Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $14.0 million for the nine months ended September 30,
2024, resulting in basic and diluted earnings per share of
$1.86.
Highlights
- Net income, as reported under
generally accepted accounting principles (GAAP), for the three and
nine months ended September 30, 2024 was $4.8 million and
$14.0 million, respectively, compared to $2.2 million and $11.1
million for the same periods of 2023. Results for the three and
nine months ended September 30, 2024 compared to 2023 were
impacted by an increase in net interest income of $1.7 million and
$2.3 million, respectively, as the cost of funds has stabilized.
The disposal of assets related to two former branch properties
resulted in a one time after-tax loss of $261,000 for the nine
month period ended September 30, 2024.
- The allowance for credit losses was
impacted for the three and nine months ended September 30, 2024 by
a provision for credit losses of $740,000 and a negative provision
of $299,000, respectively, compared to provisions for credit losses
of $1.4 million and $263,000 for the 2023 periods. The recognition
of a negative provision for credit losses for the nine months ended
September 30, 2024 is due primarily to recoveries during the second
quarter of 2024 on a commercial loan. In addition, a minimal level
of loan charge-offs of $312,000 contributed to the recognition of
the negative provision for credit losses for the nine months ended
September 30, 2024.
- Basic and diluted earnings per
share for the three and nine months ended September 30, 2024 were
$0.64 and $1.86, respectively, compared to basic and diluted
earnings per share of $0.31 and $1.56 basic and $1.53 diluted for
the three and nine month periods ended September 30, 2023.
- Annualized return on average assets
was 0.86% for the three months ended September 30, 2024, compared
to 0.41% for the corresponding period of 2023. Annualized return on
average assets was 0.84% for the nine months ended September 30,
2024, compared to 0.70% for the corresponding period of 2023.
- Annualized return on average equity
was 9.60% for the three months ended September 30, 2024, compared
to 5.06% for the corresponding period of 2023. Annualized return on
average equity was 9.74% for the nine months ended September 30,
2024, compared to 8.58% for the corresponding period of 2023.
Net Income
Net income from core operations (“core
earnings”), which is a non-GAAP measure of net income excluding net
securities gains or losses, was $4.8 million and $14.0 million,
respectively, for the three and nine months ended
September 30, 2024 compared to $2.3 million and $11.2 million
for the same periods of 2023. Basic and diluted core earnings per
share (non-GAAP) for the three and nine months ended
September 30, 2024 were $0.63 and $1.86, respectively, while
basic and diluted core earnings per share for the three month
period of 2023 were $0.32 and for the nine month period of 2023
were $1.58 basic and $1.55 diluted. Annualized core return on
average assets and core return on average equity (non-GAAP) were
0.85% and 9.54%, respectively, for the three months ended September
30, 2024, compared to 0.42% and 5.20% for the corresponding period
of 2023. Annualized core return on average assets and core return
on average equity (non-GAAP) were 0.84% and 9.75%, respectively,
for the nine months ended September 30, 2024, compared to 0.71% and
8.67% 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 to the comparable GAAP financial measures is
included at the end of this press release.
Net Interest Margin
The net interest margin for the three and nine
months ended September 30, 2024 was 2.88% and 2.79% respectively,
compared to 2.65% and 2.82% 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 64 basis points ("bps"), while the decrease in the net
interest margin for the nine month period was driven by a 96 bps
increase in the rate paid on interest-bearing liabilities. The
overall increase in interest rates over the periods resulted in
increases to both the yield on the earnings asset portfolio and the
rate paid on interest bearing liabilities. Driving the increase in
the yield and interest income on the earning assets portfolio was
the repricing of legacy assets coupled with portfolio growth. The
average loan portfolio balance increased $76.0 million and $127.0
million, respectively, for the three and nine month periods ended
September 30, 2024 compared to the same periods of 2023 as the
average yield on the portfolio increased 65 bps and 72 bps,
resulting in an increase in taxable equivalent interest income of
$3.9 million and $14.5 million, for the periods. The three and nine
month periods ended September 30, 2024 were impacted by an increase
of 55 bps and 70 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 in taxable equivalent
interest income of $343,000 and $1.2 million, respectively.
Short-term borrowings decreased in volume, which offset the impact
of an increase in rate paid, resulting in a decrease of $1.5
million and $2.1 million in expense for the three and nine month
periods ended September 30, 2024 compared to the same periods of
2023. The rate paid on interest-bearing deposits increased 76 bps
and 116 bps, respectively, or $3.1 million and $11.8 million in
expense, for the three and nine month periods ended September 30,
2024 compared to the corresponding periods of 2023 due to the rate
environment, 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 nine month periods ended September 30, 2024 compared to
the same periods of 2023 increased 70 bps and 114 bps,
respectively, or $2.2 million and $8.2 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, while
lowering the reliance on higher cost short-term borrowings.
Assets
Total assets increased to $2.3 billion at
September 30, 2024, an increase of $82.8 million compared to
September 30, 2023. Net loans increased $58.0 million to
$1.9 billion at September 30, 2024 compared to
September 30, 2023, as continued emphasis was placed on
commercial loan growth and indirect auto lending. The investment
portfolio increased $8.8 million from September 30, 2023 to
September 30, 2024. Investment debt securities increased $12.8
million from September 30, 2023 to September 30, 2024 as fixed rate
instruments with maturities of approximately ten years were added
to the portfolio to lock in yields.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio increased to 0.42% at September 30, 2024 from 0.20% at
September 30, 2023, as non-performing loans increased to $7.9
million at September 30, 2024 from $3.7 million at
September 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 charge offs of $328,000 and $312,000 for the three and nine
months ended September 30, 2024, respectively, impacted the
allowance for credit losses, which was 0.62% of total loans at
September 30, 2024 compared to 0.71% at September 30, 2023.
