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:
|
April 23, 2020
|
|
|
|
|
|
|
|
|
By:
|
/s/ Brian L. Knepp
|
|
|
|
Brian L. Knepp
|
|
|
|
President and Chief Financial Officer
|
Exhibit Number
|
|
Description
|
|
Press release, dated April 23, 2020, of Penns Woods Bancorp, Inc. announcing earnings for the period ended March 31, 2020.
|
•
|
Net income, as reported under GAAP, for the three months ended March 31, 2020 was $3.1 million, compared to $3.9 million for the same period of 2019. Results for the three months ended March 31, 2020 compared to 2019 were impacted by an decrease in after-tax securities gains of $30,000 (from a gain of $52,000 to a gain of $22,000) for the three month period.
|
•
|
The provision for loan losses increased $390,000 to $750,000 for the three months ended March 31, 2020 compared to $360,000 for the 2019 period. The increase is the result of the economic uncertainty caused by the COVID-19 pandemic.
|
•
|
Basic and diluted earnings per share for the three months ended March 31, 2020 were $0.44 and $0.43, respectively, compared to basic and diluted earnings per share of $0.56 for the three months ended March 31, 2019.
|
•
|
Return on average assets was 0.74% for the three months ended March 31, 2020, compared to 0.95% for the corresponding period of 2019.
|
•
|
Return on average equity was 7.83% for the three months ended March 31, 2020, compared to 10.93% for the corresponding period of 2019.
|
•
|
Approximately one third of employees working remotely.
|
•
|
Loan modification/deferral program in place to defer payments up to 90 days for principal and/or interest with approximately 500 loans affected by this program.
|
•
|
All COVID-19 related loan deferrals meet the requirements to not be considered a troubled debt restructuring.
|
•
|
Participated in the Paycheck Protection Program by primarily utilizing third parties to service and place the loans.
|
•
|
Significantly reduced deposit rates during the latter half of March 2020.
|
•
|
Increased the provision for loan losses due to the economic uncertainty caused by the COVID-19 pandemic.
|
•
|
Net interest margin compression expected to continue as the rate environment remains below historical levels.
|
Contact:
|
Richard A. Grafmyre, Chief Executive Officer
|
|
|
110 Reynolds Street
|
|
|
Williamsport, PA 17702
|
|
|
570-322-1111
|
e-mail: pwod@pwod.com
|
|
|
March 31,
|
|||||||||
(In Thousands, Except Share Data)
|
|
2020
|
|
2019
|
|
% Change
|
|||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Noninterest-bearing balances
|
|
$
|
29,572
|
|
|
$
|
31,211
|
|
|
(5.25
|
)%
|
Interest-bearing balances in other financial institutions
|
|
48,189
|
|
|
42,385
|
|
|
13.69
|
%
|
||
Total cash and cash equivalents
|
|
77,761
|
|
|
73,596
|
|
|
5.66
|
%
|
||
|
|
|
|
|
|
|
|||||
Investment debt securities, available for sale, at fair value
|
|
155,522
|
|
|
141,762
|
|
|
9.71
|
%
|
||
Investment equity securities, at fair value
|
|
1,281
|
|
|
1,819
|
|
|
(29.58
|
)%
|
||
Investment securities, trading
|
|
37
|
|
|
42
|
|
|
(11.90
|
)%
|
||
Restricted investment in bank stock, at fair value
