There were 358 press releases posted in the last 24 hours and 170,202 in the last 365 days.

Penns Woods Bancorp, Inc. Reports Fourth Quarter 2016 Earnings

/EIN News/ -- WILLIAMSPORT, Pa., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ:PWOD)

Penns Woods Bancorp, Inc. continued its solid earnings, supported by loan and deposit growth, achieving net income of $12,475,000 for the twelve months ended December 31, 2016 resulting in basic and dilutive earnings per share of $2.64.

Highlights

  • Net income from core operations (“operating earnings”), which is a non-generally accepted accounting principles (GAAP) measure of net income excluding net securities gains, was $2,657,000 for the three months ended December 31, 2016 compared to $3,156,000 for the same period of 2015. Operating earnings decreased to $11,373,000 for the twelve months ended December 31, 2016 compared to $12,202,000 for the same period of 2015.  The 2016 twelve month period included an increase in net non-recurring losses on the sale of other real estate owned of $162,000 compared to the 2015 loss level. Twelve month 2016 expenses were negatively impacted by a mass replacement of debit cards to implement EMV card technology to better protect the security of our customers.  The 2016 period also included expenses related to a data breach at a national restaurant chain that impacted our customer base.  In addition, the investment portfolio has declined $42,680,000 from December 31, 2015 to December 31, 2016 as part of our strategy to position the balance sheet for a rising rate environment.

  • Operating earnings per share for the three months ended December 31, 2016 were $0.56 for both basic and dilutive, a decrease from $0.66 for the same period of 2015.  Operating earnings per share for the twelve months ended December 31, 2016 were $2.40 basic and dilutive compared to $2.56 basic and dilutive for the same period of 2015.

  • Return on average assets was 0.87% for the three months ended December 31, 2016 compared to 1.15% for the corresponding period of 2015.  Return on average assets was 0.93% for the twelve months ended December 31, 2016 compared to 1.08% for the corresponding period of 2015.

  • Return on average equity was 8.43% for the three months ended December 31, 2016 compared to 10.73% for the corresponding period of 2015.  Return on average equity was 8.96% for the twelve months ended December 31, 2016 compared to 10.11% for the corresponding period of 2015.

“Adding high quality earning assets and continuing to shift revenue from the investment portfolio to the loan portfolio was a top focus during 2016.  The growth in home equity products coupled with a decrease in the size of the investment portfolio increased balance sheet protection to a rising rate environment as the duration of the earning asset portfolio was shortened. Another focus during 2016 was debit card fraud.  During the past year we replaced all debit cards in order to implement EMV card technology to better protect the security of our customers.  We view this action as important both to protect our customers' information and because debit card fraud can impact our bottom line by consuming resources intended for other activities, in addition to the actual monetary cost,” said Richard A. Grafmyre, CFP®, President and CEO.

A reconciliation of the non-GAAP financial measures of operating earnings, operating return on assets, operating return on equity, and operating earnings per share, described in the highlights, to the comparable GAAP financial measures is included at the end of this press release.

Net Income

Net income, as reported under GAAP, for the three and twelve months ended December 31, 2016 was $2,948,000 and $12,475,000 compared to $3,746,000 and $13,898,000 for the same period of 2015. Results for the three and twelve months ended December 31, 2016 compared to 2015 were impacted by a decrease in after-tax securities gains of $299,000 (from a gain of $590,000 to a gain of $291,000) for the three month periods and a decrease in after-tax securities gains of $594,000 (from a gain of $1,696,000 to a gain of $1,102,000) for the twelve month periods. Basic and dilutive earnings per share for the three and twelve months ended December 31, 2016 were $0.62 and $2.64 compared to $0.79 and $2.91 for the corresponding periods of 2015.  Return on average assets and return on average equity were 0.87% and 8.43% for the three months ended December 31, 2016 compared to 1.15% and 10.73% for the corresponding period of 2015. Return on average assets and return on average equity were 0.93% and 8.96% for the twelve months ended December 31, 2016 compared to 1.08% and 10.11% for the corresponding period of 2015.

