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Penns Woods Bancorp, Inc. Reports Second Quarter 2013 Operating Earnings

Stocks in this article: PWOD

WILLIAMSPORT, Pa., July 19, 2013 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Nasdaq:PWOD)

Penns Woods Bancorp, Inc. continued its strong earnings and growth during the recently completed second quarter of 2013. Earnings of $7,343,000 were achieved for the six month period ending June 30, 2013 resulting in basic and dilutive earnings per share of $1.84.

Highlights

  • Completion of the acquisition of Luzerne National Bank Corporation effective June 1, 2013 resulted in an increase in net loans of $254,057,000; investments of $21,140,000; deposits of $279,867,000; and assets of $329,209,000.  
  • 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 benefits, decreased to $2,818,000 for the three months ended June 30, 2013 compared to $3,286,000 for the same period of 2012. Net income from core operations decreased to $5,851,000 for the six months ended June 30, 2013 compared to $6,477,000 for the same period of 2012.  
  • Operating earnings per share for the three months ended June 30, 2013 were $0.68 basic and dilutive compared to $0.86 basic and dilutive for the same period of 2012. Operating earnings per share for the six months ended June 30, 2013 were $1.46 basic and dilutive compared to $1.69 basic and dilutive for the same period of 2012.  
  • Return on average assets was 1.48% for the three months ended June 30, 2013 compared to 1.67% for the corresponding period of 2012. Return on average assets was 1.59% for the six months ended June 30, 2013 compared to 1.78% for the corresponding period of 2012.  
  • Return on average equity was 13.54% for the three months ended June 30, 2013 compared to 15.48% for the corresponding period of 2012. Return on average equity was 14.45% for the six months ended June 30, 2013 compared to 16.42% for the corresponding period of 2012.  
  • The results for the three and six months ended June 30, 2013 were negatively impacted by $535,000 and $623,000 in expenses related to the acquisition of Luzerne National Bank Corporation.

"The results for the three and six months ended June 30, 2013 have been impacted by the completed acquisition of Luzerne National Bank Corporation into the Penns Woods Bancorp, Inc. family.  The acquisition not only resulted in a significant increase in assets, loans, and deposits, but also more than doubled the population residing within the counties we are located. Access to the population base and businesses located within Luzerne and Lackawanna Counties will allow us to continue our strategic path of growing our balance sheet by acquiring high quality earning assets funded by core deposit growth. In addition to the completed acquisition, we continue to invest in revenue streams for the future including planned branches in Lewisburg and Loyalsock, the expansion of our residential secondary market footprint, and growth in our commercial services department," said Richard A. Grafmyre, CFP®, President and CEO.

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