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Penns Woods Bancorp, Inc. Reports Third Quarter 2022 Earnings

Penns Woods Bancorp, Inc.
Penns Woods Bancorp, Inc.

WILLIAMSPORT, Pa., Oct. 21, 2022 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

Penns Woods Bancorp, Inc. achieved net income of $12.9 million for the nine months ended September 30, 2022, resulting in basic and diluted earnings per share of $1.83.

Highlights

  • Net income, as reported under GAAP, for the three and nine months ended September 30, 2022 was $5.3 million and $12.9 million, respectively, compared to $4.1 million and $11.2 million for the same periods of 2021. Results for the three and nine months ended September 30, 2022 compared to 2021 were impacted by an increase in after-tax securities losses of $199,000 (from a gain of $32,000 to a loss of $167,000) for the three month period and an increase in after-tax securities losses of $494,000 (from a gain of $236,000 to a loss of $258,000) for the nine month period. Results for the nine months ended September 30, 2022 were impacted by additional compensation expense of $183,000 (after-tax $145,000) associated with the voluntary cash settlement of 346,725 outstanding stock options. In addition, an after-tax loss of $201,000 related to a branch closure negatively impacted results for the nine months ended September 30, 2022.

  • The provision for loan losses increased $780,000 for the three months and $395,000 for the nine months ended September 30, 2022 to $855,000 and $1.3 million, respectively, compared to $75,000 and $940,000 for the 2021 periods. The increases in the provision for loan losses were primarily due to the significant growth in the loan portfolio.

  • Basic and diluted earnings per share for the three and nine months ended September 30, 2022 were $0.74 and $1.83. Basic and diluted earnings per share for the three and nine months ended September 30, 2021 were $0.58 and $1.58.

  • Annualized return on average assets was 1.09% for three months ended September 30, 2022, compared to 0.86% for the corresponding period of 2021. Annualized return on average assets was 0.89% for the nine months ended September 30, 2022, compared to 0.79% for the corresponding period of 2021.

  • Annualized return on average equity was 12.61% for the three months ended September 30, 2022, compared to 9.85% for the corresponding period of 2021. Annualized return on average equity was 10.48% for the nine months ended September 30, 2022, compared to 9.17% for the corresponding period of 2021.

Net Income

Net income from core operations (“core earnings”), which is a non-generally accepted accounting principles (GAAP) measure of net income excluding net securities gains or losses, was $5.4 million for the three months ended September 30, 2022 compared to $4.1 million for the same period of 2021. Core earnings were $13.2 million for the nine months ended September 30, 2022, compared to $10.9 million for the same period of 2021. Core earnings per share for the three months ended September 30, 2022 were $0.77 basic and diluted, compared to $0.58 basic and diluted core earnings per share for the same period of 2021. Core earnings per share for the nine months ended September 30, 2022 were $1.87 basic and diluted, compared to $1.55 basic and diluted for the same period of 2021. Core return on average assets and core return on average equity were 1.12% and 13.02% for the three months ended September 30, 2022, compared to 0.86% and 9.78% for the corresponding period of 2021. Core return on average assets and core return on average equity were 0.91% and 10.69% for the nine months ended September 30, 2022 compared to 0.77% and 8.98% for the corresponding period of 2021. Core earnings for the nine months ended September 30, 2022 were impacted negatively by an after-tax compensation expense of $145,000 relating to the voluntary cash settlement of 346,725 stock options along with an after-tax loss of $201,000 relating to a branch closure. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, and core earnings per share described in this press release to the comparable GAAP financial measures is included at the end of this press release.

Net Interest Margin

The net interest margin for the three and nine months ended September 30, 2022 was 3.47% and 3.17%, compared to 2.85% and 2.84% for the corresponding periods of 2021. The increase in the net interest margin for the three and nine month periods was driven by a decline in the rate paid on interest-bearing deposits of 23 and 29 basis points ("bps") as rates paid decreased throughout 2021 and remained at historically low levels during 2022. Leading the decline in the rate paid on interest-bearing deposits were decreases of 84 and 91 bps in the rate paid on time deposits as time deposits issued prior to the COVID-19 pandemic matured. The increase in the earning asset yield was driven by an increase in yield on federal funds sold and interest-bearing deposits due to the rate increases enacted by the Federal Open Market Committee ("FOMC"). For the three and nine months ended September 30, 2022 in comparison to the same periods of 2021, there was an increase in rate on federal funds sold of 186 and 70 bps, respectively, while the rate on interest bearing deposits increased 218 and 48 bps. The three month period ended September 30, 2022 was impacted by an increase of 18 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates.

