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Penns Woods Bancorp, Inc. (PWOD)

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Performance Outlook
Previous Close20.16
Open20.23
Bid20.01 x 900
Ask20.25 x 800
Day's Range20.17 - 20.22
52 Week Range18.72 - 36.27
Volume1,190
Avg. Volume10,271
Market Cap142.373M
Beta (5Y Monthly)0.63
PE Ratio (TTM)10.05
EPS (TTM)2.01
Earnings DateOct 22, 2020 - Oct 26, 2020
Forward Dividend & Yield1.28 (6.34%)
Ex-Dividend DateJun 08, 2020
1y Target EstN/A
  • GlobeNewswire

    Penns Woods Bancorp, Inc. Reports Second Quarter 2020 Earnings

    WILLIAMSPORT, Pa., July 22, 2020 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD) Penns Woods Bancorp, Inc. achieved net income of $6.8 million for the six months ended June 30, 2020, resulting in basic and diluted earnings per share of $0.97.Highlights * Net income, as reported under GAAP, for the three and six months ended June 30, 2020 was $3.8 million and $6.8 million,  respectively compared to $4.2 and $8.2 million for the same period of 2019. Results for the three and six months ended June 30, 2020 compared to 2019 were impacted by an increase in after-tax securities gains of $138,000 (from a gain of $18,000 to a gain of $156,000) for the three month period and $108,000 (from a gain of $70,000 to a gain of $178,000) for the six month period. * The provision for loan losses increased $330,000 and $720,000, respectfully, for the three and six months ended June 30, 2020, to $645,000 and $1,395,000 compared to $315,000 and $675,000 for the 2019 periods.  The increase is the result of the economic uncertainty caused by the COVID-19 pandemic. * Basic and diluted earnings per share for the three and six months ended June 30, 2020 were $0.53 and $0.97, respectively, compared to basic and diluted earnings per share of $0.60 and $1.16 for the three and six months ended June 30, 2019. * Return on average assets was 0.85% for the three months ended June 30, 2020, compared to 1.02% for the corresponding period of 2019. Return on average assets was 0.79% for the six months ended June 30, 2020, compared to 0.99% for the corresponding period of 2019. * Return on average equity was 9.59% for the three months ended June 30, 2020, compared to 11.42% for the corresponding period of 2019. Return on average equity was 8.75% for the six months ended June 30, 2020, compared to 11.27% for the corresponding period of 2019.COVID-19 Activity * Approximately one third of employees working remotely. * As of June 30, 2020, loan modification/deferral program in place to defer payments up to 90 days for principal and/or interest with $241.6 million in loan principal affected by this program. * All COVID-19 related loan deferrals meet the requirements to not be considered a troubled debt restructuring. * Participated in the Paycheck Protection Program ("PPP") by primarily utilizing third parties to service and place the loans. * Significantly reduced deposit rates during the latter half of March 2020 continuing through June 2020. * Increased the provision for loan losses due to the economic uncertainty caused by the COVID-19 pandemic. * Net interest margin compression expected to continue as the rate environment remains below historical levels. * Total paycheck protection program loans held at June 30, 2020 total $12.3 million.Net IncomeNet 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 $3.6 million for the three months ended June 30, 2020 compared to $4.2 million for the same period of 2019.  Core earnings were $6.7 million for the six months ended June 30, 2020, compared to $8.1 million for the same period of 2019. Core earnings per share for the three months ended June 30, 2020 were $0.51 basic and diluted, compared to $0.60 basic and diluted core earnings per share for the same period of 2019. Core earnings per share for the six months ended June 30, 2020 were $0.95 basic and diluted, compared to $1.15 basic and diluted for the same period of 2019. Core return on average assets and core return on average equity were 0.81% and 9.19% for the three months ended June 30, 2020, compared to 1.01% and 11.37% for the corresponding period of 2019. Core return on average assets and core return on average equity were 0.77% and 8.52% for the six months ended June 30, 2020 compared to 0.98% and 11.18% for the corresponding period of 2019. 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 MarginThe net interest margin for the three and six months ended June 30, 2020 was 3.01% and 3.09%, compared to 3.39% and 3.37% for the corresponding periods of 2019. The decrease in the net interest margin was driven by a decrease in the yield of the investment portfolio of 64 and 63 basis points ("bps"), respectively, for the three and six month periods. Further compressing the net interest margin was the significant increase of interest-bearing deposits within the earning asset portfolio. These deposits carry a current yield of a few basis points with the balance steadily increasing as commercial customers have received PPP funding and retail customers have received stimulus funding. Rates paid on interest-bearing liabilities were decreased during the three months ended June 30, 2020 and will partially offset the decline in earning asset yield.AssetsTotal assets increased $126.9 million to $1.8 billion at June 30, 2020 compared to June 30, 2019.  Net loans decreased $28.9 million to $1.3 billion at June 30, 2020 compared to June 30, 2019, as the COVID-19 business and travel restrictions curtailed various lending activities such as indirect auto, home equity, and commercial.  Lending activity began to rebound as business and travel restrictions were lessened.  The investment portfolio increased $17.9 million from June 30, 2019 to June 30, 2020 due to increases in the corporate and taxable municipal portfolios.Non-performing LoansThe ratio of non-performing loans to total loans ratio decreased to 0.82% at June 30, 2020 from 1.12% at June 30, 2019 as non-performing loans have decreased to $11.1 million at June 30, 2020 from $15.4 million at June 30, 2019 primarily due to a commercial loan relationship that was partially charged-off during the fourth quarter of 2019. 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 $312,000 for the six months ended June 30, 2020 impacted the allowance for loan losses, which was 0.96% of total loans at June 30, 2020 compared to 1.02% at June 30, 2019.DepositsDeposits increased $147.2 million to $1.5 billion at June 30, 2020 compared to June 30, 2019.  Noninterest-bearing deposits increased $95.6 million to $418.3 million at June 30, 2020 compared to June 30, 2019.  Driving deposit growth was the receipt of PPP funding by commercial customers, stimulus funding by retail customers,  and customers becoming  more risk adverse and seeking safety in a bank deposit. Emphasis during 2020 has been 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.Shareholders’ EquityShareholders’ equity increased $8.1 million to $159.6 million at June 30, 2020 compared to June 30, 2019. The change in accumulated other comprehensive loss from $2.8 million at June 30, 2019 to $1.0 million at June 30, 2020 is a result of an increase in unrealized gains on available for sale securities (from an unrealized gain of $2,419,000 at June 30, 2019 to an unrealized gain of $4.2 million at June 30, 2020). The amount of accumulated other comprehensive loss at June 30, 2020 was also impacted by the change in net excess of the projected benefit obligation over the fair value of the plan assets of the defined benefit pension plan, resulting in a decrease in the net loss of $43,000. The current level of shareholders’ equity equates to a book value per share of $22.66 at June 30, 2020 compared to $21.53 at June 30, 2019, and an equity to asset ratio of 8.68% at June 30, 2020 compared to 8.85% at June 30, 2019. Dividends declared for the six months ended June 30, 2020 and 2019 were $0.64 per share and $0.63 per share, respectively.