Exposure to non-owner occupied office space is minimal at $13.9
million at September 30, 2024 with none of these loans being
delinquent.
Deposits
Deposits increased $133.1 million to $1.7
billion at September 30, 2024 compared to September 30,
2023. Noninterest-bearing deposits decreased $18.6 million to
$452.9 million at September 30, 2024 compared to
September 30, 2023. Core deposits declined $6.6 million
as deposits migrated from core deposit accounts into time deposits
as market rates and competition for deposits increased. 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
$151.6 million from September 30, 2023 to September 30, 2024 due to
growth in the time deposit portfolio of $78.7 million as customers
sought a higher rate of interest. Brokered deposit balances
increased $61.0 million to $167.7 million at September 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 $29.2 million to
$203.7 million at September 30, 2024 compared to
September 30, 2023 due in part to a registered at-the-market
offering that generated $7.5 million in capital during the fourth
quarter of 2023. During the three and nine months ended
September 30, 2024 there were no shares issued as part of the
registered at-the-market offering. A total of 9,074 and 31,050
shares for net proceeds of $205,000 and $632,000 were issued as
part of the Dividend Reinvestment Plan during the three and nine
months ended September 30 2024. Accumulated other comprehensive
loss of $5.3 million at September 30, 2024 decreased from a loss of
$14.9 million at September 30, 2023 as a result of a decrease in
net unrealized loss on available for sale securities to $2.6
million at September 30, 2024 from a net unrealized loss of $10.9
million at September 30, 2023, coupled with a decrease in loss of
$1.3 million in the defined benefit plan obligation. The current
level of shareholders’ equity equates to a book value per share of
$26.96 at September 30, 2024 compared to $24.55 at
September 30, 2023, and an equity to asset ratio of 9.02% at
September 30, 2024 and 8.02% at September 30,
2023. Tangible book value per share (a non-GAAP measure)
increased to $24.77 at September 30, 2024 compared to $22.20 at
September 30, 2023. Dividends declared for the three and nine
months ended September 30, 2024 and 2023 were $0.32 and $0.96 per
share.
Penns Woods Bancorp, Inc. is the parent
company of Jersey Shore State Bank, which operates sixteen branch
offices providing financial services in Lycoming, Clinton, Centre,
Montour, Union, and Blair Counties, and Luzerne Bank, which
operates eight branch offices providing financial services in
Luzerne County, and United Insurance Solutions, LLC, which offers
insurance products. Investment and insurance products are
offered through Jersey Shore State Bank’s subsidiary, The M
Group, Inc. D/B/A The Comprehensive Financial Group.
NOTE: This press release contains
financial information determined by methods other than in
accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”). Management uses the non-GAAP measure of net income
from core operations in its analysis of the company’s performance.
This measure, as used by the Company, adjusts net income determined
in accordance with GAAP to exclude the effects of special items,
including significant gains or losses that are unusual in nature
such as net securities gains and losses. Because these certain
items and their impact on the Company’s performance are difficult
to predict, management believes presentation of financial measures
excluding the impact of such items provides useful supplemental
information in evaluating the operating results of the Company’s
core businesses. These disclosures should not be viewed as a
substitute for net income determined in accordance with GAAP, nor
are they necessarily comparable to non-GAAP performance measures
that may be presented by other companies.
This press release may contain certain
“forward-looking statements” including statements concerning plans,
objectives, future events or performance and assumptions and other
statements, which are statements other than statements of
historical fact. The Company cautions readers that the
following important factors, among others, may have affected and
