Pennsylvania | 000-17077 | 23-2226454 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Ident. No.) |
300 Market Street, P.O. Box 967, Williamsport, Pennsylvania | 17703-0967 | |
(Address of principal executive offices) | (Zip Code) |
(570) 322-1111 Registrant's telephone number, including area code |
N/A |
(Former name or former address, if changed since last report.) |
PENNS WOODS BANCORP, INC. | ||
Dated: July 20, 2015 | ||
By: | /s/ Brian L. Knepp | |
Brian L. Knepp | ||
Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release, dated July 20, 2015, of Penns Woods Bancorp, Inc. announcing earnings for the period ended June 30, 2015. |
• | Net income from core operations (“operating earnings”), which is a non-generally accepted accounting principles (GAAP) measure of net income excluding net securities gains and bank owned life insurance gains on death benefits, decreased to $3,088,000 for the three months ended June 30, 2015 compared to $3,142,000 for the same period of 2014. Net income from core operations decreased slightly to $6,007,000 for the six months ended June 30, 2015 compared to $6,177,000 for the same period of 2014. Impacting the three and six months ended June 30, 2015 compared to 2014 were an increase in the provision for loan losses of $300,000 and $515,000 due to the level of charge-offs and significant loan portfolio growth. In addition, the investment portfolio has declined $48,557,000 from June 30, 2014 to June 30, 2015 as part of our strategy to position the balance sheet for a rising rate environment. |
• | Operating earnings per share for the three months ended June 30, 2015 and 2014 were $0.65 for both basic and dilutive. Operating earnings per share for the six months ended June 30, 2015 were $1.25 basic and dilutive compared to $1.28 basic and dilutive for the same period of 2014. |
• | Return on average assets was 1.07% for the three months ended June 30, 2015 compared to 1.13% for the corresponding period of 2014. Return on average assets was 1.07% for the six months ended June 30, 2015 compared to 1.14% for the corresponding period of 2014. |
• | Return on average equity was 10.05% for the three months ended June 30, 2015 compared to 10.29% for the corresponding period of 2014. Return on average equity was 9.90% for the six months ended June 30, 2015 compared to 10.43% for the corresponding period of 2014. |
Contact: | Richard A. Grafmyre, President and Chief Executive Officer | |
300 Market Street | ||
Williamsport, PA 17701 | ||
570-322-1111 | e-mail: pwod@pwod.com |
June 30, | |||||||||||
(In Thousands, Except Share Data) | 2015 | 2014 | % Change | ||||||||
ASSETS | |||||||||||
Noninterest-bearing balances | $ | 20,428 | $ | 22,905 | (10.81 | )% | |||||
Interest-bearing balances in other financial institutions | 1,441 | 1,962 | (26.55 | )% | |||||||
Total cash and cash equivalents | 21,869 | 24,867 | (12.06 | )% | |||||||
Investment securities, available for sale, at fair value | 214,312 | 263,026 | (18.52 | )% | |||||||
Investment securities, trading | 157 | — | 100.00 | % | |||||||
Loans held for sale | 2,107 | 1,827 | 15.33 | % | |||||||
Loans | 977,878 | 856,332 | 14.19 | % | |||||||
Allowance for loan losses | (11,265 | ) | (8,811 | ) | 27.85 | % | |||||
Loans, net | 966,613 | 847,521 | 14.05 | % | |||||||
Premises and equipment, net | 20,816 | 21,007 | (0.91 | )% | |||||||
Accrued interest receivable | 3,706 | 4,235 | (12.49 | )% | |||||||
Bank-owned life insurance | 26,327 | 25,601 | 2.84 | % | |||||||
Investment in limited partnerships | 1,229 | 1,891 | (35.01 | )% | |||||||
