Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net
income of $17.4 million for the twelve months ended December 31,
2022, resulting in basic and diluted earnings per share of
$2.47.
Highlights
- Net income, as reported under GAAP,
for the three and twelve months ended December 31, 2022 was
$4.5 million and $17.4 million, respectively, compared to $4.9
million and $16.0 million for the same periods of 2021. Results for
the three and twelve months ended December 31, 2022 compared
to 2021 were impacted by an increase in after-tax securities losses
of $315,000 (from a gain of $284,000 to a loss of $31,000) for the
three month period and an increase in after-tax securities losses
of $809,000 (from a gain of $521,000 to a loss of $288,000) for the
twelve month period. Three and twelve month results for the periods
ended December 31, 2022 were impacted by a goodwill impairment
charge of $653,000 (after-tax $516,000) related to the wealth
management unit (The M Group) as a decline in stock market
valuations during 2022 resulted in a decreased level of net income
for this entity. Results for the twelve months ended December 31,
2022 were impacted by additional compensation expense of $183,000
(after-tax $145,000) associated with the voluntary cash settlement
of 346,725 outstanding stock options. In addition, an after-tax
loss of $201,000 related to a branch closure negatively impacted
results for the twelve months ended December 31, 2022.
- The provision for loan losses
increased $875,000 for the three months and $1.3 million for the
twelve months ended December 31, 2022 to $575,000 and $1.9 million,
respectively, compared to ($300,000) and $640,000 for the 2021
periods. The increases in the provision for loan losses were
primarily due to the significant growth in the loan portfolio.
- Basic and diluted earnings per
share for the three and twelve months ended December 31, 2022 were
$0.64 and $2.47. Basic and diluted earnings per share for the three
and twelve months ended December 31, 2021 were $0.69 and
$2.27.
- Annualized return on average assets
was 0.92% for three months ended December 31, 2022, compared to
1.02% for the corresponding period of 2021. Return on average
assets was 0.90% for the twelve months ended December 31, 2022,
compared to 0.85% for the corresponding period of 2021.
- Annualized return on average equity
was 10.92% for the three months ended December 31, 2022, compared
to 11.59% for the corresponding period of 2021. Return on average
equity was 10.73% for the twelve months ended December 31, 2022,
compared to 9.93% for the corresponding period of 2021.
Net Income
Net income from core operations (“core
earnings”), which is a non-generally accepted accounting principles
(GAAP) measure of net income excluding net securities gains or
losses and goodwill impairment, was $5.1 million for the three
months ended December 31, 2022 compared to $4.6 million for
the same period of 2021. Core earnings were $18.2 million for the
twelve months ended December 31, 2022, compared to $15.5 million
for the same period of 2021. Core earnings per share for the three
months ended December 31, 2022 were $0.71 basic and diluted,
compared to $0.65 basic and diluted core earnings per share for the
same period of 2021. Core earnings per share for the twelve months
ended December 31, 2022 were $2.58 basic and diluted, compared to
$2.20 basic and diluted for the same period of 2021. Annualized
core return on average assets and core return on average equity
were 1.04% and 12.25% for the three months ended December 31, 2022,
compared to 0.96% and 10.92% for the corresponding period of 2021.
Core return on average assets and core return on average equity
were 0.94% and 11.22% for the twelve months ended December 31, 2022
compared to 0.82% and 9.61% for the corresponding period of 2021.
Core earnings for the twelve months ended December 31, 2022 were
impacted negatively by an after-tax compensation expense of
$145,000 relating to the voluntary cash settlement of 346,725 stock
options along with an after-tax loss of $201,000 relating to a
branch closure. A reconciliation of the non-GAAP financial measures
of core earnings, core return on assets, core return on equity, and
core earnings per share described in this press release to the
comparable GAAP financial measures is included at the end of this
press release.
Net Interest Margin
The net interest margin for the three and twelve
months ended December 31, 2022 was 3.42% and 3.24%, compared to
2.90% and 2.85% for the corresponding periods of 2021. The increase
in the net interest margin for the three and twelve month periods
was driven by an increase in earning asset yield of 79 and 28 basis
points ("bps") as the yield on earning assets increased during 2022
due to the rate increases enacted by the Federal Open Market
Committee ("FOMC"). The three and twelve month periods ended
December 31, 2022 were impacted by an increase of 58 and 8 bps in
the yield earned on the securities portfolio as legacy securities
matured with the funds reinvested at higher rates. The FOMC rate
increases during 2022 and the utilization of excess on balance
sheet liquidity during the first nine months of 2022 caused the
rate paid on interest-bearing deposits to increase 19 and decrease
17 bps for the three months and twelve months ended December 31,
2022, respectively, compared to the comparable periods of 2021. The
excess on balance sheet liquidity allowed deposit rates to be held
at historically low levels for the majority of 2022 with rate
increases occurring primarily during the fourth quarter of
2022.