could in the future affect actual results and could cause actual
results for subsequent periods to differ materially from those
expressed in any forward-looking statement made by or on behalf of
the Company herein: (i) the effect of changes in laws and
regulations, including federal and state banking laws and
regulations, and the associated costs of compliance with such laws
and regulations either currently or in the future as applicable;
(ii) the effect of changes in accounting policies and
practices, as may be adopted by the regulatory agencies as well as
by the Financial Accounting Standards Board, or of changes in the
Company’s organization, compensation and benefit plans;
(iii) the effect on the Company’s competitive position within
its market area of the increasing consolidation within the banking
and financial services industries, including the increased
competition from larger regional and out-of-state banking
organizations as well as non-bank providers of various financial
services; (iv) the effect of changes in interest rates; (v)
the effects of health emergencies, including the spread of
infectious diseases or pandemics; or (vi) the effect of
changes in the business cycle and downturns in the local, regional
or national economies. For a list of other factors which
could affect the Company’s results, see the Company’s filings with
the Securities and Exchange Commission, including
“Item 1A. Risk Factors,” set forth in the Company’s
Annual Report on Form 10-K for the fiscal year ended
December 31, 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) |
|
|
|
(In Thousands, Except Share and
Per Share Data) |
|
September 30, |
| |
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
ASSETS: |
|
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
28,805 |
|
|
$ |
26,651 |
|
|
8.08 |
% |
| Interest-bearing balances in
other financial institutions |
|
|
10,889 |
|
|
|
8,939 |
|
|
21.81 |
% |
|
Total cash and cash equivalents |
|
|
39,694 |
|
|
|
35,590 |
|
|
11.53 |
% |
| |
|
|
|
|
|
|
| Investment debt securities,
available for sale, at fair value |
|
|
197,466 |
|
|
|
184,667 |
|
|
6.93 |
% |
| Investment equity securities,
at fair value |
|
|
1,145 |
|
|
|
1,072 |
|
|
6.81 |
% |
| Restricted investment in bank
stock |
|
|
21,227 |
|
|
|
25,289 |
|
|
(16.06)% |
| Loans held for sale |
|
|
8,967 |
|
|
|
4,083 |
|
|
119.62 |
% |
| Loans |
|
|
1,875,174 |
|
|
|
1,818,461 |
|
|
3.12 |
% |
| Allowance for credit
losses |
|
|
(11,588 |
) |
|
|
(12,890 |
) |
|
(10.10)% |
|
Loans, net |
|
|
1,863,586 |
|
|
|
1,805,571 |
|
|
3.21 |
% |
| Premises and equipment,
net |
|
|
27,975 |
|
|
|
30,746 |
|
|
(9.01)% |
| Accrued interest
receivable |
|
|
11,433 |
|
|
|
10,500 |
|
|
8.89 |
% |
| Bank-owned life insurance |
|
|
45,378 |
|
|
|
33,695 |
|
|
34.67 |
% |
| Investment in limited
partnerships |
|
|
6,966 |
|
|
|
8,275 |
|
|
(15.82)% |
| Goodwill |
|
|
16,450 |
|
|
|
16,450 |
|
|
— |
% |
| Intangibles |
|
|
133 |
|
|
|
235 |
|
|
(43.40)% |
| Operating lease right of use
asset |
|
|
2,861 |
|
|
|
2,562 |
|
|
11.67 |
% |
| Deferred tax asset |
|
|
3,034 |
|
|
|
6,961 |
|
|
(56.41)% |
| Other assets |
|
|
12,935 |
|
|
|
10,772 |
|
|
20.08 |
% |
| TOTAL ASSETS |
|
$ |
2,259,250 |
|
|
$ |
2,176,468 |
|
|
3.80 |
% |
| |
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
| Interest-bearing deposits |
|
$ |
1,247,399 |
|
|
$ |
1,095,760 |
|
|
13.84 |
% |
| Noninterest-bearing
deposits |
|
|
452,922 |
|
|
|
471,507 |
|
|
(3.94)% |
|
Total deposits |
|
|
1,700,321 |
|
|
|
1,567,267 |
|
|
8.49 |
% |
| |
|
|
|
|
|
|
| Short-term borrowings |
|
|
78,305 |
|
|
|
193,746 |
|
|
(59.58)% |
| Long-term borrowings |
|
|
252,508 |
|
|
|
217,645 |
|
|
16.02 |
% |
| Accrued interest payable |
|
|
5,509 |
|
|
|
2,716 |
|
|
102.84 |
% |
| Operating lease liability |
|
|
2,936 |
|
|
|
2,619 |
|
|
12.10 |
% |
| Other liabilities |
|
|
15,977 |
|
|
|
17,935 |
|
|
(10.92)% |
| TOTAL LIABILITIES |
|
|
2,055,556 |
|
|
|
2,001,928 |
|
|
2.68 |
% |
| |
|
|
|
|
|
|
| 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; 8,064,713 and 7,620,250 shares
issued; 7,554,488 and 7,110,025 shares outstanding |
|
|
44,802 |
|
|
|
42,335 |
|
|
5.83 |
% |
| Additional paid-in
capital |
|
|
62,989 |
|
|
|
55,890 |
|
|
12.70 |
% |
