XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST AND DIVIDEND INCOME:        
Loans, including fees $ 15,051 $ 13,382 $ 41,709 $ 39,826
Investment securities:        
Taxable 949 834 2,550 2,491
Tax-exempt 236 160 594 495
Dividend and other interest income 628 338 1,470 903
TOTAL INTEREST AND DIVIDEND INCOME 16,864 14,714 46,323 43,715
INTEREST EXPENSE:        
Deposits 693 1,308 2,191 4,481
Short-term borrowings 26 3 29 7
Long-term borrowings 613 771 1,871 2,430
TOTAL INTEREST EXPENSE 1,332 2,082 4,091 6,918
NET INTEREST INCOME 15,532 12,632 42,232 36,797
PROVISION FOR LOAN LOSSES 855 75 1,335 940
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,677 12,557 40,897 35,857
NON-INTEREST INCOME:        
Net debt securities (losses) gains, available for sale (156) 48 (168) 323
Net equity securities losses (55) (8) (158) (24)
Bank-owned life insurance 170 279 501 614
Gain on sale of loans 294 456 905 2,034
Other 238 194 673 595
TOTAL NON-INTEREST INCOME 2,083 2,951 6,632 8,474
NON-INTEREST EXPENSE:        
Salaries and employee benefits 6,016 5,837 18,421 17,107
Occupancy 730 745 2,380 2,438
Furniture and equipment 816 883 2,454 2,663
Software amortization 188 226 660 632
Pennsylvania shares tax 334 373 1,119 1,097
Professional fees 626 615 1,746 1,882
Federal Deposit Insurance Corporation deposit insurance 260 220 690 705
Marketing 151 231 435 434
Intangible amortization 34 44 119 147
Other 1,165 1,273 3,723 3,541
TOTAL NON-INTEREST EXPENSE 10,320 10,447 31,747 30,646
INCOME BEFORE INCOME TAX PROVISION 6,440 5,061 15,782 13,685
INCOME TAX PROVISION 1,190 932 2,869 2,516
CONSOLIDATED NET INCOME 5,250 4,129 12,913 11,169
Less: Net income attributable to noncontrolling interest 0 4 0 15
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. $ 5,250 $ 4,125 $ 12,913 $ 11,154
Earnings per share - basic (in dollars per share) $ 0.74 $ 0.58 $ 1.83 $ 1.58
Earnings per share - diluted (in dollars per share) $ 0.74 $ 0.58 $ 1.83 $ 1.58
Weighted average shares outstanding - basic (in shares) 7,051,228 7,063,994 7,060,871 7,059,625
Weighted average shares outstanding - diluted (in shares) 7,051,228 7,063,994 7,060,871 7,059,625
Service charges        
NON-INTEREST INCOME:        
Revenue from contract with customer $ 559 $ 456 $ 1,563 $ 1,218
Insurance commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 109 129 386 436
Brokerage commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 142 237 500 663
Loan broker commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 438 772 1,350 1,449
Debit card income        
NON-INTEREST INCOME:        
Revenue from contract with customer $ 344 $ 388 $ 1,080 $ 1,166