Assets
Total assets increased $55.4 million to $2.0
billion at December 31, 2022 compared to December 31,
2021. Cash and cash equivalents decreased $223.5 million as
interest-bearing accounts in other financial institutions decreased
$181.7 million and fed funds sold decreased $50.0 million as excess
liquidity was primarily utilized to fund the growth in the loan
portfolio. Net loans increased $246.1 million to $1.6 billion at
December 31, 2022 compared to December 31, 2021, as an
emphasis was placed on commercial loan growth coupled with a
significant increase in indirect auto lending. The investment
portfolio increased $31.8 million from December 31, 2021 to
December 31, 2022 as a portion of the excess cash liquidity
was invested primarily into short and medium-term municipal bonds
with a maturity of 10 years or less.
Non-performing Loans
The ratio of non-performing loans to total loans
ratio decreased to 0.30% at December 31, 2022 from 0.45% at
December 31, 2021, as non-performing loans decreased to $4.9
million at December 31, 2022 from $6.3 million at
December 31, 2021. 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 $449,000
for the twelve months ended December 31, 2022 impacted the
allowance for loan losses, which was 0.95% of total loans at
December 31, 2022 compared to 1.02% at December 31, 2021.
Deposits
Deposits decreased $64.9 million to $1.6 billion
at December 31, 2022 compared to December 31, 2021.
Noninterest-bearing deposits increased $24.7 million to $519.1
million at December 31, 2022 compared to December 31,
2021. Driving core deposit gathering efforts was the
continued emphasis on increasing the utilization of electronic
(internet and mobile) deposit banking among our customers.
Utilization of internet and mobile banking has increased since the
start of 2020 due to these efforts coupled with a change in
consumer behavior due to the business and travel restrictions
caused by the COVID-19 pandemic. Interest-bearing deposits
decreased $89.6 million primarily due to a reduction in the Money
Market Account portfolio coupled with the maturity of higher cost
time deposits. A campaign to attract time deposits with a maturity
of ten to twenty-four months was started during the latter part of
2022.
Shareholders’ Equity
Shareholders’ equity decreased $4.6 million to
$167.7 million at December 31, 2022 compared to
December 31, 2021. Accumulated other comprehensive loss
of $14.0 million at December 31, 2022 increased from a loss of $1.1
million at December 31, 2021 as a result of a $9.8 million net
unrealized loss on available for sale securities at December 31,
2022 (compared to an unrealized gain of $2.4 million at December
31, 2021) coupled with a increase in loss of $654,000 in the
defined benefit plan obligation. The current level of shareholders’
equity equates to a book value per share of $23.76 at
December 31, 2022 compared to $24.37 at December 31,
2021, and an equity to asset ratio of 8.40% at December 31,
2022 and 8.88% at December 31, 2021. Dividends declared
for the twelve months ended December 31, 2022 and 2021 were $1.28
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, 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, 2021.
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)
|
|
December 31, |
(In Thousands, Except Share and Per
Share Data) |
|
2022 |
|
2021 |
|
% Change |
ASSETS: |
|
|
|
|
|
|
Noninterest-bearing balances |
|
$ |
27,390 |
|
|
$ |
19,233 |
|
|
42.41 |
% |
Interest-bearing balances in
other financial institutions |
|
|
12,943 |
|
|
|
194,629 |
|
|
(93.35 |
)% |
Federal funds sold |
|
|
— |
|
|
|
50,000 |
|
|
(100.00 |
)% |
Total cash and cash equivalents |
|
|