| Retained earnings |
|
|
114,008 |
|
|
|
104,067 |
|
|
9.55 |
% |
| Accumulated other
comprehensive loss: |
|
|
|
|
|
|
|
Net unrealized loss on available for sale securities |
|
|
(2,571 |
) |
|
|
(10,886 |
) |
|
76.38 |
% |
|
Defined benefit plan |
|
|
(2,719 |
) |
|
|
(4,051 |
) |
|
32.88 |
% |
| Treasury stock at cost,
510,225 shares |
|
|
(12,815 |
) |
|
|
(12,815 |
) |
|
— |
% |
| TOTAL SHAREHOLDERS'
EQUITY |
|
|
203,694 |
|
|
|
174,540 |
|
|
16.70 |
% |
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,259,250 |
|
|
$ |
2,176,468 |
|
|
3.80 |
% |
|
|
|
PENNS WOODS BANCORP, INC.CONSOLIDATED
STATEMENT OF INCOME(UNAUDITED) |
|
|
|
(In Thousands, Except Share
and Per Share Data) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
25,632 |
|
|
$ |
21,720 |
|
|
18.01 |
% |
|
$ |
74,021 |
|
|
$ |
59,571 |
|
|
24.26 |
% |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,874 |
|
|
|
1,365 |
|
|
37.29 |
% |
|
|
5,213 |
|
|
|
3,870 |
|
|
34.70 |
% |
|
Tax-exempt |
|
|
61 |
|
|
|
114 |
|
|
(46.49)% |
|
|
233 |
|
|
|
410 |
|
|
(43.17)% |
|
Dividend and other interest income |
|
|
621 |
|
|
|
722 |
|
|
(13.99)% |
|
|
1,980 |
|
|
|
1,827 |
|
|
8.37 |
% |
| TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
28,188 |
|
|
|
23,921 |
|
|
17.84 |
% |
|
|
81,447 |
|
|
|
65,678 |
|
|
24.01 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
9,599 |
|
|
|
6,463 |
|
|
48.52 |
% |
|
|
26,439 |
|
|
|
14,686 |
|
|
80.03 |
% |
| Short-term borrowings |
|
|
932 |
|
|
|
2,412 |
|
|
(61.36)% |
|
|
4,024 |
|
|
|
6,084 |
|
|
(33.86)% |
| Long-term borrowings |
|
|
2,601 |
|
|
|
1,714 |
|
|
51.75 |
% |
|
|
7,667 |
|
|
|
3,892 |
|
|
96.99 |
% |
| TOTAL INTEREST EXPENSE |
|
|
13,132 |
|
|
|
10,589 |
|
|
24.02 |
% |
|
|
38,130 |
|
|
|
24,662 |
|
|
54.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
15,056 |
|
|
|
13,332 |
|
|
12.93 |
% |
|
|
43,317 |
|
|
|
41,016 |
|
|
5.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION (RECOVERY) FOR
CREDIT LOSSES |
|
|
740 |
|
|
|
1,372 |
|
|
(46.06)% |
|
|
(299 |
) |
|
|
263 |
|
|
(213.69)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER
PROVISION (RECOVERY) OF CREDIT LOSSES |
|
|
14,316 |
|
|
|
11,960 |
|
|
19.70 |
% |
|
|
43,616 |
|
|
|
40,753 |
|
|
7.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges |
|
|
537 |
|
|
|
545 |
|
|
(1.47)% |
|
|
1,551 |
|
|
|
1,557 |
|
|
(0.39)% |
| Net debt securities losses,
available for sale |
|
|
(5 |
) |
|
|
(45 |
) |
|
88.89 |
% |
|
|
(40 |
) |
|
|
(125 |
) |
|
68.00 |
% |
| Net equity securities gains
(losses) |
|
|
41 |
|
|
|
(36 |
) |
|
213.89 |
% |
|
|
24 |
|
|
|
(35 |
) |
|
168.57 |
% |
| Bank-owned life insurance |
|
|
206 |
|
|
|
170 |
|
|
21.18 |
% |
|
|
856 |
|
|
|
892 |
|
|
(4.04)% |
| Gain on sale of loans |
|
|
416 |
|
|
|
257 |
|
|
61.87 |
% |
. |
|
1,021 |
|
|
|
732 |
|
|
39.48 |
% |
| Insurance commissions |
|
|
145 |
|
|
|
136 |
|
|
6.62 |
% |
|
|
425 |
|
|
|
416 |
|
|
2.16 |
% |
| Brokerage commissions |
|
|
164 |
|
|
|
142 |
|
|
15.49 |
% |
|
|
521 |
|
|
|
448 |
|
|
16.29 |
% |
| Loan broker income |
|
|
351 |
|
|
|
241 |
|
|
45.64 |
% |
|
|
841 |
|
|
|
728 |
|
|
15.52 |
% |
| Debit card income |
|
|
355 |
|
|
|
320 |
|
|
10.94 |
% |
|
|
1,052 |
|
|
|
995 |
|
|
5.73 |
% |
| Other |
|
|
211 |
|
|
|
145 |
|
|
45.52 |
% |
|
|
657 |
|
|
|
546 |
|
|
20.33 |
% |
| TOTAL NON-INTEREST INCOME |
|
|
2,421 |
|
|
|
1,875 |
|
|
29.12 |
% |
|
|
6,908 |
|
|
|
6,154 |
|
|
12.25 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
|
6,402 |
|
|
|
6,290 |
|
|
1.78 |
% |
|
|
19,224 |
|
|
|
18,778 |
|
|
2.38 |
% |
| Occupancy |
|
|
731 |
|
|
|
784 |
|
|
(6.76)% |
|
|
2,394 |
|
|
|
2,422 |
|
|
(1.16)% |
| Furniture and equipment |
|
|
731 |
|
|
|
867 |
|
|
(15.69)% |
|
|
2,436 |
|
|
|
2,503 |
|
|
(2.68)% |
| Software amortization |
|
|
245 |
|
|
|
237 |
|
|
3.38 |
% |
|
|
657 |
|
|
|
593 |
|
|
10.79 |
% |
| Pennsylvania shares tax |
|
|
351 |
|
|
|
280 |
|
|
25.36 |
% |
|
|
1,022 |
|
|
|
807 |
|
|
26.64 |
% |
| Professional fees |
|
|
530 |
|
|
|
719 |
|
|
(26.29)% |
|
|
1,654 |
|
|
|
2,313 |
|
|
(28.49)% |
| Federal Deposit Insurance
Corporation deposit insurance |
|
|
399 |
|
|
|
425 |
|
|
(6.12)% |
|
|
1,179 |
|
|
|
1,122 |
|
|
5.08 |
% |
| Marketing |
|
|
60 |
|
|
|
167 |
|
|
(64.07)% |
|
|
209 |
|
|
