There were 503 press releases posted in the last 24 hours and 215,339 in the last 365 days.

Penns Woods Bancorp, Inc. Reports Third Quarter 2018 Earnings

/EIN News/ -- WILLIAMSPORT, Pa., Oct. 19, 2018 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

Penns Woods Bancorp, Inc., supported by loan and deposit growth, achieved net income of $10.5 million for the nine months ended September 30, 2018, resulting in basic and diluted earnings per share of $2.24.

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 or losses, was $3.8 million for the three months ended September 30, 2018 compared to $3.1 million for the same period of 2017. Operating earnings increased to $10.5 million for the nine months ended September 30, 2018, compared to $8.7 million for the same period of 2017. Impacting the level of operating earnings were several factors, including the continued shift in composition of the earning asset portfolio as the balance sheet is actively managed to reduce market risk and interest rate risk in a rising rate environment. In addition, the effective tax rate has decreased due to the "Tax Cuts and Jobs Act," which reduced the corporate tax rate to 21% effective January 1, 2018.

  • Operating earnings for the three months ended September 30, 2018 was $0.82 for basic and diluted earnings per share, an increase from $0.66 for basic and diluted earnings per share for the same period of 2017. Operating earnings for the nine months ended September 30, 2018 was $2.24 basic and diluted earnings per share compared to $1.85 basic and diluted earnings per share for the same period of 2017.

  • Return on average assets was 0.96% for the three months ended September 30, 2018, compared to 0.93% for the corresponding period of 2017. Return on average assets was 0.91% for the nine months ended September 30, 2018, compared to 0.87% for the corresponding period of 2017.

  • Return on average equity was 10.94% for the three months ended September 30, 2018, compared to 9.43% for the corresponding period of 2017. Return on average equity was 10.19% for the nine months ended September 30, 2018, compared to 8.69% for the corresponding period of 2017.

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 nine months ended September 30, 2018 was $3.8 million and $10.5 million, compared to $3.3 million and $9.1 million for the same period of 2017.  Results for the three and nine months ended September 30, 2018 compared to 2017 were impacted by a decrease in after-tax securities gains of $216,000 (from a gain of $197,000 to a loss of $19,000) for the three month periods and a decrease in after-tax securities gains of $359,000 (from a gain of $320,000 to a loss of $39,000) for the nine month periods. The impact of the Tax Cuts and Jobs Act was the primary driver for the decrease in the Company's effective tax rate to 18.30% and 17.17% for the three and nine month periods ended September 30, 2018 compared to 28.08% and 27.82% for the prior year periods. Earnings per share for the three and nine months ended September 30, 2018 was $0.82 and $2.24 basic and diluted, an increase from the 2017 basic and diluted earnings per share of $0.70 and $1.92. Return on average assets and return on average equity were 0.96% and 10.94% for the three months ended September 30, 2018, compared to 0.93% and 9.43% for the corresponding periods of 2017. Return on average assets and return on average equity were 0.91% and 10.19% for the nine months ended September 30, 2018 compared to 0.87% and 8.69% for the corresponding periods of 2017.

Net Interest Margin

The net interest margin for the three and nine months ended September 30, 2018 was 3.30% and 3.31%, compared to 3.57% and 3.47% for the corresponding period of 2017.  The decrease in the net interest margin was driven by an increase in the cost of interest-bearing liabilities of 41 basis points ("bps") for the three month period and 31 bps for the nine month period primarily from an increase in the rate paid on time deposits as the average maturity of such liabilities lengthened. The impact of the increased cost of funds was limited by an increase in the yield on earning assets of 6 bps and 8 bps for the three and nine month periods. The increase in the yield on earning assets was driven by an increase in the loan portfolio yield in conjunction with an increase in the average loan portfolio of $193.9 million and $177.8 million respectively. The loan growth was primarily funded by an increase in average borrowings of $134.4 million and $103.8 million for the three and nine month periods along with growth in average total deposits of $45.6 million and $44.1 million respectively. Core deposits represent a lower cost funding source than time deposits and comprise 77.63% of total deposits at September 30, 2018 and 81.94% at September 30, 2017.