40,333 |
|
|
|
263,862 |
|
|
(84.71 |
)% |
|
|
|
|
|
|
|
Investment debt securities,
available for sale, at fair value |
|
|
193,673 |
|
|
|
166,410 |
|
|
16.38 |
% |
Investment equity securities,
at fair value |
|
|
1,142 |
|
|
|
1,288 |
|
|
(11.34 |
)% |
Restricted investment in bank
stock, at fair value |
|
|
19,171 |
|
|
|
14,531 |
|
|
31.93 |
% |
Loans held for sale |
|
|
3,298 |
|
|
|
3,725 |
|
|
(11.46 |
)% |
Loans |
|
|
1,639,731 |
|
|
|
1,392,147 |
|
|
17.78 |
% |
Allowance for loan losses |
|
|
(15,637 |
) |
|
|
(14,176 |
) |
|
10.31 |
% |
Loans, net |
|
|
1,624,094 |
|
|
|
1,377,971 |
|
|
17.86 |
% |
Premises and equipment,
net |
|
|
31,844 |
|
|
|
34,025 |
|
|
(6.41 |
)% |
Accrued interest
receivable |
|
|
9,481 |
|
|
|
8,048 |
|
|
17.81 |
% |
Bank-owned life insurance |
|
|
34,452 |
|
|
|
33,768 |
|
|
2.03 |
% |
Investment in limited
partnerships |
|
|
4,783 |
|
|
|
4,607 |
|
|
3.82 |
% |
Goodwill |
|
|
16,450 |
|
|
|
17,104 |
|
|
(3.82 |
)% |
Intangibles |
|
|
327 |
|
|
|
480 |
|
|
(31.88 |
)% |
Operating lease right of use
asset |
|
|
2,651 |
|
|
|
2,851 |
|
|
(7.02 |
)% |
Deferred tax asset |
|
|
6,868 |
|
|
|
2,946 |
|
|
133.13 |
% |
Other assets |
|
|
7,640 |
|
|
|
9,193 |
|
|
(16.89 |
)% |
TOTAL ASSETS |
|
$ |
1,996,207 |
|
|
$ |
1,940,809 |
|
|
2.85 |
% |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,037,397 |
|
|
$ |
1,126,955 |
|
|
(7.95 |
)% |
Noninterest-bearing
deposits |
|
|
519,063 |
|
|
|
494,360 |
|
|
5.00 |
% |
Total deposits |
|
|
1,556,460 |
|
|
|
1,621,315 |
|
|
(4.00 |
)% |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
153,349 |
|
|
|
5,747 |
|
|
2,568.33 |
% |
Long-term borrowings |
|
|
102,783 |
|
|
|
125,963 |
|
|
(18.40 |
)% |
Accrued interest payable |
|
|
603 |
|
|
|
651 |
|
|
(7.37 |
)% |
Operating lease liability |
|
|
2,708 |
|
|
|
2,898 |
|
|
(6.56 |
)% |
Other liabilities |
|
|
12,639 |
|
|
|
11,961 |
|
|
5.67 |
% |
TOTAL LIABILITIES |
|
|
1,828,542 |
|
|
|
1,768,535 |
|
|
3.39 |
% |
|
|
|
|
|
|
|
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; 7,566,810 and 7,550,272 shares
issued; 7,056,585 and 7,070,047 shares outstanding |
|
|
42,039 |
|
|
|
41,945 |
|
|
0.22 |
% |
Additional paid-in
capital |
|
|
54,252 |
|
|
|
53,795 |
|
|
0.85 |
% |
Retained earnings |
|
|
98,147 |
|
|
|
89,761 |
|
|
9.34 |
% |
Accumulated other
comprehensive (loss) gain: |
|
|
|
|
|
|
Net unrealized (loss) gain on available for sale securities |
|
|
(9,819 |
) |
|
|
2,373 |
|
|
(513.78 |
)% |
Defined benefit plan |
|
|
(4,139 |
) |
|
|
(3,485 |
) |
|
(18.77 |
)% |
Treasury stock at cost,
510,225 and 480,225 |
|
|
(12,815 |
) |
|
|
(12,115 |
) |
|
5.78 |
% |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
167,665 |
|
|
|
172,274 |
|
|
(2.68 |
)% |
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,996,207 |
|
|
$ |
1,940,809 |
|
|
2.85 |
% |
PENNS WOODS BANCORP,
INC.CONSOLIDATED STATEMENT OF
INCOME(UNAUDITED)
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
(In Thousands, Except Share
and Per Share Data) |
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans including fees |
|
$ |
16,973 |
|
|
$ |
13,406 |
|
|
26.61 |
% |
|
$ |
58,682 |
|
|
$ |
53,232 |
|
|
10.24 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,084 |
|
|
|
790 |
|
|
37.22 |
% |
|
|
3,634 |
|
|
|
3,281 |
|
|
10.76 |
% |
Tax-exempt |
|
|
229 |
|
|
|
160 |
|
|
43.13 |
% |
|
|
823 |
|
|
|
655 |
|
|
25.65 |
% |
Dividend and other interest income |
|
|
319 |
|
|
|
343 |
|
|
(7.00 |
)% |
|
|
1,789 |
|
|
|
1,246 |
|
|
43.58 |
% |
TOTAL INTEREST AND DIVIDEND
INCOME |
|
|
18,605 |
|
|
|
14,699 |
|
|
26.57 |
% |
|
|
64,928 |
|
|
|
58,414 |
|
|
11.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,499 |
