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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST AND DIVIDEND INCOME:        
Loans, including fees $ 15,426 $ 13,982 $ 45,595 $ 39,172
Investment securities:        
Taxable 998 713 2,899 1,898
Tax-exempt 167 207 520 678
Dividend and other interest income 493 296 1,345 762
TOTAL INTEREST AND DIVIDEND INCOME 17,084 15,198 50,359 42,510
INTEREST EXPENSE:        
Deposits 3,165 1,659 8,336 4,371
Short-term borrowings 7 528 790 1,004
Long-term borrowings 1,009 756 2,739 2,024
TOTAL INTEREST EXPENSE 4,181 2,943 11,865 7,399
NET INTEREST INCOME 12,903 12,255 38,494 35,111
PROVISION FOR LOAN LOSSES 360 480 1,035 975
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 12,543 11,775 37,459 34,136
NON-INTEREST INCOME:        
Net debt securities gains (losses), available for sale 189 (22) 200 (17)
Net equity securities (losses) gains (21) (16) 44 (44)
Net securities gains (losses), trading 2 14 15 12
Bank-owned life insurance 143 165 434 496
Gain on sale of loans 583 398 1,246 1,053
Other 525 621 1,420 1,400
TOTAL NON-INTEREST INCOME 2,822 2,589 7,545 7,032
NON-INTEREST EXPENSE:        
Salaries and employee benefits 5,488 5,420 16,512 15,387
Occupancy 638 640 2,085 2,080
Furniture and equipment 885 780 2,421 2,328
Software amortization 234 208 629 504
Pennsylvania shares tax 285 278 863 833
Professional fees 585 459 1,834 1,674
Federal Deposit Insurance Corporation deposit insurance 0 237 504 639
Marketing 98 245 233 764
Intangible amortization 62 71 202 229
Other 1,266 1,343 4,131 4,037
TOTAL NON-INTEREST EXPENSE 9,541 9,681 29,414 28,475
INCOME BEFORE INCOME TAX PROVISION 5,824 4,683 15,590 12,693
INCOME TAX PROVISION 1,170 857 2,741 2,179
CONSOLIDATED NET INCOME 4,654 3,826 12,849 10,514
Less: Net loss attributable to noncontrolling interest 4 0 10 (1)
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. $ 4,650 $ 3,826 $ 12,839 $ 10,515
Earnings per share - basic (in dollars per share) $ 0.66 $ 0.54 $ 1.82 $ 1.49
Earnings per share - diluted (in dollars per share) $ 0.66 $ 0.54 $ 1.82 $ 1.49
Weighted average shares outstanding - basic (in shares) 7,037,055 7,035,840 7,036,181 7,034,940
Weighted average shares outstanding - diluted (in shares) 7,037,055 7,035,840 7,036,181 7,034,940
Dividends declared per share (in dollars per share) $ 0.31 $ 0.31 $ 0.94 $ 0.94
Deposit Account        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 622 $ 645 $ 1,776 $ 1,788
Insurance Commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 93 85 346 266
Brokerage Commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 353 340 1,032 1,013
Debit Card        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 333 $ 359 $ 1,032 $ 1,065