Exhibit 99.1
Press Release — For Immediate Release
January 25, 2006
Contact:
Penns Woods Bancorp, Inc.
Mr. Ronald A. Walko
President and Chief Executive Officer
115 South Main Street
Jersey Shore, PA 17740
570-322-1111
e-mail-jssb@jssb.com
Penns Woods Bancorp, Inc. Corrects 2005 Fourth Quarter Earnings Release
NOTE: The following is a corrected copy of the fourth quarter earnings release of Penns Woods Bancorp, Inc. The initial copy, dated January 20, 2006, inadvertently and incorrectly reported salary and benefits expense for the three months and twelve months ended December 31, 2005. The correct amount of salary and benefits expense for the three months and twelve months ended December 31, 2005 was $2,122,000 (not $1,997,000) and $8,445,000 (not $8,320,000). As a result of the correction, net income for the three and twelve months ended December 31, 2005 was $2,478,000 (not $2,560,000) and $10,901,000 (not $10,983,000), respectively. Basic and dilutive earnings per share for the three months ended December 31, 2005 were $.63 (not $.65) and basic and dilutive earnings per share for the twelve months ended December 31, 2005 were $2.75 (not $2.77) and $2.74 (not $2.76), respectively. A copy of the complete earnings release as corrected is set forth below.
Jersey Shore, PA — Penns Woods Bancorp, Inc. (NASDAQ:PWOD) today reported net income for the three and twelve months ended December 31, 2005 of $2,478,000 and $10,901,000 compared to $2,780,000 and $11,083,000 for the same periods of 2004. Basic and dilutive earnings per share for the three months ended December 31, 2005 were $0.63 as compared to $0.70 for the three months ended December 31, 2004. The twelve months ended December 31, 2005 had basic and diluted earnings per share of $2.75 and $2.74 as compared to $2.78, basic and diluted, for the twelve months ended December 31, 2004. Return on average assets and return on average equity was 1.75% and 13.31% for the three months ended December 31, 2005 as compared to 2.03% and 15.19% for the corresponding periods of 2004. The twelve months ended December 31, 2005 earnings results correlate to a return on average assets and return on average equity of 1.97% and 14.54% as compared to 2.06% and 15.49% for the twelve months ended December 31, 2004.
Net income from core operations (“operating earnings”) for the three and twelve months ended December 31, 2005, excluding security gains, were $2,256,000 and $9,456,000, respectively as compared to $2,357,000 and $9,647,000 for the same periods of 2004. Operating earnings for the year ended December 31, 2005 were impacted by additional bank-owned life insurance revenue of $196,000 related to a death benefit received during the year. Earnings for 2005 have also been impacted by the opening of our new North Atherton Street branch in State College in May 2005.
“Our insurance and investment product sales company, The M Group, continued to expand its market during 2005 by aligning with other banks and credit unions to serve the needs of their customers. The market area growth coupled with strong customer service has allowed the company to increase profitability since joining the Penns Woods’ family. In fact, The M Group reported record levels of revenue and net income for the twelve month period. We are pleased with the results of The M Group and look forward to the bright future ahead,” commented Ronald A. Walko, President and Chief Executive Officer of Penns Woods Bancorp, Inc.
The net interest margin decreased for the twelve months ended December 31, 2005 to 4.49% from 4.54% for the corresponding period of 2004. The decrease is due to several factors including a 40 basis point rise in the cost of time deposits in addition to a 120 basis point increase in the cost of short-term borrowings. The increase in the cost of time deposits and borrowings is directly related to the continued cycle of rate increases by the Federal Open Market Committee. Counteracting this increased cost was a shift in the investment portfolio to tax-exempt bonds that led to a tax equivalent yield on the investment portfolio of 5.55% for the twelve months ended December 31, 2005 or an increase over 2004 results of 46 basis points.
Total assets grew $21,965,000 or 4.0% to $568,668,000 at December 31, 2005. A continued emphasis on quality loan growth has led to an increase in the gross loan portfolio of $13,933,000 from December 31, 2004 to 2005. In addition to the loan growth, a significant investment in low-income housing was undertaken during 2005 as part of the company’s investment in the community.