Assets

Total assets increased $240.2 million to $1.7 billion at September 30, 2018 compared to September 30, 2017. Net loans increased $179.0 million to $1.4 billion at September 30, 2018 compared to September 30, 2017, primarily due to campaigns related to increasing home equity product market share and indirect auto lending. The investment portfolio increased $16.2 million from September 30, 2017 to September 30, 2018 due to an increase in the taxable municipal and restricted bank stock portfolios.

Non-performing Loans

The ratio of non-performing loans to total loans ratio decreased to 0.64% at September 30, 2018 from 0.69% September 30, 2017 as non-performing loans have increased to $8.8 million at September 30, 2018 from $8.3 million at September 30, 2017. 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 a specific allocation for any impairment recorded within the allowance for loan losses. Net loan charge-offs of $490,000 for the nine months ended September 30, 2018 minimally impacted the allowance for loan losses, which was 0.97% of total loans at September 30, 2018.  The majority of the loans charged-off had a specific allowance within the allowance for loan losses.

Deposits

Deposits increased $56.5 million to $1.2 billion at September 30, 2018 compared to September 30, 2017. Noninterest-bearing deposits increased $2.3 million to $313.1 million at September 30, 2018 compared to September 30, 2017. Driving deposit 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 average maturity of the time deposit portfolio continues to move forward as part of the strategy to build balance sheet protection in a rising interest rate environment.

Shareholders’ Equity

Shareholders’ equity increased $870,000 to $140.5 million at September 30, 2018 compared to September 30, 2017. The change in accumulated other comprehensive loss from $4.1 million at September 30, 2017 to $7.5 million at September 30, 2018 is a result of an increase in unrealized losses on available for sale securities (from an unrealized gain of $73,000 at September 30, 2017 to an unrealized loss of $2.7 million at September 30, 2018). The amount of accumulated other comprehensive loss at September 30, 2018 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 an increase in the net loss of $617,000, mainly due to the change in the corporate tax rate from 2017 to 2018. The current level of shareholders’ equity equates to a book value per share of $29.96 at September 30, 2018 compared to $29.79 at September 30, 2017 and an equity to asset ratio of 8.41% at September 30, 2018, compared to 9.77% at September 30, 2017. Excluding goodwill and intangibles, book value per share was $26.05 at September 30, 2018, compared to $25.81 at September 30, 2017. Dividends declared for the nine months ended September 30, 2018 and 2017 were $1.41 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates seventeen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, and Union Counties, and Luzerne Bank, which operates nine 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.  Insurance products are offered through United Insurance Solutions, LLC, a joint venture that is a subsidiary of the holding company.

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; 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, 2017.

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


THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT


PENNS WOODS BANCORP, INC.

CONSOLIDATED BALANCE SHEET
(UNAUDITED)

    September 30,
(In Thousands, Except Share Data)   2018   2017   % Change
ASSETS:            
Noninterest-bearing balances   $ 33,675     $ 22,042     52.78 %
Interest-bearing balances in other financial institutions   38,672     5,705     577.86 %
Total cash and cash equivalents   72,347     27,747     160.74 %
             
Investment debt securities, available for sale, at fair value   128,905     118,829     8.48 %
Investment equity securities, at fair value   1,902     2,485     (23.46 )%
Investment securities, trading   45     210     (78.57 )%
Restricted investment in bank stock, at fair value   17,834     10,999     62.14 %
Loans held for sale   3,727     1,734     114.94 %
Loans   1,369,105     1,189,714     15.08 %
Allowance for loan losses   (13,343 )   (12,933 )   3.17 %
Loans, net   1,355,762     1,176,781     15.21 %
Premises and equipment, net   27,361     25,895     5.66 %
Accrued interest receivable   5,353     4,289     24.81 %
Bank-owned life insurance   28,472     27,827     2.32 %
Goodwill   17,104     17,104     %
Intangibles   1,233     1,543     (20.09 )%
Deferred tax asset   5,310     7,984     (33.49 )%
Other assets   4,993     6,770     (26.25 )%
TOTAL ASSETS   $ 1,670,348     $ 1,430,197     16.79 %
             
LIABILITIES:            
Interest-bearing deposits   $ 897,366     $ 843,166     6.43 %
Noninterest-bearing deposits   313,111     310,830     0.73 %
Total deposits   1,210,477     1,153,996     4.89 %
             
