Penns Woods Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 23, 2013 at 03:26 pm EST
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Penns Woods Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company net income from core operations, which is a non-GAAP measure of net income excluding net securities gains and bank owned life insurance gains on death benefit, decreased to $3 million compared to $3.1 million for the same period of 2011. Operating earnings per share were $0.79 basic and dilutive compared to $0.80 basic and dilutive for the same period of 2011. Return on average assets was 1.46% compared to 1.80% for the three month period of 2011. Return on average equity was 12.92% compared to 17.00% for the corresponding period of 2011. Net interest income was $7.8 million compared to $7.6 million a year ago. Income before income tax provision income tax provision was $3.6 million compared to $4 million a year ago. Net income was $3.1 million or $0.81 per basic and diluted share compared to net income of $3.4 million or $0.88 per basic and diluted share a year ago. Non-GAAP dilutive operating earnings per share was $0.79 compared to $0.80 a year ago. Non-GAAP operating ROA was 1.44% and non-GAAP operating ROE was 12.70% compared to non-GAAP operating ROA of 1.63% and non-GAAP operating ROE of 15.42% a year ago.
For the full year, net income from core operations increased to $12.9 million compared to $12 million for the same period of 2011. Operating earnings per share were $3.36 basic and dilutive compared to $3.12 basic and dilutive for the same period of 2011, an increase of 7.7%. Return on average assets was 1.70% compared to 1.69% for the twelve month period of 2011. Return on average equity was 15.36% compared to 16.60% for the corresponding period of 2011. Net interest income was $30.9 million compared to $28.7 million a year ago. Income before income tax provision income tax provision was $16.4 million compared to $14.3 million a year ago. Net income was $13.9 million or $3.61 per basic and diluted share compared to net income of $12.4 million or $3.22 per basic and diluted share a year ago. Book value was $24.42 per share as on December 31, 2012 compared to $20.97 per share as on December 31, 2011. Non-GAAP dilutive operating earnings per share was $3.36 compared to $3.12 a year ago. Non-GAAP operating ROA was 1.58% and non-GAAP operating ROE was 14.30% compared to non-GAAP operating ROA of 1.63% and non-GAAP operating ROE of 16.05% a year ago.
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. 
