Penns Woods Bancorp, Inc. Reports Third Quarter 2020 Earnings
Penns Woods Bancorp reported a net income of $11.3 million for the nine months ended September 30, 2020, with basic and diluted earnings per share of $1.61. While net income decreased from $12.8 million in the same period of 2019, after-tax securities gains increased significantly. The provision for loan losses rose by $1 million due to COVID-19 uncertainties. Total assets grew to $1.8 billion, and deposits increased by $159.4 million. However, the net interest margin compressed to 2.97% amid lower interest rates.
- Net income increased from $4.5 million for Q3 2019 to $4.5 million for Q3 2020.
- Significant increase in after-tax securities gains of $665,000 for Q3 2020.
- Total assets rose to $1.8 billion, up $167.7 million year-over-year.
- Deposits increased by $159.4 million to $1.5 billion.
- Net income declined from $12.8 million in the first nine months of 2019 to $11.3 million in 2020.
- Provision for loan losses increased by $1 million due to COVID-19 impacts.
- Basic and diluted EPS decreased from $1.82 in 2019 to $1.61 in 2020.
- Net interest margin compressed to 2.97% compared to 3.34% in 2019.
WILLIAMSPORT, Pa., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net income of
Highlights
- Net income, as reported under GAAP, for the three and nine months ended September 30, 2020 was
$4.5 million and$11.3 million , respectively compared to$4.7 million and$12.8 million for the same period of 2019. Results for the three and nine months ended September 30, 2020 compared to 2019 were impacted by an increase in after-tax securities gains of$665,000 (from a gain of$134,000 t o a gain of$799,000) for the three month period and$770,000 (from a gain of$205,000 t o a gain of$975,000) for the nine month period.
- Gain on sale of loans increased
$866,000 and$1.7 million , respectfully, for the three and nine months ended September 30, 2020, to$1.4 million and$2.9 million , respectively, compared to$583,000 and$1.2 million for the 2019 periods. The increase is the result of a significant increase in the number of consumers who are refinancing their mortgage due to the current low interest rate environment.
- The provision for loan losses increased
$285,000 and$1.0 million , respectfully, for the three and nine months ended September 30, 2020, to$645,000 and$2.0 million , respectively, compared to$360,000 and$1.0 million for the 2019 periods. The increase is the result of the economic uncertainty caused by the COVID-19 pandemic.
- Basic and diluted earnings per share for the three and nine months ended September 30, 2020 were
$0.63 and$1.61 , respectively, compared to basic and diluted earnings per share of$0.66 and$1.82 for the three and nine months ended September 30, 2019.
- Return on average assets was
0.97% for the three months ended September 30, 2020, compared to1.10% for the corresponding period of 2019. Return on average assets was0.85% for the nine months ended September 30, 2020, compared to1.02% for the corresponding period of 2019.
- Return on average equity was
11.05% for the three months ended September 30, 2020, compared to12.18% for the corresponding period of 2019. Return on average equity was9.57% for the nine months ended September 30, 2020, compared to11.69% for the corresponding period of 2019.
COVID-19 Activity
- Approximately one third of employees working remotely.
- As of September 30, 2020, loan modification/deferral program in place to defer payments up to 180 days for principal and/or interest with
$230.3 million in loan principal affected by this program.
- All COVID-19 related loan deferrals meet the requirements to not be considered a troubled debt restructuring.
- Participated in the Paycheck Protection Program ("PPP") by primarily utilizing third parties to service and place the loans.
- Significantly reduced deposit rates during the latter half of March 2020 continuing through September 2020.
- Increased the provision for loan losses due to the economic uncertainty caused by the COVID-19 pandemic.
- Net interest margin compression expected to continue as the rate environment remains below historical levels.
- Total paycheck protection program loans originated to be held on balance sheet at September 30, 2020 total
$12.3 million .
Net Income
Net income from core operations (“core earnings”), which is a non-generally accepted accounting principles (GAAP) measure of net income excluding net securities gains or losses, was
Net Interest Margin
The net interest margin for the three and nine months ended September 30, 2020 was
Assets
Total assets increased
Non-performing Loans
The ratio of non-performing loans to total loans ratio decreased to
Deposits
Deposits increased
Shareholders’ Equity
Shareholders’ equity increased
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; (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, 2019.
