Exhibit 99.1
Press Release – For Immediate Release
April 20, 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
email-jssb@jssb.com
Penns Woods Bancorp, Inc. Reports First Quarter 2006 Earnings
Jersey Shore, PA – Penns Woods Bancorp, Inc. (NASDAQ:PWOD) today reported net income for the three months ended March 31, 2006 of $2,455,000 compared to $2,715,000 for the same period of 2005, with basic and dilutive earnings per share of $0.62 and $0.68, respectively. Return on average assets and average equity were 1.72% and 13.24%, respectively, for the three months ended March 31, 2006 as compared to 2.01% and 14.56% for the corresponding period of 2005.
Net income from core operations (“operating earnings”), which excludes net security gains, amounted to $2,086,000 for the three months ended March 31, 2006, or a 9.7% decline when compared to operating earnings of $2,312,000 for the same period of 2005. Comparatively, earnings in 2006 have been impacted by increased operating costs due in part to the opening of our North Atherton Street branch in State College in May 2005, operational staff additions, and the decline in the net interest margin. The decline in the net interest margin is due to the continued market interest rate increases initiated by the Federal Open Market Committee.
The net interest margin for the three months ended March 31, 2006 was 4.08%, compared to 4.40% for the corresponding period of 2005. The decrease in the net interest margin is due primarily to a 76 basis point increase in the cost of interest-bearing liabilities, offset by an increase of 30 basis points in the earning asset yield.
“Strategically during 2005, we began shifting the mix of the investment portfolio from taxable agencies to tax-exempt municipal bonds. This shift not only has increased the tax equivalent yield on the investment portfolio, but has also provided call protection and aides in reducing our overall effective federal income tax rate,” commented Ronald A. Walko, President and Chief Executive Officer of Penns Woods Bancorp, Inc.
Total assets increased $35,404,000 or 6.5% to $579,397,000 at March 31, 2006. A continued emphasis on quality loan origination has led to net growth in the loan portfolio of $22,872,000, or 7.1% since March 31, 2005. The majority of the loan growth has occurred in the commercial real estate portion of the loan portfolio. The investment
portfolio increased $9,325,000 as the tax-exempt segment of the portfolio was expanded to provide call protection for the portfolio and to reduce the interest rate sensitivity in the portfolio. In addition, a significant investment in the construction of low-income housing units was undertaken during the third quarter of 2005 and into the first quarter of 2006 as part of the company’s strategic commitment to the communities where it provides banking services.
“During the first quarter several strategic initiatives that will extend our service capabilities to both our current and prospective customers were begun. We broke ground and began construction on our newest office in Montoursville, which is anticipated to open by late summer of 2006. We also began the development of more comprehensive cash management and merchant card service and product lines, which are supported by a dedicated electronic banking team. We have also recently launched a new home equity line of credit product that has been well received. It was developed to meet our customers needs.” stated Mr. Walko.
Shareholders’ equity increased $1,904,000 to $73,815,000 at March 31, 2006 as earnings outpaced cash dividends to shareholders, treasury stock purchases, and a decline in accumulated other comprehensive income of $581,000. The decrease in accumulated comprehensive income is the result of a temporary decline in market value, or net unrealized gains, of the investment portfolio at March 31, 2006 as compared to March 31, 2005. The current level of shareholders’ equity equates to a book value per share of $18.73 as compared to $18.04 at March 31, 2005. During the three months ended March 31, 2006 a dividend of $0.42 per share was paid to shareholders. The dividend represented an 11% increase over the regular dividend paid during the comparable period of 2005 and an increase of $0.01 over the fourth quarter 2005 dividend. “Our objective continues to be the maintenance of an acceptable return on investment for our shareholders. Presently, by providing a cash dividend that results in a return that has consistently exceeded four percent is one way that we strive to meet that objective. Our continued strong earnings performance to date has made this possible,” commented Mr. Walko. The range of closing prices for Penns Woods Bancorp, Inc. “PWOD” stock was between $37.75 and $38.75 during the three months ended March 31, 2006.
