Penns Woods Bancorp, Inc. Reports Second 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, increased to $2,735,000 and $5,185,000 for the three and six months ended June 30, 2010 compared to $2,208,000 and $4,611,000 for the same periods of 2009. Operating earnings per share for the three months ended June 30, 2010 were $0.71 basic and dilutive compared to $0.58 basic and dilutive for the same period of 2009 or an increase of 22.4%. Operating earnings per share for the six months ended June 30, 2010 increased 12.5% to $1.35 basic and dilutive compared to $1.20 basic and dilutive for the same period of 2009. Operating earnings for the three and six months ended June 30, 2010, have been positively impacted by continued emphasis on credit quality, core 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 and six months ended June 30, 2010 was $2,772,000 and $5,220,000 compared to $832,000 and $1,671,000 for the same periods of 2009. For the three and six month periods ended June 30, 2010 compared to 2009, results were significantly impacted by a decrease in after-tax securities losses of $1,413,000 (from a loss of $1,376,000 to a gain of $37,000) and $2,975,000 (from a loss of $2,940,000 to a gain of $35,000). Included within the change in after-tax securities losses for the three and six months ended June 30, 2009 are pre-tax other than temporary impairment charges relating to certain equity securities held in the investment portfolio of $2,251,000 and $4,584,000, while there were no such charges during the three and six months ended June 30, 2010. Basic and dilutive earnings per share for the three and six months ended June 30, 2010 were $0.72 and $1.36 compared to $0.22 and $0.44 for the corresponding periods of 2009. Return on average assets and return on average equity were 1.58% and 15.76% for the three months ended June 30, 2010 compared to 0.51% and 5.45% for the corresponding period of 2009. Earnings for the six months ended June 30, 2010 correlate to a return on average assets and return on average equity of 1.50% and 15.05% compared to 0.51% and 5.54% for the six month 2009 period.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV