Pennsylvania
|
|
000-17077
|
|
23-2226454
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Ident. No.)
|
300 Market Street
|
P.O. Box 967
|
17703-0967
|
Williamsport
|
Pennsylvania
|
(Zip Code)
|
(Address of principal executive offices)
|
|
|
(570)
|
322-1111
|
|
|
Registrant's telephone number, including area code
|
|
N/A
|
(Former name or former address, if changed since last report.)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common stock, $5.55 par value
|
|
PWOD
|
|
The Nasdaq Global Select Market
|
|
|
PENNS WOODS BANCORP, INC.
|
|
|
|
|
|
Dated:
|
January 28, 2020
|
|
|
|
|
|
|
|
|
By:
|
/s/ Brian L. Knepp
|
|
|
|
Brian L. Knepp
|
|
|
|
President and Chief Financial Officer
|
Exhibit Number
|
|
Description
|
|
Press release, dated January 28, 2020, of Penns Woods Bancorp, Inc. announcing earnings for the period ended December 31, 2019.
|
•
|
Net income, as reported under GAAP, for the three and nine months ended December 31, 2019 was $2.8 million and $15.7 million, compared to $4.2 million and $14.7 million for the same periods of 2018. Results for the three and twelve months ended December 31, 2019 compared to 2018 were impacted by an increase in after-tax securities gains of $516,000 (from a loss of $130,000 to a gain of $386,000) for the three month periods and $760,000 (from a loss of $169,000 to a gain of $591,000) for the twelve month periods. In addition, during the three and twelve months ended December 31, 2019 a loss of $682,000 was incurred related to the sale of two former branch locations as these locations were replaced with the opening of two high profile locations in their market area during 2019.
|
•
|
During the three and twelve months ended December 31, 2019 the Company incurred a partial charge off of a commercial relationship of $3.7 million resulting in an additional provision for loan losses of $1.4 million.
|
•
|
Basic and diluted earnings per share for the three months ended December 31, 2019 were $0.40 and $0.39, respectively, compared to basic and diluted earnings per share of $0.59 for the three months ended December 31, 2018.
|
•
|
Basic and diluted earnings per share for the twelve months ended December 31, 2019 were $2.23 and $2.06, respectively, compared to basic and diluted earnings per share of $2.09 for the twelve months ended December 31, 2018.
|
•
|
Return on average assets was 0.68% for the three months ended December 31, 2019, compared to 1.02% for the corresponding period of 2018. Return on average assets was 0.94% for the twelve months ended December 31, 2019, compared to 0.94% for the corresponding period of 2018.
|
•
|
Return on average equity was 7.22% for the three months ended December 31, 2019, compared to 11.77% for the corresponding period of 2018. Return on average equity was 10.54% for the twelve months ended December, 2019, compared to 10.72% for the corresponding period of 2018.