|
|
|
1,064 |
|
|
40.88 |
% |
|
|
3,690 |
|
|
|
5,545 |
|
|
(33.45 |
)% |
Short-term borrowings |
|
|
978 |
|
|
|
2 |
|
|
n/m |
|
|
|
1,007 |
|
|
|
9 |
|
|
n/m |
|
Long-term borrowings |
|
|
580 |
|
|
|
712 |
|
|
(18.54 |
)% |
|
|
2,451 |
|
|
|
3,142 |
|
|
(21.99 |
)% |
TOTAL INTEREST EXPENSE |
|
|
3,057 |
|
|
|
1,778 |
|
|
71.93 |
% |
|
|
7,148 |
|
|
|
8,696 |
|
|
(17.80 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
15,548 |
|
|
|
12,921 |
|
|
20.33 |
% |
|
|
57,780 |
|
|
|
49,718 |
|
|
16.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION (RECOVERY) FOR LOAN
LOSSES |
|
|
575 |
|
|
|
(300 |
) |
|
291.67 |
% |
|
|
1,910 |
|
|
|
640 |
|
|
198.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
|
|
14,973 |
|
|
|
13,221 |
|
|
13.25 |
% |
|
|
55,870 |
|
|
|
49,078 |
|
|
13.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
540 |
|
|
|
485 |
|
|
11.34 |
% |
|
|
2,103 |
|
|
|
1,703 |
|
|
23.49 |
% |
Debt securities (losses)
gains, available for sale |
|
|
(51 |
) |
|
|
376 |
|
|
(113.56 |
)% |
|
|
(219 |
) |
|
|
699 |
|
|
(131.33 |
)% |
Net equity securities gains
(losses} |
|
|
12 |
|
|
|
(16 |
) |
|
175.00 |
% |
|
|
(146 |
) |
|
|
(40 |
) |
|
(265.00 |
)% |
Bank-owned life insurance |
|
|
163 |
|
|
|
302 |
|
|
(46.03 |
)% |
|
|
664 |
|
|
|
916 |
|
|
(27.51 |
)% |
Gain on sale of loans |
|
|
226 |
|
|
|
440 |
|
|
(48.64 |
)% |
. |
|
1,131 |
|
|
|
2,474 |
|
|
(54.28 |
)% |
Insurance commissions |
|
|
105 |
|
|
|
117 |
|
|
(10.26 |
)% |
|
|
491 |
|
|
|
553 |
|
|
(11.21 |
)% |
Brokerage commissions |
|
|
120 |
|
|
|
188 |
|
|
(36.17 |
)% |
|
|
620 |
|
|
|
851 |
|
|
(27.14 |
)% |
Loan broker income |
|
|
324 |
|
|
|
715 |
|
|
(54.69 |
)% |
|
|
1,674 |
|
|
|
2,164 |
|
|
(22.64 |
)% |
Debit card income |
|
|
384 |
|
|
|
345 |
|
|
11.30 |
% |
|
|
1,464 |
|
|
|
1,511 |
|
|
(3.11 |
)% |
Other |
|
|
258 |
|
|
|
243 |
|
|
6.17 |
% |
|
|
931 |
|
|
|
838 |
|
|
11.10 |
% |
TOTAL NON-INTEREST INCOME |
|
|
2,081 |
|
|
|
3,195 |
|
|
(34.87 |
)% |
|
|
8,713 |
|
|
|
11,669 |
|
|
(25.33 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,846 |
|
|
|
5,907 |
|
|
(1.03 |
)% |
|
|
24,267 |
|
|
|
23,014 |
|
|
5.44 |
% |
Occupancy |
|
|
700 |
|
|
|
771 |
|
|
(9.21 |
)% |
|
|
3,080 |
|
|
|
3,209 |
|
|
(4.02 |
)% |
Furniture and equipment |
|
|
834 |
|
|
|
859 |
|
|
(2.91 |
)% |
|
|
3,288 |
|
|
|
3,522 |
|
|
(6.64 |
)% |
Software amortization |
|
|
180 |
|
|
|
236 |
|
|
(23.73 |
)% |
|
|
840 |
|
|
|
868 |
|
|
(3.23 |
)% |
Pennsylvania shares tax |
|
|
333 |
|
|
|
253 |
|
|
31.62 |
% |
|
|
1,452 |
|
|
|
1,350 |
|
|
7.56 |
% |
Professional fees |
|
|
688 |
|
|
|
550 |
|
|
25.09 |
% |
|
|
2,434 |
|
|
|
2,432 |
|
|
0.08 |
% |
Federal Deposit Insurance
Corporation deposit insurance |
|
|
248 |
|
|
|
258 |
|
|
(3.88 |
)% |
|
|
938 |
|
|
|
963 |
|
|
(2.60 |
)% |
Marketing |
|
|
255 |
|
|
|
111 |
|
|
129.73 |
% |
|
|
690 |
|
|
|
545 |
|
|
26.61 |
% |
Intangible amortization |
|
|
35 |
|
|
|
44 |
|
|
(20.45 |
)% |
|
|
154 |
|
|
|
191 |
|
|
(19.37 |
)% |
Goodwill impairment |
|
|
653 |
|
|
|
— |
|
|
n/a |
|
|
|
653 |
|
|
|
— |
|
|
n/a |
|
Other |
|
|
1,479 |
|
|
|
1,270 |
|
|
16.46 |
% |
|
|
5,202 |
|
|
|
4,811 |
|
|
8.13 |
% |
TOTAL NON-INTEREST
EXPENSE |
|
|
11,251 |
|
|
|
10,259 |
|
|
9.67 |
% |
|
|
42,998 |
|
|
|
40,905 |
|
|
5.12 |
% |
INCOME BEFORE INCOME TAX
PROVISION |
|
|
5,803 |
|
|
|
6,157 |
|
|
(5.75 |
)% |
|
|
21,585 |
|
|
|
19,842 |
|
|
8.78 |
% |
INCOME TAX PROVISION |
|
|
1,294 |
|
|
|
1,278 |
|
|
1.25 |
% |
|
|
4,163 |
|
|
|
3,794 |
|
|
9.73 |
% |
NET INCOME |
|
$ |
4,509 |
|
|
$ |
4,879 |
|
|
(7.58 |
)% |
|
$ |
17,422 |
|
|
$ |
16,048 |
|
|
8.56 |
% |
Earnings attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