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, and Union Counties, and Luzerne Bank, which operates nine branch offices providing financial services in Luzerne County.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.  Insurance products are offered through United Insurance Solutions, LLC, a joint venture that is a subsidiary of the holding company.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, 2019.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  570-322-1111e-mail: pwod@pwod.com  THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)  June 30, (In Thousands, Except Share Data) 2020 2019 % Change ASSETS:       Noninterest-bearing balances  $26,932  $21,102  27.63% Interest-bearing balances in other financial institutions  188,242  58,423  222.21% Total cash and cash equivalents  215,174  79,525  170.57%         Investment debt securities, available for sale, at fair value  164,369  145,689  12.82% Investment equity securities, at fair value  1,291  1,841  (29.88)% Investment securities, trading  37  44  (15.91)% Restricted investment in bank stock, at fair value  14,849  15,087  (1.58)% Loans held for sale  5,146  2,880  78.68% Loans  1,349,347  1,379,285  (2.17)% Allowance for loan losses  (12,977) (14,001) (7.31)% Loans, net  1,336,370  1,365,284  (2.12)% Premises and equipment, net  32,873  33,483  (1.82)% Accrued interest receivable  8,068  5,708  41.35% Bank-owned life insurance  29,368  28,955  1.43% Goodwill 17,104  17,104  —% Intangibles  777  1,022  (23.97)% Operating lease right of use asset  3,231  4,279  (24.49)% Deferred tax asset  3,284  3,712  (11.53)% Other assets  6,423  6,887  (6.74)% TOTAL ASSETS  $1,838,364  $1,711,500  7.41%         LIABILITIES:       Interest-bearing deposits  $1,055,981  $1,004,331  5.14% Noninterest-bearing deposits  418,324  322,755  29.61% Total deposits  1,474,305  1,327,086  11.09%         Short-term borrowings  15,133  59,453  (74.55)% Long-term borrowings  171,885  154,597  11.18% Accrued interest payable  1,530  1,482  3.24% Operating lease liability  3,263  4,286  (23.87)% Other liabilities  12,640  13,055  (3.18)% TOTAL LIABILITIES  1,678,756  1,559,959  7.62%         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; 7,522,573 and 7,519,347 shares issued; 7,042,348 and 7,039,122 shares outstanding  41,792  41,773  0.05% Additional paid-in capital  51,956  51,087  1.70% Retained earnings  78,910  73,565  7.27% Accumulated other comprehensive loss:       Net unrealized gain on available for sale securities  4,194  2,419  73.38% Defined benefit plan  (5,159) (5,202) 0.83% Treasury stock at cost, 480,225  (12,115) (12,115) —% TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY  159,578  151,527  5.31% Non-controlling interest  30  14  114.29% TOTAL SHAREHOLDERS' EQUITY  159,608  151,541  5.32% TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $1,838,364  $1,711,500  7.41% PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)  Three Months Ended June 30, Six Months Ended June 30, (In Thousands, Except Per Share Data) 2020 2019 % Change 2020 2019 % Change INTEREST AND DIVIDEND INCOME:             Loans including fees  $14,666  $15,300  (4.14)% $29,323  $30,169  (2.80)% Investment securities:             Taxable  1,023  967  5.79% 2,033  1,901  6.94% Tax-exempt  169  179  (5.59)% 314  353  (11.05)% Dividend and other interest income  186  395  (52.91)% 535  852  (37.21)% TOTAL INTEREST AND DIVIDEND INCOME  16,044  16,841  (4.73)% 32,205  33,275  (3.22)%               INTEREST EXPENSE:             Deposits  2,802  2,871  (2.40)% 5,837  5,171  12.88% Short-term borrowings  7  178  (96.07)% 29  783  (96.30)% Long-term borrowings  985  879  12.06% 1,928  1,730  