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) | 2020 | 2019 | % Change | |||||||||||
| ASSETS: | ||||||||||||||
| Noninterest-bearing balances | $ | 34,987 | $ | 25,990 | 34.62 | % | ||||||||
| Interest-bearing balances in other financial institutions | 191,285 | 31,351 | 510.14 | % | ||||||||||
| Total cash and cash equivalents | 226,272 | 57,341 | 294.61 | % | ||||||||||
| Investment debt securities, available for sale, at fair value | 149,675 | 149,075 | 0.40 | % | ||||||||||
| Investment equity securities, at fair value | 1,291 | 1,820 | (29.07 | ) | % | |||||||||
| Investment securities, trading | 35 | 47 | (25.53 | ) | % | |||||||||
| Restricted investment in bank stock, at fair value | 15,006 | 13,502 | 11.14 | % | ||||||||||
| Loans held for sale | 6,647 | 1,868 | 255.84 | % | ||||||||||
| Loans | 1,349,140 | 1,364,984 | (1.16 | ) | % | |||||||||
| Allowance for loan losses | (13,429 | ) | (14,249 | ) | (5.75 | ) | % | |||||||
| Loans, net | 1,335,711 | 1,350,735 | (1.11 | ) | % | |||||||||
| Premises and equipment, net | 32,886 | 33,366 | (1.44 | ) | % | |||||||||
| Accrued interest receivable | 8,540 | 5,267 | 62.14 | % | ||||||||||
| Bank-owned life insurance | 33,474 | 29,107 | 15.00 | % | ||||||||||
| Goodwill | 17,104 | 17,104 | — | % | ||||||||||
| Intangibles | 724 | 960 | (24.58 | ) | % | |||||||||
| Operating lease right of use asset | 3,184 | 4,217 | (24.50 | ) | % | |||||||||
| Deferred tax asset | 3,409 | 3,744 | (8.95 | ) | % | |||||||||
| Other assets | 6,821 | 4,942 | 38.02 | % | ||||||||||
| TOTAL ASSETS | $ | 1,840,779 | $ | 1,673,095 | 10.02 | % | ||||||||
| LIABILITIES: | ||||||||||||||
| Interest-bearing deposits | $ | 1,057,562 | $ | 1,005,078 | 5.22 | % | ||||||||
| Noninterest-bearing deposits | 434,248 | 327,329 | 32.66 | % | ||||||||||
| Total deposits | 1,491,810 | 1,332,407 | 11.96 | % | ||||||||||
| Short-term borrowings | 15,009 | 5,987 | 150.69 | % | ||||||||||
| Long-term borrowings | 153,534 | 162,290 | (5.40 | ) | % | |||||||||
| Accrued interest payable | 1,491 | 1,666 | (10.50 | ) | % | |||||||||
| Operating lease liability | 3,219 | 4,228 | (23.86 | ) | % | |||||||||
| Other liabilities | 13,287 | 11,456 | 15.98 | % | ||||||||||
| TOTAL LIABILITIES | 1,678,350 | 1,518,034 | 10.56 | % | ||||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||||||||
| Preferred stock, no par value, 3,000,000 shares authorized; no shares issued | — | — | n/a | |||||||||||
| Common stock, par value | 41,820 | 41,758 | 0.15 | % | ||||||||||
| Additional paid-in capital | 52,268 | 51,290 | 1.91 | % | ||||||||||
| Retained earnings | 81,127 | 76,009 | 6.73 | % | ||||||||||
| Accumulated other comprehensive loss: | ||||||||||||||
| Net unrealized gain on available for sale securities | 4,440 | 3,266 | 35.95 | % | ||||||||||
| Defined benefit plan | (5,118 | ) | (5,165 | ) | 0.91 | % | ||||||||
| Treasury stock at cost, 480,225 | (12,115 | ) | (12,115 | ) | — | % | ||||||||
| TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY | 162,422 | 155,043 | 4.76 | % | ||||||||||
| Non-controlling interest | 7 | 18 | (61.11 | ) | % | |||||||||
| TOTAL SHAREHOLDERS' EQUITY | 162,429 | 155,061 | 4.75 | % | ||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,840,779 | $ | 1,673,095 | 10.02 | % | ||||||||
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) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||||||||
| Loans including fees | $ | 14,080 | $ | 15,426 | (8.73 | ) | % | $ | 43,403 | $ | 45,595 | (4.81 | ) | % | |||||||||||||
| Investment securities: | |||||||||||||||||||||||||||
