Penns Woods Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 09:11 am EST
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Penns Woods Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's total interest and dividend income was $11,758,000 compared to $11,675,000 a year ago. Net interest income was $10,337,000 compared to $10,338,000 a year ago. Net interest income after provision for loan was $10,007,000 compared to $9,858,000 a year ago. Income before income tax provision was $4,238,000 compared to $4,852,000 a year ago. Net income was $2,948,000 compared to $3,746,000 a year ago. Earnings per share - basic and diluted was $0.62 compared to $0.79 a year ago. Non-GAAP operating earnings was $2,657,000 compared to $3,156,000 a year ago. Non-GAAP dilutive operating EPS was $0.56 compared to $0.66 a year ago. Return on average assets (ROA) was 0.87% compared to 1.15% a year ago. Non-GAAP operating ROA was 0.79% compared to 0.97% a year ago. Return on average equity (ROE) was 8.43% compared to 10.73% a year ago. Non-GAAP operating ROE was 7.60% compared to 9.04% a year ago. Book value was $29.20 compared to $28.71 a year ago.
For the year, the company's total interest and dividend income was $46,813,000 compared to $46,124,000 a year ago. Net interest income was $41,246,000 compared to $40,905,000 a year ago. Net interest income after provision for loan was $40,050,000 compared to $38,605,000 a year ago. Income before income tax provision was $17,072,000 compared to $17,634,000 a year ago. Net income was $12,475,000 compared to $13,898,000 a year ago. Earnings per share - basic and diluted was $2.64 compared to $2.91 a year ago. Non-GAAP operating earnings was $11,373,000 compared to $12,202,000 a year ago. Non-GAAP dilutive operating EPS was $2.40 compared to $2.56 a year ago. Return on average assets (ROA) was 0.93% compared to 1.08% a year ago. Non-GAAP operating ROA was 0.85% compared to 0.95% a year ago. Return on average equity (ROE) was 8.96% compared to 10.11% a year ago. Non-GAAP operating ROE was 8.17% compared to 8.87% a year ago.
The company also announced net charge-offs of $152,000 for the fourth quarter of 2016.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter of 2016
PENNS WOODS BANCORP, INC. 