11.45% TOTAL INTEREST EXPENSE 3,794  3,928  (3.41)% 7,794  7,684  1.43%               NET INTEREST INCOME  12,250  12,913  (5.13)% 24,411  25,591  (4.61)%               PROVISION FOR LOAN LOSSES  645  315  104.76% 1,395  675  106.67%               NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  11,605  12,598  (7.88)% 23,016  24,916  (7.63)%               NON-INTEREST INCOME:             Service charges  312  592  (47.30)% 861  1,154  (25.39)% Debt securities gains (losses), available for sale  186  (2) 9,400.00% 207  11  1,781.82% Equity securities gains  11  22  (50.00)% 31  65  (52.31)% Securities gains (losses), trading  1  3  (66.67)% (13) 13  (200.00)% Bank-owned life insurance  144  123  17.07% 336  291  15.46% Gain on sale of loans  1,028  347  196.25% 1,472  663  122.02% Insurance commissions  92  119  (22.69)% 219  253  (13.44)% Brokerage commissions  186  356  (47.75)% 555  679  (18.26)% Debit card income  310  389  (20.31)% 584  699  (16.45)% Other  351  520  (32.50)% 806  895  (9.94)% TOTAL NON-INTEREST INCOME  2,621  2,469  6.16% 5,058  4,723  7.09%               NON-INTEREST EXPENSE:             Salaries and employee benefits 5,230  5,523  (5.31)% 10,897  11,024  (1.15)% Occupancy  626  668  (6.29)% 1,328  1,447  (8.22)% Furniture and equipment  828  784  5.61% 1,688  1,536  9.90% Software amortization  236  188  25.53% 486  395  23.04% Pennsylvania shares tax  323  285  13.33% 608  578  5.19% Professional fees  658  727  (9.49)% 1,280  1,249  2.48% Federal Deposit Insurance Corporation deposit insurance  185  236  (21.61)% 379  504  (24.80)% Marketing  56  33  69.70% 109  135  (19.26)% Intangible amortization  59  69  (14.49)% 121  140  (13.57)% Other  1,410  1,546  (8.80)% 2,825  2,865  (1.40)% TOTAL NON-INTEREST EXPENSE  9,611  10,059  (4.45)% 19,721  19,873  (0.76)% INCOME BEFORE INCOME TAX PROVISION  4,615  5,008  (7.85)% 8,353  9,766  (14.47)% INCOME TAX PROVISION  851  759  12.12% 1,512  1,571  (3.76)% NET INCOME  $3,764  $4,249  (11.41)% $6,841  $8,195  (16.52)% Earnings attributable to noncontrolling interest  4  4  n/a 8  6  33.33% NET INCOME AVAILABLE TO COMMON SHAREHOLDERS' $3,760  $4,245  (11.43)% $6,833  $8,189  (16.56)% EARNINGS PER SHARE - BASIC  $0.53  $0.60  (11.67)% $0.97  $1.16  (16.38)% EARNINGS PER SHARE - DILUTED  $0.53  $0.60  (11.67)% $0.97  $1.16  (16.38)% WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC  7,041,629  7,038,503  0.04% 7,041,185  7,038,068  0.04% WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED  7,041,629  7,038,503  0.04% 7,041,185  7,038,068  0.04% DIVIDENDS DECLARED PER SHARE  $0.32  $0.31  3.23% $0.64  $0.63  1.59% PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES  Three Months Ended   June 30, 2020 June 30, 2019 (Dollars in Thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate ASSETS:             Tax-exempt loans  $44,916  $348  3.12% $71,193  $548  3.09% All other loans  1,294,745  14,391  4.47% 1,313,388  14,867  4.54% Total loans  1,339,661  14,739  4.43% 1,384,581  15,415  4.47%               Taxable securities  147,352  1,193  3.29% 130,802  1,300  4.03% Tax-exempt securities  28,280  213  3.06% 27,971  227  3.29% Total securities  175,632  1,406  3.26% 158,773  1,527  3.90%               Interest-bearing deposits  144,948  16  0.04% 10,431  62  2.38%               Total interest-earning assets  1,660,241  16,161  3.92% 1,553,785  17,004  4.39%               Other assets  116,750      113,443                    TOTAL ASSETS  $1,776,991      $1,667,228                    LIABILITIES AND SHAREHOLDERS’ EQUITY:             Savings  $190,243  67  0.14% $170,142  51  0.12% Super Now deposits  251,691  409  0.65% 246,454  453  0.74% Money market deposits  229,362  418  0.73% 249,169  596  0.96% Time deposits  362,545  1,908  2.12% 335,721  1,771  2.12% Total interest-bearing deposits  1,033,841  2,802  1.09% 1,001,486  2,871  1.15%               Short-term