|
594 |
|
|
(64.81)% |
| Intangible amortization |
|
|
26 |
|
|
|
25 |
|
|
4.00 |
% |
|
|
77 |
|
|
|
92 |
|
|
(16.30)% |
| Other |
|
|
1,409 |
|
|
|
1,378 |
|
|
2.25 |
% |
|
|
4,652 |
|
|
|
4,275 |
|
|
8.82 |
% |
| TOTAL NON-INTEREST
EXPENSE |
|
|
10,884 |
|
|
|
11,172 |
|
|
(2.58)% |
|
|
33,504 |
|
|
|
33,499 |
|
|
0.01 |
% |
| INCOME BEFORE INCOME TAX
PROVISION |
|
|
5,853 |
|
|
|
2,663 |
|
|
119.79 |
% |
|
|
17,020 |
|
|
|
13,408 |
|
|
26.94 |
% |
| INCOME TAX PROVISION |
|
|
1,052 |
|
|
|
439 |
|
|
139.64 |
% |
|
|
3,022 |
|
|
|
2,355 |
|
|
28.32 |
% |
| NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,801 |
|
|
$ |
2,224 |
|
|
115.87 |
% |
|
$ |
13,998 |
|
|
$ |
11,053 |
|
|
26.64 |
% |
| EARNINGS PER SHARE -
BASIC |
|
$ |
0.64 |
|
|
$ |
0.31 |
|
|
106.45 |
% |
|
$ |
1.86 |
|
|
$ |
1.56 |
|
|
19.23 |
% |
| EARNINGS PER SHARE -
DILUTED |
|
$ |
0.64 |
|
|
$ |
0.31 |
|
|
106.45 |
% |
|
$ |
1.86 |
|
|
$ |
1.53 |
|
|
21.57 |
% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,544,344 |
|
|
|
7,072,440 |
|
|
6.67 |
% |
|
|
7,528,758 |
|
|
|
7,064,336 |
|
|
6.57 |
% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,544,344 |
|
|
|
7,228,940 |
|
|
4.36 |
% |
|
|
7,528,758 |
|
|
|
7,220,836 |
|
|
4.26 |
% |
|
|
|
PENNS WOODS BANCORP, INC.AVERAGE BALANCES
AND INTEREST RATES (UNAUDITED) |
|
|
| |
|
Three Months Ended |
|
(Dollars in Thousands) |
|
September 30, 2024 |
|
September 30, 2023 |
| |
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
69,831 |
|
$ |
534 |
|
3.04 |
% |
|
$ |
68,243 |
|
$ |
462 |
|
2.69 |
% |
| All other loans |
|
|
1,805,097 |
|
|
25,210 |
|
5.56 |
% |
|
|
1,730,669 |
|
|
21,355 |
|
4.90 |
% |
| Total loans (2) |
|
|
1,874,928 |
|
|
25,744 |
|
5.46 |
% |
|
|
1,798,912 |
|
|
21,817 |
|
4.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable securities |
|
|
207,888 |
|
|
2,355 |
|
4.61 |
% |
|
|
193,019 |
|
|
1,945 |
|
4.09 |
% |
| Tax-exempt securities (3) |
|
|
11,475 |
|
|
77 |
|
2.73 |
% |
|
|
20,777 |
|
|
144 |
|
2.81 |
% |
| Total securities |
|
|
219,363 |
|
|
2,432 |
|
4.51 |
% |
|
|
213,796 |
|
|
2,089 |
|
3.96 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing balances in
other financial institutions |
|
|
10,167 |
|
|
140 |
|
5.48 |
% |
|
|
11,868 |
|
|
142 |
|
4.75 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
|
2,104,458 |
|
|
28,316 |
|
5.36 |
% |
|
|
2,024,576 |
|
|
24,048 |
|
4.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
132,244 |
|
|
|
|
|
|
131,451 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
2,236,702 |
|
|
|
|
|
$ |
2,156,027 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| Savings |
|
$ |
214,050 |
|
|
282 |
|
0.52 |
% |
|
$ |
225,357 |
|
|
181 |
|
0.32 |
% |
| Super Now deposits |
|
|
220,825 |
|
|
1,133 |
|
2.04 |
% |
|
|
244,387 |
|
|
1,174 |
|
1.91 |
% |
| Money market deposits |
|
|
320,908 |
|
|
2,781 |
|
3.45 |
% |
|
|
294,006 |
|
|
1,862 |
|
2.51 |
% |
| Time deposits |
|
|
482,335 |
|
|
5,403 |
|
4.46 |
% |
|
|
342,450 |
|
|
3,246 |
|
3.76 |
% |
| Total interest-bearing
deposits |
|
|
1,238,118 |
|
|
9,599 |
|
3.08 |
% |
|
|
1,106,200 |
|
|
6,463 |
|
2.32 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term borrowings |
|
|
66,795 |
|
|
932 |
|
5.54 |
% |
|
|
173,364 |
|
|
2,412 |
|
5.52 |
% |
| Long-term borrowings |
|
|
250,938 |
|
|
2,601 |
|
4.12 |
% |
|
|
204,901 |
|
|
1,714 |
|
3.32 |
% |
| Total borrowings |
|
|
317,733 |
|
|
3,533 |
|
4.42 |
% |
|
|
378,265 |
|
|
4,126 |
|
4.33 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
|
1,555,851 |
|
|
13,132 |
|
3.35 |
% |
|
|
1,484,465 |
|
|
10,589 |
|
2.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
|
453,169 |
|
|
|
|
|
|
471,494 |
|
|
|
|
| Other liabilities |
|
|
27,558 |
|
|
|
|
|
|
24,193 |
|
|
|
|
| Shareholders’ equity |
|
|
200,124 |
|
|
|
|
|
|
175,875 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,236,702 |
|
|
|
|
|
$ |
2,156,027 |
|
|
|
|
| Interest rate spread (3) |
|
|
|
|
|
2.01 |
% |
|
|
|
|
|
1.89 |
% |
| Net interest income/margin
(3) |
|
|
|
$ |
15,184 |
|
2.88 |
% |
|
|
|
$ |
13,459 |
|
2.65 |
% |
1. Information on this table has been
calculated using average daily balance sheets to obtain average
balances.2. Non-accrual loans have been included with loans
