WILLIAMSPORT, Pa., April 18, 2014 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Nasdaq:PWOD)
Penns Woods Bancorp, Inc. continued its solid earnings and growth during the recently completed first quarter of 2014, achieving net income of $3,469,000 for the three months ended March 31, 2014 resulting in basic and dilutive earnings per share of $0.72.
- 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 $3,036,000 for the three months ended March 31, 2014 compared to $3,033,000 for the same period of 2013.
- Operating earnings per share for the three months ended March 31, 2014, which includes shares issued in the Luzerne transaction, were $0.63 basic and dilutive compared to $0.79 basic and dilutive for the same period of 2013.
- Return on average assets was 1.15% for the three months ended March 31, 2014 compared to 1.72% for the corresponding period of 2013.
- Return on average equity was 10.58% for the three months ended March 31, 2014 compared to 15.51% for the corresponding period of 2013.
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