|
Contact:
|
Richard A. Grafmyre, Chief Executive Officer
|
|
|
110 Reynolds Street
|
|
|
Williamsport, PA 17702
|
|
|
570-322-1111
|
e-mail: pwod@pwod.com
|
|
|
December 31,
|
|||||||||
(In Thousands, Except Share Data)
|
|
2019
|
|
2018
|
|
% Change
|
|||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Noninterest-bearing balances
|
|
$
|
24,725
|
|
|
$
|
25,020
|
|
|
(1.18
|
)%
|
Interest-bearing balances in other financial institutions
|
|
23,864
|
|
|
41,722
|
|
|
(42.80
|
)%
|
||
Total cash and cash equivalents
|
|
48,589
|
|
|
66,742
|
|
|
(27.20
|
)%
|
||
|
|
|
|
|
|
|
|||||
Investment debt securities, available for sale, at fair value
|
|
148,619
|
|
|
134,285
|
|
|
10.67
|
%
|
||
Investment equity securities, at fair value
|
|
1,261
|
|
|
1,776
|
|
|
(29.00
|
)%
|
||
Investment securities, trading
|
|
51
|
|
|
36
|
|
|
41.67
|
%
|
||
Restricted investment in bank stock, at fair value
|
|
13,528
|
|
|
18,862
|
|
|
(28.28
|
)%
|
||
Loans held for sale
|
|
4,232
|
|
|
2,929
|
|
|
44.49
|
%
|
||
Loans
|
|
1,355,544
|
|
|
1,384,757
|
|
|
(2.11
|
)%
|
||
Allowance for loan losses
|
|
(11,894
|
)
|
|
(13,837
|
)
|
|
(14.04
|
)%
|
||
Loans, net
|
|
1,343,650
|
|
|
1,370,920
|
|
|
(1.99
|
)%
|
||
Premises and equipment, net
|
|
32,929
|
|
|
27,580
|
|
|
19.39
|
%
|
||
Accrued interest receivable
|
|
5,246
|
|
|
5,334
|
|
|
(1.65
|
)%
|
||
Bank-owned life insurance
|
|
29,253
|
|
|
28,627
|
|
|
2.19
|
%
|
||
Goodwill
|
|
17,104
|
|
|
17,104
|
|
|
—
|
%
|
||
Intangibles
|
|
898
|
|
|
1,162
|
|
|
(22.72
|
)%
|
||
Operating lease right of use asset
|
|
4,154
|
|
|
—
|
|
|
n/a
|
|
||
Deferred tax asset
|
|
3,338
|
|
|
5,154
|
|
|
(35.23
|
)%
|
||
Other assets
|
|
12,471
|
|
|
4,260
|
|
|
192.75
|
%
|
||
TOTAL ASSETS
|
|
$
|
1,665,323
|
|
|
$
|
1,684,771
|
|
|
(1.15
|
)%
|
|
|
|
|
|
|
|
|||||
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Interest-bearing deposits
|
|
$
|
989,259
|
|
|
$
|
899,089
|
|
|
10.03
|
%
|
Noninterest-bearing deposits
|
|
334,746
|
|
|
320,814
|
|
|
4.34
|
%
|
||
Total deposits
|
|
1,324,005
|
|
|
1,219,903
|
|
|
8.53
|
%
|
||
|
|
|
|
|
|
|
|||||
Short-term borrowings
|
|
4,920
|
|
|
167,865
|
|
|
(97.07
|
)%
|
||
Long-term borrowings
|
|
161,920
|
|
|
138,942
|
|
|
16.54
|
%
|
||
Accrued interest payable
|
|
1,671
|
|
|
1,150
|
|
|
45.30
|
%
|
||
Operating lease liability
|
|
4,170
|
|
|
—
|
|
|
n/a
|
|
||
Other liabilities
|
|
13,655
|
|
|
13,367
|
|
|
2.15
|
%
|
||
TOTAL LIABILITIES
|
|
1,510,341
|
|
|
1,541,227
|
|
|
(2.00
|
)%
|
||
|
|
|
|
|
|
|
|||||
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued
|
|
—
|
|
|
—
|
|
|
n/a
|
|
||
