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

WILLIAMSPORT, Pa., Jan. 23, 2013 (GLOBE NEWSWIRE) -- In 2012 Penns Woods Bancorp, Inc. (Nasdaq:PWOD) continued their strong earnings and growth trend. Record earnings of $13,850,000 were achieved for the twelve month period ending December 31, 2012. The driving force behind the record net income was growth in loans and deposits with both reaching record levels. The strong levels of earnings and balance sheet growth led to a stock price that reached an all time high (adjusted for stock splits/dividends) during the fourth quarter of 2012.

Highlights

  • Net income from core operations ("operating earnings"), which is a non-GAAP measure of net income excluding net securities gains and bank owned life insurance gains on death benefit, decreased to $3,044,000 for the three months ended December 31, 2012 compared to $3,079,000 for the same period of 2011. Net income from core operations increased to $12,893,000 for the twelve months ended December 31, 2012 compared to $11,952,000 for the same period of 2011.  
  • Operating earnings per share for the three months ended December 31, 2012 were $0.79 basic and dilutive compared to $0.80 basic and dilutive for the same period of 2011. Operating earnings per share for the twelve months ended December 31, 2012 were $3.36 basic and dilutive compared to $3.12 basic and dilutive for the same period of 2011, an increase of 7.7%.  
  • Return on average assets was 1.46% for the three months ended December 31, 2012 compared to 1.80% for the three month period of 2011. Return on average assets was 1.70% for the twelve months ended December 31, 2012 compared to 1.69% for the twelve month period of 2011.  
  • Return on average equity was 12.92% for the three months ended December 31, 2012 compared to 17.00% for the corresponding period of 2011. Return on average equity was 15.36% for the twelve months ended December 31, 2012 compared to 16.60% for the corresponding period of 2011.  
  • The results for the three and twelve months ended December 31, 2012 were negatively impacted by $251,000 in expenses related to the announced acquisition of Luzerne National Bank Corporation.

"Our strategy of acquiring high quality earning assets, while using core deposits to fund their acquisition, is paying rewards as reflected in the strong financial metrics for the three and twelve month periods ended. Growth in the loan portfolio, in particular home equity products, and in the core deposit portfolio, led by NOW and money market accounts, are two of the primary drivers of this strategy. Combine this strategy with the knowledge and hard work of our employees and you have the recipe to our success," said Richard A. Grafmyre, CFP®, President and CEO.

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