PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

Condensed financial information for Penns Woods Bancorp, Inc. follows:

CONDENSED BALANCE SHEET, DECEMBER 31,


(In Thousands)	2021		2020
ASSETS:
Cash	$	680	$	1,397
Investment in subsidiaries:
Bank	168,808		160,273
Non-bank	1,620		1,558
Other assets	1,247		1,030
Total Assets	$	172,355	$	164,258
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	81	$	116
Shareholders’ equity	172,274		164,142
Total liability and shareholders’ equity	$	172,355	$	164,258

CONDENSED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31,


(In Thousands)	2021		2020		2019
Operating income:
Dividends from subsidiaries	$	9,041	$	11,276	$	10,326

Equity in undistributed earnings of subsidiaries	8,840		5,684		6,906
Operating expenses	(1,848)		(1,754)		(1,560)
Net income	$	16,033	$	15,206	$	15,672
Comprehensive income	$	15,803	$	17,101	$	19,531

CONDENSED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31,


(In Thousands)	2021		2020		2019
OPERATING ACTIVITIES:
Net income	$	16,033	$	15,206	$	15,672
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(8,840)		(5,684)		(6,906)
Stock based compensation recognized in earnings	960		854		680
Other, net	(195)		(457)		(269)
Net cash provided by operating activities	7,958		9,919		9,177
INVESTING ACTIVITIES:
Investments in subsidiaries	—		—		(350)
Acquisition of minority interest	(25)		—		—
Net cash provided by investing activities	(25)		—		(350)
FINANCING ACTIVITIES:
Dividends paid	(9,041)		(9,020)		(8,876)
Issuance of common stock	408		247		89

Distribution of non-controlling interest	(17)		(36)		—
Net cash used for financing activities	(8,650)		(8,809)		(8,787)
NET (DECREASE) INCREASE IN CASH	(717)		1,110		40
CASH, BEGINNING OF YEAR	1,397		287		247
CASH, END OF YEAR	$	680	$	1,397	$	287