Short-term borrowings   164,465     41,596     295.39 %
Long-term borrowings   138,970     80,998     71.57 %
Accrued interest payable   1,051     483     117.60 %
Other liabilities   14,846     13,455     10.34 %
TOTAL LIABILITIES   1,529,809     1,290,528     18.54 %
             
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; 5,011,063 and
 5,008,720 shares issued; 4,690,913 and 4,688,570 outstanding
  41,757     41,739     0.04 %
Additional paid-in capital   50,577     50,142     0.87 %
Retained earnings   67,802     64,033     5.89 %
Accumulated other comprehensive loss:            
Net unrealized (loss) gain on available for sale securities   (2,663 )   73     (3,747.95 )%
Defined benefit plan   (4,820 )   (4,203 )   (14.68 )%
Treasury stock at cost, 320,150   (12,115 )   (12,115 )   %
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY   140,538     139,669     0.62 %
Non-controlling interest   1         100.00 %
TOTAL SHAREHOLDERS' EQUITY   140,539     139,669     0.62 %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,670,348     $ 1,430,197     16.79 %
 


PENNS WOODS BANCORP, INC.

CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)

    Three Months Ended September 30,   Nine Months Ended September 30,
(In Thousands, Except Per Share Data)   2018   2017   % Change   2018   2017   % Change
INTEREST AND DIVIDEND INCOME:                        
Loans including fees   $ 13,982     $ 11,906     17.44 %   $ 39,172     $ 33,642     16.44 %
Investment securities:                        
Taxable   713     553     28.93 %   1,898     1,665     13.99 %
Tax-exempt   207     319     (35.11 )%   678     940     (27.87 )%
Dividend and other interest income   296     170     74.12 %   762     592     28.72 %
TOTAL INTEREST AND DIVIDEND INCOME   15,198     12,948     17.38 %   42,510     36,839     15.39 %
                         
INTEREST EXPENSE:                        
Deposits   1,659     1,058     56.81 %   4,371     2,968     47.27 %
Short-term borrowings   528     31     1,603.23 %   1,004     39     2,474.36 %
Long-term borrowings   756     407     85.75 %   2,024     1,220     65.90 %
TOTAL INTEREST EXPENSE   2,943     1,496     96.72 %   7,399     4,227     75.04 %
                         
NET INTEREST INCOME   12,255     11,452     7.01 %   35,111     32,612     7.66 %
                         
PROVISION FOR LOAN LOSSES   480     60     700.00 %   975     605     61.16 %
                         
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   11,775     11,392     3.36 %   34,136     32,007     6.65 %
                         
NON-INTEREST INCOME:                        
Service charges   645     550     17.27 %   1,788     1,637     9.22 %
Debt securities (losses) gains, available for sale   (22 )   302     (107.28 )%   (17 )   487     (103.49 )%
Equity securities losses   (16 )       (100.00 )%   (44 )       (100.00 )%
Securities gains (losses), trading   14     (4 )   (100.00 )%   12     (2 )   (700.00 )%
Bank-owned life insurance   165     166     (0.60 )%   496     499     (0.60 )%
Gain on sale of loans   398     455     (12.53 )%   1,053     1,316     (19.98 )%
Insurance commissions   85     109     (22.02 )%   266     399     (33.33 )%
Brokerage commissions   340     352     (3.41 )%   1,013     1,044     (2.97 )%
Debit card income   359     514     (30.16 )%   1,065     1,450     (26.55 )%
Other   621     296     109.80 %   1,400     1,325     5.66 %
TOTAL NON-INTEREST INCOME   2,589     2,740     (5.51 )%   7,032     8,155     (13.77 )%
                         
