Penns Woods Bancorp, Inc. Reports Third Quarter 2024 Earnings
Penns Woods Bancorp (NASDAQ: PWOD) reported strong financial results for Q3 2024. Net income reached $4.8 million for the quarter and $14.0 million for the nine months ended September 30, 2024, compared to $2.2 million and $11.1 million in 2023. Basic and diluted earnings per share were $0.64 for Q3 and $1.86 YTD. The company saw an increase in net interest income of $1.7 million and $2.3 million for the three and nine-month periods. Total assets grew to $2.3 billion, with net loans increasing by $58.0 million to $1.9 billion. Deposits increased by $133.1 million to $1.7 billion.
Penns Woods Bancorp (NASDAQ: PWOD) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. Il reddito netto ha raggiunto 4,8 milioni di dollari per il trimestre e 14,0 milioni di dollari per i nove mesi conclusi il 30 settembre 2024, rispetto a 2,2 milioni e 11,1 milioni nel 2023. L'utile per azione base e diluito è stato di 0,64 dollari per il terzo trimestre e 1,86 dollari da inizio anno. L'azienda ha registrato un aumento del reddito netto da interessi di 1,7 milioni di dollari e 2,3 milioni di dollari per i periodi di tre e nove mesi. Il totale degli attivi è cresciuto fino a 2,3 miliardi di dollari, con i prestiti netti in aumento di 58,0 milioni di dollari, raggiungendo 1,9 miliardi. I depositi sono aumentati di 133,1 milioni di dollari, portandosi a 1,7 miliardi.
Penns Woods Bancorp (NASDAQ: PWOD) reportó resultados financieros sólidos para el tercer trimestre de 2024. El ingreso neto alcanzó 4.8 millones de dólares para el trimestre y 14.0 millones de dólares para los nueve meses finalizados el 30 de septiembre de 2024, en comparación con 2.2 millones y 11.1 millones en 2023. Las ganancias por acción básicas y diluidas fueron de 0.64 dólares para el tercer trimestre y 1.86 dólares en lo que va del año. La compañía observó un aumento en el ingreso neto por intereses de 1.7 millones de dólares y 2.3 millones de dólares para los períodos de tres y nueve meses. Los activos totales crecieron a 2.3 mil millones de dólares, con un aumento de 58.0 millones de dólares en los préstamos netos, alcanzando 1.9 mil millones. Los depósitos aumentaron en 133.1 millones de dólares, llegando a 1.7 mil millones.
펜스 우즈 뱅코프 (NASDAQ: PWOD)가 2024년 3분기 강력한 재무 결과를 발표했습니다. 순이익은 이번 분기에 480만 달러, 2024년 9월 30일로 종료된 9개월 동안 1,400만 달러에 도달했으며, 이는 2023년의 220만 달러 및 1,110만 달러와 비교됩니다. 기본 및 희석 주당 수익은 3분기에 0.64달러, 올해 누적으로 1.86달러였습니다. 회사는 3개월 및 9개월 동안 각각 170만 달러 및 230만 달러의 순이자 수익 증가를 경험했습니다. 총 자산은 23억 달러로 증가하였고, 순대출은 5,800만 달러 증가하여 19억 달러에 도달했습니다. 예금은 1억 3,310만 달러 증가하여 17억 달러가 되었습니다.
Penns Woods Bancorp (NASDAQ: PWOD) a annoncé de solides résultats financiers pour le troisième trimestre de 2024. Le revenu net a atteint 4,8 millions de dollars pour le trimestre et 14,0 millions de dollars pour les neuf mois se terminant le 30 septembre 2024, contre 2,2 millions et 11,1 millions en 2023. Le bénéfice par action de base et dilué était de 0,64 dollar pour le troisième trimestre et 1,86 dollar depuis le début de l'année. L'entreprise a constaté une augmentation du revenu net d’intérêts de 1,7 million de dollars et de 2,3 millions de dollars pour les périodes de trois et neuf mois. Les actifs totaux ont augmenté pour atteindre 2,3 milliards de dollars, les prêts nets ayant progressé de 58,0 millions de dollars pour atteindre 1,9 milliard. Les dépôts ont augmenté de 133,1 millions de dollars pour atteindre 1,7 milliard.
Penns Woods Bancorp (NASDAQ: PWOD) meldete starke Finanzergebnisse für das 3. Quartal 2024. Der Nettogewinn betrug 4,8 Millionen Dollar für das Quartal und 14,0 Millionen Dollar für die neun Monate bis zum 30. September 2024, im Vergleich zu 2,2 Millionen und 11,1 Millionen im Jahr 2023. Der Gewinn pro Aktie, sowohl basis- als auch verwässert, betrug 0,64 Dollar für das 3. Quartal und 1,86 Dollar seit Jahresbeginn. Das Unternehmen verzeichnete einen Anstieg des Nettozinsüberschusses um 1,7 Millionen Dollar und 2,3 Millionen Dollar für die drei- und neunjährigen Zeiträume. Die Gesamtaktiva wuchsen auf 2,3 Milliarden Dollar, während die Nettokredite um 58,0 Millionen Dollar auf 1,9 Milliarden Dollar anstiegen. Die Einlagen erhöhten sich um 133,1 Millionen Dollar auf 1,7 Milliarden Dollar.
- Net income increased 118% YoY to $4.8M in Q3 2024
- Net interest income grew by $1.7M in Q3 2024
- Total assets increased by $82.8M to $2.3B
- Net loans grew by $58.0M to $1.9B
- Deposits increased by $133.1M to $1.7B
- Book value per share improved to $26.96 from $24.55
- Non-performing loans ratio increased to 0.42% from 0.20% YoY
- Non-performing loans rose to $7.9M from $3.7M YoY
- Noninterest-bearing deposits decreased by $18.6M
- Core deposits declined by $6.6M
Insights
Strong Q3 2024 earnings showcase robust financial performance with
- Net interest income increased by
$1.7 million quarter-over-quarter - EPS improved to
$0.64 from$0.31 year-over-year - Return on equity jumped to
9.60% from5.06%
Balance sheet shows strength with total assets reaching
Asset quality metrics warrant attention despite overall positive performance. Non-performing loans increased to
- Strong collateral positions and guarantors backing problem loans
- Reduced allowance ratio of
0.62% reflects portfolio quality - Minimal
$312,000 in net charge-offs year-to-date
Funding profile shows strategic management with increased brokered deposits of
WILLIAMSPORT, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD)
Penns Woods Bancorp, Inc. achieved net income of
Highlights
- Net income, as reported under generally accepted accounting principles (GAAP), for the three and nine months ended September 30, 2024 was
$4.8 million and$14.0 million , respectively, compared to$2.2 million and$11.1 million for the same periods of 2023. Results for the three and nine months ended September 30, 2024 compared to 2023 were impacted by an increase in net interest income of$1.7 million and$2.3 million , respectively, as the cost of funds has stabilized. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of$261,000 for the nine month period ended September 30, 2024. - The allowance for credit losses was impacted for the three and nine months ended September 30, 2024 by a provision for credit losses of
$740,000 and a negative provision of$299,000 , respectively, compared to provisions for credit losses of$1.4 million and$263,000 for the 2023 periods. The recognition of a negative provision for credit losses for the nine months ended September 30, 2024 is due primarily to recoveries during the second quarter of 2024 on a commercial loan. In addition, a minimal level of loan charge-offs of$312,000 contributed to the recognition of the negative provision for credit losses for the nine months ended September 30, 2024. - Basic and diluted earnings per share for the three and nine months ended September 30, 2024 were
$0.64 and$1.86 , respectively, compared to basic and diluted earnings per share of$0.31 and$1.56 b asic and$1.53 diluted for the three and nine month periods ended September 30, 2023. - Annualized return on average assets was
0.86% for the three months ended September 30, 2024, compared to0.41% for the corresponding period of 2023. Annualized return on average assets was0.84% for the nine months ended September 30, 2024, compared to0.70% for the corresponding period of 2023. - Annualized return on average equity was
9.60% for the three months ended September 30, 2024, compared to5.06% for the corresponding period of 2023. Annualized return on average equity was9.74% for the nine months ended September 30, 2024, compared to8.58% for the corresponding period of 2023.
Net Income
Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was
Net Interest Margin
The net interest margin for the three and nine months ended September 30, 2024 was
Assets
Total assets increased to
Non-performing Loans
The ratio of non-performing loans to total loans ratio increased to
Deposits
Deposits increased
Shareholders’ Equity
Shareholders’ equity increased
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products. Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.
NOTE: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact. The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; or (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies. For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.
