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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST AND DIVIDEND INCOME:        
Loans, including fees $ 14,080 $ 15,426 $ 43,403 $ 45,595
Investment securities:        
Taxable 925 998 2,958 2,899
Tax-exempt 170 167 484 520
Dividend and other interest income 212 493 747 1,345
TOTAL INTEREST AND DIVIDEND INCOME 15,387 17,084 47,592 50,359
INTEREST EXPENSE:        
Deposits 2,569 3,165 8,406 8,336
Short-term borrowings 8 7 37 790
Long-term borrowings 965 1,009 2,893 2,739
TOTAL INTEREST EXPENSE 3,542 4,181 11,336 11,865
NET INTEREST INCOME 11,845 12,903 36,256 38,494
PROVISION FOR LOAN LOSSES 645 360 2,040 1,035
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,200 12,543 34,216 37,459
NON-INTEREST INCOME:        
Net debt securities gains, available for sale 1,013 189 1,220 200
Net equity securities (losses) gains 0 (21) 30 44
Net securities (losses) gains, trading (2) 2 (16) 15
Bank-owned life insurance 156 143 492 434
Gain on sale of loans 1,449 583 2,921 1,246
Other 354 525 1,162 1,420
TOTAL NON-INTEREST INCOME 4,035 2,822 9,093 7,545
NON-INTEREST EXPENSE:        
Salaries and employee benefits 5,465 5,488 16,362 16,512
Occupancy 599 638 1,927 2,085
Furniture and equipment 837 885 2,525 2,421
Software amortization 257 234 743 629
Pennsylvania shares tax 340 285 948 863
Professional fees 608 585 1,888 1,834
Federal Deposit Insurance Corporation deposit insurance 271 0 650 504
Marketing 61 98 170 233
Intangible amortization 53 62 174 202
Other 1,216 1,266 4,041 4,131
TOTAL NON-INTEREST EXPENSE 9,707 9,541 29,428 29,414
INCOME BEFORE INCOME TAX PROVISION 5,528 5,824 13,881 15,590
INCOME TAX PROVISION 1,051 1,170 2,563 2,741
CONSOLIDATED NET INCOME 4,477 4,654 11,318 12,849
Less: Net income attributable to noncontrolling interest 5 4 13 10
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. $ 4,472 $ 4,650 $ 11,305 $ 12,839
Earnings per share - basic (in dollars per share) $ 0.63 $ 0.66 $ 1.61 $ 1.82
Earnings per share - diluted (in dollars per share) $ 0.63 $ 0.66 $ 1.61 $ 1.82
Weighted average shares outstanding - basic (in shares) 7,045,336 7,037,055 7,042,578 7,036,181
Weighted average shares outstanding - diluted (in shares) 7,045,336 7,037,055 7,042,578 7,036,181
Dividends declared per share (in dollars per share) $ 0.32 $ 0.31 $ 0.96 $ 0.94
Service charges        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 388 $ 622 $ 1,249 $ 1,776
Insurance commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 101 93 320 346
Brokerage commissions        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees 224 353 779 1,032
Debit card income        
NON-INTEREST INCOME:        
Service charges, insurance commissions, brokerage commissions, and debit card fees $ 352 $ 333 $ 936 $ 1,032