NON-INTEREST EXPENSE:                        
Salaries and employee benefits   5,420     4,738     14.39 %   15,387     14,116     9.00 %
Occupancy   640     603     6.14 %   2,080     1,855     12.13 %
Furniture and equipment   780     816     (4.41 )%   2,328     2,129     9.35 %
Software Amortization   208     235     (11.49 )%   504     750     (32.80 )%
Pennsylvania shares tax   278     228     21.93 %   833     696     19.68 %
Professional Fees   459     560     (18.04 )%   1,674     1,816     (7.82 )%
Federal Deposit Insurance Corporation deposit insurance   237     194     22.16 %   639     514     24.32 %
Marketing   245     315     (22.22 )%   764     690     10.72 %
Intangible amortization   71     81     (12.35 )%   229     256     (10.55 )%
Other   1,343     1,796     (25.22 )%   4,037     4,792     (15.76 )%
TOTAL NON-INTEREST EXPENSE   9,681     9,566     1.20 %   28,475     27,614     3.12 %
INCOME BEFORE INCOME TAX PROVISION   4,683     4,566     2.56 %   12,693     12,548     1.16 %
INCOME TAX PROVISION   857     1,282     (33.15 )%   2,179     3,491     (37.58 )%
NET INCOME   $ 3,826     $ 3,284     16.50 %   $ 10,514     $ 9,057     16.09 %
Earnings attributable to noncontrolling interest           %   (1 )       %
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'   $ 3,826     $ 3,284     16.50 %   $ 10,515     $ 9,057     16.10 %
EARNINGS PER SHARE - BASIC   $ 0.82     $ 0.70     17.14 %   $ 2.24     $ 1.92     16.67 %
EARNINGS PER SHARE - DILUTED   $ 0.82     $ 0.70     17.14 %   $ 2.24     $ 1.92     16.67 %
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC   4,690,560     4,688,222     0.05 %   4,689,960     4,711,282     (0.45 )%
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED   4,690,560     4,688,222     0.05 %   4,689,960     4,711,282     (0.45 )%
DIVIDENDS DECLARED PER SHARE   $ 0.47     $ 0.47     %   $ 1.41     $ 1.41     %
 


PENNS WOODS BANCORP, INC.

AVERAGE BALANCES AND INTEREST RATES

    Three Months Ended
    September 30, 2018   September 30, 2017
(Dollars in Thousands)   Average
Balance
  Interest   Average
Rate
  Average
Balance
  Interest   Average
Rate
ASSETS:                        
Tax-exempt loans   $ 75,182     $ 559     2.95 %   $ 53,850     $ 494     3.64 %
All other loans   1,278,149     13,541     4.20 %   1,105,615     11,580     4.16 %
Total loans   1,353,331     14,100     4.13 %   1,159,465     12,074     4.13 %
                         
Taxable securities   104,321     991     3.80 %   83,106     674     3.24 %
Tax-exempt securities   34,444     262     3.04 %   53,320     483     3.62 %
Total securities   138,765     1,253     3.61 %   136,426     1,157     3.39 %
                         
Interest-bearing deposits   3,403     18     2.10 %   14,085     49     1.38 %
                         
Total interest-earning assets   1,495,499     15,371     4.08 %   1,309,976     13,280     4.02 %
                         
Other assets   99,132             101,035          
                         
TOTAL ASSETS   $ 1,594,631             $ 1,411,011          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 166,181     17     0.04 %   $ 157,341     15     0.04 %
Super Now deposits   225,677     264     0.46 %   203,531     140     0.27 %
Money market deposits   241,977     314     0.51 %   284,155     267     0.37 %
Time deposits   263,399     1,064     1.60 %   206,563     636     1.22 %
Total interest-bearing deposits   897,234     1,659     0.73 %   851,590     1,058     0.49 %
                         
Short-term borrowings   99,867     528     2.07 %   19,127     31     0.64 %
Long-term borrowings   134,731     756     2.19 %   81,107     407     1.96 %
Total borrowings   234,598     1,284     2.14 %   100,234     438     1.71 %
                         
Total interest-bearing liabilities   1,131,832     2,943     1.03 %   951,824     1,496     0.62 %
                         
Demand deposits   305,707             304,244          
Other liabilities   17,156             15,708          
Shareholders’ equity   139,936             139,235          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,594,631             $ 1,411,011          
Interest rate spread           3.05 %           3.40 %
Net interest income/margin       $ 12,428     3.30 %       $ 11,784     3.57 %


    Three Months Ended September 30,
    2018   2017
Total interest income   $ 15,198     $ 12,948  
Total interest expense   2,943     1,496  
Net interest income   12,255     11,452  
Tax equivalent adjustment   173     332  
Net interest income (fully taxable equivalent)   $ 12,428     $ 11,784  
 


PENNS WOODS BANCORP, INC.

