Penns Woods Bancorp Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 01:51 am IST
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Penns Woods Bancorp Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest and dividend income of $11,675,000 against $11,460,000 a year ago. Net interest income was $10,338,000 against $10,208,000 a year ago. Income before income tax provision was $4,852,000 against $3,535,000 a year ago. Net income was $3,746,000 or $0.79 per basic and diluted share against $2,883,000 or $0.60 per basic and diluted share a year ago. Return on average assets was 1.15% compared to 0.93% for the corresponding period of 2014. Return on average equity was 10.73% compared to 8.33% for the corresponding period of 2014.
For the full year, the company reported total interest and dividend income of $46,124,000 against $45,606,000 a year ago. Net interest income was $40,905,000 against $40,644,000 a year ago. Income before income tax provision was $17,634,000 against $18,412,000 a year ago. Net income was $13,898,000 or $2.91 per basic and diluted share against $14,608,000 or $3.03 per basic and diluted share a year ago. Book value per share was $24.84 at December 31, 2015 compared to $24.44 at December 31, 2014. Return on average assets was 1.08% compared to 1.19% for the corresponding period of 2014. Return on average equity was 10.11% compared to 10.79% for the corresponding period of 2014.
Penns Woods Bancorp, Inc. is a bank holding company. The Company operates, through its subsidiaries, namely Jersey Shore State Bank (JSSB) and Luzerne Bank (Luzerne) (the Banks). The Banks engage in business as commercial banks, doing business at locations in Lycoming, Clinton, Centre, Montour, Union, Blair, and Luzerne Counties, Pennsylvania. The Banks offers insurance, securities brokerage services, annuity and mutual fund investment products, and financial planning through the M Group, Inc. doing business as The Comprehensive Financial Group (M Group). Services offered by the Banks include accepting time, demand and savings deposits, including Super NOW accounts, statement savings accounts, money market accounts, and others. The Banks services also include making secured and unsecured business and consumer loans. Its subsidiaries also include Woods Real Estate Development Co., Inc., Woods Investment Company, Inc., The M Group Inc. and United Insurance Solutions, LLC.