Penns Woods Bancorp, Inc. Reports Second Quarter 2006 Earnings.JERSEY SHORE, Pa. -- Penns Penns may refer to:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PWOD) today reported net income for the three and six months ended June June: see month. 30, 2006 of $2,434,000 and $4,889,000 compared to $2,760,000 and $5,475,000 for the same periods of 2005. Basic and dilutive earnings per share for the three months ended June 30, 2006 were $0.63 as compared to $0.70 for the three months ended June 30, 2005. The six months ended June 30, 2006 had basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.25 as compared to $1.38 for the six months ended June 30, 2005. Return on average assets and return on average equity were 1.70% and 13.34% for the three months ended June 30, 2006 as compared to 2.02% and 14.81% for the corresponding periods of 2005. The six months ended June 30, 2006 earnings results correlate to a return on average assets and return on average equity of 1.71% and 13.12% as compared to 2.02% and 14.68% for the six months ended June 30, 2005. Net income from core operations ("operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before "), which excludes net security gains, amounted to $2,259,000 and $4,345,000 for the three and six months ended June 30, 2006 as compared to operating earnings of $2,307,000 and $4,618,000 for the same periods of 2005. Comparatively, earnings in 2006 have been impacted by a decline in the net interest margin, increased operating costs operating costs npl → gastos mpl operacionales due in part to the opening of our North Atherton Street branch in State College in May 2005, and by operational growth. The decline in the net interest margin is due to the continued market interest rate increases initiated by the Federal Open Market Committee ("FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). "). The net interest margin for the three and six months ended June 30, 2006 was 4.12% and 4.10%, compared to 4.41% and 4.39% for the corresponding periods of 2005. The decrease in the net interest margin for the three and six month periods was due to the cost of interest bearing liabilities increasing at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. twice the rate of the increase in the yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . The increase in the cost of interest bearing liabilities was driven by the FOMC rate increases over the past year, which led to the cost of time deposits and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings increasing 87 bp and 188 bp, respectively, for the three month period and 89 bp and 189 bp, respectively, for the six month period. "We continue to develop strategies and products to further enhance the core earnings of the company and ultimately to enhance shareholder value. Despite the continuing margin compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. we were able to maintain the quarterly core earnings at a level comparable to the prior year. This was accomplished by shifting earning assets from the investment portfolio to the loan portfolio, implementation of an overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers protection program, and a continued watchful watch·ful adj. 1. Closely observant or alert; vigilant: kept a watchful eye on the clock. See Synonyms at aware, careful. 2. Archaic Not sleeping; awake. eye on expenses. In addition, we continue to expand on our small business deposit services, such as cash management, internet banking, and merchant card programs. In response to our customer requests, we also expect to roll out new retail deposit products and services during the early part of the third quarter. We also expect to hit the ground running with the Montoursville branch as the staff has been actively involved with community organizations and events while attracting new customers and familiarizing fa·mil·iar·ize tr.v. fa·mil·iar·ized, fa·mil·iar·iz·ing, fa·mil·iar·iz·es 1. To make known, recognized, or familiar. 