AVERAGE BALANCES AND INTEREST RATES

    Nine Months Ended
    September 30, 2018   September 30, 2017
(Dollars in Thousands)   Average
Balance
  Interest   Average
Rate
  Average
Balance
  Interest   Average
Rate
ASSETS:                        
Tax-exempt loans   $ 75,389     $ 1,689     2.99 %   $ 46,752     $ 1,315     3.76 %
All other loans   1,230,313     37,838     4.11 %   1,081,148     32,774     4.05 %
Total loans   1,305,702     39,527     4.05 %   1,127,900     34,089     4.04 %
                         
Taxable securities   93,944     2,621     3.72 %   85,417     2,039     3.18 %
Tax-exempt securities   38,940     858     2.94 %   50,972     1,424     3.72 %
Total securities   132,884     3,479     3.49 %   136,389     3,463     3.39 %
                         
Interest-bearing deposits   2,872     39     1.82 %   27,901     218     1.04 %
                         
Total interest-earning assets   1,441,458     43,045     3.99 %   1,292,190     37,770     3.91 %
                         
Other assets   97,930             102,181          
                         
TOTAL ASSETS   $ 1,539,388             $ 1,394,371          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 164,828     49     0.04 %   $ 157,396     45     0.04 %
Super Now deposits   229,159     713     0.42 %   198,560     377     0.25 %
Money market deposits   240,751     814     0.45 %   278,436     713     0.34 %
Time deposits   251,071     2,795     1.49 %   207,331     1,833     1.18 %
Total interest-bearing deposits   885,809     4,371     0.66 %   841,723     2,968     0.47 %
                         
Short-term borrowings   72,873     1,004     1.82 %   13,714     39     0.26 %
Long-term borrowings   124,483     2,024     2.14 %   79,881     1,220     2.01 %
Total borrowings   197,356     3,028     2.02 %   93,595     1,259     1.76 %
                         
Total interest-bearing liabilities   1,083,165     7,399     0.91 %   935,318     4,227     0.60 %
                         
Demand deposits   300,604             301,567          
Other liabilities   18,070             18,455          
Shareholders’ equity   137,549             139,031          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,539,388             $ 1,394,371          
Interest rate spread           3.08 %           3.31 %
Net interest income/margin       $ 35,646     3.31 %       $ 33,543     3.47 %
 


    Nine Months Ended September 30,
    2018   2017
Total interest income   $ 42,510     $ 36,839  
Total interest expense   7,399     4,227  
Net interest income   35,111     32,612  
Tax equivalent adjustment   535     931  
Net interest income (fully taxable equivalent)   $ 35,646     $ 33,543  
 


(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    9/30/2018   6/30/2018   3/31/2018   12/31/2017   9/30/2017
Operating Data                    
Net income   $ 3,826     $ 3,480     $ 3,208     $ 716     $ 3,284  
Net interest income   12,255     11,703     11,153     11,468     11,452  
Provision for loan losses   480     335     160     125     60  
Net security (losses) gains   (24 )   15     (40 )   107     298  
Non-interest income, ex. net security (losses) gains   2,613     2,347     2,368     2,482     2,442  
Non-interest expense   9,681     9,517     9,524     9,248     9,566  
                     
Performance Statistics                    
Net interest margin   3.30 %   3.32 %   3.31 %   3.48 %   3.57 %
Annualized return on average assets   0.96 %   0.91 %   0.86 %   0.20 %   0.93 %
Annualized return on average equity   10.94 %   10.07 %   9.18 %   2.00 %   9.43 %
Annualized net loan charge-offs to average loans   0.05 %   0.04 %   0.06 %   0.07 %   0.08 %
Net charge-offs   171     137     182     200     236  
Efficiency ratio   64.6 %   67.2 %   69.8 %   65.7 %   68.3 %
                     
Per Share Data                    
Basic earnings per share   $ 0.82     $ 0.74     $ 0.68     $ 0.16     $ 0.70  
Diluted earnings per share   0.82     0.74     0.68     0.15     0.70  
Dividend declared per share   0.47     0.47     0.47     0.47     0.47  
Book value   29.96     29.66     29.45     29.47     29.79  
Common stock price:                    
High   46.27     46.92     45.56     49.79     46.47  
Low   43.22     41.29     39.61     45.65     41.08  
Close   43.45     44.78     42.31     46.58     46.47  
Weighted average common shares:                    
Basic   4,691     4,690     4,689     4,689     4,688  
Fully Diluted   4,691     4,703     4,689     4,782     4,688  
End-of-period common shares:                    
Issued   5,011     5,011     5,010     5,009     5,009  
Treasury   320     320     320     320     320  
                               


