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

WILLIAMSPORT, Pa., Jan. 24, 2014 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Nasdaq:PWOD)

Penns Woods Bancorp, Inc. continued its solid earnings and growth during the recently completed fourth quarter of 2013, achieving net income of $14,084,000 for the twelve months ended December 31, 2013 resulting in basic and dilutive earnings per share of $3.19.

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, increased to $3,389,000 for the three months ended December 31, 2013 compared to $3,044,000 for the same period of 2012. Net income from core operations decreased to $12,489,000 for the twelve months ended December 31, 2013 compared to $12,893,000 for the same period of 2012.  
  • Operating earnings per share for the three months ended December 31, 2013 were $0.70 basic and dilutive compared to $0.79 basic and dilutive for the same period of 2012. Operating earnings per share for the twelve months ended December 31, 2013 were $2.83 basic and dilutive compared to $3.36 basic and dilutive for the same period of 2012.  
  • Return on average assets was 1.16% for the three months ended December 31, 2013 compared to 1.46% for the corresponding period of 2012. Return on average assets was 1.32% for the twelve months ended December 31, 2013 compared to 1.70% for the corresponding period of 2012.  
  • Return on average equity was 10.99% for the three months ended December 31, 2013 compared to 12.92% for the corresponding period of 2012. Return on average equity was 12.36% for the twelve months ended December 31, 2013 compared to 15.36% for the corresponding period of 2012.  
  • The results for the twelve months ended December 31, 2013 were negatively impacted by one time expenses of $1,307,000 related to the acquisition of Luzerne National Bank Corporation.

"The twelve months ended December 31, 2013 were impacted by the acquisition of Luzerne National Bank Corporation. While the acquisition was a key driver of balance sheet growth, it was a drag on earnings due to the one-time charges related to the acquisition. With these charges behind us, we will continue to focus on the continued integration of Luzerne into the Penns Woods family. We also remain focused on building future revenue streams, with the current construction of a branch in Loyalsock scheduled to be completed during the first half of 2014. In addition, the ground breaking for a branch in Lewisburg is expected to occur during the early part of 2014," said Richard A. Grafmyre, CFP®, President and CEO.

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