“During the fourth quarter, we began preparing for the addition of a new branch in Montoursville during 2006. The branch will allow us to expand our presence in Lycoming County while increasing the convenience of banking with Jersey Shore State Bank for our existing customers located east of Williamsport. During the fourth quarter we evaluated and reorganized our product and service support departments. The realignment will ultimately allow the organization to improve efficiency while at the same time preparing our organization to better serve our customer’s needs in terms of new product development and support and delivery such as cash management services for our small business customers,” stated Mr. Walko.
Shareholders’ equity increased $754,000 to $73,919,000 at December 31, 2005 as earnings outpaced a decline in accumulated other comprehensive income of $3,481,000. The decrease in accumulated comprehensive income is a reflection of a decline in market value, unrealized gains and losses, for our investment portfolio at December 31, 2005 as compared to December 31, 2004. The current level of shareholders’ equity equates to a book value per share of $18.59 as compared to $18.36 at December 31, 2004. During the three months ended December 31, 2005 a dividend of $0.41 per share was paid to shareholders in addition to a 6 for 5 stock split that occurred in December of this year prior to the cash dividend payment. The dividend represented a 21% increase over the regular dividend paid during
the comparable period of 2004 and an increase of 5% over the third quarter 2005 dividend. “During 2005 we strategically set out to increase shareholder value, in part, by providing a cash dividend for the year that would result in a return on investment at or exceeding four percent. Our continued strong earnings performance to date made it possible to accomplish this. Total cash dividends for the year increased from $1.47 per share in 2004 to $1.56 in 2005,” commented Mr. Walko. The range of closing prices for Penns Woods Bancorp, Inc. “PWOD” stock was between $36.67 and $39.76 during the three months ended December 31, 2005 and between $36.67 and $41.67 for the year ended December 31, 2005.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates twelve branch offices providing financial services in Lycoming, Clinton and Centre Counties. Investment and insurance products are offered through the bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.
NOTE: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by PWOD, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature. Because certain of these items and their impact on PWOD’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of PWOD’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are other than statements of historical fact. PWOD cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of PWOD herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on PWOD’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; and (v) the effect of changes in the business cycle and downturns in the local, regional or national economies.
Previous press releases and additional information can be obtained from the company’s website at
