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Penns Woods Bancorp, Inc. Reports First Quarter 2012 Operating Earnings

Penns Woods Bancorp, Inc. (NASDAQ:PWOD)

Highlights
  • Net income from core operations (“operating earnings”), which is a non-GAAP measure of net income excluding net securities gains and losses and bank owned life insurance gains of death benefit, increased to $3,191,000 for the three months ended March 31, 2012 compared to $2,770,000 for the same period of 2011.
  • Operating earnings per share for the three months ended March 31, 2012 were $0.83 basic and dilutive compared to $0.72 basic and dilutive for the same period of 2011, an increase of 15.3%.
  • Return on average assets was 1.91% for the three months ended March 31, 2012 compared to 1.65% for the corresponding period of 2011.
  • Return on average equity was 17.39% for the three months ended March 31, 2012 compared to 16.62% for the corresponding period of 2011.

“Our focus on building core deposits, loan growth, and managing credit risk is being rewarded through increases in net income and related return metrics of earnings per share, return on equity, and return on assets. While we have successfully been negotiating the challenges presented by the economy and credit cycle, we must and will remain focused on the challenges that lie ahead,” said Richard A. Grafmyre, CFP®, President and CEO.

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 the highlights, to the comparable GAAP financial measures is included at the end of this press release.

Net Income

Net income, as reported under GAAP, for the three months ended March 31, 2012 was $3,689,000 compared to $2,853,000 for the same period of 2011. Results for the three months ended March 31, 2012 compared to 2011 were impacted by an increase in after-tax securities gains of $306,000 (from a gain of $83,000 to a gain of $389,000). In addition, a gain of $109,000 on death benefit related to bank owned life insurance was recorded during the three months ended March 31, 2012. Basic and dilutive earnings per share for the three months ended March 31, 2012 were $0.96 compared to $0.74 for the corresponding period of 2011. Return on average assets and return on average equity were 1.91% and 17.39% for the three months ended March 31, 2012 compared to 1.65% and 16.62% for the corresponding period of 2011.

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