Common stock, par value $5.55, 22,500,000 shares authorized; 7,520,740 and 7,517,547 shares issued; 7,040,515 and 7,037,322 shares outstanding
|
|
41,782
|
|
|
41,763
|
|
|
0.05
|
%
|
||
Additional paid-in capital
|
|
51,487
|
|
|
50,737
|
|
|
1.48
|
%
|
||
Retained earnings
|
|
76,583
|
|
|
69,787
|
|
|
9.74
|
%
|
||
Accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain (loss) on available for sale securities
|
|
2,455
|
|
|
(1,360
|
)
|
|
280.51
|
%
|
||
Defined benefit plan
|
|
(5,232
|
)
|
|
(5,276
|
)
|
|
0.83
|
%
|
||
Treasury stock at cost, 480,225
|
|
(12,115
|
)
|
|
(12,115
|
)
|
|
—
|
%
|
||
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY
|
|
154,960
|
|
|
143,536
|
|
|
7.96
|
%
|
||
Non-controlling interest
|
|
22
|
|
|
8
|
|
|
175.00
|
%
|
||
TOTAL SHAREHOLDERS' EQUITY
|
|
154,982
|
|
|
143,544
|
|
|
7.97
|
%
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
1,665,323
|
|
|
$
|
1,684,771
|
|
|
(1.15
|
)%
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans including fees
|
|
$
|
14,789
|
|
|
$
|
14,828
|
|
|
(0.26
|
)%
|
|
$
|
60,384
|
|
|
$
|
54,000
|
|
|
11.82
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Taxable
|
|
1,098
|
|
|
886
|
|
|
23.93
|
%
|
|
3,997
|
|
|
2,784
|
|
|
43.57
|
%
|
||||
Tax-exempt
|
|
140
|
|
|
182
|
|
|
(23.08
|
)%
|
|
660
|
|
|
860
|
|
|
(23.26
|
)%
|
||||
Dividend and other interest income
|
|
388
|
|
|
340
|
|
|
14.12
|
%
|
|
1,733
|
|
|
1,102
|
|
|
57.26
|
%
|
||||
TOTAL INTEREST AND DIVIDEND INCOME
|
|
16,415
|
|
|
16,236
|
|
|
1.10
|
%
|
|
66,774
|
|
|
58,746
|
|
|
13.67
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
|
3,107
|
|
|
1,999
|
|
|
55.43
|
%
|
|
11,443
|
|
|
6,370
|
|
|
79.64
|
%
|
||||
Short-term borrowings
|
|
3
|
|
|
753
|
|
|
(99.60
|
)%
|
|
793
|
|
|
1,757
|
|
|
(54.87
|
)%
|
||||
Long-term borrowings
|
|
984
|
|
|
785
|
|
|
25.35
|
%
|
|
3,723
|
|
|
2,809
|
|
|
32.54
|
%
|
||||
TOTAL INTEREST EXPENSE
|
|
4,094
|
|
|
3,537
|
|
|
15.75
|
%
|
|
15,959
|
|
|
10,936
|
|
|
45.93
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NET INTEREST INCOME
|
|
12,321
|
|
|
12,699
|
|
|
(2.98
|
)%
|
|
50,815
|
|
|
47,810
|
|
|
6.29
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PROVISION FOR LOAN LOSSES
|
|
1,700
|
|
|
760
|
|
|
123.68
|
%
|
|
2,735
|
|
|
1,735
|
|
|
57.64
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
10,621
|
|
|
11,939
|
|
|
(11.04
|
)%
|
|
48,080
|
|
|
46,075
|
|
|
4.35
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NON-INTEREST INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges
|
|
635
|
|
|
672
|
|
|
(5.51
|
)%
|
|
2,411
|
|
|
2,460
|
|
|
(1.99
|
)%
|
||||
Debt securities gains (losses), available for sale
|
|
440
|
|