2. To make acquainted with. themselves with our current Montoursville customer base. The office will provide greater convenience to the businesses and residents of Montoursville that currently conduct their banking activities at the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. offices," commented Ronald A. Walko, President and Chief Executive Officer of Penns Woods Bancorp, Inc. Total assets increased $2,712,000 to $576,305,000 at June 30, 2006 as compared to June 30, 2005. A continued emphasis on quality loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. has led to net growth in the loan portfolio of $18,196,000, or 5.6% since June 30, 2005. The majority of the loan growth has occurred in the commercial real estate portion of the portfolio. Strategically the investment portfolio was reduced $22,834,000 to meet the funding needs of new higher yielding commercial loans. In addition, a significant investment in the construction of low-income low-in·come adj. Of or relating to individuals or households supported by an income that is below average. housing units was undertaken during the third quarter of 2005 and into 2006 as part of the company's strategic commitment to the communities where it provides banking services. Noninterest bearing deposits increased 3.1% to $74,310,000 at June 30, 2006 as compared to June 30, 2005, while interest bearing deposits decreased 2.4% over the same time period. Short-term borrowings increased strategically as they replaced the temporary decrease in interest bearing deposits, which was predominately the result of the roll off of $15,400,000 in certificates of deposit of one local governmental entity. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. decreased $4,163,000 to $71,632,000 at June 30, 2006 due to a significant decline in accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. comprehensive income of $5,765,000 and the strategic purchase of $2,243,000 in treasury stock as part of the previously announced stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. plan. The decrease in accumulated comprehensive income is the result of a temporary decline in market value, or net unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. , of the investment portfolio at June 30, 2006 as compared to June 30, 2005. The current level of shareholders' equity equates to a book value per share of $18.22 as compared to $19.02 at June 30, 2005. During the six months ended June 30, 2006 dividends of $0.85 per share were paid to shareholders. The dividends represented a 12% increase or $0.09 per share over the dividends paid during the comparable period of 2005. "The dividends paid to date during 2006 met our continued objective to provide a cash dividend resulting in a return exceeding four percent. We have also increased the frequency of our stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. on the open market. Through the first six months of 2006 we have purchased 44,000 shares on the open market as compared to 14,000 during the entire year of 2005. The continued strength of our earnings has allowed us to continue and maintain these programs," commented Mr. Walko. The range of closing prices for Penns Woods Bancorp, Inc. "PWOD" stock was between $36.50 and $39.50 during the three and six months ended June 30, 2006. Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates twelve branch offices providing financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in Lycoming Lycoming may refer to the following,all of which are at least partly in Lycoming County, Pennsylvania in the United States:
1 Town (1990 pop. 12,767), Middlesex co., S Conn., on Long Island Sound; settled 1663, set off from Killingworth and inc. 1838. The school that later became Yale opened here in 1702. , and Centre Counties. Investment and insurance products are offered through the bank's subsidiary, The M Group, Inc. D/B/A D/B/A Doing Business As The Comprehensive Financial Group. NOTE: This press release contains financial information determined by methods other than in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. as well as by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , 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 out-of-state adj. Of, relating to, or being from another 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 year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. AUDIT ADJUSTMENT
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(In Thousands, Except Share Data) June 30
-----------------------------
2006 2005 % Change
--------- --------- ---------
ASSETS
Noninterest-bearing balances $ 14,181 $ 16,945 -16.3%
Interest-bearing deposits in other
financial institutions 27 25 8.0%
--------- --------- ---------
Total cash and cash equivalents 14,208 16,970 -16.3%
Investment securities, available for