15 |
|
|
(100.00 |
)% |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS' |
|
$ |
4,509 |
|
|
$ |
4,879 |
|
|
(7.58 |
)% |
|
$ |
17,422 |
|
|
$ |
16,033 |
|
|
8.66 |
% |
EARNINGS PER SHARE -
BASIC |
|
$ |
0.64 |
|
|
$ |
0.69 |
|
|
(7.25 |
)% |
|
$ |
2.47 |
|
|
$ |
2.27 |
|
|
8.81 |
% |
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.64 |
|
|
$ |
0.69 |
|
|
(7.25 |
)% |
|
$ |
2.47 |
|
|
$ |
2.27 |
|
|
8.81 |
% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC |
|
|
7,055,181 |
|
|
|
7,068,327 |
|
|
(0.19 |
)% |
|
|
7,059,437 |
|
|
|
7,061,818 |
|
|
(0.03 |
)% |
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED |
|
|
7,055,181 |
|
|
|
7,068,327 |
|
|
(0.19 |
)% |
|
|
7,059,437 |
|
|
|
7,061,818 |
|
|
(0.03 |
)% |
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Three Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
(Dollars in Thousands) |
|
Average Balance(1) |
|
Interest |
|
Average Rate |
|
Average Balance(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
61,756 |
|
$ |
408 |
|
2.62 |
% |
|
$ |
46,583 |
|
$ |
317 |
|
2.70 |
% |
All other loans |
|
|
1,546,338 |
|
|
16,651 |
|
4.27 |
% |
|
|
1,320,972 |
|
|
13,156 |
|
3.95 |
% |
Total loans (2) |
|
|
1,608,094 |
|
|
17,059 |
|
4.21 |
% |
|
|
1,367,555 |
|
|
13,473 |
|
3.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
— |
|
|
— |
|
— |
% |
|
|
47,391 |
|
|
85 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
167,405 |
|
|
1,329 |
|
3.22 |
% |
|
|
148,434 |
|
|
978 |
|
2.67 |
% |
Tax-exempt securities (3) |
|
|
41,167 |
|
|
290 |
|
2.86 |
% |
|
|
38,043 |
|
|
202 |
|
2.15 |
% |
Total securities |
|
|
208,572 |
|
|
1,619 |
|
3.15 |
% |
|
|
186,477 |
|
|
1,180 |
|
2.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
5,797 |
|
|
74 |
|
5.06 |
% |
|
|
184,591 |
|
|
70 |
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,822,463 |
|
|
18,752 |
|
4.09 |
% |
|
|
1,786,014 |
|
|
14,808 |
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
128,084 |
|
|
|
|
|
|
130,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,950,547 |
|
|
|
|
|
$ |
1,916,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
249,793 |
|
|
66 |
|
0.10 |
% |
|
$ |
233,791 |
|
|
22 |
|
0.04 |
% |
Super Now deposits |
|
|
385,060 |
|
|
623 |
|
0.64 |
% |
|
|
345,653 |
|
|
206 |
|
0.24 |
% |
Money market deposits |
|
|
268,519 |
|
|
509 |
|
0.75 |
% |
|
|
301,651 |
|
|
211 |
|
0.28 |
% |
Time deposits |
|
|
144,491 |
|
|
301 |
|
0.83 |
% |
|
|
218,260 |
|
|
625 |
|
1.14 |
% |
Total interest-bearing
deposits |
|
|
1,047,863 |
|
|
1,499 |
|
0.57 |
% |
|
|
1,099,355 |
|
|
1,064 |
|
0.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
97,585 |
|
|
978 |
|
3.98 |
% |
|
|
7,255 |
|
|
2 |
|
0.11 |
% |
Long-term borrowings |
|
|
102,814 |
|
|
580 |
|
2.24 |
% |
|
|
125,991 |
|
|
712 |
|
2.25 |
% |
Total borrowings |
|
|
200,399 |
|
|
1,558 |
|
3.09 |
% |
|
|
133,246 |
|
|
714 |
|
2.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,248,262 |
|
|
3,057 |
|
0.97 |
% |
|
|
1,232,601 |
|
|
1,778 |
|
0.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
517,977 |
|
|
|
|
|
|
496,478 |
|
|
|
|
Other liabilities |
|
|
19,151 |
|
|
|
|
|
|
19,463 |
|
|
|
|
Shareholders’ equity |
|
|
165,157 |
|
|
|
|
|
|
168,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,950,547 |
|
|
|
|
|
$ |
1,916,873 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
2.73 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
15,695 |
|
3.42 |
% |
|
|
|
$ |
13,030 |
|
2.90 |
% |
- Information on this table has been calculated using average
daily balance sheets to obtain average balances.
- Non-accrual loans have been included with loans for the purpose
of analyzing net interest earnings.