www.jssb.com.
THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(In Thousands, Except Share Data) | | December 31, | | December 31, | | | |
| | 2005 | | 2004 | | % Change | |
ASSETS: | | | | | | | |
Noninterest-bearing balances | | $ | 14,065 | | $ | 12,602 | | 11.6 | % |
Interest-bearing deposits in other financial institutions | | 25 | | 24 | | 4.2 | % |
Total cash and cash equivalents | | 14,090 | | 12,626 | | 11.6 | % |
| | | | | | | |
Investment securities, available for sale, at fair value | | 187,018 | | 184,163 | | 1.6 | % |
Investment securities held to maturity (fair value of $238 and $561) | | 265 | | 558 | | -52.5 | % |
Loans held for sale | | 3,545 | | 4,624 | | -23.3 | % |
Loans, net of unearned discount of $1,062 and $1,096 | | 338,438 | | 324,505 | | 4.3 | % |
Less: Allowance for loan and lease losses | | 3,679 | | 3,338 | | 10.2 | % |
Loans, net | | 334,759 | | 321,167 | | 4.2 | % |
| | | | | | | |
Premises and equipment, net | | 6,409 | | 4,882 | | 31.3 | % |
Accrued interest receivable | | 2,828 | | 2,246 | | 25.9 | % |
Bank-owned life insurance | | 10,718 | | 10,976 | | -2.4 | % |
Goodwill | | 3,032 | | 3,032 | | 0.0 | % |
Other assets | | 6,004 | | 2,429 | | 147.2 | % |
TOTAL ASSETS | | $ | 568,668 | | $ | 546,703 | | 4.0 | % |
| | | | | | | |
LIABILITIES: | | | | | | | |
Interest-bearing deposits | | $ | 281,150 | | $ | 282,786 | | -0.6 | % |
Noninterest-bearing deposits | | 71,379 | | 74,050 | | -3.6 | % |
Total deposits | | 352,529 | | 356,836 | | -1.2 | % |
| | | | | | | |
Short-term borrowings | | 54,003 | | 36,475 | | 48.1 | % |
Long-term borrowings, Federal Home Loan Bank(FHLB) | | 84,478 | | 75,878 | | 11.3 | % |
Accrued interest payable | | 1,108 | | 850 | | 30.4 | % |
Other liabilities | | 2,631 | | 3,499 | | -24.8 | % |
TOTAL LIABILITIES | | 494,749 | | 473,538 | | 4.5 | % |
| | | | | | | |
SHAREHOLDERS' EQUITY: | | | | | | | |
Common stock, par value $8.33, 10,000,000 shares authorized; 4,002,159 and 3,998,204 shares issued | | 33,351 | | 33,318 | | 0.1 | % |
Additional paid-in capital | | 17,772 | | 17,700 | | 0.4 | % |
Retained earnings | | 22,938 | | 18,262 | | 25.6 | % |
Accumulated other comprehensive gain | | 850 | | 4,331 | | -80.4 | % |
Less: Treasury stock at cost, 26,372 and 12,372 shares | | (992 | ) | (446 | ) | 122.4 | % |
TOTAL SHAREHOLDERS' EQUITY | | 73,919 | | 73,165 | | 1.0 | % |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 568,668 | | $ | 546,703 | | 4.0 | % |
Share data has been adjusted for a 6 for 5 stock split that occurred in 2005.
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
(In Thousands, Except Per Share Data) | | Three Months Ended | | Twelve Months Ended | |
| | December 31, | | December 31, | |
| | 2005 | | 2004 | | % Change | | 2005 | | 2004 | | % Change | |
INTEREST AND DIVIDEND INCOME: | | | | | | | | | | | | | |
Loans including fees | | $ | 6,051 | | $ | 5,785 | | 4.6 | % | $ | 23,121 | | $ | 21,363 | | 8.2 | % |
Investment Securities: | | | | | | | | | | | | | |
Taxable | | 931 | | 1,412 | | -34.1 | % | 4,376 | | 6,690 | | -34.6 | % |
Tax-exempt | | 977 | | 575 | | 69.9 | % | 3,223 | | 1,708 | | 88.7 | % |
Dividend | | 305 | | 392 | | -22.2 | % | 1,178 | | 1,186 | | -0.7 | % |