sale, at fair value 180,553 203,400 -11.2%
Investment securities held to maturity
(fair value of $284 and $286) 281 268 4.9%
Loans held for sale 5,777 4,073 41.8%
Loans 346,569 327,870 5.7%
Less: Allowance for loan losses 3,995 3,492 14.4%
--------- --------- ---------
Loans, net 342,574 324,378 5.6%
Premises and equipment, net 6,605 5,851 12.9%
Accrued interest receivable 2,649 2,342 13.1%
Bank-owned life insurance 10,896 11,163 -2.4%
Investment in limited partnerships 4,988 470 961.3%
Goodwill 3,032 3,032 0.0%
Other assets 4,742 1,646 188.1%
--------- --------- ---------
TOTAL ASSETS $576,305 $573,593 0.5%
========= ========= =========
LIABILITIES
Interest-bearing deposits $302,634 $310,187 -2.4%
Noninterest-bearing deposits 74,310 72,087 3.1%
--------- --------- ---------
Total deposits 376,944 382,274 -1.4%
Short-term borrowings 40,925 21,245 92.6%
Long-term borrowings, Federal Home Loan
Bank (FHLB) 82,878 84,478 -1.9%
Accrued interest payable 1,171 1,050 11.5%
Other liabilities 2,755 8,751 -68.5%
--------- --------- ---------
TOTAL LIABILITIES 504,673 497,798 1.4%
--------- --------- ---------
SHAREHOLDERS' EQUITY
Common stock, par value $8.33,
10,000,000 shares authorized; 4,002,159
and 3,998,878 shares issued 33,351 33,324 0.1%
Additional paid-in capital 17,772 17,711 0.3%
Retained earnings 24,471 20,714 18.1%
Accumulated other comprehensive income
(loss) (1,273) 4,492 -128.3%
Less: Treasury stock at cost, 70,372
and 12,372 shares (2,689) (446) 502.9%
--------- --------- ---------
TOTAL SHAREHOLDERS' EQUITY 71,632 75,795 -5.5%
--------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $576,305 $573,593 0.5%
========= ========= =========
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)
(In Thousands, Except Per Share
Data) Three Months Ended
June 30,
-----------------------------------
2006 2005 % Change
----------- ----------- -----------
INTEREST AND DIVIDEND INCOME:
Loans including fees $ 6,086 $ 5,455 11.6%
Investment Securities:
Taxable 896 1,214 -26.2%
Tax-exempt 1,000 688 45.3%
Dividend 365 297 22.9%
----------- ----------- -----------
TOTAL INTEREST AND DIVIDEND INCOME 8,347 7,654 9.1%
----------- ----------- -----------
INTEREST EXPENSE:
Deposits 1,968 1,420 38.6%
Short-term borrowings 509 144 253.5%
Long-term borrowings, FHLB 944 893 5.7%
----------- ----------- -----------
TOTAL INTEREST EXPENSE 3,421 2,457 39.2%
----------- ----------- -----------
NET INTEREST INCOME 4,926 5,197 -5.2%
PROVISION FOR LOAN LOSSES 198 180 10.0%
----------- ----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 4,728 5,017 -5.8%
----------- ----------- -----------
NON-INTEREST INCOME:
Deposit service charges 587 536 9.5%
Securities gains, net 265 687 -61.4%
Bank-owned life insurance 90 93 -3.2%
Gain on sale of loans 210 178 18.0%
Insurance commissions 670 652 2.8%
Other 394 329 19.8%
----------- ----------- -----------
TOTAL NON-INTEREST INCOME 2,216 2,475 -10.5%
----------- ----------- -----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 2,214 2,135 3.7%
Occupancy, net 275 286 -3.8%
Furniture and equipment 288 234 23.1%
Pennsylvania shares tax 151 140 7.9%
Other 1,150 1,054 9.1%
----------- ----------- -----------
TOTAL NON-INTEREST EXPENSE 4,078 3,849 5.9%
----------- ----------- -----------
INCOME BEFORE INCOME TAX PROVISION 2,866 3,643 -21.3%
INCOME TAX PROVISION 432 883 -51.1%
----------- ----------- -----------
NET INCOME $ 2,434 $ 2,760 -11.8%
=========== =========== ===========
EARNINGS PER SHARE - BASIC $ 0.63 $ 0.70 -10.0%
=========== =========== ===========
EARNINGS PER SHARE - DILUTED $ 0.63 $ 0.70 -10.0%
=========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC 3,879,052 3,973,988 -2.4%
=========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED 3,879,539 3,976,255 -2.4%
=========== =========== ===========
DIVIDENDS PER SHARE $ 0.43 $ 0.38 13.2%
=========== =========== ===========
(In Thousands, Except Per Share
Data) Six Months Ended
June 30,
-----------------------------------
2006 2005 % Change
----------- ----------- -----------
INTEREST AND DIVIDEND INCOME:
Loans including fees $ 11,895 $ 10,739 10.8%
Investment Securities:
Taxable 1,819 2,478 -26.6%
Tax-exempt 1,989 1,277 55.8%
Dividend 666 595 11.9%
----------- ----------- -----------
TOTAL INTEREST AND DIVIDEND INCOME 16,369 15,089 8.5%
----------- ----------- -----------
INTEREST EXPENSE:
Deposits 3,805 2,614 45.6%
Short-term borrowings 915 346 164.5%