Contact: | Richard A. Grafmyre, Chief Executive Officer | |
110 Reynolds Street | ||
Williamsport, PA 17702 | ||
570-322-1111 | e-mail: pwod@pwod.com |
PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) | |||||||||||
(In Thousands, Except Share and Per Share Data) | September 30, | ||||||||||
2024 | 2023 | % Change | |||||||||
ASSETS: | |||||||||||
Noninterest-bearing balances | $ | 28,805 | $ | 26,651 | 8.08 | % | |||||
Interest-bearing balances in other financial institutions | 10,889 | 8,939 | 21.81 | % | |||||||
Total cash and cash equivalents | 39,694 | 35,590 | 11.53 | % | |||||||
Investment debt securities, available for sale, at fair value | 197,466 | 184,667 | 6.93 | % | |||||||
Investment equity securities, at fair value | 1,145 | 1,072 | 6.81 | % | |||||||
Restricted investment in bank stock | 21,227 | 25,289 | (16.06)% | ||||||||
Loans held for sale | 8,967 | 4,083 | 119.62 | % | |||||||
Loans | 1,875,174 | 1,818,461 | 3.12 | % | |||||||
Allowance for credit losses | (11,588 | ) | (12,890 | ) | (10.10)% | ||||||
Loans, net | 1,863,586 | 1,805,571 | 3.21 | % | |||||||
Premises and equipment, net | 27,975 | 30,746 | (9.01)% | ||||||||
Accrued interest receivable | 11,433 | 10,500 | 8.89 | % | |||||||
Bank-owned life insurance | 45,378 | 33,695 | 34.67 | % | |||||||
Investment in limited partnerships | 6,966 | 8,275 | (15.82)% | ||||||||
Goodwill | 16,450 | 16,450 | — | % | |||||||
Intangibles | 133 | 235 | (43.40)% | ||||||||
Operating lease right of use asset | 2,861 | 2,562 | 11.67 | % | |||||||
Deferred tax asset | 3,034 | 6,961 | (56.41)% | ||||||||
Other assets | 12,935 | 10,772 | 20.08 | % | |||||||
TOTAL ASSETS | $ | 2,259,250 | $ | 2,176,468 | 3.80 | % | |||||
LIABILITIES: | |||||||||||
Interest-bearing deposits | $ | 1,247,399 | $ | 1,095,760 | 13.84 | % | |||||
Noninterest-bearing deposits | 452,922 | 471,507 | (3.94)% | ||||||||
Total deposits | 1,700,321 | 1,567,267 | 8.49 | % | |||||||
Short-term borrowings | 78,305 | 193,746 | (59.58)% | ||||||||
Long-term borrowings | 252,508 | 217,645 | 16.02 | % | |||||||
Accrued interest payable | 5,509 | 2,716 | 102.84 | % | |||||||
Operating lease liability | 2,936 | 2,619 | 12.10 | % | |||||||
Other liabilities | 15,977 | 17,935 | (10.92)% | ||||||||
TOTAL LIABILITIES | 2,055,556 | 2,001,928 | 2.68 | % | |||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued | — | — | n/a | ||||||||
Common stock, par value | 44,802 | 42,335 | 5.83 | % | |||||||
Additional paid-in capital | 62,989 | 55,890 | 12.70 | % | |||||||
Retained earnings | 114,008 | 104,067 | 9.55 | % | |||||||
Accumulated other comprehensive loss: | |||||||||||
Net unrealized loss on available for sale securities | (2,571 | ) | (10,886 | ) | 76.38 | % | |||||
Defined benefit plan | (2,719 | ) | (4,051 | ) | 32.88 | % | |||||
Treasury stock at cost, 510,225 shares | (12,815 | ) | (12,815 | ) | — | % | |||||
TOTAL SHAREHOLDERS' EQUITY | 203,694 | 174,540 | 16.70 | % | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,259,250 | $ | 2,176,468 | 3.80 | % |
PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | ||||||||||||||||||||||
(In Thousands, Except Share and Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||||||||
Loans including fees | $ | 25,632 | $ | 21,720 | 18.01 | % | $ | 74,021 | $ | 59,571 | 24.26 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 1,874 | 1,365 | 37.29 | % | 5,213 | 3,870 | 34.70 | % | ||||||||||||||
Tax-exempt | 61 | 114 | (46.49)% | 233 | 410 | (43.17)% | ||||||||||||||||