Net Interest Margin

The net interest margin for the three and twelve months ended December 31, 2016 was 3.38% and 3.44% compared to 3.55% and 3.61% for the corresponding periods of 2015.  The decline in the net interest margin was driven by a decreasing yield on the investment portfolio due to the continued lower than historical rate environment that limits the yield that we can acquire into the portfolio and our strategic decision to continue repositioning the portfolio through active management in anticipation of a steadily rising rate environment.  The impact of the declining investment portfolio yield and decreasing investment portfolio balance was partially offset by a 4.64% growth in gross loans from December 31, 2015 to December 31, 2016.  The loan growth was funded by an increase in core deposits and a decrease in the investment portfolio.  Core deposits represent a lower cost funding source than time deposits and comprise 80.06% of total deposits at December 31, 2016 and 78.55% at December 31, 2015. 

Assets

Total assets increased $28,533,000 to $1,348,590,000 at December 31, 2016 compared to December 31, 2015.  Net loans increased $47,622,000 to $1,080,785,000 at December 31, 2016 compared to December 31, 2015 primarily due to campaigns related to increasing home equity product market share during 2015 and 2016, growth in the commercial loan portfolio, and the introduction of indirect auto lending during the third quarter of 2016.  The investment portfolio decreased $42,680,000 from December 31, 2015 to December 31, 2016 due to our strategy to reduce the investment portfolio duration through the selective selling of bonds as opportunities develop.  The combination of loan portfolio growth and a decrease in the size of the investment portfolio has resulted in a shortening of the overall earning asset portfolio duration consistent with a strategy to reduce the interest rate and market risk exposure to a rising rate environment.

Non-performing Loans

The non-performing loans to total loans ratio increased to 1.06% at December 31, 2016 from 0.90% at December 31, 2015. This change was primarily the result of a large commercial real estate loan that was placed on non-accrual status causing non-performing loans to increase to $11,626,000 at December 31, 2016 from $9,446,000 at December 31, 2015. The majority of non-performing loans are centered on several loans that are either in a secured position and have sureties with a strong underlying financial position or have a specific allocation for any impairment recorded within the allowance for loan losses.  Net loan charge-offs of $344,000 for the twelve months ended December 31, 2016 minimally impacted the allowance for loan losses which was 1.18% of total loans at December 31, 2016.  The majority of the loans charged-off had a specific allowance within the allowance for loan losses.

Deposits

Deposits increased $63,334,000 to $1,095,214,000 at December 31, 2016 compared to December 31, 2015.  Core deposits (total deposits excluding time deposits) increased $66,335,000 due to our commitment to building complete banking relationships with our customers.  Noninterest-bearing deposits increased $23,194,000 to $303,277,000 at December 31, 2016 compared to December 31, 2015.  Driving this growth is our commitment to easy-to-use products, community involvement, and emphasis on customer service.  While deposit gathering efforts have centered on core deposits, the lengthening of the time deposit portfolio continues to move forward as part of the strategy to build balance sheet protection in a rising rate environment.

Shareholders’ Equity

Shareholders’ equity increased $1,970,000 to $138,249,000 at December 31, 2016 compared to December 31, 2015.  Since December 31, 2015, treasury stock purchases of $574,000 for 14,600 shares were completed as part of the stock repurchase plan.  The change in accumulated other comprehensive loss from $3,799,000 at December 31, 2015 to $4,928,000 at December 31, 2016 is a result of an increase in unrealized losses on available for sale securities from an unrealized gain of $258,000 at December 31, 2015 to an unrealized loss of $639,000 at December 31, 2016.  The amount of accumulated other comprehensive loss at December 31, 2016 was also impacted by the change in net excess of the projected benefit obligation over the fair value of the plan assets of the defined benefit pension plan resulting in a increase in the net loss of $232,000 to $4,289,000 at December 31, 2016.  The current level of shareholders’ equity equates to a book value per share of $29.20 at December 31, 2016 compared to $28.71 at December 31, 2015 and an equity to asset ratio of 10.25% at December 31, 2016 compared to 10.32% at December 31, 2015.  Excluding goodwill and intangibles, book value per share was $25.21 at December 31, 2016 compared to $24.84 at December 31, 2015.  Dividends declared for each of the three and twelve months ended December 31, 2016 and 2015 were $0.47 and $1.88 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates fifteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, and Union Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County.  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 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, 2015.

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.

THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT

PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
 
    December 31,
(In Thousands, Except Share Data)   2016   2015   % Change
ASSETS            
Noninterest-bearing balances   $ 26,766     $ 22,044     21.42 %
Interest-bearing balances in other financial institutions   16,905     752     2,148.01 %
Total cash and cash equivalents   43,671     22,796     91.57 %
             
Investment securities, available for sale, at fair value   133,492     176,157     (24.22 )%
Investment securities, trading   58     73     (20.55 )%
Loans held for sale   1,953     757     157.99 %
Loans.   1,093,681     1,045,207     4.64 %
Allowance for loan losses   (12,896 )   (12,044 )   7.07 %
Loans, net   1,080,785     1,033,163     4.61 %
Premises and equipment, net   24,275     21,830     11.20 %
Accrued interest receivable   3,672     3,686     (0.38 )%
Bank-owned life insurance   27,332     26,667     2.49 %
Investment in limited partnerships   586     899     (34.82 )%
Goodwill   17,104     17,104     %
Intangibles   1,799     1,240     45.08 %
Deferred tax asset   8,397     8,990     (6.60 )%
Other assets   5,466     6,695     (18.36 )%
TOTAL ASSETS   $ 1,348,590     $ 1,320,057     2.16 %
             
LIABILITIES            
Interest-bearing deposits   $ 791,937     $ 751,797     5.34 %
Noninterest-bearing deposits   303,277     280,083     8.28 %
Total deposits   1,095,214     1,031,880     6.14 %
             
Short-term borrowings   13,241     46,638     (71.61 )%
Long-term borrowings   85,998     91,025     (5.52 )%
Accrued interest payable   455     426     6.81 %
Other liabilities   15,433     13,809     11.76 %
TOTAL LIABILITIES   1,210,341     1,183,778     2.24 %
             
SHAREHOLDERS’ EQUITY            
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued           n/a  
Common stock, par value $8.33, 15,000,000 shares authorized; 5,007,109
and 5,004,984 shares issued
  41,726     41,708     0.04 %
Additional paid-in capital   50,075     49,992     0.17 %
Retained earnings   61,610     58,038     6.15 %
Accumulated other comprehensive loss:            
Net unrealized (loss) gain on available for sale securities   (639 )   258     (347.67 )%
Defined benefit plan......   (4,289 )   (4,057 )   (5.72 )%
Treasury stock at cost, 272,452 and 257,852 shares   (10,234 )   (9,660 )   5.94 %
TOTAL SHAREHOLDERS’ EQUITY.   138,249     136,279     1.45 %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,348,590     $ 1,320,057     2.16 %

 

PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
 
    Three Months Ended December 31,   Twelve Months Ended December 31,
(In Thousands, Except Per Share Data)   2016   2015   % Change   2016   2015   % Change
INTEREST AND DIVIDEND INCOME:                        
Loans including fees   $ 10,694     $ 10,197     4.87 %   $ 42,056     $ 39,134     7.47 %
Investment securities:                        
Taxable   600     698     (14.04 )%   2,424     3,426     (29.25 )%
Tax-exempt   296     608     (51.32 )%   1,498     2,795     (46.40 )%
Dividend and other interest income   168     172     (2.33 )%   835     769     8.58 %
TOTAL INTEREST AND DIVIDEND INCOME   11,758     11,675     0.71 %   46,813     46,124     1.49 %
                         
INTEREST EXPENSE:                        
Deposits   923     801     15.23 %   3,547     3,129     13.36 %
Short-term borrowings   5     38     (86.84 )%   46     116     (60.34 )%
Long-term borrowings   493     498     (1.00 )%   1,974     1,974     %
TOTAL INTEREST EXPENSE   1,421     1,337     6.28 %   5,567     5,219     6.67 %
                         
NET INTEREST INCOME   10,337     10,338     (0.01 )%   41,246     40,905     0.83 %
                         
PROVISION FOR LOAN LOSSES   330     480     (31.25 )%   1,196     2,300     (48.00 )%
                         
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   10,007     9,858     1.51 %   40,050     38,605     3.74 %
                         
NON-INTEREST INCOME:                        
Service charges   571     611     (6.55 )%   2,249     2,383     (5.62 )%
Securities gains, available for sale   437     879     (50.28 )%   1,611     2,592     (37.85 )%
Securities gains (losses), trading   4     15     (73.33 )%   58     (22 )   363.64 %
Bank-owned life insurance   167     179     (6.70 )%   684     720     (5.00 )%
Gain on sale of loans   411     438     (6.16 )%   2,102     1,743     20.60 %
Insurance commissions   191     158     20.89 %   795     781     1.79 %
Brokerage commissions   281     228     23.25 %   1,098     1,064     3.20 %
Other   794     803     (1.12 )%   3,516     3,504     0.34 %
TOTAL NON-INTEREST INCOME   2,856     3,311     (13.74 )%   12,113     12,765     (5.11 )%
                         