Long-term borrowings, FHLB 1,890 1,746 8.2%
----------- ----------- -----------
TOTAL INTEREST EXPENSE 6,610 4,706 40.5%
----------- ----------- -----------
NET INTEREST INCOME 9,759 10,383 -6.0%
PROVISION FOR LOAN LOSSES 396 360 10.0%
----------- ----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 9,363 10,023 -6.6%
----------- ----------- -----------
NON-INTEREST INCOME:
Deposit service charges 1,177 991 18.8%
Securities gains, net 824 1,298 -36.5%
Bank-owned life insurance 178 187 -4.8%
Gain on sale of loans 360 368 -2.2%
Insurance commissions 1,230 1,295 -5.0%
Other 784 643 21.9%
----------- ----------- -----------
TOTAL NON-INTEREST INCOME 4,553 4,782 -4.8%
----------- ----------- -----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 4,446 4,129 7.7%
Occupancy, net 518 577 -10.2%
Furniture and equipment 585 455 28.6%
Pennsylvania shares tax 296 279 6.1%
Other 2,184 2,004 9.0%
----------- ----------- -----------
TOTAL NON-INTEREST EXPENSE 8,029 7,444 7.9%
----------- ----------- -----------
INCOME BEFORE INCOME TAX PROVISION 5,887 7,361 -20.0%
INCOME TAX PROVISION 998 1,886 -47.1%
----------- ----------- -----------
NET INCOME $ 4,889 $ 5,475 -10.7%
=========== =========== -----------
EARNINGS PER SHARE - BASIC $ 1.25 $ 1.38 -9.4%
=========== =========== ===========
EARNINGS PER SHARE - DILUTED $ 1.25 $ 1.38 -9.4%
=========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC 3,923,923 3,973,756 -1.3%
=========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED 3,924,409 3,976,179 -1.3%
=========== =========== ===========
DIVIDENDS PER SHARE $ 0.85 $ 0.76 11.8%
=========== =========== ===========
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
-----------------------------
June 30, 2006
-----------------------------
Average Interest Average
Balance Rate
--------- --------- ---------
ASSETS:
Tax-exempt loans $ 7,887 $ 123 6.24%
All other loans 341,091 6,005 7.06%
--------- --------- ---------
Total loans 348,978 6,128 7.04%
--------- --------- ---------
Taxable securities 94,134 1,261 5.36%
Tax-exempt securities 90,530 1,515 6.69%
--------- --------- ---------
Total securities 184,664 2,776 6.01%
--------- --------- ---------
Total interest-earning assets 533,642 8,904 6.69%
--------- ---------
Other assets 39,175
---------
TOTAL ASSETS $572,817
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 60,161 125 0.83%
Super Now deposits 48,282 169 1.40%
Money Market deposits 24,165 121 2.01%
Time deposits 164,464 1,553 3.79%
--------- --------- ---------
Total Deposits 297,072 1,968 2.66%
--------- --------- ---------
Short-term borrowings 44,793 509 4.56%
Long-term borrowings 82,878 944 4.57%
--------- --------- ---------
Total borrowings 127,671 1,453 4.56%
--------- --------- ---------
Total interest-bearing liabilities 424,743 3,421 3.23%
--------- ---------
Demand deposits 70,961
Other liabilities 4,129
Shareholders' equity 72,984
---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $572,817
=========
Interest rate spread 3.46%
=========
Net interest income/margin $ 5,483 4.12%
========= =========
For the Three Months Ended
-----------------------------
June 30, 2005
-----------------------------
Average Interest Average
Balance Rate
--------- --------- ---------
ASSETS:
Tax-exempt loans $ 4,119 $ 35 3.41%
All other loans 320,020 5,432 6.81%
--------- --------- ---------
Total loans 324,139 5,467 6.77%
--------- --------- ---------
Taxable securities 120,085 1,511 5.03%
Tax-exempt securities 61,406 1,042 6.79%
--------- --------- ---------
Total securities 181,491 2,553 5.63%
--------- --------- ---------
Total interest-earning assets 505,630 8,020 6.36%
--------- ---------
Other assets 38,166
---------
TOTAL ASSETS $543,796
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 65,912 126 0.77%
Super Now deposits 51,571 111 0.86%
Money Market deposits 30,252 106 1.41%
Time deposits 148,078 1,077 2.92%
--------- --------- ---------
Total Deposits 295,813 1,420 1.93%
--------- --------- ---------
Short-term borrowings 21,566 144 2.68%
Long-term borrowings 75,754 893 4.73%
--------- --------- ---------
Total borrowings 97,320 1,037 4.27%
--------- --------- ---------
Total interest-bearing liabilities 393,133 2,457 2.51%
--------- ---------
Demand deposits 68,784
Other liabilities 7,344
Shareholders' equity 74,535
---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $543,796
=========
Interest rate spread 3.85%