Assets

Total assets decreased $5.7 million to $1.9 billion at September 30, 2022 compared to September 30, 2021.  Cash and cash equivalents decreased $244.8 million as interest-bearing accounts in other financial institutions decreased $193.7 million and fed funds sold decreased $40.0 million as excess liquidity was primarily utilized to fund the growth in the loan portfolio. Net loans increased $212.8 million to $1.5 billion at September 30, 2022 compared to September 30, 2021, as an emphasis was placed on commercial loan growth and customers focused on obtaining funding prior to additional FOMC rate increases. The investment portfolio increased $21.2 million from September 30, 2021 to September 30, 2022 as a portion of the excess cash liquidity was invested primarily into short and medium-term municipal bonds with a maturity of 10 years or less.

Non-performing Loans

The ratio of non-performing loans to total loans ratio decreased to 0.37% at September 30, 2022 from 0.58% at September 30, 2021 as non-performing loans have decreased to $5.7 million at September 30, 2022 from $7.8 million at September 30, 2021. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have a specific allocation for any impairment recorded within the allowance for loan losses. Net loan charge-offs of $300,000 for the nine months ended September 30, 2022 impacted the allowance for loan losses, which was 0.97% of total loans at September 30, 2022 compared to 1.08% at September 30, 2021.

Deposits

Deposits decreased $2.6 million to $1.6 billion at September 30, 2022 compared to September 30, 2021. Noninterest-bearing deposits increased $55.5 million to $537.4 million at September 30, 2022 compared to September 30, 2021.  Driving core deposit growth was the continued emphasis on increasing the utilization of electronic (internet and mobile) deposit banking among our customers. Utilization of internet and mobile banking has increased since the start of 2020 due to these efforts coupled with a change in consumer behavior due to the business and travel restrictions caused by the COVID-19 pandemic. Interest-bearing deposits decreased $58.1 million due to the maturity of higher cost time deposits.

Shareholders’ Equity

Shareholders’ equity decreased $4.0 million to $164.5 million at September 30, 2022 compared to September 30, 2021.  Accumulated other comprehensive loss of $14.6 million at September 30, 2022 increased from a loss of $2.0 million at September 30, 2021 as a result of a $11.1 million net unrealized loss on available for sale securities at September 30, 2022 compared to an unrealized gain of $3.5 million at September 30, 2021 coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $23.32 at September 30, 2022 compared to $23.84 at September 30, 2021, and an equity to asset ratio of 8.63% at September 30, 2022 and 8.82% at September 30, 2021. Dividends declared for the nine months ended September 30, 2022 and 2021 were $0.96 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates seventeen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products.  Investment and insurance products are offered through Jersey Shore State 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 the Company, 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 such as net securities gains and losses. Because these certain items and their impact on the Company’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 the Company’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 statements other than statements of historical fact.  The Company 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 the Company 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 the Company’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; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; or (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

Contact:

Richard A. Grafmyre, Chief Executive Officer

 

110 Reynolds Street

 

Williamsport, PA 17702

 

570-322-1111

e-mail: pwod@pwod.com

 

 

 


PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

 

 

 

 

 

September 30,

(In Thousands, Except Share and Per Share Data)

 

 

2022

 

 

 

2021

 

 

% Change

ASSETS:

 

 

 

 

 

 

Noninterest-bearing balances

 

$

24,418

 

 

$

35,523

 

 

(31.26

)%

Interest-bearing balances in other financial institutions

 

 

12,444

 

 

 

206,124

 

 

(93.96

)%

Federal funds sold

 

 

 

 

 

40,000

 

 

(100.00

)%

Total cash and cash equivalents

 

 

36,862

 

 

 

281,647

 

 

(86.91

)%

 

 

 

 

 

 

 

Investment debt securities, available for sale, at fair value

 

 

188,196

 

 

 

166,760

 

 

12.85

%

Investment equity securities, at fair value

 

 

1,130

 

 

 

1,303

 

 

(13.28

)%

Restricted investment in bank stock, at fair value

 

 

14,539

 

 

 

14,649

 

 

(0.75

)%

Loans held for sale

 

 

2,485

 

 

 

3,246

 