|
(30
|
)
|
|
1,566.67
|
%
|
|
640
|
|
|
(47
|
)
|
|
1,461.70
|
%
|
||||
Equity securities gains (losses)
|
|
74
|
|
|
(126
|
)
|
|
158.73
|
%
|
|
89
|
|
|
(170
|
)
|
|
152.35
|
%
|
||||
Securities gains (losses), trading
|
|
(25
|
)
|
|
(9
|
)
|
|
(177.78
|
)%
|
|
19
|
|
|
3
|
|
|
533.33
|
%
|
||||
Bank-owned life insurance
|
|
140
|
|
|
166
|
|
|
(15.66
|
)%
|
|
574
|
|
|
662
|
|
|
(13.29
|
)%
|
||||
Gain on sale of loans
|
|
508
|
|
|
465
|
|
|
9.25
|
%
|
|
1,754
|
|
|
1,518
|
|
|
15.55
|
%
|
||||
Insurance commissions
|
|
87
|
|
|
99
|
|
|
(12.12
|
)%
|
|
433
|
|
|
365
|
|
|
18.63
|
%
|
||||
Brokerage commissions
|
|
326
|
|
|
323
|
|
|
0.93
|
%
|
|
1,358
|
|
|
1,336
|
|
|
1.65
|
%
|
||||
Debit card income
|
|
346
|
|
|
469
|
|
|
(26.23
|
)%
|
|
1,378
|
|
|
1,534
|
|
|
(10.17
|
)%
|
||||
Other
|
|
376
|
|
|
400
|
|
|
(6.00
|
)%
|
|
1,796
|
|
|
1,800
|
|
|
(0.22
|
)%
|
||||
TOTAL NON-INTEREST INCOME
|
|
2,907
|
|
|
2,429
|
|
|
19.68
|
%
|
|
10,452
|
|
|
9,461
|
|
|
10.47
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
|
5,317
|
|
|
5,696
|
|
|
(6.65
|
)%
|
|
21,829
|
|
|
21,083
|
|
|
3.54
|
%
|
||||
Occupancy
|
|
627
|
|
|
622
|
|
|
0.80
|
%
|
|
2,712
|
|
|
2,702
|
|
|
0.37
|
%
|
||||
Furniture and equipment
|
|
827
|
|
|
764
|
|
|
8.25
|
%
|
|
3,248
|
|
|
3,092
|
|
|
5.05
|
%
|
||||
Software amortization
|
|
242
|
|
|
208
|
|
|
16.35
|
%
|
|
871
|
|
|
712
|
|
|
22.33
|
%
|
||||
Pennsylvania shares tax
|
|
285
|
|
|
275
|
|
|
3.64
|
%
|
|
1,148
|
|
|
1,108
|
|
|
3.61
|
%
|
||||
Professional fees
|
|
640
|
|
|
432
|
|
|
48.15
|
%
|
|
2,474
|
|
|
2,106
|
|
|
17.47
|
%
|
||||
Federal Deposit Insurance Corporation deposit insurance
|
|
97
|
|
|
251
|
|
|
(61.35
|
)%
|
|
578
|
|
|
890
|
|
|
(35.06
|
)%
|
||||
Marketing
|
|
192
|
|
|
3
|
|
|
6,300.00
|
%
|
|
425
|
|
|
767
|
|
|
(44.59
|
)%
|
||||
Intangible amortization
|
|
62
|
|
|
71
|
|
|
(12.68
|
)%
|
|
264
|
|
|
300
|
|
|
(12.00
|
)%
|
||||
Other
|
|
2,005
|
|
|
1,210
|
|
|
65.70
|
%
|
|
6,159
|
|
|
5,247
|
|
|
17.38
|
%
|
||||
TOTAL NON-INTEREST EXPENSE
|
|
10,294
|
|
|
9,532
|
|
|
7.99
|
%
|
|
39,708
|
|
|
38,007
|
|
|
4.48
|
%
|
||||
INCOME BEFORE INCOME TAX PROVISION
|
|
3,234
|
|
|
4,836
|
|
|
(33.13
|
)%
|
|
18,824
|
|
|
17,529
|
|
|
7.39
|
%
|
||||
INCOME TAX PROVISION
|
|
397
|
|
|
640
|
|
|
(37.97
|
)%
|
|
3,138
|
|
|
2,819
|
|
|
11.32
|
%
|
||||
NET INCOME
|
|
$
|
2,837
|
|
|
$
|
4,196
|
|
|
(32.39
|
)%
|
|
$
|
15,686
|
|
|
$
|
14,710
|
|
|
6.63
|
%
|
Earnings attributable to noncontrolling interest
|
|
4
|
|
|
—
|
|
|
n/a
|
|
|
14
|
|
|
6
|
|
|
133.33
|
%
|
||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'
|
|
$
|
2,833
|
|
|
$
|
4,196
