Bank releases latest figures

According to a news release, Penns Woods Bancorp. Inc. continued its solid earnings, supported by loan and deposit growth, achieving net income of $9,057,000 for the nine months ended Sept. 30 resulting in basic and dilutive earnings per share of $1.92.

Net income from core operations, which is a non-generally accepted accounting principles measure of net income excluding net securities gains, was $3,087,000 for the three months ended Sept. 30, compared to $2,887,000 for the same period of 2016. Operating earnings increased to $8,737,000 for the nine months ended Sept. 30, compared to $8,719,000 for the same period of 2016. Impacting the level of operating earnings were several factors including the continued shift of earning assets from the investment portfolio to the loan portfolio as the balance sheet is actively managed to reduce market risk and interest rate risk in a rising rate environment. In addition, the effective tax rate has increased due to the conclusion of the ten year tax credit generation period of several low income elderly housing projects in our market footprint in which the company participates.

Operating earnings per share for the three months ended Sept. 30, were $0.66 for both basic and dilutive, the news release said, an increase from $0.61 for basic and dilutive for the same period of 2016. Operating earnings per share for the nine months ended Sept. 30 were $1.85 basic and dilutive compared to $1.84 basic and dilutive for the same period of 2016.

According to the news release, return on average assets was 0.93 percent for the three months ended Sept. 30 compared to 0.91 percent for the corresponding period of 2016. Return on average assets was 0.87 percent for the nine months ended Sept. 30, compared to 0.95 percent for the corresponding period of 2016.

Return on average equity was 9.43 percent for the three months ended Sept. 30, compared to 8.69 percent for the corresponding period of 2016. Return on average equity was 8.69 percent for the nine months ended Sept. 30, compared to 9.14 percent for the corresponding period of 2016.

“The third quarter of 2017 had several highlights that show our commitment to the future,” Richard A. Grafmyre, president and CEO, said, according to the news release.