for the purpose of analyzing net interest earnings.3. Income
and rates on fully taxable equivalent basis include an adjustment
for the difference between annual income
from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%
| |
|
Three Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
| Total interest income |
|
$ |
28,188 |
|
$ |
23,921 |
| Total interest expense |
|
|
13,132 |
|
|
10,589 |
| Net interest income
(GAAP) |
|
|
15,056 |
|
|
13,332 |
| Tax equivalent adjustment |
|
|
128 |
|
|
127 |
| Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
15,184 |
|
$ |
13,459 |
|
|
|
PENNS WOODS BANCORP, INC.AVERAGE BALANCES
AND INTEREST RATES (UNAUDITED) |
|
|
| |
|
Nine Months Ended |
| |
|
September 30, 2024 |
|
September 30, 2023 |
|
(Dollars in Thousands) |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
Average Balance
(1) |
|
Interest |
|
Average Rate |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
69,455 |
|
$ |
1,490 |
|
2.87 |
% |
|
$ |
66,372 |
|
$ |
1,371 |
|
2.76 |
% |
| All other loans |
|
|
1,792,518 |
|
|
72,844 |
|
5.43 |
% |
|
|
1,668,596 |
|
|
58,488 |
|
4.69 |
% |
| Total loans (2) |
|
|
1,861,973 |
|
|
74,334 |
|
5.33 |
% |
|
|
1,734,968 |
|
|
59,859 |
|
4.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable securities |
|
|
203,964 |
|
|
6,795 |
|
4.45 |
% |
|
|
188,477 |
|
|
5,331 |
|
3.78 |
% |
| Tax-exempt securities (3) |
|
|
13,625 |
|
|
295 |
|
2.89 |
% |
|
|
25,837 |
|
|
519 |
|
2.69 |
% |
| Total securities |
|
|
217,589 |
|
|
7,090 |
|
4.35 |
% |
|
|
214,314 |
|
|
5,850 |
|
3.65 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing balances in
other financial institutions |
|
|
10,382 |
|
|
398 |
|
5.12 |
% |
|
|
10,619 |
|
|
366 |
|
4.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning
assets |
|
|
2,089,944 |
|
|
81,822 |
|
5.24 |
% |
|
|
1,959,901 |
|
|
66,075 |
|
4.41 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
131,000 |
|
|
|
|
|
|
132,133 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
2,220,944 |
|
|
|
|
|
$ |
2,092,034 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| Savings |
|
$ |
217,056 |
|
|
811 |
|
0.50 |
% |
|
$ |
233,784 |
|
|
456 |
|
0.26 |
% |
| Super Now deposits |
|
|
218,307 |
|
|
3,303 |
|
2.02 |
% |
|
|
293,636 |
|
|
3,026 |
|
1.38 |
% |
| Money market deposits |
|
|
308,027 |
|
|
7,734 |
|
3.35 |
% |
|
|
292,490 |
|
|
4,807 |
|
2.20 |
% |
| Time deposits |
|
|
446,158 |
|
|
14,591 |
|
4.37 |
% |
|
|
264,855 |
|
|
6,397 |
|
3.23 |
% |
| Total interest-bearing
deposits |
|
|
1,189,548 |
|
|
26,439 |
|
2.97 |
% |
|
|
1,084,765 |
|
|
14,686 |
|
1.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term borrowings |
|
|
96,669 |
|
|
4,024 |
|
5.60 |
% |
|
|
155,136 |
|
|
6,084 |
|
5.26 |
% |
| Long-term borrowings |
|
|
256,960 |
|
|
7,667 |
|
3.99 |
% |
|
|
169,276 |
|
|
3,892 |
|
3.07 |
% |
| Total borrowings |
|
|
353,629 |
|
|
11,691 |
|
4.43 |
% |
|
|
324,412 |
|
|
9,976 |
|
4.12 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing
liabilities |
|
|
1,543,177 |
|
|
38,130 |
|
3.30 |
% |
|
|
1,409,177 |
|
|
24,662 |
|
2.34 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
|
454,967 |
|
|
|
|
|
|
484,662 |
|
|
|
|
| Other liabilities |
|
|
31,133 |
|
|
|
|
|
|
26,334 |
|
|
|
|
| Shareholders’ equity |
|
|
191,667 |
|
|
|
|
|
|
171,861 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
2,220,944 |
|
|
|
|
|
$ |
2,092,034 |
|
|
|
|
| Interest rate spread (3) |
|
|
|
|
|
1.94 |
% |
|
|
|
|
|
2.07 |
% |
| Net interest income/margin
(3) |
|
|
|
$ |
43,692 |
|
2.79 |
% |
|
|
|
$ |
41,413 |
|
2.82 |
% |
1. Information on this table has been
calculated using average daily balance sheets to obtain average
balances.2. Non-accrual loans have been included with loans
for the purpose of analyzing net interest earnings.3. Income
and rates on fully taxable equivalent basis include an adjustment
for the difference between annual income
from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%
| |
|
Nine months ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
| Total interest income |
|
$ |
81,447 |
|
$ |
65,678 |
| Total interest expense |
|
|
38,130 |
|
|
24,662 |
| Net interest income
(GAAP) |
|
|
43,317 |
|
|
41,016 |
| Tax equivalent adjustment |
|
|
375 |
|
|
397 |
| Net interest income (fully