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)
|
| March 31, |
| ||||||
(In Thousands, Except Share Data) |
| 2006 |
| 2005 |
| % Change |
| ||
|
|
|
|
|
|
|
| ||
ASSETS: |
|
|
|
|
|
|
| ||
Noninterest-bearing balances |
| $ | 14,858 |
| $ | 17,314 |
| -14.2 | % |
Interest-bearing deposits in other financial institutions |
| 24 |
| 30 |
| -20.0 | % | ||
Total cash and cash equivalents |
| 14,882 |
| 17,344 |
| -14.2 | % | ||
|
|
|
|
|
|
|
| ||
Investment securities, available for sale, at fair value |
| 187,425 |
| 178,071 |
| 5.3 | % | ||
Investment securities held to maturity (fair value of $284 and $307) |
| 280 |
| 309 |
| -9.4 | % | ||
Loans held for sale |
| 2,925 |
| 2,575 |
| 13.6 | % | ||
Loans |
| 346,012 |
| 323,140 |
| 7.1 | % | ||
Less: Allowance for loan losses |
| 3,834 |
| 3,399 |
| 12.8 | % | ||
Loans, net |
| 342,178 |
| 319,741 |
| 7.0 | % | ||
Premises and equipment, net |
| 6,531 |
| 5,588 |
| 16.9 | % | ||
Accrued interest receivable |
| 2,610 |
| 2,208 |
| 18.2 | % | ||
Bank-owned life insurance |
| 10,806 |
| 11,070 |
| -2.4 | % | ||
Investment in limited partnerships |
| 4,960 |
| 492 |
| 908.1 | % | ||
Goodwill |
| 3,032 |
| 3,032 |
| 0.0 | % | ||
Other assets |
| 3,768 |
| 3,563 |
| 5.8 | % | ||
TOTAL ASSETS |
| $ | 579,397 |
| $ | 543,993 |
| 6.5 | % |
|
|
|
|
|
|
|
| ||
LIABILITIES: |
|
|
|
|
|
|
| ||
Interest-bearing deposits |
| $ | 293,317 |
| $ | 281,593 |
| 4.2 | % |
Noninterest-bearing deposits |
| 74,329 |
| 72,708 |
| 2.2 | % | ||
Total deposits |
| 367,646 |
| 354,301 |
| 3.8 | % | ||
|
|
|
|
|
|
|
| ||
Short-term borrowings |
| 49,394 |
| 37,262 |
| 32.6 | % | ||
Long-term borrowings, Federal Home Loan Bank (FHLB) |
| 82,878 |
| 74,478 |
| 11.3 | % | ||
Accrued interest payable |
| 1,096 |
| 862 |
| 27.1 | % | ||
Other liabilities |
| 4,568 |
| 5,179 |
| -11.8 | % | ||
TOTAL LIABILITIES |
| 505,582 |
| 472,082 |
| 7.1 | % | ||
|
|
|
|
|
|
|
| ||
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
| ||
Common stock, par value $8.33, 10,000,000 shares authorized; 4,002,159 and 3,998,615 shares issued |
| 33,351 |
| 33,322 |
| 0.1 | % | ||
Additional paid-in capital |
| 17,772 |
| 17,707 |
| 0.4 | % | ||
Retained earnings |
| 23,727 |
| 19,481 |
| 21.8 | % | ||
Accumulated other comprehensive income |
| 1,266 |
| 1,847 |
| -31.5 | % | ||
Less: Treasury stock at cost, 60,372 and 12,372 shares |
| (2,301 | ) | (446 | ) | 415.9 | % | ||
TOTAL SHAREHOLDERS’ EQUITY |
| 73,815 |
| 71,911 |
| 2.6 | % | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 579,397 |
| $ | 543,993 |
| 6.5 | % |
Share data has been adjusted for a 6 for 5 stock split that occurred in the fourth quarter of 2005.