Dividend and other interest income | 621 | 722 | (13.99)% | 1,980 | 1,827 | 8.37 | % | |||||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 28,188 | 23,921 | 17.84 | % | 81,447 | 65,678 | 24.01 | % | ||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||
Deposits | 9,599 | 6,463 | 48.52 | % | 26,439 | 14,686 | 80.03 | % | ||||||||||||||
Short-term borrowings | 932 | 2,412 | (61.36)% | 4,024 | 6,084 | (33.86)% | ||||||||||||||||
Long-term borrowings | 2,601 | 1,714 | 51.75 | % | 7,667 | 3,892 | 96.99 | % | ||||||||||||||
TOTAL INTEREST EXPENSE | 13,132 | 10,589 | 24.02 | % | 38,130 | 24,662 | 54.61 | % | ||||||||||||||
NET INTEREST INCOME | 15,056 | 13,332 | 12.93 | % | 43,317 | 41,016 | 5.61 | % | ||||||||||||||
PROVISION (RECOVERY) FOR CREDIT LOSSES | 740 | 1,372 | (46.06)% | (299 | ) | 263 | (213.69)% | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES | 14,316 | 11,960 | 19.70 | % | 43,616 | 40,753 | 7.03 | % | ||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||
Service charges | 537 | 545 | (1.47)% | 1,551 | 1,557 | (0.39)% | ||||||||||||||||
Net debt securities losses, available for sale | (5 | ) | (45 | ) | 88.89 | % | (40 | ) | (125 | ) | 68.00 | % | ||||||||||
Net equity securities gains (losses) | 41 | (36 | ) | 213.89 | % | 24 | (35 | ) | 168.57 | % | ||||||||||||
Bank-owned life insurance | 206 | 170 | 21.18 | % | 856 | 892 | (4.04)% | |||||||||||||||
Gain on sale of loans | 416 | 257 | 61.87 | % | . | 1,021 | 732 | 39.48 | % | |||||||||||||
Insurance commissions | 145 | 136 | 6.62 | % | 425 | 416 | 2.16 | % | ||||||||||||||
Brokerage commissions | 164 | 142 | 15.49 | % | 521 | 448 | 16.29 | % | ||||||||||||||
Loan broker income | 351 | 241 | 45.64 | % | 841 | 728 | 15.52 | % | ||||||||||||||
Debit card income | 355 | 320 | 10.94 | % | 1,052 | 995 | 5.73 | % | ||||||||||||||
Other | 211 | 145 | 45.52 | % | 657 | 546 | 20.33 | % | ||||||||||||||
TOTAL NON-INTEREST INCOME | 2,421 | 1,875 | 29.12 | % | 6,908 | 6,154 | 12.25 | % | ||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||||
Salaries and employee benefits | 6,402 | 6,290 | 1.78 | % | 19,224 | 18,778 | 2.38 | % | ||||||||||||||
Occupancy | 731 | 784 | (6.76)% | 2,394 | 2,422 | (1.16)% | ||||||||||||||||
Furniture and equipment | 731 | 867 | (15.69)% | 2,436 | 2,503 | (2.68)% | ||||||||||||||||
Software amortization | 245 | 237 | 3.38 | % | 657 | 593 | 10.79 | % | ||||||||||||||
Pennsylvania shares tax | 351 | 280 | 25.36 | % | 1,022 | 807 | 26.64 | % | ||||||||||||||
Professional fees | 530 | 719 | (26.29)% | 1,654 | 2,313 | (28.49)% | ||||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 399 | 425 | (6.12)% | 1,179 | 1,122 | 5.08 | % | |||||||||||||||
Marketing | 60 | 167 | (64.07)% | 209 | 594 | (64.81)% | ||||||||||||||||
Intangible amortization | 26 | 25 | 4.00 | % | 77 | 92 | (16.30)% | |||||||||||||||
Other | 1,409 | 1,378 | 2.25 | % | 4,652 | 4,275 | 8.82 | % | ||||||||||||||
TOTAL NON-INTEREST EXPENSE | 10,884 | 11,172 | (2.58)% | 33,504 | 33,499 | 0.01 | % | |||||||||||||||
INCOME BEFORE INCOME TAX PROVISION | 5,853 | 2,663 | 119.79 | % | 17,020 | 13,408 | 26.94 | % | ||||||||||||||
INCOME TAX PROVISION | 1,052 | 439 | 139.64 | % | 3,022 | 2,355 | 28.32 | % | ||||||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS' | $ | 4,801 | $ | 2,224 | 115.87 | % | $ | 13,998 | $ | 11,053 | 26.64 | % | ||||||||||
EARNINGS PER SHARE - BASIC | $ | 0.64 | $ | 0.31 | 106.45 | % | $ | 1.86 | $ | 1.56 | 19.23 | % | ||||||||||
EARNINGS PER SHARE - DILUTED | $ | 0.64 | $ | 0.31 | 106.45 | % | $ | 1.86 | $ | 1.53 | 21.57 | % | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | 7,544,344 | 7,072,440 | 6.67 | % | 7,528,758 | 7,064,336 | 6.57 | % | ||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | 7,544,344 | 7,228,940 | 4.36 | % | 7,528,758 | 7,220,836 | 4.26 | % |
PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES (UNAUDITED) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
(Dollars in Thousands) | September 30, 2024 | September 30, 2023 | ||||||||||||||||
Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | |||||||||||||
ASSETS: | ||||||||||||||||||
Tax-exempt loans (3) | $ | 69,831 | $ | 534 | 3.04 | % | $ | 68,243 | $ | 462 | 2.69 | % | ||||||
All other loans | 1,805,097 | 25,210 | 5.56 | % | 1,730,669 | 21,355 | 4.90 | % | ||||||||||
Total loans (2) | 1,874,928 | 25,744 | 5.46 | % | 1,798,912 | 21,817 | 4.81 | % | ||||||||||
Taxable securities | 207,888 | 2,355 | 4.61 | % | 193,019 | 1,945 | 4.09 | % | ||||||||||
Tax-exempt securities (3) | 11,475 | 77 | 2.73 | % | 20,777 | 144 | 2.81 | % | ||||||||||
Total securities | 219,363 | 2,432 | 4.51 | % | 213,796 | 2,089 | 3.96 | % | ||||||||||
Interest-bearing balances in other financial institutions | 10,167 | 140 | 5.48 | % | 11,868 | 142 | 4.75 | % | ||||||||||
Total interest-earning assets | 2,104,458 | 28,316 | 5.36 | % | 2,024,576 | 24,048 | 4.72 | % | ||||||||||
Other assets | 132,244 | 131,451 | ||||||||||||||||
TOTAL ASSETS | $ | 2,236,702 | $ | 2,156,027 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||
Savings | $ | 214,050 | 282 | 0.52 | % | $ | 225,357 | 181 | 0.32 | % | ||||||||
Super Now deposits | 220,825 | 1,133 | 2.04 | % | 244,387 | 1,174 | 1.91 | % | ||||||||||
Money market deposits | 320,908 | 2,781 | 3.45 | % | 294,006 | 1,862 | 2.51 | % | ||||||||||
Time deposits | 482,335 | 5,403 | 4.46 | % | 342,450 | 3,246 | 3.76 | % | ||||||||||
Total interest-bearing deposits | 1,238,118 | 9,599 | 3.08 | % | 1,106,200 | 6,463 | 2.32 | % | ||||||||||
Short-term borrowings | 66,795 | 932 | 5.54 | % | 173,364 | 2,412 | 5.52 | % | ||||||||||
Long-term borrowings | 250,938 | 2,601 | 4.12 | % | 204,901 | 1,714 | 3.32 | % | ||||||||||
Total borrowings | 317,733 | 3,533 | 4.42 | % | 378,265 | 4,126 | 4.33 | % | ||||||||||
Total interest-bearing liabilities | 1,555,851 | 13,132 | 3.35 | % | 1,484,465 | 10,589 | 2.83 | % | ||||||||||
Demand deposits | 453,169 | 471,494 | ||||||||||||||||
Other liabilities | 27,558 | 24,193 | ||||||||||||||||
Shareholders’ equity | 200,124 | 175,875 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,236,702 | $ | 2,156,027 | ||||||||||||||
Interest rate spread (3) | 2.01 | % | 1.89 | % | ||||||||||||||
Net interest income/margin (3) | $ | 15,184 | 2.88 | % | $ | 13,459 | 2.65 | % |
1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of
Three Months Ended September 30, | ||||||
2024 | 2023 | |||||
Total interest income | $ | 28,188 | $ | 23,921 | ||
Total interest expense | 13,132 | 10,589 | ||||
Net interest income (GAAP) | 15,056 | 13,332 | ||||
Tax equivalent adjustment | 128 | 127 | ||||
Net interest income (fully taxable equivalent) (non-GAAP) | $ | 15,184 | $ | 13,459 |
PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES (UNAUDITED) | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 30, 2024 | September 30, 2023 | |||||||||||||||||
(Dollars in Thousands) | Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | ||||||||||||
ASSETS: | ||||||||||||||||||
Tax-exempt loans (3) | $ | 69,455 | $ | 1,490 | 2.87 | % | $ | 66,372 | $ | 1,371 | 2.76 | % | ||||||
All other loans | 1,792,518 | 72,844 | 5.43 | % | 1,668,596 | 58,488 | 4.69 | % | ||||||||||
Total loans (2) | 1,861,973 | 74,334 | 5.33 | % | 1,734,968 | 59,859 | 4.61 | % | ||||||||||
Taxable securities | 203,964 | 6,795 | 4.45 | % | 188,477 | 5,331 | 3.78 | % | ||||||||||