Goodwill | 17,104 | 17,104 | — | % | |||||||
Intangibles | 1,294 | 1,621 | (20.17 | )% | |||||||
Deferred tax asset | 8,772 | 6,807 | 28.87 | % | |||||||
Other assets | 7,506 | 7,340 | 2.26 | % | |||||||
TOTAL ASSETS | $ | 1,291,812 | $ | 1,222,847 | 5.64 | % | |||||
LIABILITIES | |||||||||||
Interest-bearing deposits | $ | 762,966 | $ | 753,068 | 1.31 | % | |||||
Noninterest-bearing deposits | 244,502 | 228,758 | 6.88 | % | |||||||
Total deposits | 1,007,468 | 981,826 | 2.61 | % | |||||||
Short-term borrowings | 59,026 | 21,926 | 169.21 | % | |||||||
Long-term borrowings | 75,426 | 71,202 | 5.93 | % | |||||||
Accrued interest payable | 410 | 399 | 2.76 | % | |||||||
Other liabilities | 14,484 | 11,692 | 23.88 | % | |||||||
TOTAL LIABILITIES | 1,156,814 | 1,087,045 | 6.42 | % | |||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued | — | — | n/a | ||||||||
Common stock, par value $8.33, 15,000,000 shares authorized; 5,003,757 and 5,001,222 shares issued | 41,698 | 41,676 | 0.05 | % | |||||||
Additional paid-in capital | 49,933 | 49,846 | 0.17 | % | |||||||
Retained earnings | 55,397 | 49,955 | 10.89 | % | |||||||
Accumulated other comprehensive (loss) income: | |||||||||||
Net unrealized gain on available for sale securities | 1,374 | 3,360 | (59.11 | )% | |||||||
Defined benefit plan | (4,544 | ) | (2,725 | ) | (66.75 | )% | |||||
Treasury stock at cost, 238,478 and 180,596 shares | (8,860 | ) | (6,310 | ) | 40.41 | % | |||||
TOTAL SHAREHOLDERS’ EQUITY | 134,998 | 135,802 | (0.59 | )% | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,291,812 | $ | 1,222,847 | 5.64 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(In Thousands, Except Per Share Data) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||||||||
Loans including fees | $ | 9,752 | $ | 8,912 | 9.43 | % | $ | 19,075 | $ | 17,725 | 7.62 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 885 | 1,406 | (37.06 | )% | 1,899 | 2,864 | (33.69 | )% | ||||||||||||||
Tax-exempt | 744 | 892 | (16.59 | )% | 1,511 | 1,823 | (17.11 | )% | ||||||||||||||
Dividend and other interest income | 148 | 147 | 0.68 | % | 441 | 274 | 60.95 | % | ||||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 11,529 | 11,357 | 1.51 | % | 22,926 | 22,686 | 1.06 | % | ||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||
Deposits | 785 | 741 | 5.94 | % | 1,528 | 1,499 | 1.93 | % | ||||||||||||||
Short-term borrowings | 28 | 12 | 133.33 | % | 47 | 27 | 74.07 | % | ||||||||||||||
Long-term borrowings | 494 | 473 | 4.44 | % | 1,018 | 942 | 8.07 | % | ||||||||||||||
TOTAL INTEREST EXPENSE | 1,307 | 1,226 | 6.61 | % | 2,593 | 2,468 | 5.06 | % | ||||||||||||||
NET INTEREST INCOME | 10,222 | 10,131 | 0.90 | % | 20,333 | 20,218 | 0.57 | % | ||||||||||||||
PROVISION FOR LOAN LOSSES | 600 | 300 | 100.00 | % | 1,300 | 785 | 65.61 | % | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,622 | 9,831 | (2.13 | )% | 19,033 | 19,433 | (2.06 | )% | ||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||
Service charges | 598 | 607 | (1.48 | )% | 1,151 | 1,202 | (4.24 | )% | ||||||||||||||
Securities gains, available for sale | 526 | 487 | 8.01 | % | 1,187 | 880 | 34.89 | % | ||||||||||||||
Securities losses, trading | (4 | ) | — | (100.00 | )% | (4 | ) | — | (100.00 | )% | ||||||||||||
Bank-owned life insurance | 171 | 181 | (5.52 | )% | 359 | 551 | (34.85 | )% | ||||||||||||||
Gain on sale of loans | 482 | 421 | 14.49 | % | 781 | 711 | 9.85 | % | ||||||||||||||
Insurance commissions | 204 | 283 | (27.92 | )% | 438 | 703 | (37.70 | )% | ||||||||||||||