NON-INTEREST EXPENSE:                        
Salaries and employee benefits   4,380     3,950     10.89 %   17,813     17,023     4.64 %
Occupancy   593     527     12.52 %   2,223     2,248     (1.11 )%
Furniture and equipment   751     698     7.59 %   2,793     2,622     6.52 %
Pennsylvania shares tax   175     243     (27.98 )%   873     954     (8.49 )%
Amortization of investments in limited partnerships   46     165     (72.12 )%   312     661     (52.80 )%
Federal Deposit Insurance Corporation deposit insurance   97     213     (54.46 )%   767     867     (11.53 )%
Marketing   172     178     (3.37 )%   740     612     20.92 %
Intangible amortization   89     76     17.11 %   366     311     17.68 %
Other   2,322     2,267     2.43 %   9,204     8,438     9.08 %
TOTAL NON-INTEREST EXPENSE   8,625     8,317     3.70 %   35,091     33,736     4.02 %
INCOME BEFORE INCOME TAX PROVISION.   4,238     4,852     (12.65 )%   17,072     17,634     (3.19 )%
INCOME TAX PROVISION   1,290     1,106     16.64 %   4,597     3,736     23.05 %
NET INCOME   $ 2,948     $ 3,746     (21.30 )%   $ 12,475     $ 13,898     (10.24 )%
                         
EARNINGS PER SHARE - BASIC AND DILUTED   $ 0.62     $ 0.79     (21.52 )%   $ 2.64     $ 2.91     (9.28 )%
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED   4,734,304     4,746,910     (0.27 )%   4,735,457     4,772,239     (0.77 )%
DIVIDENDS DECLARED PER SHARE   $ 0.47     $ 0.47     %   $ 1.88     $ 1.88     %

 

 

PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
 
    Three Months Ended
    December 31, 2016   December 31, 2015
(Dollars in Thousands)   Average
Balance
  Interest   Average
Rate
  Average
Balance
  Interest   Average
Rate
ASSETS:                        
Tax-exempt loans   $ 43,039     $ 420     3.88 %   $ 52,329     $ 485     3.68 %
All other loans   1,038,973     10,417     3.99 %   967,751     9,877     4.05 %
Total loans   1,082,012     10,837     3.98 %   1,020,080     10,362     4.03 %
                         
Taxable securities   92,611     728     3.14 %   108,835     867     3.19 %
Tax-exempt securities   45,735     449     3.93 %   77,447     921     4.76 %
Total securities   138,346     1,177     3.40 %   186,282     1,788     3.84 %
                         
Interest-bearing deposits   31,176     40     0.51 %   3,463     3     0.34 %
                         
Total interest-earning assets   1,251,534     12,054     3.83 %   1,209,825     12,153     3.99 %
                         
Other assets   99,837             97,197          
                         
TOTAL ASSETS   $ 1,351,371             $ 1,307,022          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 152,109     15     0.04 %   $ 143,774     14     0.04 %
Super Now deposits   177,918     101     0.23 %   177,733     112     0.25 %
Money market deposits   247,876     178     0.29 %   204,092     129     0.25 %
Time deposits   220,967     629     1.13 %   224,435     546     0.97 %
Total interest-bearing deposits   798,870     923     0.46 %   750,034     801     0.42 %
                         
Short-term borrowings   13,291     5     0.15 %   47,212     38     0.32 %
Long-term borrowings   89,151     493     2.17 %   91,025     498     2.14 %
Total borrowings   102,442     498     1.91 %   138,237     536     1.52 %
                         
Total interest-bearing liabilities   901,312     1,421     0.62 %   888,271     1,337     0.59 %
                         
Demand deposits   292,955             262,599          
Other liabilities   17,232             16,455          
Shareholders’ equity   139,872             139,697          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,351,371             $ 1,307,022          
Interest rate spread           3.21 %           3.40 %
Net interest income/margin       $ 10,633     3.38 %       $ 10,816     3.55 %