Tax-exempt securities (3) | 13,625 | 295 | 2.89 | % | 25,837 | 519 | 2.69 | % | ||||||||||
Total securities | 217,589 | 7,090 | 4.35 | % | 214,314 | 5,850 | 3.65 | % | ||||||||||
Interest-bearing balances in other financial institutions | 10,382 | 398 | 5.12 | % | 10,619 | 366 | 4.61 | % | ||||||||||
Total interest-earning assets | 2,089,944 | 81,822 | 5.24 | % | 1,959,901 | 66,075 | 4.41 | % | ||||||||||
Other assets | 131,000 | 132,133 | ||||||||||||||||
TOTAL ASSETS | $ | 2,220,944 | $ | 2,092,034 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||
Savings | $ | 217,056 | 811 | 0.50 | % | $ | 233,784 | 456 | 0.26 | % | ||||||||
Super Now deposits | 218,307 | 3,303 | 2.02 | % | 293,636 | 3,026 | 1.38 | % | ||||||||||
Money market deposits | 308,027 | 7,734 | 3.35 | % | 292,490 | 4,807 | 2.20 | % | ||||||||||
Time deposits | 446,158 | 14,591 | 4.37 | % | 264,855 | 6,397 | 3.23 | % | ||||||||||
Total interest-bearing deposits | 1,189,548 | 26,439 | 2.97 | % | 1,084,765 | 14,686 | 1.81 | % | ||||||||||
Short-term borrowings | 96,669 | 4,024 | 5.60 | % | 155,136 | 6,084 | 5.26 | % | ||||||||||
Long-term borrowings | 256,960 | 7,667 | 3.99 | % | 169,276 | 3,892 | 3.07 | % | ||||||||||
Total borrowings | 353,629 | 11,691 | 4.43 | % | 324,412 | 9,976 | 4.12 | % | ||||||||||
Total interest-bearing liabilities | 1,543,177 | 38,130 | 3.30 | % | 1,409,177 | 24,662 | 2.34 | % | ||||||||||
Demand deposits | 454,967 | 484,662 | ||||||||||||||||
Other liabilities | 31,133 | 26,334 | ||||||||||||||||
Shareholders’ equity | 191,667 | 171,861 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,220,944 | $ | 2,092,034 | ||||||||||||||
Interest rate spread (3) | 1.94 | % | 2.07 | % | ||||||||||||||
Net interest income/margin (3) | $ | 43,692 | 2.79 | % | $ | 41,413 | 2.82 | % |
1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of
Nine months ended September 30, | ||||||
2024 | 2023 | |||||
Total interest income | $ | 81,447 | $ | 65,678 | ||
Total interest expense | 38,130 | 24,662 | ||||
Net interest income (GAAP) | 43,317 | 41,016 | ||||
Tax equivalent adjustment | 375 | 397 | ||||
Net interest income (fully taxable equivalent) (non-GAAP) | $ | 43,692 | $ | 41,413 |
(Dollars in Thousands, Except Per Share Data, Unaudited) | Quarter Ended | |||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
Operating Data | ||||||||||||||||||||
Net income | $ | 4,801 | $ | 5,390 | $ | 3,808 | $ | 5,555 | $ | 2,224 | ||||||||||
Net interest income | 15,056 | 14,515 | 13,746 | 13,948 | 13,332 | |||||||||||||||
Provision (recovery) for credit losses | 740 | (1,177 | ) | 138 | (1,742 | ) | 1,372 | |||||||||||||
Net security gains (losses) | 36 | (19 | ) | (33 | ) | (18 | ) | (81 | ) | |||||||||||
Non-interest income, excluding net security gains (losses) | 2,385 | 2,044 | 2,495 | 2,239 | 1,956 | |||||||||||||||
Non-interest expense | 10,884 | 10,996 | 11,623 | 10,997 | 11,172 | |||||||||||||||
Performance Statistics | ||||||||||||||||||||
Net interest margin | 2.88 | % | 2.83 | % | 2.69 | % | 2.73 | % | 2.65 | % | ||||||||||
Annualized cost of total deposits | 2.27 | % | 2.14 | % | 2.01 | % | 1.89 | % | 1.64 | % | ||||||||||
Annualized non-interest income to average assets | 0.43 | % | 0.37 | % | 0.45 | % | 0.41 | % | 0.35 | % | ||||||||||
Annualized non-interest expense to average assets | 1.95 | % | 1.98 | % | 2.10 | % | 2.02 | % | 2.07 | % | ||||||||||
Annualized return on average assets | 0.86 | % | 0.97 | % | 0.69 | % | 1.02 | % | 0.41 | % | ||||||||||
Annualized return on average equity | 9.60 | % | 11.12 | % | 8.03 | % | 12.60 | % | 5.06 | % | ||||||||||