borrowings  11,174  7  0.83% 32,086  178  2.23% Long-term borrowings  171,895  985  2.21% 147,571  879  2.24% Total borrowings 183,069  992  2.12% 179,657  1,057  2.23%               Total interest-bearing liabilities  1,216,910  3,794  1.24% 1,181,143  3,928  1.31%               Demand deposits 384,591      317,623      Other liabilities  18,583      19,747      Shareholders’ equity  156,907      148,715                    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,776,991      $1,667,228      Interest rate spread      2.68%     3.08% Net interest income/margin    $12,367  3.01%   $13,076  3.39%   Three Months Ended June 30,   2020 2019 Total interest income  $16,044  $16,841  Total interest expense  3,794  3,928  Net interest income  12,250  12,913  Tax equivalent adjustment  117  163  Net interest income (fully taxable equivalent)  $12,367  $13,076  PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES  Six Months Ended   June 30, 2020 June 30, 2019 (Dollars in Thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate ASSETS:             Tax-exempt loans  $48,346  $752  3.13% $71,874  $1,087  3.05% All other loans  1,299,893  28,729  4.44% 1,313,121  29,310  4.50% Total loans  1,348,239  29,481  4.40% 1,384,995  30,397  4.43%               Taxable securities  145,070  2,466  3.46% 128,431  2,650  4.18% Tax-exempt securities  26,027  397  3.10% 27,344  447  3.31% Total securities  171,097  2,863  3.40% 155,775  3,097  4.03%               Interest-bearing deposits  85,832  102  0.24% 8,493  103  2.45%               Total interest-earning assets  1,605,168  32,446  4.07% 1,549,263  33,597  4.38%               Other assets  114,085      112,806                    TOTAL ASSETS  $1,719,253      $1,662,069                    LIABILITIES AND SHAREHOLDERS’ EQUITY:             Savings  $184,042  158  0.17% $168,543  81  0.10% Super Now deposits  235,758  833  0.71% 239,022  832  0.70% Money market deposits  220,035  895  0.82% 245,307  1,068  0.88% Time deposits  370,902  3,951  2.14% 317,782  3,190  2.02% Total interest-bearing deposits  1,010,737  5,837  1.16% 970,654  5,171  1.07%               Short-term borrowings  11,011  29  0.53% 63,881  783  2.47% Long-term borrowings  166,024  1,928  2.34% 145,890  1,730  2.24% Total borrowings 177,035  1,957  2.22% 209,771  2,513  2.31%               Total interest-bearing liabilities  1,187,772  7,794  1.32% 1,180,425  7,684  1.29%               Demand deposits 355,704      315,380      Other liabilities  19,551      20,953      Shareholders’ equity  156,226      145,311                    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,719,253      $1,662,069      Interest rate spread      2.75%     3.09% Net interest income/margin    $24,652  3.09%   $25,913  3.37%   Six Months Ended June 30,   2020 2019 Total interest income  $32,205  $33,275  Total interest expense  7,794  7,684  Net interest income  24,411  25,591  Tax equivalent adjustment  241  322  Net interest income (fully taxable equivalent)  $24,652  $25,913  (Dollars in Thousands, Except Per Share Data) Quarter Ended   6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Operating Data           Net income  $3,760  $3,073  $2,833  $4,650  $4,245  Net interest income  12,250  12,161  12,321  12,903  12,913  Provision for loan losses  645  750  1,700  360  315  Net security gains  198  28  489  170  23  Non-interest income, excluding net security gains  2,423  2,409  2,418  2,652  2,446  Non-interest expense  9,611  10,110  10,294  9,541  10,059              Performance Statistics           Net interest margin  3.01% 3.19% 3.22% 3.32% 3.39% Annualized return on average assets  0.85% 0.74% 0.68% 1.10% 1.02% Annualized return on average equity  9.60% 7.83% 7.22% 12.18% 11.42% Annualized net loan charge-offs to average loans  0.05% 0.04% 1.19% 0.03% 0.03% Net charge-offs  168  144  4,055  112  106  Efficiency ratio  65.10% 