| Taxable | 925 | 998 | (7.31 | ) | % | 2,958 | 2,899 | 2.04 | % | ||||||||||||||||||
| Tax-exempt | 170 | 167 | 1.80 | % | 484 | 520 | (6.92 | ) | % | ||||||||||||||||||
| Dividend and other interest income | 212 | 493 | (57.00 | ) | % | 747 | 1,345 | (44.46 | ) | % | |||||||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 15,387 | 17,084 | (9.93 | ) | % | 47,592 | 50,359 | (5.49 | ) | % | |||||||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||||||||||
| Deposits | 2,569 | 3,165 | (18.83 | ) | % | 8,406 | 8,336 | 0.84 | % | ||||||||||||||||||
| Short-term borrowings | 8 | 7 | 14.29 | % | 37 | 790 | (95.32 | ) | % | ||||||||||||||||||
| Long-term borrowings | 965 | 1,009 | (4.36 | ) | % | 2,893 | 2,739 | 5.62 | % | ||||||||||||||||||
| TOTAL INTEREST EXPENSE | 3,542 | 4,181 | (15.28 | ) | % | 11,336 | 11,865 | (4.46 | ) | % | |||||||||||||||||
| NET INTEREST INCOME | 11,845 | 12,903 | (8.20 | ) | % | 36,256 | 38,494 | (5.81 | ) | % | |||||||||||||||||
| PROVISION FOR LOAN LOSSES | 645 | 360 | 79.17 | % | 2,040 | 1,035 | 97.10 | % | |||||||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 11,200 | 12,543 | (10.71 | ) | % | 34,216 | 37,459 | (8.66 | ) | % | |||||||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||||||||||||
| Service charges | 388 | 622 | (37.62 | ) | % | 1,249 | 1,776 | (29.67 | ) | % | |||||||||||||||||
| Debt securities gains, available for sale | 1,013 | 189 | 435.98 | % | 1,220 | 200 | 510.00 | % | |||||||||||||||||||
| Equity securities (losses) gains | — | (21 | ) | 100.00 | % | 30 | 44 | (31.82 | ) | % | |||||||||||||||||
| Securities (losses) gains, trading | (2 | ) | 2 | (200.00 | ) | % | (16 | ) | 15 | (206.67 | ) | % | |||||||||||||||
| Bank-owned life insurance | 156 | 143 | 9.09 | % | 492 | 434 | 13.36 | % | |||||||||||||||||||
| Gain on sale of loans | 1,449 | 583 | 148.54 | % | 2,921 | 1,246 | 134.43 | % | |||||||||||||||||||
| Insurance commissions | 101 | 93 | 8.60 | % | 320 | 346 | (7.51 | ) | % | ||||||||||||||||||
| Brokerage commissions | 224 | 353 | (36.54 | ) | % | 779 | 1,032 | (24.52 | ) | % | |||||||||||||||||
| Debit card income | 352 | 333 | 5.71 | % | 936 | 1,032 | (9.30 | ) | % | ||||||||||||||||||
| Other | 354 | 525 | (32.57 | ) | % | 1,162 | 1,420 | (18.17 | ) | % | |||||||||||||||||
| TOTAL NON-INTEREST INCOME | 4,035 | 2,822 | 42.98 | % | 9,093 | 7,545 | 20.52 | % | |||||||||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||||||||||||
| Salaries and employee benefits | 5,465 | 5,488 | (0.42 | ) | % | 16,362 | 16,512 | (0.91 | ) | % | |||||||||||||||||
| Occupancy | 599 | 638 | (6.11 | ) | % | 1,927 | 2,085 | (7.58 | ) | % | |||||||||||||||||
| Furniture and equipment | 837 | 885 | (5.42 | ) | % | 2,525 | 2,421 | 4.30 | % | ||||||||||||||||||
| Software amortization | 257 | 234 | 9.83 | % | 743 | 629 | 18.12 | % | |||||||||||||||||||
| Pennsylvania shares tax | 340 | 285 | 19.30 | % | 948 | 863 | 9.85 | % | |||||||||||||||||||
| Professional fees | 608 | 585 | 3.93 | % | 1,888 | 1,834 | 2.94 | % | |||||||||||||||||||
| Federal Deposit Insurance Corporation deposit insurance | 271 | — | n/a | 650 | 504 | 28.97 | % | ||||||||||||||||||||
| Marketing | 61 | 98 | (37.76 | ) | % | 170 | 233 | (27.04 | ) | % | |||||||||||||||||
| Intangible amortization | 53 | 62 | (14.52 | ) | % | 174 | 202 | (13.86 | ) | % | |||||||||||||||||
| Other | 1,216 | 1,266 | (3.95 | ) | % | 4,041 | 4,131 | (2.18 | ) | % | |||||||||||||||||
| TOTAL NON-INTEREST EXPENSE | 9,707 | 9,541 | 1.74 | % | 29,428 | 29,414 | 0.05 | % | |||||||||||||||||||