    Three Months Ended December 31,
    2016   2015
Total interest income   $ 11,758     $ 11,675  
Total interest expense   1,421     1,337  
Net interest income   10,337     10,338  
Tax equivalent adjustment   296     478  
Net interest income (fully taxable equivalent)   $ 10,633     $ 10,816  


    Twelve Months Ended
    December 31, 2016   December 31, 2015
(Dollars in Thousands)   Average
Balance
  Interest   Average
Rate
  Average
Balance
  Interest   Average
Rate
ASSETS:                        
Tax-exempt loans   $ 47,782     $ 1,852     3.87 %   $ 43,395     $ 1,679     3.87 %
All other loans   1,009,384     40,834     4.05 %   932,179     38,026     4.08 %
Total loans   1,057,166     42,686     4.04 %   975,574     39,705     4.07 %
                         
Taxable securities   94,887     3,072     3.24 %   127,052     4,183     3.29 %
Tax-exempt securities   53,638     2,270     4.23 %   83,293     4,235     5.08 %
Total securities   148,525     5,342     3.60 %   210,345     8,418     4.00 %
                         
Interest-bearing deposits   36,592     187     0.51 %   4,238     12     0.28 %
                         
Total interest-earning assets   1,242,283     48,215     3.88 %   1,190,157     48,135     4.04 %
                         
Other assets   99,500             97,103          
                         
TOTAL ASSETS   $ 1,341,783             $ 1,287,260          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 151,397     58     0.04 %   $ 143,055     56     0.04 %
Super Now deposits   187,106     458     0.24 %   187,396     491     0.26 %
Money market deposits   238,175     648     0.27 %   207,252     554     0.27 %
Time deposits   221,498     2,383     1.08 %   220,360     2,028     0.92 %
Total interest-bearing deposits   798,176     3,547     0.44 %   758,063     3,129     0.41 %
                         
Short-term borrowings   18,518     46     0.25 %   38,909     116     0.30 %
Long-term borrowings   90,554     1,974     2.14 %   84,721     1,974     2.30 %
Total borrowings   109,072     2,020     1.82 %   123,630     2,090     1.67 %
                         
Total interest-bearing liabilities   907,248     5,567     0.61 %   881,693     5,219     0.59 %
                         
Demand deposits   279,130             251,029          
Other liabilities   16,152             17,047          
Shareholders’ equity   139,253             137,491          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,341,783             $ 1,287,260          
Interest rate spread           3.27 %           3.45 %
Net interest income/margin       $ 42,648     3.44 %       $ 42,916     3.61 %


    Twelve Months Ended December 31,
    2016   2015
Total interest income   $ 46,813     $ 46,124  
Total interest expense   5,567     5,219  
Net interest income   41,246     40,905  
Tax equivalent adjustment   1,402     2,011  
Net interest income (fully taxable equivalent)   $ 42,648     $ 42,916  


(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    12/31/2016   9/30/2016   6/30/2016   3/31/2016   12/31/2015
Operating Data                    
Net income   $ 2,948     $ 3,059     $ 3,390     $ 3,078     $ 3,746  
Net interest income   10,337     10,247     10,288     10,374     10,338  
Provision for loan losses   330     258     258     350     480  
Net security gains   441     261     492     475     894  
Non-interest income, excluding net security gains   2,415     2,821     2,686     2,522     2,417  
Non-interest expense   8,625     8,739     8,666     9,061     8,317  
                     
Performance Statistics                    
Net interest margin   3.38 %   3.37 %   3.42 %   3.57 %   3.55 %
Annualized return on average assets   0.87 %   0.91 %   1.00 %   0.94 %   1.15 %
Annualized return on average equity   8.43 %   8.69 %   9.77 %   8.95 %   10.73 %
Annualized net loan charge-offs (recoveries) to average loans   0.06 %   0.02 %   0.05 %   %   (0.03 )%
Net charge-offs (recoveries)   152     57     123     12     (75 )
Efficiency ratio   66.9 %   66.2 %   66.0 %   69.6 %   64.6 %
                     