Brokerage commissions | 294 | 251 | 17.13 | % | 539 | 522 | 3.26 | % | ||||||||||||||
Other | 786 | 699 | 12.45 | % | 1,866 | 1,571 | 18.78 | % | ||||||||||||||
TOTAL NON-INTEREST INCOME | 3,057 | 2,929 | 4.37 | % | 6,317 | 6,140 | 2.88 | % | ||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||||
Salaries and employee benefits | 4,301 | 4,167 | 3.22 | % | 8,771 | 8,670 | 1.16 | % | ||||||||||||||
Occupancy | 564 | 552 | 2.17 | % | 1,192 | 1,182 | 0.85 | % | ||||||||||||||
Furniture and equipment | 643 | 648 | (0.77 | )% | 1,238 | 1,319 | (6.14 | )% | ||||||||||||||
Pennsylvania shares tax | 243 | 262 | (7.25 | )% | 467 | 506 | (7.71 | )% | ||||||||||||||
Amortization of investments in limited partnerships | 166 | 166 | — | % | 331 | 331 | — | % | ||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 230 | 201 | 14.43 | % | 445 | 379 | 17.41 | % | ||||||||||||||
Marketing | 145 | 126 | 15.08 | % | 274 | 236 | 16.10 | % | ||||||||||||||
Intangible amortization | 80 | 88 | (9.09 | )% | 162 | 180 | (10.00 | )% | ||||||||||||||
Other | 2,049 | 2,212 | (7.37 | )% | 4,009 | 4,262 | (5.94 | )% | ||||||||||||||
TOTAL NON-INTEREST EXPENSE | 8,421 | 8,422 | (0.01 | )% | 16,889 | 17,065 | (1.03 | )% | ||||||||||||||
INCOME BEFORE INCOME TAX PROVISION | 4,258 | 4,338 | (1.84 | )% | 8,461 | 8,508 | (0.55 | )% | ||||||||||||||
INCOME TAX PROVISION | 825 | 875 | (5.71 | )% | 1,673 | 1,576 | 6.15 | % | ||||||||||||||
NET INCOME | $ | 3,433 | $ | 3,463 | (0.87 | )% | $ | 6,788 | $ | 6,932 | (2.08 | )% | ||||||||||
EARNINGS PER SHARE - BASIC AND DILUTED | $ | 0.72 | $ | 0.72 | — | % | $ | 1.42 | $ | 1.44 | (1.39 | )% | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 4,779,687 | 4,820,193 | (0.84 | )% | 4,790,536 | 4,819,886 | (0.61 | )% | ||||||||||||||
DIVIDENDS DECLARED PER SHARE | $ | 0.47 | $ | 0.47 | — | % | $ | 0.94 | $ | 0.94 | — | % |
Three Months Ended | ||||||||||||||||||||||
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Tax-exempt loans | $ | 39,977 | $ | 388 | 3.89 | % | $ | 26,040 | $ | 286 | 4.41 | % | ||||||||||
All other loans | 921,769 | 9,496 | 4.13 | % | 805,971 | 8,723 | 4.34 | % | ||||||||||||||
Total loans | 961,746 | 9,884 | 4.12 | % | 832,011 | 9,009 | 4.34 | % | ||||||||||||||
Federal funds sold | — | — | — | % | 128 | — | — | % | ||||||||||||||
Taxable securities | 130,730 | 1,030 | 3.15 | % | 175,374 | 1,540 | 3.51 | % | ||||||||||||||
Tax-exempt securities | 87,509 | 1,127 | 5.15 | % | 98,589 | 1,352 | 5.66 | % | ||||||||||||||
Total securities | 218,239 | 2,157 | 3.95 | % | 273,963 | 2,892 | 4.27 | % | ||||||||||||||
Interest-bearing deposits | 3,781 | 3 | 0.32 | % | 14,396 | 13 | 0.36 | % | ||||||||||||||
Total interest-earning assets | 1,183,766 | 12,044 | 4.08 | % | 1,120,498 | 11,914 | 4.27 | % | ||||||||||||||
Other assets | 98,039 | 105,066 | ||||||||||||||||||||
TOTAL ASSETS | $ | 1,281,805 | $ | 1,225,564 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
Savings | $ | 143,305 | 14 | 0.04 | % | $ | 141,837 | 20 | 0.06 | % | ||||||||||||
Super Now deposits | 187,828 | 124 | 0.26 | % | 189,473 | 150 | 0.32 | % | ||||||||||||||
Money market deposits | 209,624 | 143 | 0.27 | % | 211,788 | 138 | 0.26 | % | ||||||||||||||
Time deposits | 220,851 | 504 | 0.92 | % | 225,548 | 433 | 0.77 | % | ||||||||||||||
Total interest-bearing deposits | 761,608 | 785 | 0.41 | % | 768,646 | 741 | 0.39 | % | ||||||||||||||
Short-term borrowings | 39,166 | 28 | 0.28 | % | 15,422 | 11 | 0.29 | % | ||||||||||||||
Long-term borrowings | 81,924 | 494 | 2.39 | % | 71,202 | 474 | 2.63 | % | ||||||||||||||