- Income and rates on fully taxable equivalent basis include an
adjustment for the difference between annual income from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%
|
Three Months Ended December 31, |
|
2022 |
|
2021 |
Total interest income |
$ |
18,605 |
|
$ |
14,699 |
Total interest expense |
|
3,057 |
|
|
1,778 |
Net interest income
(GAAP) |
|
15,548 |
|
|
12,921 |
Tax equivalent adjustment |
|
147 |
|
|
109 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
$ |
15,695 |
|
$ |
13,030 |
PENNS WOODS BANCORP,
INC.AVERAGE BALANCES AND INTEREST
RATES (UNAUDITED)
|
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
(Dollars in Thousands) |
|
Average Balance(1) |
|
Interest |
|
Average Rate |
|
Average Balance(1) |
|
Interest |
|
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt loans (3) |
|
$ |
55,364 |
|
$ |
1,441 |
|
2.60 |
% |
|
$ |
46,312 |
|
$ |
1,308 |
|
2.82 |
% |
All other loans |
|
|
1,439,550 |
|
|
57,544 |
|
4.00 |
% |
|
|
1,299,321 |
|
|
52,199 |
|
4.02 |
% |
Total loans (2) |
|
|
1,494,914 |
|
|
58,985 |
|
3.95 |
% |
|
|
1,345,633 |
|
|
53,507 |
|
3.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
|
32,863 |
|
|
465 |
|
1.41 |
% |
|
|
28,395 |
|
|
202 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
156,584 |
|
|
4,455 |
|
2.88 |
% |
|
|
148,066 |
|
|
4,083 |
|
2.80 |
% |
Tax-exempt securities (3) |
|
|
44,301 |
|
|
1,042 |
|
2.38 |
% |
|
|
36,993 |
|
|
829 |
|
2.27 |
% |
Total securities |
|
|
200,885 |
|
|
5,497 |
|
2.77 |
% |
|
|
185,059 |
|
|
4,912 |
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
74,401 |
|
|
503 |
|
0.68 |
% |
|
|
201,273 |
|
|
242 |
|
0.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
1,803,063 |
|
|
65,450 |
|
3.63 |
% |
|
|
1,760,360 |
|
|
58,863 |
|
3.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
128,213 |
|
|
|
|
|
|
129,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,931,276 |
|
|
|
|
|
$ |
1,889,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
247,003 |
|
|
138 |
|
0.06 |
% |
|
$ |
225,637 |
|
|
116 |
|
0.05 |
% |
Super Now deposits |
|
|
387,370 |
|
|
1,344 |
|
0.35 |
% |
|
|
307,446 |
|
|
900 |
|
0.29 |
% |
Money market deposits |
|
|
289,820 |
|
|
1,105 |
|
0.38 |
% |
|
|
305,883 |
|
|
972 |
|
0.32 |
% |
Time deposits |
|
|
161,982 |
|
|
1,103 |
|
0.68 |
% |
|
|
244,341 |
|
|
3,557 |
|
1.46 |
% |
Total interest-bearing
deposits |
|
|
1,086,175 |
|
|
3,690 |
|
0.34 |
% |
|
|
1,083,307 |
|
|
5,545 |
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
29,315 |
|
|
1,007 |
|
3.44 |
% |
|
|
7,178 |
|
|
9 |
|
0.13 |
% |
Long-term borrowings |
|
|
110,027 |
|
|
2,451 |
|
2.23 |
% |
|
|
135,474 |
|
|
3,142 |
|
2.32 |
% |
Total borrowings |
|
|
139,342 |
|
|
3,458 |
|
2.48 |
% |
|
|
142,652 |
|
|
3,151 |
|
2.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
1,225,517 |
|
|
7,148 |
|
0.58 |
% |
|
|
1,225,959 |
|
|
8,696 |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
519,189 |
|
|
|
|
|
|
478,984 |
|
|
|
|
Other liabilities |
|
|
24,182 |
|
|
|
|
|
|
23,568 |
|
|
|
|
Shareholders’ equity |
|
|
162,388 |
|
|
|
|
|
|
161,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
1,931,276 |
|
|
|
|
|
$ |
1,889,942 |
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
2.64 |
% |
Net interest income/margin
(3) |
|
|
|
$ |
58,302 |
|
3.24 |
% |
|
|
|
$ |
50,167 |
|
2.85 |
% |
- Information on this table has been calculated using average
daily balance sheets to obtain average balances.
- Non-accrual loans have been included with loans for the purpose
of analyzing net interest earnings.
