Penns Woods Bancorp, Inc. Reports Record Fourth Quarter 2010 Operating 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 $2,854,000 and $10,815,000 for the three and twelve months ended December 31, 2010 compared to $2,423,000 and $9,291,000 for the same periods of 2009. Operating earnings per share for the three months ended December 31, 2010 were $0.74 basic and dilutive compared to $0.63 basic and dilutive for the same period of 2009 or an increase of 17.5%. Operating earnings per share for the twelve months ended December 31, 2010 increased 16.5% to $2.82 basic and dilutive compared to $2.42 basic and dilutive for the same period of 2009. Operating earnings for the three and twelve months ended December 31, 2010 have been positively impacted by continued emphasis on core deposit growth, an increasing net interest margin, and expense control. 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 twelve months ended December 31, 2010 was $2,861,000 and $10,929,000 compared to $2,500,000 and $6,093,000 for the same periods of 2009. Results for the twelve month period ended December 31, 2010 compared to 2009 were significantly impacted by an increase in after-tax securities gains of $3,312,000 (from a loss of $3,198,000 to a gain of $114,000). Included within the change in after-tax securities losses for the twelve months ended December 31, 2009 are pre-tax other than temporary impairment charges relating to certain equity securities held in the investment portfolio of $4,614,000, while there were no such charges during the twelve months ended December 31, 2010. Basic and dilutive earnings per share for the three and twelve months ended December 31, 2010 were $0.75 and $2.85 compared to $0.65 and $1.59 for the corresponding periods of 2009. Return on average assets and return on average equity were 1.63% and 15.56% for the three months ended December 31, 2010 compared to 1.47% and 14.72% for the corresponding period of 2009. Net income for the twelve months ended December 31, 2010 correlates to a return on average assets and return on average equity of 1.56% and 15.30% compared to 0.92% and 9.66% for the twelve month 2009 period.
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