TOTAL INTEREST AND DIVIDEND INCOME | | 8,264 | | 8,164 | | 1.2 | % | 31,898 | | 30,947 | | 3.1 | % |
| | | | | | | | | | | | | |
INTEREST EXPENSE: | | | | | | | | | | | | | |
Deposits | | 1,623 | | 1,231 | | 31.8 | % | 5,774 | | 4,775 | | 20.9 | % |
Short-term borrowings | | 386 | | 172 | | 124.4 | % | 931 | | 539 | | 72.7 | % |
Long-term borrowings | | 965 | | 870 | | 10.9 | % | 3,676 | | 3,454 | | 6.4 | % |
TOTAL INTEREST EXPENSE | | 2,974 | | 2,273 | | 30.8 | % | 10,381 | | 8,768 | | 18.4 | % |
| | | | | | | | | | | | | |
NET INTEREST INCOME | | 5,290 | | 5,891 | | -10.2 | % | 21,517 | | 22,179 | | -3.0 | % |
| | | | | | | | | | | | | |
PROVISION FOR LOAN LOSSES | | 180 | | 150 | | 20.0 | % | 720 | | 465 | | 54.8 | % |
| | | | | | | | | | | | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | 5,110 | | 5,741 | | -11.0 | % | 20,797 | | 21,714 | | -4.2 | % |
| | | | | | | | | | | | | |
NON-INTEREST INCOME: | | | | | | | | | | | | | |
Service charges | | 625 | | 486 | | 28.6 | % | 2,228 | | 1,983 | | 12.4 | % |
Securities gains, net | | 336 | | 641 | | -47.6 | % | 2,190 | | 2,176 | | 0.6 | % |
Bank-owned life insurance | | 93 | | 24 | | 287.5 | % | 568 | | 294 | | 93.2 | % |
Insurance commissions | | 525 | | 486 | | 8.0 | % | 2,327 | | 2,282 | | 2.0 | % |
Other operating income | | 290 | | 270 | | 7.4 | % | 1,254 | | 1,214 | | 3.3 | % |
TOTAL NON-INTEREST INCOME | | 1,869 | | 1,907 | | -2.0 | % | 8,567 | | 7,949 | | 7.8 | % |
| | | | | | | | | | | | | |
NON-INTEREST EXPENSES: | | | | | | | | | | | | | |
Salaries and employee benefits | | 2,122 | | 2,124 | | -0.1 | % | 8,445 | | 7,937 | | 6.4 | % |
Occupancy expense, net | | 251 | | 255 | | -1.6 | % | 1,089 | | 959 | | 13.6 | % |
Furniture and equipment expense | | 256 | | 295 | | -13.2 | % | 973 | | 1,016 | | -4.2 | % |
Pennsylvania shares tax expense | | 132 | | 131 | | 0.8 | % | 549 | | 508 | | 8.1 | % |
Other operating expenses | | 1,148 | | 1,077 | | 6.6 | % | 4,183 | | 3,897 | | 7.3 | % |
TOTAL NON-INTEREST EXPENSES | | 3,909 | | 3,882 | | 0.7 | % | 15,239 | | 14,317 | | 6.4 | % |
| | | | | | | | | | | | | |
INCOME BEFORE INCOME TAX PROVISION | | 3,070 | | 3,766 | | -18.5 | % | 14,125 | | 15,346 | | -8.0 | % |
INCOME TAX PROVISION | | 592 | | 986 | | -40.0 | % | 3,224 | | 4,263 | | -24.4 | % |
NET INCOME | | $ | 2,478 | | $ | 2,780 | | -10.9 | % | $ | 10,901 | | $ | 11,083 | | -1.6 | % |
| | | | | | | | | | | | | |
EARNINGS PER SHARE - BASIC | | $ | 0.63 | | $ | 0.70 | | -10.0 | % | $ | 2.75 | | $ | 2.78 | | -0.9 | % |
| | | | | | | | | | | | | |
EARNINGS PER SHARE - DILUTED | | $ | 0.63 | | $ | 0.70 | | -10.0 | % | $ | 2.74 | | $ | 2.78 | | -1.3 | % |
| | | | | | | | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDING-BASIC | | 3,964,709 | | 3,983,120 | | -0.5 | % | 3,971,926 | | 3,990,008 | | -0.5 | % |
| | | | | | | | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDING-DILUTED | | 3,966,285 | | 3,987,323 | | -0.5 | % | 3,974,055 | | 3,994,352 | | -0.5 | % |
| | | | | | | | | | | | | |
DIVIDENDS PER SHARE | | $ | 0.41 | | $ | 0.59 | | -30.7 | % | $ | 1.56 | | $ | 1.47 | | 6.4 | % |
Share data has been adjusted for a 6 for 5 stock split that occurred in 2005.