- Income and rates on fully taxable equivalent basis include an
adjustment for the difference between annual income from tax-exempt
obligations and the taxable equivalent of such income at the
standard tax rate of 21%
|
Twelve Months Ended December 31, |
|
2022 |
|
2021 |
Total interest income |
$ |
64,928 |
|
$ |
58,414 |
Total interest expense |
|
7,148 |
|
|
8,696 |
Net interest income |
|
57,780 |
|
|
49,718 |
Tax equivalent adjustment |
|
522 |
|
|
449 |
Net interest income (fully
taxable equivalent) (non-GAAP) |
$ |
58,302 |
|
$ |
50,167 |
(Dollars in Thousands, Except Share
and Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,509 |
|
|
$ |
5,250 |
|
|
$ |
4,231 |
|
|
$ |
3,432 |
|
|
$ |
4,879 |
|
Net interest income |
|
|
15,548 |
|
|
|
15,532 |
|
|
|
13,847 |
|
|
|
12,853 |
|
|
|
12,921 |
|
Provision (credit) for loan losses |
|
|
575 |
|
|
|
855 |
|
|
|
330 |
|
|
|
150 |
|
|
|
(300 |
) |
Net security (losses) gains |
|
|
(39 |
) |
|
|
(211 |
) |
|
|
(54 |
) |
|
|
(61 |
) |
|
|
360 |
|
Non-interest income, excluding net security (losses) gains |
|
|
2,120 |
|
|
|
2,294 |
|
|
|
2,191 |
|
|
|
2,473 |
|
|
|
2,835 |
|
Non-interest expense |
|
|
11,251 |
|
|
|
10,320 |
|
|
|
10,420 |
|
|
|
11,007 |
|
|
|
10,259 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.42 |
% |
|
|
3.47 |
% |
|
|
3.12 |
% |
|
|
2.93 |
% |
|
|
2.90 |
% |
Annualized return on average assets |
|
|
0.92 |
% |
|
|
1.09 |
% |
|
|
0.88 |
% |
|
|
0.72 |
% |
|
|
1.02 |
% |
Annualized return on average equity |
|
|
10.92 |
% |
|
|
12.61 |
% |
|
|
10.15 |
% |
|
|
8.17 |
% |
|
|
11.59 |
% |
Annualized net loan charge-offs (recoveries) to average loans |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
(0.01 |
)% |
|
|
0.09 |
% |
|
|
0.02 |
% |
Net charge-offs (recoveries) |
|
|
149 |
|
|
|
37 |
|
|
|
(40 |
) |
|
|
303 |
|
|
|
81 |
|
Efficiency ratio |
|
|
59.79 |
% |
|
|
57.70 |
% |
|
|
64.72 |
% |
|
|
71.53 |
% |
|
|
64.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.64 |
|
|
$ |
0.74 |
|
|
$ |
0.60 |
|
|
$ |
0.49 |
|
|
$ |
0.69 |
|
Diluted earnings per share |
|
|
0.64 |
|
|
|
0.74 |
|
|
|
0.60 |
|
|
|
0.49 |
|
|
|
0.69 |
|
Dividend declared per share |
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
0.32 |
|
Book value |
|
|
23.76 |
|
|
|
23.32 |
|
|
|
23.56 |
|
|
|
23.81 |
|
|
|
24.37 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
26.89 |
|
|
|
24.29 |
|
|
|
24.35 |
|
|
|
24.67 |
|
|
|
24.65 |
|
Low |
|
|
23.15 |
|
|
|
22.02 |
|
|
|
22.34 |
|
|
|
23.64 |
|
|
|
23.50 |
|
Close |
|
|
26.62 |
|
|
|
22.91 |
|
|
|
23.09 |
|
|
|
24.43 |
|
|
|
23.65 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,055 |
|
|
|
7,051 |
|
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
Fully Diluted |
|
|
7,055 |
|
|
|
7,051 |
|
|
|
7,059 |
|
|
|
7,073 |
|
|
|
7,068 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
|
7,567 |
|
|
|
7,563 |
|
|
|
7,559 |
|
|
|
7,555 |
|
|
|
7,550 |
|
Treasury |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(510 |
) |
|
|
(480 |
) |
|
|
(480 |
) |
(Dollars in Thousands, Except Share
and Per Share Data, Unaudited) |
|
Quarter Ended |
|
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,996,207 |
|
|
$ |
1,905,116 |
|
|
$ |
1,891,806 |
|
|
$ |
1,916,809 |
|
|
$ |
1,940,809 |
|
Loans, net |
|
|
1,624,094 |
|
|
|
1,545,489 |
|
|
|
1,474,739 |
|
|
|
1,391,943 |
|
|
|
1,377,971 |
|
Goodwill |
|
|
16,450 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
|
|
17,104 |
|
Intangibles |
|
|
327 |
|
|
|
361 |
|
|
|
396 |
|
|
|
437 |
|
|
|
480 |
|
Total deposits |
|
|
1,556,460 |
|
|
|
1,590,415 |
|
|
|
1,589,579 |
|
|
|
1,612,395 |
|
|
|
1,621,315 |
|
Noninterest-bearing |
|
|
519,063 |
|
|
|
537,403 |
|
|
|
524,288 |
|
|
|
514,130 |
|
|
|
494,360 |
|
Savings |
|
|
247,952 |
|
|
|
249,532 |
|
|
|
249,057 |
|
|
|
245,661 |
|
|
|
236,312 |
|
NOW |
|
|
372,574 |
|
|
|
392,140 |
|
|
|
353,102 |
|
|
|
379,838 |