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
|
| Three Months Ended |
| ||||||
|
| March 31, |
| ||||||
(In Thousands, Except Per Share Data) |
| 2006 |
| 2005 |
| % Change |
| ||
|
|
|
|
|
|
|
| ||
INTEREST AND DIVIDEND INCOME: |
|
|
|
|
|
|
| ||
Loans including fees |
| $ | 5,809 |
| $ | 5,284 |
| 9.9 | % |
Investment Securities: |
|
|
|
|
|
|
| ||
Taxable |
| 923 |
| 1,264 |
| -27.0 | % | ||
Tax-exempt |
| 989 |
| 589 |
| 67.9 | % | ||
Dividend |
| 301 |
| 298 |
| 1.0 | % | ||
TOTAL INTEREST AND DIVIDEND INCOME |
| 8,022 |
| 7,435 |
| 7.9 | % | ||
|
|
|
|
|
|
|
| ||
INTEREST EXPENSE: |
|
|
|
|
|
|
| ||
Deposits |
| 1,837 |
| 1,194 |
| 53.9 | % | ||
Short-term borrowings |
| 406 |
| 202 |
| 101.0 | % | ||
Long-term borrowings |
| 946 |
| 853 |
| 10.9 | % | ||
TOTAL INTEREST EXPENSE |
| 3,189 |
| 2,249 |
| 41.8 | % | ||
|
|
|
|
|
|
|
| ||
NET INTEREST INCOME |
| 4,833 |
| 5,186 |
| -6.8 | % | ||
|
|
|
|
|
|
|
| ||
PROVISION FOR LOAN LOSSES |
| 198 |
| 180 |
| 10.0 | % | ||
|
|
|
|
|
|
|
| ||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
| 4,635 |
| 5,006 |
| -7.4 | % | ||
|
|
|
|
|
|
|
| ||
NON-INTEREST INCOME: |
|
|
|
|
|
|
| ||
Deposit service charges |
| 590 |
| 455 |
| 29.7 | % | ||
Securities gains, net |
| 559 |
| 611 |
| -8.5 | % | ||
Bank-owned life insurance |
| 88 |
| 94 |
| -6.4 | % | ||
Gain on sale of loans |
| 150 |
| 190 |
| -21.1 | % | ||
Insurance commissions |
| 560 |
| 643 |
| -12.9 | % | ||
Other operating income |
| 390 |
| 314 |
| 24.2 | % | ||
TOTAL NON-INTEREST INCOME |
| 2,337 |
| 2,307 |
| 1.3 | % | ||
|
|
|
|
|
|
|
| ||
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
| ||
Salaries and employee benefits |
| 2,232 |
| 1,994 |
| 11.9 | % | ||
Occupancy expense, net |
| 243 |
| 291 |
| -16.5 | % | ||
Furniture and equipment expense |
| 297 |
| 221 |
| 34.4 | % | ||
Pennsylvania shares tax expense |
| 145 |
| 139 |
| 4.3 | % | ||
Other expenses |
| 1,034 |
| 950 |
| 8.8 | % | ||
TOTAL NON-INTEREST EXPENSE |
| 3,951 |
| 3,595 |
| 9.9 | % | ||
|
|
|
|
|
|
|
| ||
INCOME BEFORE INCOME TAX PROVISION |
| 3,021 |
| 3,718 |
| -18.7 | % | ||
INCOME TAX PROVISION |
| 566 |
| 1,003 |
| -43.6 | % | ||
NET INCOME |
| $ | 2,455 |
| $ | 2,715 |
| -9.6 | % |
|
|
|
|
|
|
|
| ||
EARNINGS PER SHARE - BASIC |
| $ | 0.62 |
| $ | 0.68 |
| -8.8 | % |
EARNINGS PER SHARE - DILUTED |
| $ | 0.62 |
| $ | 0.68 |
| -8.8 | % |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
| 3,934,915 |
| 3,973,526 |
| -1.0 | % | ||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
| 3,935,400 |
| 3,976,106 |
| -1.0 | % | ||
DIVIDENDS PER SHARE |
| $ | 0.42 |
| $ | 0.38 |
| 10.5 | % |
Share data has been adjusted for a 6 for 5 stock split that occurred in the fourth quarter of 2005.
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
|
| For the Three Months Ended |
| ||||||||||||||
|
| March 31, 2006 |
| March 31, 2005 |
| ||||||||||||
|
| Average Balance |
| Interest |
| Average Rate |
| Average Balance |
| Interest |
| Average Rate |
| ||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Tax-exempt loans |
| $ | 8,163 |
| $ | 127 |
| 6.31 | % | $ | 1,421 |
| $ | 21 |
| 5.99 | % |
All other loans |
| 334,985 |
| 5,725 |
| 6.93 | % | 325,426 |
| 5,270 |
| 6.57 | % | ||||
Total loans |
| 343,148 |
| 5,852 |
| 6.92 | % | 326,847 |
| 5,291 |
| 6.57 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Taxable securities |
| 97,648 |
| 1,224 |
| 5.01 | % | 128,284 |
| 1,562 |
| 4.87 | % | ||||
Tax-exempt securities |
| 91,150 |
| 1,498 |
| 6.58 | % | 48,279 |
| 892 |
| 7.39 | % | ||||
Total securities |
| 188,798 |
