087 |
|
|
|
|
193,517 |
|
|
|
|
191,556 |
|
|
|
|
174,540 |
|
|
|
|
174,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
$ |
6,784 |
|
|
|
$ |
7,958 |
|
|
|
$ |
3,148 |
|
|
|
$ |
3,683 |
|
|
|
$ |
4,276 |
|
|
Non-performing loans to total
assets |
|
|
0.30 |
|
% |
|
|
0.36 |
|
% |
|
|
0.14 |
|
% |
|
|
0.17 |
|
% |
|
|
0.20 |
|
% |
Allowance for credit losses on
loans |
|
|
11,234 |
|
|
|
|
11,542 |
|
|
|
|
11,446 |
|
|
|
|
12,890 |
|
|
|
|
11,592 |
|
|
Allowance for credit losses on loans to total
loans |
|
|
0.60 |
|
% |
|
|
0.62 |
|
% |
|
|
0.62 |
|
% |
|
|
0.71 |
|
% |
|
|
0.66 |
|
% |
Allowance for credit losses on loans to non-performing
loans |
|
|
165.60 |
|
% |
|
|
145.04 |
|
% |
|
|
363.60 |
|
% |
|
|
349.99 |
|
% |
|
|
271.09 |
|
% |
Non-performing loans to total
loans |
|
|
0.36 |
|
% |
|
|
0.43 |
|
% |
|
|
0.17 |
|
% |
|
|
0.20 |
|
% |
|
|
0.24 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total
assets |
|
|
8.82 |
|
% |
|
|
8.76 |
|
% |
|
|
8.69 |
|
% |
|
|
8.02 |
|
% |
|
|
8.17 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Core deposits are defined as total deposits less time deposits
and brokered deposits.
Reconciliation of GAAP and Non-GAAP Financial
Measures(UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
GAAP net
income |
|
$ |
5,390 |
|
|
|
$ |
4,171 |
|
|
|
$ |
9,198 |
|
|
|
$ |
8,829 |
|
|
Net securities losses, net of
tax |
|
|
15 |
|
|
|
|
31 |
|
|
|
|
41 |
|
|
|
|
62 |
|
|
Non-GAAP core
earnings |
|
$ |
5,405 |
|
|
|
$ |
4,202 |
|
|
|
$ |
9,239 |
|
|
|
$ |
8,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Return on average assets
(ROA) |
|
|
0.97 |
|
% |
|
|
0.80 |
|
% |
|
|
0.83 |
|
% |
|
|
0.86 |
|
% |
Net securities losses, net of
tax |
|
|
0.01 |
|
% |
|
|
— |
|
% |
|
|
— |
|
% |
|
|
— |
|
% |
Non-GAAP core
ROA |
|
|
0.98 |
|
% |
|
|
0.80 |
|
% |
|
|
0.83 |
|
% |
|
|
0.86 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Return on average equity
(ROE) |
|
|
11.12 |
|
% |
|
|
9.53 |
|
% |
|
|
9.67 |
|
% |
|
|
10.37 |
|
% |
Net securities losses, net of
tax |
|
|
0.03 |
|
% |
|
|
0.07 |
|
% |
|
|
0.05 |
|
% |
|
|
0.07 |
|
% |
Non-GAAP core
ROE |
|
|
11.15 |
|
% |
|
|
9.60 |
|
% |
|
|
9.72 |
|
% |
|
|
10.44 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Basic earnings per share
(EPS) |
|
$ |
0.72 |
|
|
|
$ |
0.59 |
|
|
|
$ |
1.22 |
|
|
|
$ |
1.25 |
|
|
Net securities losses, net of
tax |
|
|
— |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Non-GAAP basic core
EPS |
|
$ |
0.72 |
|
|
|
$ |
0.60 |
|
|
|
$ |
1.23 |
|
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Diluted
EPS |
|
$ |
0.72 |
|
|
|
$ |
0.59 |
|
|
|
$ |
1.22 |
|
|
|
$ |
1.25 |
|
|
Net securities losses, net of
tax |
|
|
— |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Non-GAAP diluted core
EPS |
|
$ |
0.72 |
|
|
|
$ |
0.60 |
|
|
|
$ |
1.23 |
|
|
|
$ |
1.26 |
|
|
(Dollars in Thousands, Except Share and
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
Total shareholders'
equity |
|
$ |
197,087 |
|
|
$ |
193,517 |
|
|
$ |
191,556 |
|
|
$ |
174,540 |
|
|
$ |
174,402 |
|
Goodwill |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
Intangibles |
|
|
(158 |
) |
|
|
(184 |
) |
|
|
(210 |
) |
|
|
(235 |
) |
|
|
(260 |
) |
Tangible shareholders'
equity |
|
$ |
180,479 |
|
|
$ |
176,883 |
|
|
$ |
174,896 |
|
|
$ |
157,855 |
|
|
$ |
157,692 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding |
|
|
7,541,474 |
|
|
|
7,525,372 |
|
|
|
7,508,994 |
|
|
|
7,110,025 |
|
|
|
7,063,488 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share |
|
$ |
26.13 |
|
|
$ |
25.72 |
|
|
$ |
25.51 |
|
|
$ |
24.55 |
|
|
$ |
24.69 |
|
Tangible book value per
share |
|
$ |
23.93 |
|
|
$ |
23.50 |
|
|
$ |
23.29 |
|
|
$ |
22.20 |
|
|
$ |
22.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penns Woods Bancorp (NASDAQ:PWOD)
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