|
|
|
366,399 |
|
Money Market |
|
|
270,589 |
|
|
|
268,532 |
|
|
|
309,453 |
|
|
|
299,166 |
|
|
|
318,877 |
|
Time Deposits |
|
|
146,282 |
|
|
|
142,808 |
|
|
|
153,679 |
|
|
|
173,600 |
|
|
|
205,367 |
|
Total interest-bearing deposits |
|
|
1,037,397 |
|
|
|
1,053,012 |
|
|
|
1,065,291 |
|
|
|
1,098,265 |
|
|
|
1,126,955 |
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits* |
|
|
1,410,178 |
|
|
|
1,447,607 |
|
|
|
1,435,900 |
|
|
|
1,438,795 |
|
|
|
1,415,948 |
|
Shareholders’ equity |
|
|
167,665 |
|
|
|
164,489 |
|
|
|
166,054 |
|
|
|
168,427 |
|
|
|
172,274 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
4,890 |
|
|
$ |
5,743 |
|
|
$ |
5,100 |
|
|
$ |
5,281 |
|
|
$ |
6,250 |
|
Non-performing loans to total assets |
|
|
0.24 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.32 |
% |
Allowance for loan losses |
|
|
15,637 |
|
|
|
15,211 |
|
|
|
14,393 |
|
|
|
14,023 |
|
|
|
14,176 |
|
Allowance for loan losses to total loans |
|
|
0.95 |
% |
|
|
0.97 |
% |
|
|
0.97 |
% |
|
|
1.00 |
% |
|
|
1.02 |
% |
Allowance for loan losses to non-performing loans |
|
|
319.78 |
% |
|
|
264.86 |
% |
|
|
282.22 |
% |
|
|
265.54 |
% |
|
|
226.82 |
% |
Non-performing loans to total loans |
|
|
0.30 |
% |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
0.38 |
% |
|
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to total assets |
|
|
8.40 |
% |
|
|
8.63 |
% |
|
|
8.78 |
% |
|
|
8.79 |
% |
|
|
8.88 |
% |
* Core deposits are defined as total deposits less time
deposits
Reconciliation of GAAP and Non-GAAP
Financial Measures(UNAUDITED)
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
(Dollars in Thousands, Except Per Share Data) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
GAAP net income |
|
$ |
4,509 |
|
|
$ |
4,879 |
|
|
$ |
17,422 |
|
|
$ |
16,033 |
|
Net securities losses (gains),
net of tax |
|
|
31 |
|
|
|
(284 |
) |
|
|
288 |
|
|
|
(521 |
) |
Goodwill impairment |
|
|
516 |
|
|
|
— |
|
|
|
516 |
|
|
|
— |
|
Non-GAAP core earnings |
|
$ |
5,056 |
|
|
$ |
4,595 |
|
|
$ |
18,226 |
|
|
$ |
15,512 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Return on average assets
(ROA) |
|
|
0.92 |
% |
|
|
1.02 |
% |
|
|
0.90 |
% |
|
|
0.85 |
% |
Net securities losses (gains),
net of tax |
|
|
0.01 |
% |
|
|
(0.06 |
)% |
|
|
0.01 |
% |
|
|
(0.03 |
)% |
Goodwill impairment |
|
|
0.11 |
% |
|
|
— |
% |
|
|
0.03 |
% |
|
|
— |
% |
Non-GAAP core ROA |
|
|
1.04 |
% |
|
|
0.96 |
% |
|
|
0.94 |
% |
|
|
0.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Return on average equity
(ROE) |
|
|
10.92 |
% |
|
|
11.59 |
% |
|
|
10.73 |
% |
|
|
9.93 |
% |
Net securities losses (gains),
net of tax |
|
|
0.08 |
% |
|
|
(0.67 |
)% |
|
|
0.17 |
% |
|
|
(0.32 |
)% |
Goodwill impairment |
|
|
1.25 |
% |
|
|
— |
% |
|
|
0.32 |
% |
|
|
— |
% |
Non-GAAP core ROE |
|
|
12.25 |
% |
|
|
10.92 |
% |
|
|
11.22 |
% |
|
|
9.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Basic earnings per share
(EPS) |
|
$ |
0.64 |
|
|
$ |
0.69 |
|
|
$ |
2.47 |
|
|
$ |
2.27 |
|
Net securities losses (gains),
net of tax |
|
|
— |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
(0.07 |
) |
Goodwill impairment |
|
|
0.07 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
Non-GAAP basic core EPS |
|
$ |
0.71 |
|
|
$ |
0.65 |
|
|
$ |
2.58 |
|
|
$ |
2.20 |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Diluted EPS |
|
$ |
0.64 |
|
|
$ |
0.69 |
|
|
$ |
2.47 |
|
|
$ |
2.27 |
|
Net securities losses (gains),
net of tax |
|
|
— |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
(0.07 |
) |
Goodwill impairment |
|
|
0.07 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
Non-GAAP diluted core EPS |
|
$ |
0.71 |
|
|
$ |
0.65 |
|
|
$ |
2.58 |
|
|
$ |
2.20 |
|
Penns Woods Bancorp (NASDAQ:PWOD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Penns Woods Bancorp (NASDAQ:PWOD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024