68.96% 69.42% 60.98% 65.04%             Per Share Data           Basic earnings per share  $0.53  $0.44  $0.40  $0.66  $0.60  Diluted earnings per share 0.53  0.43  0.39  0.66  0.60  Dividend declared per share  0.32  0.32  0.32  0.31  0.31  Book value  22.66  22.23  22.01  22.03  21.53  Common stock price:           High  27.75  35.36  35.58  30.93  30.17  Low  20.01  19.05  29.68  26.87  26.03  Close  22.71  24.30  35.58  30.83  30.17  Weighted average common shares:           Basic  7,042  7,041  7,040  7,037  7,038  Fully Diluted  7,042  7,103  7,338  7,037  7,038  End-of-period common shares:           Issued  7,523  7,521  7,521  7,518  7,518  Treasury 480  480  480  480  480  (Dollars in Thousands, Except Per Share Data) Quarter Ended   6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Financial Condition Data:           General           Total assets  $1,838,364  $1,688,508  $1,665,323  $1,673,095  $1,711,500  Loans, net  1,336,370  1,336,900  1,343,650  1,350,735  1,365,284  Goodwill  17,104  17,104  17,104  17,104  17,104  Intangibles  777  836  898  960  1,022  Total deposits  1,474,305  1,326,734  1,324,005  1,332,407  1,327,086  Noninterest-bearing  418,324  332,759  334,746  327,329  322,755  Savings  195,964  183,929  176,732  171,370  171,992  NOW  268,348  229,919  218,605  219,466  238,410  Money Market  247,753  204,832  216,038  239,926  238,352  Time Deposits  343,915  375,295  377,884  374,316  355,577  Total interest-bearing deposits  1,055,980  993,975  989,259  1,005,078  1,004,331              Core deposits*  1,130,389  951,439  946,121  958,091  971,509  Shareholders’ equity  159,578  156,562  154,960  155,061  151,527              Asset Quality           Non-performing loans  $11,097  $11,300  $12,421  $17,208  $15,383  Non-performing loans to total assets  0.60% 0.67% 0.75% 1.03% 0.90% Allowance for loan losses  12,977  12,500  11,894  14,249  14,001  Allowance for loan losses to total loans  0.96% 0.93% 0.88% 1.04% 1.02% Allowance for loan losses to non-performing loans  116.94% 110.62% 95.76% 82.80% 91.02% Non-performing loans to total loans  0.82% 0.84% 0.92% 1.26% 1.12%             Capitalization           Shareholders’ equity to total assets  8.68% 9.27% 9.31% 9.27% 8.85% * Core deposits are defined as total deposits less time deposits Reconciliation of GAAP and Non-GAAP Financial Measures  Three Months Ended June 30, Six Months Ended June 30, (Dollars in Thousands, Except Per Share Data) 2020 2019 2020 2019 GAAP net income  $3,760  $4,245  $6,833  $8,189  Less: net securities gains, net of tax 156  18  178  70  Non-GAAP core earnings  $3,604  $4,227  $6,655  $8,119              Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019 Return on average assets (ROA)  0.85% 1.02% 0.79% 0.99% Less: net securities gains, net of tax 0.04% 0.01% 0.02% 0.01% Non-GAAP core ROA  0.81% 1.01% 0.77% 0.98%             Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019 Return on average equity (ROE)  9.59% 11.42% 8.75% 11.27% Less: net securities gains, net of tax 0.40% 0.05% 0.23% 0.09% Non-GAAP core ROE  9.19% 11.37% 8.52% 11.18%             Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019 Basic earnings per share (EPS)  $0.53  $0.60  $0.97  $1.16  Less: net securities gains, net of tax 0.02  —  0.02  0.01  Non-GAAP basic core EPS $0.51  $0.60  $0.95  $1.15          Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019 Diluted EPS  $0.53  $0.60  $0.97  $1.16  Less: net securities gains, net of tax 0.02  —  0.02  0.01  Non-GAAP diluted core EPS  $0.51  $0.60  $0.95  $1.15  Loan Deferrals(In Thousands) Amount Commercial, financial, and agricultural  $28,482  Real estate mortgage:   Residential  66,133  Commercial  132,217  Construction  7,250  Consumer automobile loans  283  Other consumer installment loans  7,243  Total loan deferrals  $241,608

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