taxable equivalent) (non-GAAP) |
|
$ |
43,692 |
|
$ |
41,413 |
|
(Dollars in Thousands, Except
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
| Operating
Data |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,801 |
|
|
$ |
5,390 |
|
|
$ |
3,808 |
|
|
$ |
5,555 |
|
|
$ |
2,224 |
|
|
Net interest income |
|
|
15,056 |
|
|
|
14,515 |
|
|
|
13,746 |
|
|
|
13,948 |
|
|
|
13,332 |
|
|
Provision (recovery) for credit losses |
|
|
740 |
|
|
|
(1,177 |
) |
|
|
138 |
|
|
|
(1,742 |
) |
|
|
1,372 |
|
|
Net security gains (losses) |
|
|
36 |
|
|
|
(19 |
) |
|
|
(33 |
) |
|
|
(18 |
) |
|
|
(81 |
) |
|
Non-interest income, excluding net security gains (losses) |
|
|
2,385 |
|
|
|
2,044 |
|
|
|
2,495 |
|
|
|
2,239 |
|
|
|
1,956 |
|
|
Non-interest expense |
|
|
10,884 |
|
|
|
10,996 |
|
|
|
11,623 |
|
|
|
10,997 |
|
|
|
11,172 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.88 |
% |
|
|
2.83 |
% |
|
|
2.69 |
% |
|
|
2.73 |
% |
|
|
2.65 |
% |
|
Annualized cost of total deposits |
|
|
2.27 |
% |
|
|
2.14 |
% |
|
|
2.01 |
% |
|
|
1.89 |
% |
|
|
1.64 |
% |
|
Annualized non-interest income to average assets |
|
|
0.43 |
% |
|
|
0.37 |
% |
|
|
0.45 |
% |
|
|
0.41 |
% |
|
|
0.35 |
% |
|
Annualized non-interest expense to average assets |
|
|
1.95 |
% |
|
|
1.98 |
% |
|
|
2.10 |
% |
|
|
2.02 |
% |
|
|
2.07 |
% |
|
Annualized return on average assets |
|
|
0.86 |
% |
|
|
0.97 |
% |
|
|
0.69 |
% |
|
|
1.02 |
% |
|
|
0.41 |
% |
|
Annualized return on average equity |
|
|
9.60 |
% |
|
|
11.12 |
% |
|
|
8.03 |
% |
|
|
12.60 |
% |
|
|
5.06 |
% |
|
Annualized net loan charge-offs (recoveries) to average loans |
|
|
0.07 |
% |
|
(0.09)% |
|
|
0.08 |
% |
|
(0.05)% |
|
|
0.01 |
% |
|
Net charge-offs (recoveries) |
|
|
328 |
|
|
|
(396 |
) |
|
|
380 |
|
|
|
(209 |
) |
|
|
33 |
|
|
Efficiency ratio |
|
|
62.26 |
% |
|
|
66.25 |
% |
|
|
71.41 |
% |
|
|
67.78 |
% |
|
|
72.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.64 |
|
|
$ |
0.72 |
|
|
$ |
0.51 |
|
|
$ |
0.77 |
|
|
$ |
0.31 |
|
|
Diluted earnings per share |
|
|
0.64 |
|
|
|
0.72 |
|
|
|
0.51 |
|
|
|
0.77 |
|
|
|
0.31 |
|
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
Book value |
|
|
26.96 |
|
|
|
26.13 |
|
|
|
25.72 |
|
|
|
25.51 |
|
|
|
24.55 |
|
|
Tangible book value (Non-GAAP) |
|
|
24.77 |
|
|
|
23.93 |
|
|
|
23.50 |
|
|
|
23.29 |
|
|
|
22.20 |
|
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
|
High |
|
|
23.98 |
|
|
|
21.08 |
|
|
|
22.64 |
|
|
|
23.64 |
|
|
|
27.17 |
|
|
Low |
|
|
19.29 |
|
|
|
17.17 |
|
|
|
18.44 |
|
|
|
20.05 |
|
|
|
20.70 |
|
|
Close |
|
|
23.79 |
|
|
|
20.55 |
|
|
|
19.41 |
|
|
|
22.51 |
|
|
|
21.08 |
|
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,544 |
|
|
|
7,529 |
|
|
|
7,513 |
|
|
|
7,255 |
|
|
|
7,072 |
|
|
Fully Diluted |
|
|
7,544 |
|
|
|
7,529 |
|
|
|
7,513 |
|
|
|
7,255 |
|
|
|
7,229 |
|
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
8,065 |
|
|
|
8,052 |
|
|
|
8,036 |
|
|
|
8,019 |
|
|
|
7,620 |
|
|
Treasury |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
(Dollars in Thousands, Unaudited) |
|
Quarter Ended |
|
|
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
| Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
| General |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,259,250 |
|
|
$ |
2,234,617 |
|
|
$ |
2,210,116 |
|
|
$ |
2,204,809 |
|
|
$ |
2,176,468 |
|
|
Loans, net |
|
|
1,863,586 |
|
|
|
1,855,054 |
|
|
|
1,843,805 |
|
|
|
1,828,318 |
|
|
|
1,805,571 |
|
|
Goodwill |
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
|
16,450 |
|
|
Intangibles |
|
|
133 |
|
|
|
158 |
|
|
|
184 |
|
|
|
210 |
|
|
|
235 |
|
|
Total deposits |
|
|
1,700,321 |
|
|
|
1,648,093 |
|
|
|
1,618,562 |
|
|
|
1,589,493 |
|
|
|
1,567,267 |
|
|
Noninterest-bearing |
|
|
452,922 |
|
|
|
461,092 |
|
|
|
471,451 |
|
|
|
471,173 |
|
|
|
471,507 |
|
|
Savings |
|
|
211,560 |
|
|
|
218,354 |
|
|
|
220,932 |
|
|
|
219,287 |
|
|
|
226,897 |
|
|
NOW |
|
|
218,279 |
|
|
|
209,906 |
|
|
|
208,073 |
|
|
|
214,888 |
|
|
|
220,730 |
|
|
Money Market |
|
|
321,614 |
|
|
|
320,101 |
|
|
|
299,916 |
|
|
|
299,353 |
|
|
|
291,889 |
|
|
Time Deposits |
|
|
328,294 |
|
|
|
310,187 |
|
|
|
292,372 |
|
|
|
260,067 |
|
|
|
249,550 |
|
|
Brokered Deposits |
|
|
167,652 |
|
|
|
128,453 |
|
|
|