|
|
|
(32.48
|
)%
|
|
$
|
15,672
|
|
|
$
|
14,704
|
|
|
6.58
|
%
|
EARNINGS PER SHARE - BASIC
|
|
$
|
0.40
|
|
|
$
|
0.59
|
|
|
(32.20
|
)%
|
|
$
|
2.23
|
|
|
$
|
2.09
|
|
|
6.70
|
%
|
EARNINGS PER SHARE - DILUTED
|
|
$
|
0.39
|
|
|
$
|
0.59
|
|
|
(33.90
|
)%
|
|
$
|
2.06
|
|
|
$
|
2.09
|
|
|
(1.44
|
)%
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
|
|
7,039,968
|
|
|
7,036,688
|
|
|
0.05
|
%
|
|
7,038,714
|
|
|
7,035,381
|
|
|
0.05
|
%
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
|
|
7,338,468
|
|
|
7,036,688
|
|
|
4.29
|
%
|
|
7,620,453
|
|
|
7,035,381
|
|
|
8.32
|
%
|
||||
DIVIDENDS DECLARED PER SHARE
|
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
3.23
|
%
|
|
$
|
1.26
|
|
|
$
|
1.25
|
|
|
0.80
|
%
|
|
|
Three Months Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Total interest income
|
|
$
|
16,415
|
|
|
$
|
16,236
|
|
Total interest expense
|
|
4,094
|
|
|
3,537
|
|
||
Net interest income
|
|
12,321
|
|
|
12,699
|
|
||
Tax equivalent adjustment
|
|
224
|
|
|
165
|
|
||
Net interest income (fully taxable equivalent)
|
|
$
|
12,545
|
|
|
$
|
12,864
|
|
|
|
Twelve Months Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Total interest income
|
|
$
|
66,774
|
|
|
$
|
58,746
|
|
Total interest expense
|
|
15,959
|
|
|
10,936
|
|
||
Net interest income
|
|
50,815
|
|
|
47,810
|
|
||
Tax equivalent adjustment
|
|
489
|
|
|
700
|
|
||
Net interest income (fully taxable equivalent)
|
|
$
|
51,304
|
|
|
$
|
48,510
|
|
(Dollars in Thousands, Except Per Share Data)
|
|
Quarter Ended
|
||||||||||||||||||
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
2,833
|
|
|
$
|
4,650
|
|
|
$
|
4,245
|
|
|
$
|
3,944
|
|
|
$
|
4,196
|
|
Net interest income
|
|
12,321
|
|
|
12,903
|
|
|
12,913
|
|
|
12,678
|
|
|
12,699
|
|
|||||
Provision for loan losses
|
|
1,700
|
|
|
360
|
|
|
315
|
|
|
360
|
|
|
760
|
|
|||||
Net security gains (losses)
|
|
489
|
|
|
170
|
|
|
23
|
|
|
66
|
|
|
(165
|
)
|
|||||
Non-interest income, ex. net security gains (losses)
|
|
2,418
|
|
|
2,652
|
|
|
2,446
|
|
|
2,188
|
|
|
2,594
|
|
|||||
Non-interest expense
|
|
10,294
|
|
|
9,541
|
|
|
10,059
|
|
|
9,814
|
|
|
9,532
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest margin
|
|
3.22
|
%
|
|
3.32
|
%
|
|
3.39
|
%
|
|
3.37
|
%
|
|
3.33
|
%
|
|||||
Annualized return on average assets
|
|
0.68
|
%
|
|
1.10
|
%
|
|
1.02
|
%
|
|
0.95
|
%
|
|
1.02
|
%
|
|||||
Annualized return on average equity
|
|
7.22
|
%
|
|
12.18
|
%
|
|
11.42
|
%
|
|
10.93
|
%
|
|
11.77
|
%
|
|||||
Annualized net loan charge-offs to average loans
|
|
1.19
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.12
|
%
|
|
0.08
|
%
|
|||||
Net charge-offs
