Penns Woods Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 27, 2015 at 03:40 am IST
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Penns Woods Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest and dividend income of $11,460,000 compared to $11,762,000 a year ago. Net interest income was $10,208,000 compared to $10,447,000 a year ago. Net interest income after provision for loan losses was $8,603,000 compared to $9,847,000 a year ago. Income before income tax provision was $3,535,000 compared to $4,303,000 a year ago. Net income was $2,883,000 compared to $3,495,000 a year ago. Basic and diluted earnings per share were $0.47 compared to $0.47 a year ago. Non-GAAP operating earnings were $2,560,000 compared to $3,389,000 a year ago. Return on average assets was 0.93% compared to 1.16% a year ago. Return on average equity was 8.33% compared to 10.99% a year ago. Non-GAAP dilutive operating EPS was $0.53 compared to $0.70 a year ago. Operating earnings per share were $0.53 basic and dilutive compared to $0.70 basic and dilutive for the same period of 2013.
For the full year, the company reported total interest and dividend income of $45,606,000 compared to $43,299,000 a year ago. Net interest income was $40,644,000 compared to $38,035,000 a year ago. Net interest income after provision for loan losses was $37,794,000 compared to $35,760,000 a year ago. Income before income tax provision was $18,412,000 compared to $17,535,000 a year ago. Net income was $14,608,000 compared to $14,084,000 a year ago. Basic and diluted earnings per share were $3.03 compared to $3.19 a year ago. Non-GAAP operating earnings were $12,114,000 compared to $12,489,000 a year ago. Return on average assets was 1.19% compared to 1.32% a year ago. Return on average equity was 10.79% compared to 12.36% a year ago. Non-GAAP dilutive operating EPS was $2.52 compared to $2.83 a year ago. Operating earnings per share were $2.52 basic and dilutive compared to $2.83 basic and dilutive for the same period of 2013.
For the quarter, the company reported Net charge-offs was $276,000 compared to $87,000 a year ago.
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.
Penns Woods Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
PENNS WOODS BANCORP, INC. 