|
|
14,611
|
|
|
15,725
|
|
|
(7.08
|
)%
|
||
Loans held for sale
|
|
4,294
|
|
|
1,787
|
|
|
140.29
|
%
|
||
Loans
|
|
1,349,400
|
|
|
1,384,470
|
|
|
(2.53
|
)%
|
||
Allowance for loan losses
|
|
(12,500
|
)
|
|
(13,792
|
)
|
|
(9.37
|
)%
|
||
Loans, net
|
|
1,336,900
|
|
|
1,370,678
|
|
|
(2.46
|
)%
|
||
Premises and equipment, net
|
|
33,170
|
|
|
33,270
|
|
|
(0.30
|
)%
|
||
Accrued interest receivable
|
|
5,307
|
|
|
5,542
|
|
|
(4.24
|
)%
|
||
Bank-owned life insurance
|
|
29,228
|
|
|
28,812
|
|
|
1.44
|
%
|
||
Goodwill
|
|
17,104
|
|
|
17,104
|
|
|
—
|
%
|
||
Intangibles
|
|
836
|
|
|
1,091
|
|
|
(23.37
|
)%
|
||
Operating lease right of use asset
|
|
3,278
|
|
|
4,239
|
|
|
(22.67
|
)%
|
||
Deferred tax asset
|
|
3,281
|
|
|
4,241
|
|
|
(22.64
|
)%
|
||
Other assets
|
|
5,898
|
|
|
5,000
|
|
|
17.96
|
%
|
||
TOTAL ASSETS
|
|
$
|
1,688,508
|
|
|
$
|
1,704,708
|
|
|
(0.95
|
)%
|
|
|
|
|
|
|
|
|||||
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Interest-bearing deposits
|
|
$
|
993,975
|
|
|
$
|
987,404
|
|
|
0.67
|
%
|
Noninterest-bearing deposits
|
|
332,759
|
|
|
321,657
|
|
|
3.45
|
%
|
||
Total deposits
|
|
1,326,734
|
|
|
1,309,061
|
|
|
1.35
|
%
|
||
|
|
|
|
|
|
|
|||||
Short-term borrowings
|
|
17,741
|
|
|
84,499
|
|
|
(79.00
|
)%
|
||
Long-term borrowings
|
|
171,903
|
|
|
144,631
|
|
|
18.86
|
%
|
||
Accrued interest payable
|
|
1,635
|
|
|
1,278
|
|
|
27.93
|
%
|
||
Operating lease liability
|
|
3,299
|
|
|
4,241
|
|
|
(22.21
|
)%
|
||
Other liabilities
|
|
10,608
|
|
|
13,962
|
|
|
(24.02
|
)%
|
||
TOTAL LIABILITIES
|
|
1,531,920
|
|
|
1,557,672
|
|
|
(1.65
|
)%
|
||
|
|
|
|
|
|
|
|||||
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; 7,521,491 and 7,518,410 shares issued; 7,041,266 and 7,038,185 shares outstanding
|
|
41,786
|
|
|
41,767
|
|
|
0.05
|
%
|
||
Additional paid-in capital
|
|
51,701
|
|
|
50,890
|
|
|
1.59
|
%
|
||
Retained earnings
|
|
77,403
|
|
|
71,526
|
|
|
8.22
|
%
|
||
Accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain on available for sale securities
|
|
2,986
|
|
|
197
|
|
|
1,415.74
|
%
|
||
Defined benefit plan
|
|
(5,199
|
)
|
|
(5,239
|
)
|
|
0.76
|
%
|
||
Treasury stock at cost, 480,225
|
|
(12,115
|
)
|
|
(12,115
|
)
|
|
—
|
%
|
||
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY
|
|
156,562
|
|
|
147,026
|
|
|
6.49
|
%
|
||
Non-controlling interest
|
|
26
|
|
|
10
|
|
|
160.00
|
%
|
||
TOTAL SHAREHOLDERS' EQUITY
|
|
156,588
|
|
|
147,036
|
|
|
6.50
|
%
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
1,688,508
|
|
|
$
|
1,704,708
|
|
|
(0.95
|
)%
|
|
|
Three Months Ended March 31,
|
|||||||||
(In Thousands, Except Per Share Data)
|
|
2020
|
|
2019
|
|
% Change
|
|||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
|
|
|
|
||
Loans including fees
|
|
$
|
14,657
|
|
|
$
|
14,869
|
|
|
(1.43
|
)%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|||
Taxable
|
|
1,010
|
|
|
934
|
|
|
8.14
|
%
|
||
Tax-exempt
|
|
145
|
|
|
174
|
|
|
(16.67
|
)%
|
||
Dividend and other interest income
|
|
349
|
|
|
457
|
|
|
(23.63
|
)%
|
||
TOTAL INTEREST AND DIVIDEND INCOME
|
|
16,161
|
|
|
16,434
|
|
|
(1.66