Annualized net loan charge-offs (recoveries) to average loans | 0.07 | % | (0.09)% | 0.08 | % | (0.05)% | 0.01 | % | ||||||||||||
Net charge-offs (recoveries) | 328 | (396 | ) | 380 | (209 | ) | 33 | |||||||||||||
Efficiency ratio | 62.26 | % | 66.25 | % | 71.41 | % | 67.78 | % | 72.76 | % | ||||||||||
Per Share Data | ||||||||||||||||||||
Basic earnings per share | $ | 0.64 | $ | 0.72 | $ | 0.51 | $ | 0.77 | $ | 0.31 | ||||||||||
Diluted earnings per share | 0.64 | 0.72 | 0.51 | 0.77 | 0.31 | |||||||||||||||
Dividend declared per share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | |||||||||||||||
Book value | 26.96 | 26.13 | 25.72 | 25.51 | 24.55 | |||||||||||||||
Tangible book value (Non-GAAP) | 24.77 | 23.93 | 23.50 | 23.29 | 22.20 | |||||||||||||||
Common stock price: | ||||||||||||||||||||
High | 23.98 | 21.08 | 22.64 | 23.64 | 27.17 | |||||||||||||||
Low | 19.29 | 17.17 | 18.44 | 20.05 | 20.70 | |||||||||||||||
Close | 23.79 | 20.55 | 19.41 | 22.51 | 21.08 | |||||||||||||||
Weighted average common shares: | ||||||||||||||||||||
Basic | 7,544 | 7,529 | 7,513 | 7,255 | 7,072 | |||||||||||||||
Fully Diluted | 7,544 | 7,529 | 7,513 | 7,255 | 7,229 | |||||||||||||||
End-of-period common shares: | ||||||||||||||||||||
Issued | 8,065 | 8,052 | 8,036 | 8,019 | 7,620 | |||||||||||||||
Treasury | (510 | ) | (510 | ) | (510 | ) | (510 | ) | (510 | ) |
(Dollars in Thousands, Unaudited) | Quarter Ended | |||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
Financial Condition Data: | ||||||||||||||||||||
General | ||||||||||||||||||||
Total assets | $ | 2,259,250 | $ | 2,234,617 | $ | 2,210,116 | $ | 2,204,809 | $ | 2,176,468 | ||||||||||
Loans, net | 1,863,586 | 1,855,054 | 1,843,805 | 1,828,318 | 1,805,571 | |||||||||||||||
Goodwill | 16,450 | 16,450 | 16,450 | 16,450 | 16,450 | |||||||||||||||
Intangibles | 133 | 158 | 184 | 210 | 235 | |||||||||||||||
Total deposits | 1,700,321 | 1,648,093 | 1,618,562 | 1,589,493 | 1,567,267 | |||||||||||||||
Noninterest-bearing | 452,922 | 461,092 | 471,451 | 471,173 | 471,507 | |||||||||||||||
Savings | 211,560 | 218,354 | 220,932 | 219,287 | 226,897 | |||||||||||||||
NOW | 218,279 | 209,906 | 208,073 | 214,888 | 220,730 | |||||||||||||||
Money Market | 321,614 | 320,101 | 299,916 | 299,353 | 291,889 | |||||||||||||||
Time Deposits | 328,294 | 310,187 | 292,372 | 260,067 | 249,550 | |||||||||||||||
Brokered Deposits | 167,652 | 128,453 | 125,818 | 124,725 | 106,694 | |||||||||||||||
Total interest-bearing deposits | 1,247,399 | 1,187,001 | 1,147,111 | 1,118,320 | 1,095,760 | |||||||||||||||
Core deposits* | 1,204,375 | 1,209,453 | 1,200,372 | 1,204,701 | 1,211,023 | |||||||||||||||
Shareholders’ equity | 203,694 | 197,087 | 193,517 | 191,556 | 174,540 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing loans | $ | 7,940 | $ | 6,784 | $ | 7,958 | $ | 3,148 | $ | 3,683 | ||||||||||
Non-performing loans to total assets | 0.35 | % | 0.30 | % | 0.36 | % | 0.14 | % | 0.17 | % | ||||||||||
Allowance for credit losses on loans | 11,588 | 11,234 | 11,542 | 11,446 | 12,890 | |||||||||||||||
Allowance for credit losses on loans to total loans | 0.62 | % | 0.60 | % | 0.62 | % | 0.62 | % | 0.71 | % | ||||||||||
Allowance for credit losses on loans to non-performing loans | 145.94 | % | 165.60 | % | 145.04 | % | 363.60 | % | 349.99 | % | ||||||||||
Non-performing loans to total loans | 0.42 | % | 0.36 | % | 0.43 | % | 0.17 | % | 0.20 | % | ||||||||||
Capitalization | ||||||||||||||||||||
Shareholders’ equity to total assets | 9.02 | % | 8.82 | % | 8.76 | % | 8.69 | % | 8.02 | % |
* Core deposits are defined as total deposits less time deposits and brokered deposits.
Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) | ||||||||||||||||
(Dollars in Thousands, Except Per Share Data, Unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
GAAP net income | $ | 4,801 | $ | 2,224 | $ | 13,998 | $ | 11,053 | ||||||||
Net securities (gains) losses, net of tax | (28 | ) | 64 | 13 | 126 | |||||||||||
Non-GAAP core earnings | $ | 4,773 | $ | 2,288 | $ | 14,011 | $ | 11,179 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Return on average assets (ROA) | 0.86 | % | 0.41 | % | 0.84 | % | 0.70 | % | ||||||||
Net securities (gains) losses, net of tax | (0.01)% | 0.01 | % | — | % | 0.01 | % | |||||||||
Non-GAAP core ROA | 0.85 | % | 0.42 | % | 0.84 | % | 0.71 | % | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Return on average equity (ROE) | 9.60 | % | 5.06 | % | 9.74 | % | 8.58 | % | ||||||||
Net securities (gains) losses, net of tax | (0.06)% | 0.14 | % | 0.01 | % | 0.09 | % | |||||||||
Non-GAAP core ROE | 9.54 | % | 5.20 | % | 9.75 | % | 8.67 | % | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Basic earnings per share (EPS) | $ | 0.64 | $ | 0.31 | $ | 1.86 | $ | 1.56 | ||||||||
Net securities (gains) losses, net of tax | (0.01 | ) | 0.01 | — | 0.02 | |||||||||||
Non-GAAP basic core EPS | $ | 0.63 | $ | 0.32 | $ | 1.86 | $ | 1.58 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Diluted EPS | $ | 0.64 | $ | 0.31 | $ | 1.86 | $ | 1.53 | ||||||||
Net securities (gains) losses, net of tax | (0.01 | ) | 0.01 | — | 0.02 | |||||||||||
Non-GAAP diluted core EPS | $ | 0.63 | $ | 0.32 | $ | 1.86 | $ | 1.55 |
(Dollars in Thousands, Except Share and Per Share Data, Unaudited) | Quarter Ended | |||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
Total shareholders' equity | $ | 203,694 | $ | 197,087 | $ | 193,517 | $ | 191,556 | $ | 174,540 | ||||||||||
Goodwill | (16,450 | ) | (16,450 | ) | (16,450 | ) | (16,450 | ) | (16,450 | ) | ||||||||||
Intangibles | (133 | ) | (158 | ) | (184 | ) | (210 | ) | (235 | ) | ||||||||||
Tangible shareholders' equity | $ | 187,111 | $ | 180,479 | $ | 176,883 | $ | 174,896 | $ | 157,855 | ||||||||||
Shares outstanding | 7,554,488 | 7,541,474 | 7,525,372 | 7,508,994 | 7,110,025 | |||||||||||||||
Book value per share | $ | 26.96 | $ | 26.13 | $ | 25.72 | $ | 25.51 | $ | 24.55 | ||||||||||
Tangible book value per share (Non-GAAP) | $ | 24.77 | $ | 23.93 | $ | 23.50 | $ | 23.29 | $ | 22.20 |
FAQ
What was Penns Woods Bancorp (PWOD) earnings per share in Q3 2024?
How much was PWOD's net income for Q3 2024?
What was PWOD's total assets as of September 30, 2024?