|
|
4,055
|
|
|
112
|
|
|
106
|
|
|
405
|
|
|
266
|
|
|||||
Efficiency ratio
|
|
69.4
|
%
|
|
61.0
|
%
|
|
65.0
|
%
|
|
65.5
|
%
|
|
61.9
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share
|
|
$
|
0.40
|
|
|
$
|
0.66
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.59
|
|
Diluted earnings per share
|
|
0.39
|
|
|
0.66
|
|
|
0.61
|
|
|
0.56
|
|
|
0.59
|
|
|||||
Dividend declared per share
|
|
0.32
|
|
|
0.31
|
|
|
0.31
|
|
|
0.31
|
|
|
0.31
|
|
|||||
Book value
|
|
22.01
|
|
|
22.03
|
|
|
21.53
|
|
|
20.89
|
|
|
20.39
|
|
|||||
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High
|
|
35.58
|
|
|
30.93
|
|
|
30.17
|
|
|
29.67
|
|
|
29.45
|
|
|||||
Low
|
|
29.68
|
|
|
26.87
|
|
|
26.03
|
|
|
23.23
|
|
|
25.77
|
|
|||||
Close
|
|
35.58
|
|
|
30.83
|
|
|
30.17
|
|
|
27.40
|
|
|
26.83
|
|
|||||
Weighted average common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
7,040
|
|
|
7,037
|
|
|
7,038
|
|
|
7,038
|
|
|
7,037
|
|
|||||
Fully Diluted
|
|
7,338
|
|
|
7,037
|
|
|
7,038
|
|
|
7,038
|
|
|
7,037
|
|
|||||
End-of-period common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issued
|
|
7,521
|
|
|
7,518
|
|
|
7,518
|
|
|
7,518
|
|
|
7,518
|
|
|||||
Treasury
|
|
480
|
|
|
480
|
|
|
480
|
|
|
480
|
|
|
480
|
|
(Dollars in Thousands, Except Per Share Data)
|
|
Quarter Ended
|
||||||||||||||||||
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
||||||||||
Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
General
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
|
$
|
1,665,323
|
|
|
$
|
1,673,095
|
|
|
$
|
1,711,500
|
|
|
$
|
1,704,708
|
|
|
$
|
1,684,771
|
|
Loans, net
|
|
1,343,650
|
|
|
1,350,735
|
|
|
1,365,284
|
|
|
1,370,678
|
|
|
1,370,920
|
|
|||||
Goodwill
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|||||
Intangibles
|
|
898
|
|
|
960
|
|
|
1,022
|
|
|
1,091
|
|
|
1,162
|
|
|||||
Total deposits
|
|
1,324,005
|
|
|
1,332,407
|
|
|
1,327,086
|
|
|
1,309,061
|
|
|
1,219,903
|
|
|||||
Noninterest-bearing
|
|
334,746
|
|
|
327,329
|
|
|
322,755
|
|
|
321,657
|
|
|
320,814
|
|
|||||
Savings
|
|
176,732
|
|
|
171,370
|
|
|
171,992
|
|
|
170,005
|
|
|
166,063
|
|
|||||
NOW
|
|
218,605
|
|
|
219,466
|
|
|
238,410
|
|
|
253,475
|
|
|
207,819
|
|
|||||
Money Market
|
|
216,038
|
|
|
239,926
|
|
|
238,352
|
|
|
244,753
|
|
|
238,596
|
|
|||||
Time Deposits
|
|
377,884
|
|
|
374,316
|
|
|
355,577
|
|
|
319,171
|
|
|
286,611
|
|
|||||
Total interest-bearing deposits
|
|
989,259
|
|
|
1,005,078
|
|
|
1,004,331
|
|
|
987,404
|
|
|
899,089
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core deposits*
|
|
946,121
|
|
|
958,091
|
|
|
971,509
|
|
|
989,890
|
|
|
933,292
|