|
)%
|
||
|
|
|
|
|
|
|
|||||
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
||
Deposits
|
|
3,035
|
|
|
2,300
|
|
|
31.96
|
%
|
||
Short-term borrowings
|
|
22
|
|
|
605
|
|
|
(96.36
|
)%
|
||
Long-term borrowings
|
|
943
|
|
|
851
|
|
|
10.81
|
%
|
||
TOTAL INTEREST EXPENSE
|
|
4,000
|
|
|
3,756
|
|
|
6.50
|
%
|
||
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME
|
|
12,161
|
|
|
12,678
|
|
|
(4.08
|
)%
|
||
|
|
|
|
|
|
|
|||||
PROVISION FOR LOAN LOSSES
|
|
750
|
|
|
360
|
|
|
108.33
|
%
|
||
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
11,411
|
|
|
12,318
|
|
|
(7.36
|
)%
|
||
|
|
|
|
|
|
|
|||||
NON-INTEREST INCOME:
|
|
|
|
|
|
|
|
|
|
||
Service charges
|
|
549
|
|
|
562
|
|
|
(2.31
|
)%
|
||
Debt securities gains, available for sale
|
|
21
|
|
|
13
|
|
|
61.54
|
%
|
||
Equity securities gains
|
|
20
|
|
|
43
|
|
|
(53.49
|
)%
|
||
Securities (losses) gains, trading
|
|
(13
|
)
|
|
10
|
|
|
(230.00
|
)%
|
||
Bank-owned life insurance
|
|
192
|
|
|
168
|
|
|
14.29
|
%
|
||
Gain on sale of loans
|
|
444
|
|
|
316
|
|
|
40.51
|
%
|
||
Insurance commissions
|
|
127
|
|
|
134
|
|
|
(5.22
|
)%
|
||
Brokerage commissions
|
|
369
|
|
|
323
|
|
|
14.24
|
%
|
||
Debit card income
|
|
274
|
|
|
310
|
|
|
(11.61
|
)%
|
||
Other
|
|
454
|
|
|
375
|
|
|
21.07
|
%
|
||
TOTAL NON-INTEREST INCOME
|
|
2,437
|
|
|
2,254
|
|
|
8.12
|
%
|
||
|
|
|
|
|
|
|
|||||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
||
Salaries and employee benefits
|
|
5,667
|
|
|
5,501
|
|
|
3.02
|
%
|
||
Occupancy
|
|
702
|
|
|
779
|
|
|
(9.88
|
)%
|
||
Furniture and equipment
|
|
860
|
|
|
752
|
|
|
14.36
|
%
|
||
Software amortization
|
|
250
|
|
|
207
|
|
|
20.77
|
%
|
||
Pennsylvania shares tax
|
|
285
|
|
|
293
|
|
|
(2.73
|
)%
|
||
Professional fees
|
|
622
|
|
|
522
|
|
|
19.16
|
%
|
||
Federal Deposit Insurance Corporation deposit insurance
|
|
194
|
|
|
268
|
|
|
(27.61
|
)%
|
||
Marketing
|
|
53
|
|
|
102
|
|
|
(48.04
|
)%
|
||
Intangible amortization
|
|
62
|
|
|
71
|
|
|
(12.68
|
)%
|
||
Other
|
|
1,415
|
|
|
1,319
|
|
|
7.28
|
%
|
||
TOTAL NON-INTEREST EXPENSE
|
|
10,110
|
|
|
9,814
|
|
|
3.02
|
%
|
||
INCOME BEFORE INCOME TAX PROVISION
|
|
3,738
|
|
|
4,758
|
|
|
(21.44
|
)%
|
||
INCOME TAX PROVISION
|
|
661
|
|
|
812
|
|
|
(18.60
|
)%
|
||
NET INCOME
|
|
$
|
3,077
|
|
|
$
|
3,946
|
|
|
(22.02
|
)%
|
Earnings attributable to noncontrolling interest
|
|
4
|
|
|
2
|
|
|
100.00
|
%
|
||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'
|
|
$
|
3,073
|
|
|
$
|
3,944
|
|
|
(22.08
|
)%
|
EARNINGS PER SHARE - BASIC
|
|
$
|
0.44
|
|
|
$
|
0.56
|
|
|
(21.43
|
)%
|
EARNINGS PER SHARE - DILUTED
|
|
$
|
0.43
|
|
|
$
|
0.56
|
|
|
(23.21
|
)%
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
|
|
7,040,740
|
|
|
7,037,628
|
|
|
0.04
|
%
|
||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
|
|
7,102,990
|
|
|
7,037,628
|
|
|
0.93
|
%
|
||
DIVIDENDS DECLARED PER SHARE
|
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
3.23
|
%
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Total interest income
|
|
$
|
16,161
|
|
|
$
|
16,434
|
|
Total interest expense
|
|
4,000
