Penns Woods Bancorp, Inc. Reports First Quarter 2010 Earnings
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) today reported that net income from core operations (“operating earnings”), which is a non-GAAP measure of net income excluding net securities gains and losses, was $2,450,000 for the three months ended March 31, 2010 compared to $2,403,000 for the same period of 2009. Operating earnings per share for the three months ended March 31, 2010 were $0.64 basic and dilutive compared to $0.63 basic and dilutive for the same period of 2009. Operating earnings for the three months ended March 31, 2010, have been positively impacted by continued emphasis on credit quality, loan and deposit growth, and an increasing net interest margin. A reconciliation of the non-GAAP financial measures of operating earnings, operating return on assets, operating return on equity, and operating earnings per share described in this paragraph to the comparable GAAP financial measures is included at the end of this press release.
Net income, as reported under U.S. generally accepted accounting principles, for the three months ended March 31, 2010 was $2,448,000 compared to $839,000 for the same period of 2009. Comparable period results were impacted primarily by a decrease in after-tax securities losses of $1,562,000 (from a loss of $1,564,000 to a loss of $2,000) for the three month period ended March 31, 2010 compared to 2009. Included within the change in after-tax securities losses for the three months ended March 31, 2009 are pre-tax other than temporary impairment charges relating to certain equity securities held in the investment portfolio of $2,333,000, while there were no such charges during the three months ended March 31, 2010. Basic and dilutive earnings per share for the three months ended March 31, 2010 were $0.64 compared to $0.22 for the corresponding period of 2009. Return on average assets and return on average equity were 1.42% and 14.31% for the three months ended March 31, 2010 compared to 0.52% and 5.64% for the corresponding period of 2009.
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