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
| | For the Three Months Ended | |
| | December 31, 2005 | | December 31, 2004 | |
| | Average
Balance | | Interest | | Average
Rate | | Average
Balance | | Interest | | Average
Rate | |
ASSETS: | | | | | | | | | | | | | |
Tax-exempt loans | | $ | 7,981 | | $ | 121 | | 6.01 | % | $ | 1,282 | | $ | 20 | | 6.19 | % |
All other loans | | 331,159 | | 5,971 | | 7.15 | % | 322,550 | | 5,772 | | 7.10 | % |
Total loans | | 339,140 | | 6,092 | | 7.13 | % | 323,832 | | 5,792 | | 7.10 | % |
| | | | | | | | | | | | | |
Taxable securities | | 99,063 | | 1,236 | | 4.99 | % | 146,779 | | 1,804 | | 4.92 | % |
Tax-exempt securitites | | 89,707 | | 1,480 | | 6.60 | % | 47,469 | | 871 | | 7.34 | % |
Total securities | | 188,770 | | 2,716 | | 5.76 | % | 194,248 | | 2,675 | | 5.51 | % |
| | | | | | | | | | | | | |
Total interest-earning assets | | 527,910 | | 8,808 | | 6.64 | % | 518,080 | | 8,467 | | 6.50 | % |
| | | | | | | | | | | | | |
Other assets | | 37,850 | | | | | | 29,623 | | | | | |
| | | | | | | | | | | | | |
TOTAL ASSETS: | | $ | 565,760 | | | | | | $ | 547,703 | | | | | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | | | | |
Savings | | $ | 61,609 | | 118 | | 0.76 | % | $ | 69,855 | | 146 | | 0.83 | % |
Super Now deposits | | 48,016 | | 114 | | 0.94 | % | 57,138 | | 115 | | 0.80 | % |
Money market deposits | | 26,110 | | 106 | | 1.61 | % | 34,865 | | 100 | | 1.14 | % |
Time deposits | | 153,015 | | 1,285 | | 3.33 | % | 130,478 | | 870 | | 2.65 | % |
Total Deposits | | 288,750 | | 1,623 | | 2.23 | % | 292,336 | | 1,231 | | 1.67 | % |
| | | | | | | | | | | | | |
Short-term borrowings | | 42,501 | | 386 | | 3.60 | % | 32,535 | | 172 | | 2.10 | % |
Long-term borrowings | | 84,478 | | 965 | | 4.53 | % | 75,878 | | 870 | | 4.55 | % |
Total borrowings | | 126,979 | | 1,351 | | 4.22 | % | 108,413 | | 1,042 | | 3.81 | % |
| | | | | | | | | | | | | |
Total interest-bearing liabilities | | 415,729 | | 2,974 | | 2.84 | % | 400,749 | | 2,273 | | 2.25 | % |
| | | | | | | | | | | | | |
Demand deposits | | 71,049 | | | | | | 68,985 | | | | | |
Other liabilities | | 4,525 | | | | | | 4,756 | | | | | |
Shareholders’ equity | | 74,457 | | | | | | 73,213 | | | | | |
| | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 565,760 | | | | | | $ | 547,703 | | | | | |
Interest rate spread | | | | | | 3.80 | % | | | | | 4.25 | % |
Net interest income/margin | | | | $ | 5,834 | | 4.40 | % | | | $ | 6,194 | | 4.76 | % |
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
| | For the Twelve Months Ended | |
| | December 31, 2005 | | December 31, 2004 | |
| | Average
Balance | | Interest | | Average
Rate | | Average
Balance | | Interest | | Average
Rate | |
ASSETS: | | | | | | | | | | | | | |
Tax-exempt loans | | $ | 5,370 | | $ | 307 | | 5.72 | % | $ | 1,359 | | $ | 82 | | 6.03 | % |
All other loans | | 325,177 | | 22,919 | | 7.05 | % | 301,248 | | 21,309 | | 7.07 | % |
Total loans | | 330,547 | | 23,226 | | 7.03 | % | 302,607 | | 21,391 | | 7.07 | % |
| | | | | | | | | | | | | |
Taxable securities | | 115,041 | | 5,554 | | 4.83 | % | 170,876 | | 7,877 | | 4.61 | % |
Tax-exempt securitites | | 72,892 | | 4,882 | | 6.70 | % | 34,665 | | 2,586 | | 7.46 | % |
Total securities | | 187,933 | | 10,436 | | 5.55 | % | 205,541 | | 10,463 | | 5.09 | % |
| | | | | | | | | | | | | |
Total interest-earning assets | | 518,480 | | 33,662 | | 6.49 | % | 508,148 | | 31,854 | | 6.27 | % |
| | | | | | | | | | | | | |
Other assets | | 34,181 | | | | | | 29,498 | | | | | |
| | | | | | | | | | | | | |
TOTAL ASSETS: | | $ | 552,661 | | | | | | $ | 537,646 | | | | | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | | | | |
Savings | | $ | 64,795 | | 500 | | 0.77 | % | $ | 69,796 | | 578 | | 0.83 | % |
Super Now deposits | | 50,756 | | 438 | | 0.86 | % | 54,690 | | 391 | | 0.71 | % |
Money market deposits | | 29,317 | | 412 | | 1.41 | % | 35,164 | | 392 | | 1.11 | % |
Time deposits | | 146,391 | | 4,424 | | 3.02 | % | 130,340 | | 3,414 | | 2.62 | % |
Total Deposits | | 291,259 | | 5,774 | | 1.98 | % | 289,990 | | 4,775 | | 1.65 | % |
| | | | | | | | | | | | | |
Short-term borrowings | | 32,113 | | 931 | | 2.90 | % | 31,653 | | 539 | | 1.70 | % |
Long-term borrowings | | 80,820 | | 3,676 | | 4.55 | % | 75,727 | | 3,454 | | 4.56 | % |
Total borrowings | | 112,933 | | 4,607 | | 4.08 | % | 107,380 | | 3,993 | | 3.72 | % |
| | | | | | | | | | | | | |
Total interest-bearing liabilities | | 404,192 | | 10,381 | | 2.57 | % | 397,370 | | 8,768 | | 2.21 | % |
| | | | | | | | | | | | | |
Demand deposits | | 69,457 | | | | | | 64,434 | | | | | |
Other liabilities | | 4,058 | | | | | | 4,295 | | | | | |
Shareholders’ equity | | 74,954 | | | | | | 71,547 | | | | | |
| | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 552,661 | | | | | | $ | 537,646 | | | | | |
Interest rate spread | | | | | | 3.92 | % | | | | | 4.06 | % |
Net interest income/margin | | | | $ | 23,281 | | 4.49 | % | | | $ | 23,086 | | 4.54 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | Quarter Ended | |
(Dollars in Thousands, Except Per Share Data) | | 12/31/2005 | | 9/30/2005 | | 6/30/2005 | | 3/31/2005 | | 12/31/2004 | |
| | | | | | | | | | | |
Operating Data | | | | | | | | | | | |
| | | | | | | | | | | |
Net income | | $ | 2,478 | | $ | 2,948 | | $ | 2,760 | | $ | 2,715 | | $ | 2,780 | |
Net interest income | | 5,290 | | 5,412 | | 5,413 | | 5,402 | | 5,891 | |
Provision for loan losses | | 180 | | 180 | | 180 | | 180 | | 150 | |
Net security gains | | 336 | | 556 | | 687 | | 611 | | 641 | |
Non-interest income, excluding net security gains | | 1,533 | | 1,728 | | 1,610 | | 1,506 | | 1,266 | |
Non-interest expense | | 3,909 | | 3,822 | | 3,887 | | 3,621 | | 3,882 | |
| | | | | | | | | | | |
Performance Statistics | | | | | | | | | | | |
| | | | | | | | | | | |
Net interest margin | | 4.40 | % | 4.49 | % | 4.58 | % | 4.57 | % | 4.84 | % |
Annualized return on average assets | | 1.75 | % | 2.12 | % | 2.03 | % | 2.01 | % | 2.03 | % |
Annualized return on average equity | | 13.31 | % | 16.54 | % | 14.81 | % | 14.56 | % | 15.10 | % |
Annualized net loan charge-offs to avg loans | | -0.01 | % | 0.22 | % | 0.11 | % | 0.15 | % | 0.09 | % |
Net charge-offs (recoveries) | | (7 | ) | 180 | | 87 | | 119 | | 75 | |
Efficiency ratio | | 57.3 | | 53.5 | | 55.4 | | 52.4 | | 54.2 | |
| | | | | | | | | | | |
Per Share Data | | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings per share | | $ | 0.63 | | $ | 0.74 | | $ | 0.69 | | $ | 0.68 | | $ | 0.70 | |
Diluted earnings per share | | 0.63 | | 0.74 | | 0.69 | | 0.68 | | 0.70 | |
Dividend declared per share | | 0.41 | | 0.39 | | 0.38 | | 0.38 | | 0.59 | |
Book value | | 18.59 | | 18.69 | | 19.02 | | 18.04 | | 18.36 | |
Common stock price: | | | | | | | | | | | |
High | | 39.76 | | 38.30 | | 41.58 | | 41.67 | | 41.77 | |
Low | | 36.67 | | 36.76 | | 37.08 | | 38.58 | | 37.72 | |
Close | | 38.87 | | 37.50 | | 38.18 | | 40.84 | | 40.00 | |
Weighted average common shares: | | | | | | | | | | | |
Basic | | 3,965 | | 3,973 | | 3,974 | | 3,973 | | 3,983 | |
Fully Diluted | | 3,966 | | 3,974 | | 3,977 | | 3,976 | | 3,988 | |
End-of-period common shares: | | | | | | | | | | | |
Issued | | 4,002 | | 3,998 | | 3,998 | | 3,998 | | 3,998 | |
Treasury | | 26 | | 16 | | 12 | | 12 | | 12 | |
| | | | | | | | | | | | | | | | | | | |
Share data has been adjusted for a 6 for 5 stock split that occurred in 2005.
