XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST AND DIVIDEND INCOME:        
Loans, including fees $ 14,666 $ 15,300 $ 29,323 $ 30,169
Investment securities:        
Taxable 1,023 967 2,033 1,901
Tax-exempt 169 179 314 353
Dividend and other interest income 186 395 535 852
TOTAL INTEREST AND DIVIDEND INCOME 16,044 16,841 32,205 33,275
INTEREST EXPENSE:        
Deposits 2,802 2,871 5,837 5,171
Short-term borrowings 7 178 29 783
Long-term borrowings 985 879 1,928 1,730
TOTAL INTEREST EXPENSE 3,794 3,928 7,794 7,684
NET INTEREST INCOME 12,250 12,913 24,411 25,591
PROVISION FOR LOAN LOSSES 645 315 1,395 675
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,605 12,598 23,016 24,916
NON-INTEREST INCOME:        
Net debt securities gains (losses), available for sale 186 (2) 207 11
Net equity securities gains 10 22 30 65
Net securities gains (losses), trading 0 3 (14) 13
Bank-owned life insurance 144 123 336 291
Gain on sale of loans 1,028 347 1,472 663
Other 353 520 808 895
TOTAL NON-INTEREST INCOME 2,621 2,469 5,058 4,723
NON-INTEREST EXPENSE:        
Salaries and employee benefits 5,230 5,523 10,897 11,024
Occupancy 626 668 1,328 1,447
Furniture and equipment 828 784 1,688 1,536
Software amortization 236 188 486 395
Pennsylvania shares tax 323 285 608 578
Professional fees 658 727 1,280 1,249
Federal Deposit Insurance Corporation deposit insurance 185 236 379 504
Marketing 56 33 109 135
Intangible amortization 59 69 121 140
Other 1,410 1,546 2,825 2,865
TOTAL NON-INTEREST EXPENSE 9,611 10,059 19,721 19,873
INCOME BEFORE INCOME TAX PROVISION 4,615 5,008 8,353 9,766
INCOME TAX PROVISION 851 759 1,512 1,571
CONSOLIDATED NET INCOME 3,764 4,249 6,841 8,195
Less: Net income attributable to noncontrolling interest 4 4 8 6
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. $ 3,760 $ 4,245 $ 6,833 $ 8,189
Earnings per share - basic (in dollars per share) $ 0.53 $ 0.60 $ 0.97 $ 1.16
Earnings per share - diluted (in dollars per share) $ 0.53 $ 0.60 $ 0.97 $ 1.16
Weighted average shares outstanding - basic (in shares) 7,041,629 7,038,503 7,041,185 7,038,068
Weighted average shares outstanding - diluted (in shares) 7,041,629 7,038,503 7,041,185 7,038,068
Dividends declared per share (in dollars per share) $ 0.32 $ 0.31 $ 0.64 $ 0.63
Service charges        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 312 $ 592 $ 861 $ 1,154
Insurance commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 92 119 219 253
Brokerage commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 186 356 555 679
Debit card fees        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 310 $ 389 $ 584 $ 699