| 2,722 |
| 5.77 | % | 176,563 |
| 2,454 |
| 5.56 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total interest-earning assets |
| 531,946 |
| 8,574 |
| 6.51 | % | 503,410 |
| 7,745 |
| 6.21 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Other assets |
| 37,576 |
|
|
|
|
| 37,715 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TOTAL ASSETS: |
| $ | 569,522 |
|
|
|
|
| $ | 541,125 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Savings |
| $ | 62,715 |
| 120 |
| 0.78 | % | $ | 66,930 |
| 131 |
| 0.79 | % | ||
Super Now deposits |
| 48,163 |
| 150 |
| 1.26 | % | 53,505 |
| 107 |
| 0.81 | % | ||||
Money Market deposits |
| 25,124 |
| 115 |
| 1.86 | % | 32,560 |
| 91 |
| 1.13 | % | ||||
Time deposits |
| 159,994 |
| 1,452 |
| 3.68 | % | 128,968 |
| 865 |
| 2.72 | % | ||||
Total Deposits |
| 295,996 |
| 1,837 |
| 2.52 | % | 281,963 |
| 1,194 |
| 1.72 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Short-term borrowings |
| 41,152 |
| 406 |
| 4.00 | % | 36,398 |
| 202 |
| 2.25 | % | ||||
Long-term borrowings |
| 84,336 |
| 946 |
| 4.55 | % | 75,754 |
| 853 |
| 4.57 | % | ||||
Total borrowings |
| 125,488 |
| 1,352 |
| 4.37 | % | 112,152 |
| 1,055 |
| 3.82 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total interest-bearing liabilities |
| 421,484 |
| 3,189 |
| 3.07 | % | 394,115 |
| 2,249 |
| 2.31 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 68,447 |
|
|
|
|
| 68,205 |
|
|
|
|
| ||||
Other liabilities |
| 5,416 |
|
|
|
|
| 4,200 |
|
|
|
|
| ||||
Shareholders’ equity |
| 74,175 |
|
|
|
|
| 74,605 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 569,522 |
|
|
|
|
| $ | 541,125 |
|
|
|
|
| ||
Interest rate spread |
|
|
|
|
| 3.44 | % |
|
|
|
| 3.90 | % | ||||
Net interest income/margin |
|
|
| $ | 5,385 |
| 4.08 | % |
|
| $ | 5,496 |
| 4.40 | % |
|
| For the Three Months Ended |
| ||||
|
| March 31, |
| ||||
|
| 2006 |
| 2005 |
| ||
|
|
|
|
|
| ||
Total interest income |
| $ | 8,022 |
| $ | 7,435 |
|
Total interest expense |
| 3,189 |
| 2,249 |
| ||
Net interest income |
| 4,833 |
| 5,186 |
| ||
Tax equivalent adjustment |
| 552 |
| 310 |
| ||
Net interest income (fully taxable equivalent) |
| $ | 5,385 |
| $ | 5,496 |
|
Quarter Ended
(Dollars in Thousands, Except Per Share Data) |
| 3/31/2006 |
| 12/31/2005 |
| 9/30/2005 |
| 6/30/2005 |
| 3/31/2005 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 2,455 |
| $ | 2,478 |
| $ | 2,948 |
| $ | 2,760 |
| $ | 2,715 |
|
Net interest income |
| 4,833 |
| 5,024 |
| 5,115 |
| 5,197 |
| 5,186 |
| |||||
Provision for loan losses |
| 198 |
| 180 |
| 180 |
| 180 |
| 180 |
| |||||
Net security gains |
| 559 |
| 336 |
| 556 |
| 687 |
| 611 |
| |||||
Non-interest income, excluding net security gains |
| 1,778 |
| 1,766 |
| 1,991 |
| 1,788 |
| 1,696 |
| |||||
Non-interest expense |
| 3,951 |
| 3,876 |
| 3,788 |
| 3,849 |
| 3,595 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Performance Statistics |
|
|
|
|
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|
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|
|
|
| |||||
|
|
|
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|
|
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|
|
|
|
| |||||
Net interest margin |
| 4.08 | % | 4.22 | % | 4.29 | % | 4.40 | % | 4.40 | % | |||||
Annualized return on average assets |
| 1.72 | % | 1.75 | % | 2.12 | % | 2.03 | % | 2.01 | % | |||||
Annualized return on average equity |
| 13.24 | % | 13.31 | % | 16.54 | % | 14.81 | % | 14.56 | % | |||||
Annualized net loan charge-offs to avg loans |
| 0.05 | % | -0.01 | % | 0.22 | % | 0.11 | % | 0.15 | % | |||||