| | Quarter Ended | |
(Dollars in Thousands, Except Per Share Data) | | 12/31/2005 | | 9/30/2005 | | 6/30/2005 | | 3/31/2005 | | 12/31/2004 | |
| | | | | | | | | | | |
Financial Condition Data: | | | | | | | | | | | |
General | | | | | | | | | | | |
Total assets | | $ | 568,668 | | $ | 570,419 | | $ | 573,593 | | $ | 543,993 | | $ | 546,703 | |
Loans, net | | 334,759 | | 327,159 | | 324,378 | | 319,741 | | 321,167 | |
Intangibles | | 3,032 | | 3,032 | | 3,032 | | 3,032 | | 3,032 | |
Total deposits | | 352,529 | | 363,190 | | 382,274 | | 354,301 | | 356,836 | |
Noninterest-bearing | | 71,379 | | 72,053 | | 72,087 | | 72,708 | | 74,050 | |
| | | | | | | | | | | |
Savings | | 61,906 | | 67,858 | | 70,073 | | 69,097 | | 69,807 | |
NOW | | 48,678 | | 49,064 | | 54,977 | | 51,831 | | 55,211 | |
Money Market | | 24,446 | | 26,757 | | 29,745 | | 31,310 | | 32,377 | |
Time Deposits | | 146,120 | | 147,458 | | 155,392 | | 129,355 | | 125,391 | |
Total interest-bearing deposits | | 281,150 | | 291,137 | | 310,187 | | 281,593 | | 282,786 | |
| | | | | | | | | | | |
Core deposits* | | 206,409 | | 215,732 | | 226,882 | | 224,946 | | 231,445 | |
Shareholders’ equity | | 73,919 | | 74,490 | | 75,795 | | 71,911 | | 73,165 | |
| | | | | | | | | | | |
Asset Quality | | | | | | | | | | | |
| | | | | | | | | | | |
Non-performing assets | | $ | 602 | | $ | 1,056 | | $ | 1,721 | | $ | 1,343 | | $ | 1,725 | |
Non-performing assets to total assets | | 0.11 | % | 0.19 | % | 0.30 | % | 0.25 | % | 0.32 | % |
Allowance for loan losses | | 3,679 | | 3,492 | | 3,492 | | 3,399 | | 3,338 | |
Allowance for loan losses to total loans | | 1.09 | % | 1.06 | % | 1.07 | % | 1.05 | % | 1.03 | % |
Allowance for loan losses to non-performing loans | | 611.13 | % | 330.68 | % | 202.91 | % | 253.09 | % | 193.51 | % |
Non-performing loans to total loans | | 0.18 | % | 0.32 | % | 0.52 | % | 0.42 | % | 0.53 | % |
| | | | | | | | | | | |
Capitalization | | | | | | | | | | | |
| | | | | | | | | | | |
Shareholders’ equity to total assets | | 13.00 | % | 13.06 | % | 13.21 | % | 13.22 | % | 13.38 | % |
* Core deposits are defined as total deposits less time deposits