=========
Net interest income/margin $ 5,563 4.41%
========= =========
For the Three
Months Ended
June 30,
-------------------
2006 2005
--------- ---------
Total interest income $ 8,347 $ 7,654
Total interest expense 3,421 2,457
--------- ---------
Net interest income 4,926 5,197
Tax equivalent adjustment 557 366
--------- ---------
Net interest income (fully taxable
equivalent) $ 5,483 $ 5,563
========= =========
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
For the Six Months Ended
-----------------------------
June 30, 2006
-----------------------------
Average Interest Average
Balance Rate
--------- --------- ---------
ASSETS:
Tax-exempt loans $ 8,038 $ 248 6.22%
All other loans 338,041 11,731 7.00%
--------- --------- ---------
Total loans 346,079 11,979 6.98%
--------- --------- ---------
Taxable securities 95,880 2,485 5.18%
Tax-exempt securities 90,839 3,014 6.64%
--------- --------- ---------
Total securities 186,719 5,499 5.89%
--------- --------- ---------
Total interest-earning assets 532,798 17,478 6.60%
--------- ---------
Other assets 38,691
---------
TOTAL ASSETS $571,489
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 60,360 238 0.80%
Super Now deposits 48,223 318 1.33%
Money Market deposits 24,642 237 1.94%
Time deposits 163,312 3,012 3.72%
--------- --------- ---------
Total Deposits 296,537 3,805 2.59%
--------- --------- ---------
Short-term borrowings 43,100 915 4.28%
Long-term borrowings 83,603 1,890 4.56%
--------- --------- ---------
Total borrowings 126,703 2,805 4.46%
--------- --------- ---------
Total interest-bearing liabilities 423,240 6,610 3.15%
--------- ---------
Demand deposits 69,381
Other liabilities 4,324
Shareholders' equity 74,544
---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $571,489
=========
Interest rate spread 3.45%
=========
Net interest income/margin $ 10,868 4.10%
========= =========
For the Six Months Ended
-----------------------------
June 30, 2005
-----------------------------
Average Interest Average
Balance Rate
--------- --------- ---------
ASSETS:
Tax-exempt loans $ 1,869 $ 57 6.15%
All other loans 323,617 10,701 6.67%
--------- --------- ---------
Total loans 325,486 10,758 6.67%
--------- --------- ---------
Taxable securities 125,153 3,073 4.91%
Tax-exempt securities 55,370 1,935 6.99%
--------- --------- ---------
Total securities 180,523 5,008 5.55%
--------- --------- ---------
Total interest-earning assets 506,009 15,766 6.27%
--------- ---------
Other assets 36,419
---------
TOTAL ASSETS $542,428
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings $ 66,418 257 0.78%
Super Now deposits 52,533 218 0.84%
Money Market deposits 31,400 197 1.27%
Time deposits 138,576 1,942 2.83%
--------- --------- ---------
Total Deposits 288,927 2,614 1.82%
--------- --------- ---------
Short-term borrowings 29,242 346 2.39%
Long-term borrowings 77,101 1,746 4.57%
--------- --------- ---------
Total borrowings 106,343 2,092 3.97%
--------- --------- ---------
Total interest-bearing liabilities 395,270 4,706 2.40%
--------- ---------
Demand deposits 68,571
Other liabilities 4,017
Shareholders' equity 74,570
---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $542,428
=========
Interest rate spread 3.87%
=========
Net interest income/margin $ 11,060 4.39%
========= =========
For the Six
Months Ended
June 30,
-------------------
2006 2005
--------- ---------
Total interest income $ 16,369 $ 15,089
Total interest expense 6,610 4,706
--------- ---------
Net interest income 9,759 10,383
Tax equivalent adjustment 1,109 677
--------- ---------
Net interest income (fully taxable equivalent) $ 10,868 $ 11,060
========= =========
Quarter Ended
(Dollars in
Thousands,
Except Per
Share Data) 6/30/2006 3/31/2006 12/31/2005 9/30/2005 6/30/2005
--------- ---------- ----------- ---------- ----------
Operating Data
Net income $ 2,434 $ 2,455 $ 2,478 $ 2,948 $ 2,760
--------- ---------- ----------- ---------- ----------
Net interest
income 4,926 4,833 5,024 5,115 5,197
--------- ---------- ----------- ---------- ----------
Provision for
loan losses 198 198 180 180 180
--------- ---------- ----------- ---------- ----------
Net security
gains 265 559 336 556 687
--------- ---------- ----------- ---------- ----------
Non-interest
income,
excluding
net security
gains 1,951 1,778 1,766 1,991 1,788
--------- ---------- ----------- ---------- ----------
Non-interest
expense 4,078 3,951 3,876 3,788 3,849
