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

WILLIAMSPORT, Pa., Oct. 18, 2013 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Nasdaq:PWOD)

Penns Woods Bancorp, Inc. continued its solid earnings and growth during the recently completed third quarter of 2013. Earnings of $10,589,000 were achieved for the nine month period ending September 30, 2013 resulting in basic and dilutive earnings per share of $2.48.

Highlights

  • Completion of the acquisition of Luzerne National Bank Corporation ("Luzerne") 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 at the time of acquisition.
  • 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 $3,248,000 for the three months ended September 30, 2013 compared to $3,372,000 for the same period of 2012. Net income from core operations decreased to $9,099,000 for the nine months ended September 30, 2013 compared to $9,849,000 for the same period of 2012.
  • Operating earnings per share for the three months ended September 30, 2013 were $0.67 basic and dilutive compared to $0.88 basic and dilutive for the same period of 2012. Operating earnings per share for the nine months ended September 30, 2013 were $2.13 basic and dilutive compared to $2.57 basic and dilutive for the same period of 2012.
  • Return on average assets was 1.08% for the three months ended September 30, 2013 compared to 1.77% for the corresponding period of 2012. Return on average assets was 1.39% for the nine months ended September 30, 2013 compared to 1.78% for the corresponding period of 2012.
  • Return on average equity was 10.39% for the three months ended September 30, 2013 compared to 15.94% for the corresponding period of 2012. Return on average equity was 12.90% for the nine months ended September 30, 2013 compared to 16.25% for the corresponding period of 2012.
  • The results for the three and nine months ended September 30, 2013 were negatively impacted by one time expenses of $684,000 and $1,307,000 related to the acquisition of Luzerne National Bank Corporation.

"As expected the results for the three and nine months ended September 30, 2013 have been impacted by the completed acquisition of Luzerne National Bank Corporation into the Penns Woods Bancorp, Inc. family. The acquisition was the primary driver of the balance sheet growth, but was a drag on earnings for the period. We believe that most acquisition related expenses are now behind us and look forward to continuing the integration of Luzerne into the Penns Woods family. In addition to the completed acquisition, we continue to focus on the building of future revenue streams including branches in Lewisburg and Loyalsock. The Loyalsock location, which is expected to open during 2014, will also house the Mortgage department on the upper floors as the growth in this business line has expanded significantly over the past several years," said Richard A. Grafmyre, CFP®, President and CEO.

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