| INCOME BEFORE INCOME TAX PROVISION | 5,528 | 5,824 | (5.08 | ) | % | 13,881 | 15,590 | (10.96 | ) | % | |||||||||||||||||
| INCOME TAX PROVISION | 1,051 | 1,170 | (10.17 | ) | % | 2,563 | 2,741 | (6.49 | ) | % | |||||||||||||||||
| NET INCOME | $ | 4,477 | $ | 4,654 | (3.80 | ) | % | $ | 11,318 | $ | 12,849 | (11.92 | ) | % | |||||||||||||
| Earnings attributable to noncontrolling interest | 5 | 4 | 25.00 | % | 13 | 10 | 30.00 | % | |||||||||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS' | $ | 4,472 | $ | 4,650 | (3.83 | ) | % | $ | 11,305 | $ | 12,839 | (11.95 | ) | % | |||||||||||||
| EARNINGS PER SHARE - BASIC | $ | 0.63 | $ | 0.66 | (4.55 | ) | % | $ | 1.61 | $ | 1.82 | (11.54 | ) | % | |||||||||||||
| EARNINGS PER SHARE - DILUTED | $ | 0.63 | $ | 0.66 | (4.55 | ) | % | $ | 1.61 | $ | 1.82 | (11.54 | ) | % | |||||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | 7,045,336 | 7,037,055 | 0.12 | % | 7,042,578 | 7,036,181 | 0.09 | % | |||||||||||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | 7,045,336 | 7,037,055 | 0.12 | % | 7,042,578 | 7,036,181 | 0.09 | % | |||||||||||||||||||
| DIVIDENDS DECLARED PER SHARE | $ | 0.32 | $ | 0.31 | 3.23 | % | $ | 0.96 | $ | 0.94 | 2.13 | % | |||||||||||||||
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
| Three Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | |||||||||||||||||||||
| (Dollars in Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||||
| Tax-exempt loans | $ | 42,047 | $ | 386 | 3.65 | % | $ | 66,617 | $ | 505 | 3.04 | % | ||||||||||
| All other loans | 1,313,474 | 13,775 | 4.17 | % | 1,317,964 | 15,027 | 4.57 | % | ||||||||||||||
| Total loans | 1,355,521 | 14,161 | 4.16 | % | 1,384,581 | 15,532 | 4.50 | % | ||||||||||||||
| Taxable securities | 140,695 | 1,116 | 3.23 | % | 137,394 | 1,284 | 3.79 | % | ||||||||||||||
| Tax-exempt securities | 30,587 | 216 | 2.87 | % | 25,769 | 211 | 3.32 | % | ||||||||||||||
| Total securities | 171,282 | 1,332 | 3.16 | % | 163,163 | 1,495 | 3.72 | % | ||||||||||||||
| Interest-bearing deposits | 203,817 | 21 | 0.04 | % | 36,853 | 207 | 2.25 | % | ||||||||||||||
| Total interest-earning assets | 1,730,620 | 15,514 | 3.57 | % | 1,584,597 | 17,234 | 4.37 | % | ||||||||||||||
| Other assets | 121,901 | 101,318 | ||||||||||||||||||||
| TOTAL ASSETS | $ | 1,852,521 | $ | 1,685,915 | ||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
| Savings | $ | 199,420 | 51 | 0.10 | % | $ | 169,628 | 66 | 0.16 | % | ||||||||||||
| Super Now deposits | 273,190 | 489 | 0.71 | % | 232,918 | 481 | 0.83 | % | ||||||||||||||
| Money market deposits | 263,926 | 330 | 0.50 | % | 237,362 | 581 | 0.98 | % | ||||||||||||||
| Time deposits | 329,190 | 1,699 | 2.05 | % | 370,229 | 2,037 | 2.21 | % | ||||||||||||||
| Total interest-bearing deposits | 1,065,726 | 2,569 | 0.96 | % | 1,010,137 | 3,165 | 1.26 | % | ||||||||||||||
| Short-term borrowings | 17,517 | 8 | 0.18 | % | 7,990 | 7 | 0.35 | % | ||||||||||||||
| Long-term borrowings | 165,064 | 965 | 2.33 | % | 169,017 | 1,009 | 2.26 | % | ||||||||||||||
| Total borrowings | 182,581 | 973 | 2.12 | % | 177,007 | 1,016 | 2.18 | % | ||||||||||||||
| Total interest-bearing liabilities | 1,248,307 | 3,542 | 1.13 | % | 1,187,144 | 4,181 | 1.39 | % | ||||||||||||||
| Demand deposits | 424,753 | 324,940 | ||||||||||||||||||||
| Other liabilities | 17,644 | 21,151 | ||||||||||||||||||||
| Shareholders’ equity | 161,817 | 152,680 | ||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,852,521 | $ | 1,685,915 | ||||||||||||||||||
| Interest rate spread | 2.44 | % | 2.98 | % | ||||||||||||||||||