 

(23.44

)%

Loans

 

 

1,560,700

 

 

 

1,347,225

 

 

15.85

%

Allowance for loan losses

 

 

(15,211

)

 

 

(14,557

)

 

4.49

%

Loans, net

 

 

1,545,489

 

 

 

1,332,668

 

 

15.97

%

Premises and equipment, net

 

 

32,227

 

 

 

34,434

 

 

(6.41

)%

Accrued interest receivable

 

 

8,647

 

 

 

8,529

 

 

1.38

%

Bank-owned life insurance

 

 

34,288

 

 

 

33,836

 

 

1.34

%

Investment in limited partnerships

 

 

4,771

 

 

 

5,014

 

 

(4.85

)%

Goodwill

 

 

17,104

 

 

 

17,104

 

 

%

Intangibles

 

 

361

 

 

 

524

 

 

(31.11

)%

Operating lease right of use asset

 

 

2,699

 

 

 

2,899

 

 

(6.90

)%

Deferred tax asset

 

 

7,187

 

 

 

4,049

 

 

77.50

%

Other assets

 

 

9,131

 

 

 

4,129

 

 

121.14

%

TOTAL ASSETS

 

$

1,905,116

 

 

$

1,910,791

 

 

(0.30

)%

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,053,012

 

 

$

1,111,144

 

 

(5.23

)%

Noninterest-bearing deposits

 

 

537,403

 

 

 

481,875

 

 

11.52

%

Total deposits

 

 

1,590,415

 

 

 

1,593,019

 

 

(0.16

)%

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

30,901

 

 

 

9,404

 

 

228.59

%

Long-term borrowings

 

 

102,829

 

 

 

126,007

 

 

(18.39

)%

Accrued interest payable

 

 

427

 

 

 

828

 

 

(48.43

)%

Operating lease liability

 

 

2,753

 

 

 

2,947

 

 

(6.58

)%

Other liabilities

 

 

13,302

 

 

 

10,105

 

 

31.64

%

TOTAL LIABILITIES

 

 

1,740,627

 

 

 

1,742,310

 

 

(0.10

)%

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

Preferred stock, no par value, 3,000,000 shares authorized; no shares issued

 

 

 

 

 

 

 

n/a

 

Common stock, par value $5.55, 22,500,000 shares authorized; 7,563,200 and
7,545,922 shares issued; 7,052,975 and 7,065,697 shares outstanding

 

 

42,019

 

 

 

41,921

 

 

0.23

%

Additional paid-in capital

 

 

53,958

 

 

 

53,508

 

 

0.84

%

Retained earnings

 

 

95,896

 

 

 

87,146

 

 

10.04

%

Accumulated other comprehensive (loss) gain:

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on available for sale securities

 

 

(11,125

)

 

 

3,504

 

 

(417.49

)%

Defined benefit plan

 

 

(3,444

)

 

 

(5,486

)

 

37.22

%

Treasury stock at cost, 510,225 and 480,225

 

 

(12,815

)

 

 

(12,115

)

 

5.78

%

TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY

 

 

164,489

 

 

 

168,478

 

 

(2.37

)%

Non-controlling interest

 

 

 

 

 

3

 

 

(100.00

)%

TOTAL SHAREHOLDERS' EQUITY

 

 

164,489

 

 

 

168,481

 

 

(2.37

)%

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,905,116

 

 

$

1,910,791

 

 

(0.30

)%


PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(In Thousands, Except Share and Per Share Data)

 

 

2022

 

 

 

2021

 

 

% Change

 

 

2022

 

 

 

2021

 

 

% Change

INTEREST AND DIVIDEND INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans including fees

 

$

15,051

 

 

$

13,382

 

 

12.47

%

 

$

41,709

 

 

$

39,826

 

 

4.73

%

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

949

 

 

 

834

 

 

13.79

%

 

 

2,550

 

 

 

2,491

 

 

2.37

%

Tax-exempt

 

 

236

 

 

 

160

 

 

47.50

%

 

 

594

 

 

 

495

 

 

20.00

%

Dividend and other interest income

 

 

628

 

 

 

338

 

 

85.80

%

 

 

1,470

 

 

 

903

 

 

62.79

%

TOTAL INTEREST AND DIVIDEND INCOME

 

 

16,864

 

 

 

14,714

 

 

14.61

%

 

 

46,323

 

 

 

43,715

 