Per Share Data                    
Basic earnings per share   $ 0.62     $ 0.65     $ 0.72     $ 0.65     $ 0.79  
Diluted earnings per share   0.62     0.65     0.72     0.65     0.79  
Dividend declared per share   0.47     0.47     0.47     0.47     0.47  
Book value   29.20     29.56     29.45     29.09     28.71  
Common stock price:                    
High   52.03     44.75     44.70     41.32     45.28  
Low   41.00     40.34     37.82     36.73     40.47  
Close   50.50     44.46     41.99     38.54     42.46  
Weighted average common shares:                    
Basic   4,734     4,734     4,733     4,741     4,747  
Fully Diluted   4,734     4,734     4,733     4,741     4,747  
End-of-period common shares:                    
Issued   5,007     5,007     5,006     5,006     5,005  
Treasury   272     272     272     272     258  


(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    12/31/2016   9/30/2016   6/30/2016   3/31/2016   12/31/2015
Financial Condition Data:                    
General                    
Total assets   $ 1,348,590     $ 1,347,412     $ 1,346,482     $ 1,318,137     $ 1,320,057  
Loans, net   1,080,785     1,056,762     1,041,602     1,028,870     1,033,163  
Goodwill   17,104     17,104     17,104     17,104     17,104  
Intangibles   1,799     1,889     1,979     2,078     1,240  
Total deposits.   1,095,214     1,088,297     1,084,867     1,059,581     1,031,880  
Noninterest-bearing   303,277     295,599     274,002     269,362     280,083  
                     
Savings   153,788     150,822     152,540     153,217     144,561  
NOW   174,653     175,767     190,890     190,168     176,078  
Money Market   245,121     244,138     246,712     226,659     209,782  
Time Deposits   218,375     221,971     220,723     220,175     221,376  
Total interest-bearing deposits   791,937     792,698     810,865     790,219     751,797  
                     
Core deposits*   876,839     866,326     864,145     839,406     810,504  
Shareholders’ equity   138,249     139,935     139,394     137,663     136,279  
                     
Asset Quality                    
Non-performing loans   $ 11,626     $ 11,530     $ 11,626     $ 11,648     $ 9,446  
Non-performing loans to total assets   0.86 %   0.86 %   0.86 %   0.88 %   0.72 %
Allowance for loan losses   12,896     12,718     12,517     12,382     12,044  
Allowance for loan losses to total loans   1.18 %   1.19 %   1.19 %   1.19 %   1.15 %
Allowance for loan losses to non-performing loans   110.92 %   110.30 %   107.66 %   106.30 %   127.50 %
Non-performing loans to total loans   1.06 %   1.08 %   1.10 %   1.12 %   0.90 %
                     
Capitalization                    
Shareholders’ equity to total assets   10.25 %   10.39 %   10.35 %   10.44 %   10.32 %
                               
* Core deposits are defined as total deposits less time deposits



Reconciliation of GAAP and Non-GAAP Financial Measures
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
(Dollars in Thousands, Except Per Share Data)   2016   2015   2016   2015
GAAP net income   $ 2,948     $ 3,746     $ 12,475     $ 13,898  
Less: net securities gains, net of tax   291     590     1,102     1,696  
Non-GAAP operating earnings   $ 2,657     $ 3,156     $ 11,373     $ 12,202  
                 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2016   2015   2016   2015
Return on average assets (ROA)   0.87 %   1.15 %   0.93 %   1.08 %
Less: net securities gains, net of tax   0.08 %   0.18 %   0.08 %   0.13 %
Non-GAAP operating ROA   0.79 %   0.97 %   0.85 %   0.95 %
                 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2016   2015   2016   2015
Return on average equity (ROE)   8.43 %   10.73 %   8.96 %   10.11 %
Less: net securities gains, net of tax   0.83 %   1.69 %   0.79 %   1.24 %
Non-GAAP operating ROE   7.60 %   9.04 %   8.17 %   8.87 %
                 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2016   2015   2016   2015
Basic earnings per share (EPS)   $ 0.62     $ 0.79     $ 2.64     $ 2.91  
Less: net securities gains, net of tax   0.06     0.13     0.24     0.35  
Non-GAAP basic operating EPS   $ 0.56     $ 0.66     $ 2.40     $ 2.56  
         
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2016   2015   2016   2015
Dilutive EPS   $ 0.62     $ 0.79     $ 2.64     $ 2.91  
Less: net securities gains, net of tax   0.06     0.13     0.24     0.35  
Non-GAAP dilutive operating EPS   $ 0.56     $ 0.66     $ 2.40     $ 2.56  


Contact:
Richard A. Grafmyre, President and Chief Executive Officer
300 Market Street
Williamsport, PA 17701
570-322-1111	e-mail: pwod@pwod.com


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.