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 $2,958,000 and $5,729,000 for the three and six months ended June 30, 2011 compared to $2,735,000 and $5,185,000 for the same periods of 2010. Operating earnings per share for the three months ended June 30, 2011 were $0.77 basic and dilutive compared to $0.71 basic and dilutive for the same period of 2010 or an increase of 8.5%. Operating earnings per share for the six months ended June 30, 2011 increased 10.4% to $1.49 basic and dilutive compared to $1.35 basic and dilutive for the same period of 2010. Operating earnings for the three and six months ended June 30, 2011 have been positively impacted by continued emphasis on core deposit growth, a solid 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 six months ended June 30, 2011 was $2,964,000 and $5,817,000 compared to $2,772,000 and $5,220,000 for the same periods of 2010. Results for the three and six month periods ended June 30, 2011 compared to 2010 were impacted by a decrease in after-tax securities gains of $31,000 (from a gain of $37,000 to a gain of $6,000) for the three month periods and an increase in after-tax securities gains of $53,000 (from a gain of $35,000 to a gain of $88,000) for the six month periods. Basic and dilutive earnings per share for the three and six months ended June 30, 2011 were $0.78 and $1.52 compared to $0.72 and $1.36 for the corresponding periods of 2010. Return on average assets and return on average equity were 1.64% and 16.29% for the three months ended June 30, 2011 compared to 1.58% and 15.76% for the corresponding period of 2010. Earnings for the six months ended June 30, 2011 correlate to a return on average assets and a return on average equity of 1.64% and 16.45% compared to 1.50% and 15.05% for the six month 2010 period.
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