 

5.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

693

 

 

 

1,308

 

 

(47.02

)%

 

 

2,191

 

 

 

4,481

 

 

(51.10

)%

Short-term borrowings

 

 

26

 

 

 

3

 

 

766.67

%

 

 

29

 

 

 

7

 

 

314.29

%

Long-term borrowings

 

 

613

 

 

 

771

 

 

(20.49

)%

 

 

1,871

 

 

 

2,430

 

 

(23.00

)%

TOTAL INTEREST EXPENSE

 

 

1,332

 

 

 

2,082

 

 

(36.02

)%

 

 

4,091

 

 

 

6,918

 

 

(40.86

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

15,532

 

 

 

12,632

 

 

22.96

%

 

 

42,232

 

 

 

36,797

 

 

14.77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

855

 

 

 

75

 

 

1,040.00

%

 

 

1,335

 

 

 

940

 

 

42.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

 

 

14,677

 

 

 

12,557

 

 

16.88

%

 

 

40,897

 

 

 

35,857

 

 

14.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

559

 

 

 

456

 

 

22.59

%

 

 

1,563

 

 

 

1,218

 

 

28.33

%

Debt securities (losses) gains, available for sale

 

 

(156

)

 

 

48

 

 

(425.00

)%

 

 

(168

)

 

 

323

 

 

(152.01

)%

Net equity securities losses

 

 

(55

)

 

 

(8

)

 

(587.50

)%

 

 

(158

)

 

 

(24

)

 

(558.33

)%

Bank-owned life insurance

 

 

170

 

 

 

279

 

 

(39.07

)%

 

 

501

 

 

 

614

 

 

(18.40

)%

Gain on sale of loans

 

 

294

 

 

 

456

 

 

(35.53

)%

.

 

905

 

 

 

2,034

 

 

(55.51

)%

Insurance commissions

 

 

109

 

 

 

129

 

 

(15.50

)%

 

 

386

 

 

 

436

 

 

(11.47

)%

Brokerage commissions

 

 

142

 

 

 

237

 

 

(40.08

)%

 

 

500

 

 

 

663

 

 

(24.59

)%

Loan broker income

 

 

438

 

 

 

772

 

 

(43.26

)%

 

 

1,350

 

 

 

1,449

 

 

(6.83

)%

Debit card income

 

 

344

 

 

 

388

 

 

(11.34

)%

 

 

1,080

 

 

 

1,166

 

 

(7.38

)%

Other

 

 

238

 

 

 

194

 

 

22.68

%

 

 

673

 

 

 

595

 

 

13.11

%

TOTAL NON-INTEREST INCOME

 

 

2,083

 

 

 

2,951

 

 

(29.41

)%

 

 

6,632

 

 

 

8,474

 

 

(21.74

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,016

 

 

 

5,837

 

 

3.07

%

 

 

18,421

 

 

 

17,107

 

 

7.68

%

Occupancy

 

 

730

 

 

 

745

 

 

(2.01

)%

 

 

2,380

 

 

 

2,438

 

 

(2.38

)%

Furniture and equipment

 

 

816

 

 

 

883

 

 

(7.59

)%

 

 

2,454

 

 

 

2,663

 

 

(7.85

)%

Software amortization

 

 

188

 

 

 

226

 

 

(16.81

)%

 

 

660

 

 

 

632

 

 

4.43

%

Pennsylvania shares tax

 

 

334

 

 

 

373

 

 

(10.46

)%

 

 

1,119

 

 

 

1,097

 

 

2.01

%

Professional fees

 

 

626

 

 

 

615

 

 

1.79

%

 

 

1,746

 

 

 

1,882

 

 

(7.23

)%

Federal Deposit Insurance Corporation deposit insurance

 

 

260

 

 

 

220

 

 

18.18

%

 

 

690

 

 

 

705

 

 

(2.13

)%

Marketing

 

 

151

 

 

 

231

 

 

(34.63

)%

 

 

435

 

 

 

434

 

 

0.23

%

Intangible amortization

 

 

34

 

 

 

44

 

 

(22.73

)%

 

 

119

 

 

 

147

 

 

(19.05

)%

Other

 

 

1,165

 

 

 

1,273

 

 

(8.48

)%

 

 

3,723

 

 

 

3,541

 

 

5.14

%

TOTAL NON-INTEREST EXPENSE

 

 

10,320

 

 

 