(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    9/30/2018   6/30/2018   3/31/2018   12/31/2017   9/30/2017
Financial Condition Data:                    
General                    
Total assets   $ 1,670,348     $ 1,603,273     $ 1,526,745     $ 1,474,492     $ 1,430,197  
Loans, net   1,355,762     1,318,039     1,267,912     1,232,268     1,176,781  
Goodwill   17,104     17,104     17,104     17,104     17,104  
Intangibles   1,233     1,304     1,382     1,462     1,543  
Total deposits   1,210,477     1,191,019     1,192,454     1,146,320     1,153,996  
Noninterest-bearing   313,111     311,194     304,261     303,316     310,830  
Savings   164,449     166,183     166,243     160,698     156,437  
NOW   223,963     216,109     240,259     215,021     203,744  
Money Market   238,131     245,081     235,381     237,818     274,528  
Time Deposits   270,823     252,452     246,310     229,467     208,457  
Total interest-bearing deposits   897,366     879,825     888,193     843,004     843,166  
                     
Core deposits*   939,654     938,567     946,144     916,853     945,539  
Shareholders’ equity   140,538     139,134     138,192     138,192     139,669  
                     
Asset Quality                    
Non-performing loans   $ 8,820     $ 7,132     $ 7,641     $ 7,268     $ 8,317  
Non-performing loans to total assets   0.53 %   0.44 %   0.50 %   0.49 %   0.58 %
Allowance for loan losses   13,343     13,034     12,836     12,858     12,933  
Allowance for loan losses to total loans   0.97 %   0.98 %   1.00 %   1.03 %   1.09 %
Allowance for loan losses to non-performing loans   151.28 %   182.75 %   167.99 %   176.91 %   155.50 %
Non-performing loans to total loans   0.64 %   0.54 %   0.60 %   0.58 %   0.69 %
                     
Capitalization                    
Shareholders’ equity to total assets   8.41 %   8.68 %   9.05 %   9.37 %   9.77 %
                               

* Core deposits are defined as total deposits less time deposits

Reconciliation of GAAP and Non-GAAP Financial Measures

    Three Months Ended
September 30,
  Nine Months Ended
September 30,
(Dollars in Thousands, Except Per Share Data)   2018
  2017
  2018
  2017
GAAP net income   $ 3,826     $ 3,284     $ 10,514     $ 9,057  
Less: net securities (losses) gains, net of tax     (19 )     197       (39 )   320  
Non-GAAP operating earnings   $ 3,845     $ 3,087     $ 10,553     $ 8,737  
                 
    Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2018
  2017
  2018
  2017
Return on average assets (ROA)     0.96 %     0.93 %     0.91 %   0.87 %
Less: net securities (losses) gains, net of tax     %     0.05 %     %   0.03 %
Non-GAAP operating ROA     0.96 %     0.88 %     0.91 %   0.84 %
                 
    Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2018
  2017
  2018
  2017
Return on average equity (ROE)     10.94 %     9.43 %     10.19 %   8.69 %
Less: net securities (losses) gains, net of tax     (0.05 )%     0.56 %     (0.04 )%   0.31 %
Non-GAAP operating ROE     10.99 %     8.87 %     10.23 %   8.38 %
                 
    Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2018
  2017
  2018
  2017
Basic earnings per share (EPS)   $ 0.82     $ 0.70     $ 2.24     $ 1.92  
Less: net securities (losses) gains, net of tax           0.04           0.07  
Non-GAAP basic operating EPS   $ 0.82     $ 0.66     $ 2.24     $ 1.85  
         
    Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2018
  2017
  2018
  2017
Diluted EPS   $ 0.82     $ 0.70     $ 2.24     $ 1.92  
Less: net securities (losses) gains, net of tax           0.04           0.07  
Non-GAAP diluted operating EPS   $ 0.82     $ 0.66     $ 2.24     $ 1.85  
 

PWB_logo.png