125,818 |
|
|
|
124,725 |
|
|
|
106,694 |
|
|
Total interest-bearing deposits |
|
|
1,247,399 |
|
|
|
1,187,001 |
|
|
|
1,147,111 |
|
|
|
1,118,320 |
|
|
|
1,095,760 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,204,375 |
|
|
|
1,209,453 |
|
|
|
1,200,372 |
|
|
|
1,204,701 |
|
|
|
1,211,023 |
|
|
Shareholders’ equity |
|
|
203,694 |
|
|
|
197,087 |
|
|
|
193,517 |
|
|
|
191,556 |
|
|
|
174,540 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Asset
Quality |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
7,940 |
|
|
$ |
6,784 |
|
|
$ |
7,958 |
|
|
$ |
3,148 |
|
|
$ |
3,683 |
|
|
Non-performing loans to total assets |
|
|
0.35 |
% |
|
|
0.30 |
% |
|
|
0.36 |
% |
|
|
0.14 |
% |
|
|
0.17 |
% |
|
Allowance for credit losses on loans |
|
|
11,588 |
|
|
|
11,234 |
|
|
|
11,542 |
|
|
|
11,446 |
|
|
|
12,890 |
|
|
Allowance for credit losses on loans to total loans |
|
|
0.62 |
% |
|
|
0.60 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.71 |
% |
|
Allowance for credit losses on loans to non-performing loans |
|
|
145.94 |
% |
|
|
165.60 |
% |
|
|
145.04 |
% |
|
|
363.60 |
% |
|
|
349.99 |
% |
|
Non-performing loans to total loans |
|
|
0.42 |
% |
|
|
0.36 |
% |
|
|
0.43 |
% |
|
|
0.17 |
% |
|
|
0.20 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
9.02 |
% |
|
|
8.82 |
% |
|
|
8.76 |
% |
|
|
8.69 |
% |
|
|
8.02 |
% |
* Core deposits are defined as total deposits less time deposits
and brokered deposits.
|
|
|
Reconciliation of GAAP and Non-GAAP Financial
Measures(UNAUDITED) |
|
|
|
(Dollars in Thousands, Except Per Share Data,
Unaudited) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
GAAP net income |
|
$ |
4,801 |
|
|
$ |
2,224 |
|
|
$ |
13,998 |
|
|
$ |
11,053 |
|
| Net securities (gains) losses,
net of tax |
|
|
(28 |
) |
|
|
64 |
|
|
|
13 |
|
|
|
126 |
|
| Non-GAAP core earnings |
|
$ |
4,773 |
|
|
$ |
2,288 |
|
|
$ |
14,011 |
|
|
$ |
11,179 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Return on average assets
(ROA) |
|
|
0.86 |
% |
|
|
0.41 |
% |
|
|
0.84 |
% |
|
|
0.70 |
% |
| Net securities (gains) losses,
net of tax |
|
(0.01)% |
|
|
0.01 |
% |
|
|
— |
% |
|
|
0.01 |
% |
| Non-GAAP core ROA |
|
|
0.85 |
% |
|
|
0.42 |
% |
|
|
0.84 |
% |
|
|
0.71 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Return on average equity
(ROE) |
|
|
9.60 |
% |
|
|
5.06 |
% |
|
|
9.74 |
% |
|
|
8.58 |
% |
| Net securities (gains) losses,
net of tax |
|
(0.06)% |
|
|
0.14 |
% |
|
|
0.01 |
% |
|
|
0.09 |
% |
| Non-GAAP core ROE |
|
|
9.54 |
% |
|
|
5.20 |
% |
|
|
9.75 |
% |
|
|
8.67 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Basic earnings per share
(EPS) |
|
$ |
0.64 |
|
|
$ |
0.31 |
|
|
$ |
1.86 |
|
|
$ |
1.56 |
|
| Net securities (gains) losses,
net of tax |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
| Non-GAAP basic core EPS |
|
$ |
0.63 |
|
|
$ |
0.32 |
|
|
$ |
1.86 |
|
|
$ |
1.58 |
|
| |
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Diluted EPS |
|
$ |
0.64 |
|
|
$ |
0.31 |
|
|
$ |
1.86 |
|
|
$ |
1.53 |
|
| Net securities (gains) losses,
net of tax |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
| Non-GAAP diluted core EPS |
|
$ |
0.63 |
|
|
$ |
0.32 |
|
|
$ |
1.86 |
|
|
$ |
1.55 |
|
|
(Dollars in Thousands, Except Share and
Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
Total shareholders' equity |
|
$ |
203,694 |
|
|
$ |
197,087 |
|
|
$ |
193,517 |
|
|
$ |
191,556 |
|
|
$ |
174,540 |
|
| Goodwill |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
|
|
(16,450 |
) |
| Intangibles |
|
|
(133 |
) |
|
|
(158 |
) |
|
|
(184 |
) |
|
|
(210 |
) |
|
|
(235 |
) |
| Tangible shareholders'
equity |
|
$ |
187,111 |
|
|
$ |
180,479 |
|
|
$ |
176,883 |
|
|
$ |
174,896 |
|
|
$ |
157,855 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Shares outstanding |
|
|
7,554,488 |
|
|
|
7,541,474 |
|
|
|
7,525,372 |
|
|
|
7,508,994 |
|
|
|
7,110,025 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Book value per share |
|
$ |
26.96 |
|
|
$ |
26.13 |
|
|
$ |
25.72 |
|
|
$ |
25.51 |
|
|
$ |
24.55 |
|
| Tangible book value per share
(Non-GAAP) |
|
$ |
24.77 |
|
|
$ |
23.93 |
|
|
$ |
23.50 |
|
|
$ |
23.29 |
|
|
$ |
22.20 |
|
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Historical Stock Chart
From Nov 2023 to Nov 2024