10,447

 

 

(1.22

)%

 

 

31,747

 

 

 

30,646

 

 

3.59

%

INCOME BEFORE INCOME TAX PROVISION

 

 

6,440

 

 

 

5,061

 

 

27.25

%

 

 

15,782

 

 

 

13,685

 

 

15.32

%

INCOME TAX PROVISION

 

 

1,190

 

 

 

932

 

 

27.68

%

 

 

2,869

 

 

 

2,516

 

 

14.03

%

NET INCOME

 

$

5,250

 

 

$

4,129

 

 

27.15

%

 

$

12,913

 

 

$

11,169

 

 

15.61

%

Earnings attributable to noncontrolling interest

 

 

 

 

 

4

 

 

(100.00

)%

 

 

 

 

 

15

 

 

(100.00

)%

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'

 

$

5,250

 

 

$

4,125

 

 

27.27

%

 

$

12,913

 

 

$

11,154

 

 

15.77

%

EARNINGS PER SHARE - BASIC

 

$

0.74

 

 

$

0.58

 

 

27.59

%

 

$

1.83

 

 

$

1.58

 

 

15.82

%

EARNINGS PER SHARE - DILUTED

 

$

0.74

 

 

$

0.58

 

 

27.59

%

 

$

1.83

 

 

$

1.58

 

 

15.82

%

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC

 

 

7,051,228

 

 

 

7,063,994

 

 

(0.18

)%

 

 

7,060,871

 

 

 

7,059,625

 

 

0.02

%

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED

 

 

7,051,228

 

 

 

7,063,994

 

 

(0.18

)%

 

 

7,060,871

 

 

 

7,059,625

 

 

0.02

%


PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES
(UNAUDITED)

 

 

 

Three Months Ended

 

 

September 30, 2022

 

September 30, 2021

(Dollars in Thousands)

 

Average
Balance(1)

 

Interest

 

Average
Rate

 

Average
Balance(1)

 

Interest

 

Average
Rate

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt loans (3)

 

$

58,735

 

$

394

 

2.66

%

 

$

46,193

 

$

307

 

2.64

%

All other loans

 

 

1,463,330

 

 

14,740

 

4.00

%

 

 

1,296,790

 

 

13,139

 

4.02

%

Total loans (2)

 

 

1,522,065

 

 

15,134

 

3.94

%

 

 

1,342,983

 

 

13,446

 

3.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold

 

 

33,641

 

 

218

 

2.57

%

 

 

40,000

 

 

72

 

0.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

 

159,721

 

 

1,158

 

2.94

%

 

 

150,308

 

 

1,022

 

2.76

%

Tax-exempt securities (3)

 

 

49,177

 

 

299

 

2.47

%

 

 

37,069

 

 

203

 

2.22

%

Total securities

 

 

208,898

 

 

1,457

 

2.83

%

 

 

187,377

 

 

1,225

 

2.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 

34,202

 

 

201

 

2.33

%

 

 

205,715

 

 

78

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-earning assets

 

 

1,798,806

 

 

17,010

 

3.76

%

 

 

1,776,075

 

 

14,821

 

3.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

130,576

 

 

 

 

 

 

132,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,929,382

 

 

 

 

 

$

1,908,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

Savings

 

$

249,083

 

 

26

 

0.04

%

 

$

228,255

 

 

22

 

0.04

%

Super Now deposits

 

 

405,173

 

 

287

 

0.28

%

 

 

308,591

 

 

219

 

0.28

%

Money market deposits

 

 

287,660

 

 

200

 

0.28

%

 

 

306,177

 

 

238

 

0.31

%

Time deposits

 

 

148,968

 

 

180

 

0.48

%

 

 

248,649

 

 

829

 

1.32

%

Total interest-bearing deposits

 

 

1,090,884

 

 

693

 

0.25

%

 

 

1,091,672

 

 

1,308

 

0.48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

8,062

 

 

26

 

1.23

%

 

 

8,696

 

 

3

 

0.14

%

Long-term borrowings

 

 

109,269

 

 

613

 

2.23

%

 

 

133,536

 

 

771

 

2.29

%

Total borrowings

 

 

117,331

 

 

639

 

2.16

%

 

 

142,232

 

 

774

 

2.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-bearing liabilities

 

 

1,208,215

 

 

1,332

 

0.44

%

 

 

1,233,904

 

 

2,082

 

0.67