|
|
|
3,756
|
|
||
Net interest income
|
|
12,161
|
|
|
12,678
|
|
||
Tax equivalent adjustment
|
|
124
|
|
|
159
|
|
||
Net interest income (fully taxable equivalent)
|
|
$
|
12,285
|
|
|
$
|
12,837
|
|
(Dollars in Thousands, Except Per Share Data)
|
|
Quarter Ended
|
||||||||||||||||||
|
|
3/31/2020
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
3,073
|
|
|
$
|
2,833
|
|
|
$
|
4,650
|
|
|
$
|
4,245
|
|
|
$
|
3,944
|
|
Net interest income
|
|
12,161
|
|
|
12,321
|
|
|
12,903
|
|
|
12,913
|
|
|
12,678
|
|
|||||
Provision for loan losses
|
|
750
|
|
|
1,700
|
|
|
360
|
|
|
315
|
|
|
360
|
|
|||||
Net security gains
|
|
28
|
|
|
489
|
|
|
170
|
|
|
23
|
|
|
66
|
|
|||||
Non-interest income, excluding net security gains
|
|
2,409
|
|
|
2,418
|
|
|
2,652
|
|
|
2,446
|
|
|
2,188
|
|
|||||
Non-interest expense
|
|
10,110
|
|
|
10,294
|
|
|
9,541
|
|
|
10,059
|
|
|
9,814
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest margin
|
|
3.19
|
%
|
|
3.22
|
%
|
|
3.32
|
%
|
|
3.39
|
%
|
|
3.37
|
%
|
|||||
Annualized return on average assets
|
|
0.74
|
%
|
|
0.68
|
%
|
|
1.10
|
%
|
|
1.02
|
%
|
|
0.95
|
%
|
|||||
Annualized return on average equity
|
|
7.83
|
%
|
|
7.22
|
%
|
|
12.18
|
%
|
|
11.42
|
%
|
|
10.93
|
%
|
|||||
Annualized net loan charge-offs to average loans
|
|
0.04
|
%
|
|
1.19
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.12
|
%
|
|||||
Net charge-offs
|
|
144
|
|
|
4,055
|
|
|
112
|
|
|
106
|
|
|
405
|
|
|||||
Efficiency ratio
|
|
68.96
|
%
|
|
69.42
|
%
|
|
60.98
|
%
|
|
65.04
|
%
|
|
65.50
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share
|
|
$
|
0.44
|
|
|
$
|
0.40
|
|
|
$
|
0.66
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
Diluted earnings per share
|
|
0.43
|
|
|
0.39
|
|
|
0.66
|
|
|
0.61
|
|
|
0.56
|
|
|||||
Dividend declared per share
|
|
0.32
|
|
|
0.32
|
|
|
0.31
|
|
|
0.31
|
|
|
0.31
|
|
|||||
Book value
|
|
22.23
|
|
|
22.01
|
|
|
22.03
|
|
|
21.53
|
|
|
20.89
|
|
|||||
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High
|
|
35.36
|
|
|
35.58
|
|
|
30.93
|
|
|
30.17
|
|
|
29.67
|
|
|||||
Low
|
|
19.05
|
|
|
29.68
|
|
|
26.87
|
|
|
26.03
|
|
|
23.23
|
|
|||||
Close
|
|
24.30
|
|
|
35.58
|
|
|
30.83
|
|
|
30.17
|
|
|
27.40
|
|
|||||
Weighted average common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
7,041
|
|
|
7,040
|
|
|
7,037
|
|
|
7,038
|
|
|
7,038
|
|
|||||
Fully Diluted
|
|
7,103
|
|
|
7,338
|
|
|
7,037
|
|
|
7,038
|
|
|
7,038
|
|
|||||
End-of-period common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issued
|
|
7,521
|
|
|
7,521
|
|
|
7,518
|
|
|
7,518
|
|
|
7,518
|
|
|||||
Treasury
|
|
480
|
|
|
480
|
|
|
480
|
|
|
480
|
|
|
480
|
|
(Dollars in Thousands, Except Per Share Data)
|
|
Quarter Ended
|
||||||||||||||||||
|
|
3/31/2020
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
||||||||||
Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
General
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
|
$
|
1,688,508
|
|
|
$
|
1,665,323
|
|
|
$
|
1,673,095
|
|
|
$
|
1,711,500
|
|
|
$
|
1,704,708
|
|
Loans, net
|
|
1,336,900
|
|
|
1,343,650
|
|
|
1,350,735
|
|
|
1,365,284
|
|
|
1,370,678