--------- ---------- ----------- ---------- ----------
Performance
Statistics
Net interest
margin 4.12% 4.08% 4.22% 4.29% 4.41%
--------- ---------- ----------- ---------- ----------
Annualized
return on
average
assets 1.70% 1.72% 1.75% 2.12% 2.02%
--------- ---------- ----------- ---------- ----------
Annualized
return on
average
equity 13.34% 13.24% 13.31% 16.54% 14.81%
--------- ---------- ----------- ---------- ----------
Annualized
net loan
charge-offs
to avg loans 0.09% 0.05% -0.01% 0.22% 0.11%
--------- ---------- ----------- ---------- ----------
Net charge-
offs
(recoveries) 80 43 (7) 180 87
--------- ---------- ----------- ---------- ----------
Efficiency
ratio 59.3 59.8 57.3 53.5 55.4
--------- ---------- ----------- ---------- ----------
Per Share Data
Basic
earnings per
share $ 0.63 $ 0.62 $ 0.63 $ 0.74 $ 0.70
--------- ---------- ----------- ---------- ----------
Diluted
earnings per
share 0.63 0.62 0.62 0.74 0.70
--------- ---------- ----------- ---------- ----------
Dividend
declared per
share 0.43 0.42 0.41 0.39 0.38
--------- ---------- ----------- ---------- ----------
Book value 18.22 18.73 18.59 18.69 19.02
--------- ---------- ----------- ---------- ----------
Common stock
price:
High 39.50 38.75 39.76 38.30 41.58
--------- ---------- ----------- ---------- ----------
Low 36.50 37.75 36.67 36.76 37.08
--------- ---------- ----------- ---------- ----------
Close 38.48 37.95 38.87 37.50 38.18
--------- ---------- ----------- ---------- ----------
Weighted
average
common
shares:
Basic 3,879 3,935 3,965 3,973 3,974
--------- ---------- ----------- ---------- ----------
Fully
Diluted 3,880 3,935 3,966 3,974 3,977
--------- ---------- ----------- ---------- ----------
End-of-period
common
shares:
Issued 4,002 4,002 4,002 3,998 3,998
--------- ---------- ----------- ---------- ----------
Treasury 70 60 26 16 12
--------- ---------- ----------- ---------- ----------
Quarter Ended
(Dollars in
Thousands,
Except Per
Share Data) 6/30/2006 3/31/2006 12/31/2005 9/30/2005 6/30/2005
--------- ---------- ----------- ---------- ----------
Financial
Condition
Data:
General
Total assets $576,305 $ 579,397 $ 568,668 $ 570,419 $ 573,593
--------- ---------- ----------- ---------- ----------
Loans, net 342,574 342,178 334,759 327,159 324,378
--------- ---------- ----------- ---------- ----------
Intangibles 3,032 3,032 3,032 3,032 3,032
--------- ---------- ----------- ---------- ----------
Total
deposits 376,944 367,646 352,529 363,190 382,274
--------- ---------- ----------- ---------- ----------
Noninterest-
bearing 74,310 74,329 71,379 72,053 72,087
--------- ---------- ----------- ---------- ----------
Savings 59,619 61,388 60,483 62,676 66,034
--------- ---------- ----------- ---------- ----------
NOW 48,739 50,957 48,678 49,064 54,977
--------- ---------- ----------- ---------- ----------
Money
Market 23,712 24,658 24,446 26,757 29,745
--------- ---------- ----------- ---------- ----------
Time
Deposits 170,564 156,314 147,543 152,640 159,431
--------- ---------- ----------- ---------- ----------
Total
interest-
bearing
deposits 302,634 293,317 281,150 291,137 310,187
--------- ---------- ----------- ---------- ----------
Core
deposits* 206,380 211,332 204,986 210,550 222,843
--------- ---------- ----------- ---------- ----------
Shareholders'
equity 71,632 73,815 73,919 74,490 75,795
--------- ---------- ----------- ---------- ----------
Asset Quality
Non-performing
assets $ 983 $ 766 $ 602 $ 1,056 $ 1,721
--------- ---------- ----------- ---------- ----------
Non-performing
assets to
total assets 0.17% 0.13% 0.11% 0.19% 0.30%
--------- ---------- ----------- ---------- ----------
Allowance for
loan losses 3,995 3,834 3,679 3,492 3,492
--------- ---------- ----------- ---------- ----------
Allowance for
loan losses
to total
loans 1.15% 1.11% 1.09% 1.06% 1.07%
--------- ---------- ----------- ---------- ----------
Allowance for
loan losses
to non-
performing
loans 406.41% 500.52% 611.13% 330.68% 202.91%
--------- ---------- ----------- ---------- ----------
Non-performing
loans to
total loans 0.28% 0.22% 0.18% 0.32% 0.52%
--------- ---------- ----------- ---------- ----------
Capitalization
Shareholders'
equity to
total assets 12.43% 12.74% 13.00% 13.06% 13.21%
--------- ---------- ----------- ---------- ----------
* Core deposits are defined as total deposits less time deposits
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