|
|||||
Shareholders’ equity
|
|
154,960
|
|
|
155,061
|
|
|
151,527
|
|
|
147,026
|
|
|
143,536
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans
|
|
$
|
12,758
|
|
|
$
|
17,208
|
|
|
$
|
15,383
|
|
|
$
|
15,794
|
|
|
$
|
16,572
|
|
Non-performing loans to total assets
|
|
0.77
|
%
|
|
1.03
|
%
|
|
0.90
|
%
|
|
0.93
|
%
|
|
0.98
|
%
|
|||||
Allowance for loan losses
|
|
11,894
|
|
|
14,249
|
|
|
14,001
|
|
|
13,792
|
|
|
13,837
|
|
|||||
Allowance for loan losses to total loans
|
|
0.88
|
%
|
|
1.04
|
%
|
|
1.02
|
%
|
|
1.00
|
%
|
|
1.00
|
%
|
|||||
Allowance for loan losses to non-performing loans
|
|
93.23
|
%
|
|
82.80
|
%
|
|
91.02
|
%
|
|
87.32
|
%
|
|
83.50
|
%
|
|||||
Non-performing loans to total loans
|
|
0.94
|
%
|
|
1.26
|
%
|
|
1.12
|
%
|
|
1.14
|
%
|
|
1.20
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders’ equity to total assets
|
|
9.31
|
%
|
|
9.27
|
%
|
|
8.85
|
%
|
|
8.62
|
%
|
|
8.52
|
%
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
(Dollars in Thousands, Except Per Share Data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
GAAP net income
|
|
$
|
2,833
|
|
|
$
|
4,189
|
|
|
$
|
15,672
|
|
|
$
|
14,704
|
|
Less: net securities gains (losses), net of tax
|
|
386
|
|
|
(130
|
)
|
|
591
|
|
|
(169
|
)
|
||||
Non-GAAP core earnings
|
|
$
|
2,447
|
|
|
$
|
4,319
|
|
|
$
|
15,081
|
|
|
$
|
14,873
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Return on average assets (ROA)
|
|
0.68
|
%
|
|
1.02
|
%
|
|
0.94
|
%
|
|
0.94
|
%
|
||||
Less: net securities gains (losses), net of tax
|
|
0.09
|
%
|
|
(0.03
|
)%
|
|
0.04
|
%
|
|
(0.01
|
)%
|
||||
Non-GAAP core ROA
|
|
0.59
|
%
|
|
1.05
|
%
|
|
0.90
|
%
|
|
0.95
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Return on average equity (ROE)
|
|
7.22
|
%
|
|
11.77
|
%
|
|
10.54
|
%
|
|
10.72
|
%
|
||||
Less: net securities gains (losses), net of tax
|
|
0.99
|
%
|
|
(0.35
|
)%
|
|
0.40
|
%
|
|
(0.12
|
)%
|
||||
Non-GAAP core ROE
|
|
6.23
|
%
|
|
12.12
|
%
|
|
10.14
|
%
|
|
10.84
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Basic earnings per share (EPS)
|
|
$
|
0.40
|
|
|
$
|
0.59
|
|
|
$
|
2.23
|
|
|
$
|
2.09
|
|
Less: net securities gains (losses), net of tax
|
|
0.05
|
|
|
(0.02
|
)
|
|
0.09
|
|
|
(0.02
|
)
|
||||
Non-GAAP basic core EPS
|
|
$
|
0.35
|
|
|
$
|
0.61
|
|
|
$
|
2.14
|
|
|
$
|
2.11
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Diluted EPS
|
|
$
|
0.39
|
|
|
$
|
0.59
|
|
|
$
|
2.06
|
|
|
$
|
2.09
|
|
Less: net securities gains (losses), net of tax
|
|
0.06
|
|
|
(0.02
|
)
|
|
0.08
|
|
|
(0.02
|
)
|
||||
Non-GAAP diluted core EPS
|
|
$
|
0.33
|
|
|
$
|
0.61
|
|
|
$
|
1.98
|
|
|
$
|
2.11
|
|