Net charge-offs (recoveries) |
| 43 |
| (7 | ) | 180 |
| 87 |
| 119 |
| |||||
Efficiency ratio |
| 59.8 |
| 57.3 |
| 53.5 |
| 55.4 |
| 52.4 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic earnings per share |
| $ | 0.62 |
| $ | 0.63 |
| $ | 0.74 |
| $ | 0.70 |
| $ | 0.68 |
|
Diluted earnings per share |
| 0.62 |
| 0.62 |
| 0.74 |
| 0.70 |
| 0.68 |
| |||||
Dividend declared per share |
| 0.42 |
| 0.41 |
| 0.39 |
| 0.38 |
| 0.38 |
| |||||
Book value |
| 18.73 |
| 18.59 |
| 18.69 |
| 19.02 |
| 18.04 |
| |||||
Common stock price: |
|
|
|
|
|
|
|
|
|
|
| |||||
High |
| 38.75 |
| 39.76 |
| 38.30 |
| 41.58 |
| 41.67 |
| |||||
Low |
| 37.75 |
| 36.67 |
| 36.76 |
| 37.08 |
| 38.58 |
| |||||
Close |
| 37.95 |
| 38.87 |
| 37.50 |
| 38.18 |
| 40.84 |
| |||||
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 3,935 |
| 3,965 |
| 3,973 |
| 3,974 |
| 3,973 |
| |||||
Fully Diluted |
| 3,935 |
| 3,966 |
| 3,974 |
| 3,977 |
| 3,976 |
| |||||
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
| |||||
Issued |
| 4,002 |
| 4,002 |
| 3,998 |
| 3,998 |
| 3,999 |
| |||||
Treasury |
| 60 |
| 26 |
| 16 |
| 12 |
| 12 |
|
(Dollars in Thousands, Except Per Share Data) |
| 3/31/2006 |
| 12/31/2005 |
| 9/30/2005 |
| 6/30/2005 |
| 3/31/2005 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financial Condition Data: |
|
|
|
|
|
|
|
|
|
|
| |||||
General |
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
| $ | 579,397 |
| $ | 568,668 |
| $ | 570,419 |
| $ | 573,593 |
| $ | 543,993 |
|
Loans, net |
| 342,178 |
| 334,759 |
| 327,159 |
| 324,378 |
| 319,741 |
| |||||
Intangibles |
| 3,032 |
| 3,032 |
| 3,032 |
| 3,032 |
| 3,032 |
| |||||
Total deposits |
| 367,646 |
| 352,529 |
| 363,190 |
| 382,274 |
| 354,301 |
| |||||
Noninterest-bearing |
| 74,329 |
| 71,379 |
| 72,053 |
| 72,087 |
| 72,708 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Savings |
| 64,260 |
| 61,906 |
| 67,858 |
| 70,073 |
| 69,097 |
| |||||
NOW |
| 50,957 |
| 48,678 |
| 49,064 |
| 54,977 |
| 51,831 |
| |||||
Money Market |
| 24,658 |
| 24,446 |
| 26,757 |
| 29,745 |
| 31,310 |
| |||||
Time Deposits |
| 153,442 |
| 146,120 |
| 147,458 |
| 155,392 |
| 129,355 |
| |||||
Total interest-bearing deposits |
| 293,317 |
| 281,150 |
| 291,137 |
| 310,187 |
| 281,593 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Core deposits* |
| 214,204 |
| 206,409 |
| 215,732 |
| 226,882 |
| 224,946 |
| |||||
Shareholders’ equity |
| 73,815 |
| 73,919 |
| 74,490 |
| 75,795 |
| 71,911 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Asset Quality |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-performing assets |
| $ | 766 |
| $ | 602 |
| $ | 1,056 |
| $ | 1,721 |
| $ | 1,343 |
|
Non-performing assets to total assets |
| 0.13 | % | 0.11 | % | 0.19 | % | 0.30 | % | 0.25 | % | |||||
Allowance for loan losses |
| 3,834 |
| 3,679 |
| 3,492 |
| 3,492 |
| 3,399 |
| |||||
Allowance for loan losses to total loans |
| 1.11 | % | 1.09 | % | 1.06 | % | 1.07 | % | 1.05 | % | |||||
Allowance for loan losses to non-performing loans |
| 500.52 | % | 611.13 | % | 330.68 | % | 202.91 | % | 253.09 | % | |||||
Non-performing loans to total loans |
| 0.22 | % | 0.18 | % | 0.32 | % | 0.52 | % | 0.42 | % | |||||
|
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|
|
|
|
|
|
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| |||||
Capitalization |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shareholders’ equity to total assets |
| 12.74 | % | 13.00 | % | 13.06 | % | 13.21 | % | 13.22 | % |
* Core deposits are defined as total deposits less time deposits