| Net interest income/margin | $ | 11,972 | 2.76 | % | $ | 13,053 | 3.32 | % | ||||||||||||||
| Three Months Ended September 30, | ||||||||
| 2020 | 2019 | |||||||
| Total interest income | $ | 15,387 | $ | 17,084 | ||||
| Total interest expense | 3,542 | 4,181 | ||||||
| Net interest income | 11,845 | 12,903 | ||||||
| Tax equivalent adjustment | 127 | 150 | ||||||
| Net interest income (fully taxable equivalent) | $ | 11,972 | $ | 13,053 | ||||
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
| Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | |||||||||||||||||||||
| (Dollars in Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||||
| Tax-exempt loans | $ | 46,476 | $ | 1,138 | 3.27 | % | $ | 69,973 | $ | 1,592 | 3.04 | % | ||||||||||
| All other loans | 1,304,207 | 42,504 | 4.35 | % | 1,315,022 | 44,337 | 4.51 | % | ||||||||||||||
| Total loans | 1,350,683 | 43,642 | 4.32 | % | 1,384,995 | 45,929 | 4.43 | % | ||||||||||||||
| Taxable securities | 143,601 | 3,582 | 3.38 | % | 131,451 | 3,934 | 4.05 | % | ||||||||||||||
| Tax-exempt securities | 27,558 | 613 | 3.02 | % | 26,813 | 658 | 3.32 | % | ||||||||||||||
| Total securities | 171,159 | 4,195 | 3.32 | % | 158,264 | 4,592 | 3.92 | % | ||||||||||||||
| Interest-bearing deposits | 125,447 | 123 | 0.13 | % | 18,050 | 310 | 2.30 | % | ||||||||||||||
| Total interest-earning assets | 1,647,289 | 47,960 | 3.89 | % | 1,561,309 | 50,831 | 4.36 | % | ||||||||||||||
| Other assets | 116,868 | 109,278 | ||||||||||||||||||||
| TOTAL ASSETS | $ | 1,764,157 | $ | 1,670,587 | ||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
| Savings | $ | 189,205 | 209 | 0.15 | % | $ | 168,909 | 147 | 0.12 | % | ||||||||||||
| Super Now deposits | 248,327 | 1,322 | 0.71 | % | 236,965 | 1,313 | 0.74 | % | ||||||||||||||
| Money market deposits | 234,772 | 1,225 | 0.70 | % | 242,630 | 1,649 |
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"@type": "Answer",
"text": "As of September 30, 2020, Penns Woods Bancorp had total assets of <b>$1.8 billion</b>."
}
},
{
"@type": "Question",
"name": "How much did deposits increase for PWOD in 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Deposits for Penns Woods Bancorp increased by <b>$159.4 million</b> to <b>$1.5 billion</b> as of September 30, 2020."
}
},
{
"@type": "Question",
"name": "What provision for loan losses did PWOD report for Q3 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Penns Woods Bancorp reported a provision for loan losses of <b>$645,000</b> for Q3 2020."
}
}
]
}
FAQ
What were the earnings per share for PWOD in Q3 2020?
The earnings per share for Penns Woods Bancorp (PWOD) in Q3 2020 were $0.63.
How did net income for PWOD change compared to Q3 2019?
Net income for Penns Woods Bancorp in Q3 2020 was $4.5 million, a slight decrease from $4.7 million in Q3 2019.
What was the total asset value for PWOD as of September 30, 2020?
As of September 30, 2020, Penns Woods Bancorp had total assets of $1.8 billion.
How much did deposits increase for PWOD in 2020?
Deposits for Penns Woods Bancorp increased by $159.4 million to $1.5 billion as of September 30, 2020.
What provision for loan losses did PWOD report for Q3 2020?
Penns Woods Bancorp reported a provision for loan losses of $645,000 for Q3 2020.
Penns Woods Bancorp Inc
NASDAQ:PWODPWOD RankingsPWOD Latest NewsPWOD Stock Data
230.71M
7.24M
4.06%
24.77%
0.22%
Banks - Regional
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United States of America
JERSEY SHORE
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