Penns Woods Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 24, 2014
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Penns Woods Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's total interest and dividend income was $11.8 million compared with $9.3 million a year ago. Net interest income was $10.4 million compared with $7.84 million a year ago. Income before income tax provision was $4.3 million compared with $3.6 million a year ago. Net income was $3.5 million or $0.73 per basic and diluted share compared with $3.1 million or $0.81 per basic and diluted share a year ago. Annualized return on average assets was 1.16% compared with 1.46% a year ago. Annualized return on average equity was 10.99% compared with 12.92% a year ago. Non-GAAP operating earnings were $3.4 million compared with $3.0 million a year ago. Non-GAAP operating return on assets was 1.13% compared with 1.44% a year ago. Non-GAAP operating return on average equity was 10.66% compared with 12.70% a year ago. Non-GAAP basic and dilutive operating earnings per share were $0.70 compared with $0.79 a year ago.
For the year, the company's total interest and dividend income was $43.3 million compared with $37.1 million a year ago. Net interest income was $38.0 million compared with $30.9 million a year ago. Income before income tax provision was $17.5 million compared with $16.4 million a year ago. Net income was $14.1 million or $3.19 per basic and diluted share compared with $13.9 million or $3.61 per basic and diluted share a year ago. As on December 31, 2013, the company's book value per share was $26.52. Non-GAAP operating earnings were $12.5 million compared with $12.9 million a year ago. Return on average assets was 1.32% compared with 1.70% a year ago. Non-GAAP operating return on assets was 1.17% compared with 1.58% a year ago. Return on average equity was 12.36% compared with 15.36% a year ago. Non-GAAP operating return on average equity was 10.96% compared with 14.30% a year ago. Non-GAAP basic and dilutive operating earnings per share were $2.83 compared with $3.36 a year ago. The results for the year were negatively impacted by one time expenses of $1,307,000 related to the acquisition of Luzerne National Bank Corporation.
Penns Woods Bancorp, Inc. is a bank holding company. The Company operates, through its subsidiaries, namely Jersey Shore State Bank (JSSB) and Luzerne Bank (Luzerne) (the Banks). The Banks engage in business as commercial banks, doing business at locations in Lycoming, Clinton, Centre, Montour, Union, Blair, and Luzerne Counties, Pennsylvania. The Banks offers insurance, securities brokerage services, annuity and mutual fund investment products, and financial planning through the M Group, Inc. doing business as The Comprehensive Financial Group (M Group). Services offered by the Banks include accepting time, demand and savings deposits, including Super NOW accounts, statement savings accounts, money market accounts, and others. The Banks services also include making secured and unsecured business and consumer loans. Its subsidiaries also include Woods Real Estate Development Co., Inc., Woods Investment Company, Inc., The M Group Inc. and United Insurance Solutions, LLC.
PENNS WOODS BANCORP, INC. 