|
|
|||||
Goodwill
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|
17,104
|
|
|||||
Intangibles
|
|
836
|
|
|
898
|
|
|
960
|
|
|
1,022
|
|
|
1,091
|
|
|||||
Total deposits
|
|
1,326,734
|
|
|
1,324,005
|
|
|
1,332,407
|
|
|
1,327,086
|
|
|
1,309,061
|
|
|||||
Noninterest-bearing
|
|
332,759
|
|
|
334,746
|
|
|
327,329
|
|
|
322,755
|
|
|
321,657
|
|
|||||
Savings
|
|
183,929
|
|
|
176,732
|
|
|
171,370
|
|
|
171,992
|
|
|
170,005
|
|
|||||
NOW
|
|
229,919
|
|
|
218,605
|
|
|
219,466
|
|
|
238,410
|
|
|
253,475
|
|
|||||
Money Market
|
|
204,832
|
|
|
216,038
|
|
|
239,926
|
|
|
238,352
|
|
|
244,753
|
|
|||||
Time Deposits
|
|
375,295
|
|
|
377,884
|
|
|
374,316
|
|
|
355,577
|
|
|
319,171
|
|
|||||
Total interest-bearing deposits
|
|
993,975
|
|
|
989,259
|
|
|
1,005,078
|
|
|
1,004,331
|
|
|
987,404
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core deposits*
|
|
951,439
|
|
|
946,121
|
|
|
958,091
|
|
|
971,509
|
|
|
989,890
|
|
|||||
Shareholders’ equity
|
|
156,562
|
|
|
154,960
|
|
|
155,061
|
|
|
151,527
|
|
|
147,026
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans
|
|
$
|
11,300
|
|
|
$
|
12,758
|
|
|
$
|
17,208
|
|
|
$
|
15,383
|
|
|
$
|
15,794
|
|
Non-performing loans to total assets
|
|
0.67
|
%
|
|
0.77
|
%
|
|
1.03
|
%
|
|
0.90
|
%
|
|
0.93
|
%
|
|||||
Allowance for loan losses
|
|
12,500
|
|
|
11,894
|
|
|
14,249
|
|
|
14,001
|
|
|
13,792
|
|
|||||
Allowance for loan losses to total loans
|
|
0.93
|
%
|
|
0.88
|
%
|
|
1.04
|
%
|
|
1.02
|
%
|
|
1.00
|
%
|
|||||
Allowance for loan losses to non-performing loans
|
|
110.62
|
%
|
|
93.23
|
%
|
|
82.80
|
%
|
|
91.02
|
%
|
|
87.32
|
%
|
|||||
Non-performing loans to total loans
|
|
0.84
|
%
|
|
0.94
|
%
|
|
1.26
|
%
|
|
1.12
|
%
|
|
1.14
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders’ equity to total assets
|
|
9.27
|
%
|
|
9.31
|
%
|
|
9.27
|
%
|
|
8.85
|
%
|
|
8.62
|
%
|
|
|
Three Months Ended March 31,
|
||||||
(Dollars in Thousands, Except Per Share Data)
|
|
2020
|
|
2019
|
||||
GAAP net income
|
|
$
|
3,073
|
|
|
$
|
3,944
|
|
Less: net securities gains, net of tax
|
|
22
|
|
|
52
|
|
||
Non-GAAP core earnings
|
|
$
|
3,051
|
|
|
$
|
3,892
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Return on average assets (ROA)
|
|
0.74
|
%
|
|
0.95
|
%
|
||
Less: net securities gains, net of tax
|
|
0.01
|
%
|
|
0.01
|
%
|
||
Non-GAAP core ROA
|
|
0.73
|
%
|
|
0.94
|
%
|
||
|
|
|
|
|
||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Return on average equity (ROE)
|
|
7.83
|
%
|
|
10.93
|
%
|
||
Less: net securities gains, net of tax
|
|
0.06
|
%
|
|
0.14
|
%
|
||
Non-GAAP core ROE
|
|
7.77
|
%
|
|
10.79
|
%
|
||
|
|
|
|
|
||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Basic earnings per share (EPS)
|
|
$
|
0.44
|
|
|
$
|
0.56
|
|
Less: net securities gains, net of tax
|
|
—
|
|
|
0.01
|
|
||
Non-GAAP basic core EPS
|
|
$
|
0.44
|
|
|
$
|
0.55
|
|
|
|
|
||||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Diluted EPS
|
|
$
|
0.43
|
|
|
$
|
0.56
|
|
Less: net securities gains, net of tax
|
|
—
|
|
|
0.01
|
|
||
Non-GAAP diluted core EPS
|
|
$
|
0.43
|
|
|
$
|
0.55
|
|