Total borrowings | 121,090 | 522 | 1.71 | % | 86,624 | 485 | 2.22 | % | ||||||||||||||
Total interest-bearing liabilities | 882,698 | 1,307 | 0.59 | % | 855,270 | 1,226 | 0.57 | % | ||||||||||||||
Demand deposits | 244,205 | 220,975 | ||||||||||||||||||||
Other liabilities | 18,231 | 14,651 | ||||||||||||||||||||
Shareholders’ equity | 136,671 | 134,668 | ||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,281,805 | $ | 1,225,564 | ||||||||||||||||||
Interest rate spread | 3.49 | % | 3.70 | % | ||||||||||||||||||
Net interest income/margin | $ | 10,737 | 3.64 | % | $ | 10,688 | 3.84 | % |
Three Months Ended June 30, | ||||||||
2015 | 2014 | |||||||
Total interest income | $ | 11,529 | $ | 11,357 | ||||
Total interest expense | 1,307 | 1,226 | ||||||
Net interest income | 10,222 | 10,131 | ||||||
Tax equivalent adjustment | 515 | 557 | ||||||
Net interest income (fully taxable equivalent) | $ | 10,737 | $ | 10,688 |
Six Months Ended | ||||||||||||||||||||||
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Tax-exempt loans | $ | 38,303 | $ | 771 | 4.06 | % | $ | 26,714 | $ | 592 | 4.47 | % | ||||||||||
All other loans | 906,693 | 18,566 | 4.13 | % | 798,552 | 17,334 | 4.38 | % | ||||||||||||||
Total loans | 944,996 | 19,337 | 4.13 | % | 825,266 | 17,926 | 4.38 | % | ||||||||||||||
Federal funds sold | — | — | — | % | 344 | — | — | % | ||||||||||||||
Taxable securities | 137,041 | 2,333 | 3.40 | % | 176,046 | 3,116 | 3.54 | % | ||||||||||||||
Tax-exempt securities | 87,667 | 2,289 | 5.22 | % | 97,864 | 2,762 | 5.64 | % | ||||||||||||||
Total securities | 224,708 | 4,622 | 4.11 | % | 273,910 | 5,878 | 4.29 | % | ||||||||||||||
Interest-bearing deposits | 5,152 | 7 | 0.27 | % | 10,000 | 22 | 0.44 | % | ||||||||||||||
Total interest-earning assets | 1,174,856 | 23,966 | 4.11 | % | 1,109,520 | 23,826 | 4.32 | % | ||||||||||||||
Other assets | 97,043 | 105,718 | ||||||||||||||||||||
TOTAL ASSETS | $ | 1,271,899 | $ | 1,215,238 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
Savings | $ | 142,537 | 29 | 0.04 | % | $ | 140,803 | 51 | 0.07 | % | ||||||||||||
Super Now deposits | 189,125 | 253 | 0.27 | % | 183,174 | 307 | 0.34 | % | ||||||||||||||
Money market deposits | 207,446 | 279 | 0.27 | % | 209,314 | 272 | 0.26 | % | ||||||||||||||
Time deposits | 218,824 | 967 | 0.89 | % | 228,846 | 869 | 0.77 | % | ||||||||||||||
Total interest-bearing deposits | 757,932 | 1,528 | 0.41 | % | 762,137 | 1,499 | 0.40 | % | ||||||||||||||
Short-term borrowings | 33,728 | 47 | 0.28 | % | 17,749 | 27 | 0.31 | % | ||||||||||||||
Long-term borrowings | 82,961 | 1,018 | 2.44 | % | 71,202 | 942 | 2.63 | % | ||||||||||||||
Total borrowings | 116,689 | 1,065 | 1.82 | % | 88,951 | 969 | 2.17 | % | ||||||||||||||
Total interest-bearing liabilities | 874,621 | 2,593 | 0.59 | % | 851,088 | 2,468 | 0.58 | % | ||||||||||||||
Demand deposits | 242,488 | 216,588 | ||||||||||||||||||||
Other liabilities | 17,687 | 14,642 | ||||||||||||||||||||
Shareholders’ equity | 137,103 | 132,920 | ||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,271,899 | $ | 1,215,238 | ||||||||||||||||||
Interest rate spread | 3.52 | % | 3.74 | % | ||||||||||||||||||
Net interest income/margin | $ | 21,373 | 3.66 | % | $ | 21,358 | 3.88 | % |
Six Months Ended June 30, | ||||||||
2015 | 2014 | |||||||
Total interest income | $ | 22,926 | $ | 22,686 | ||||
Total interest expense | 2,593 | 2,468 | ||||||
Net interest income | 20,333 | 20,218 | ||||||
Tax equivalent adjustment | 1,040 | 1,140 | ||||||
Net interest income (fully taxable equivalent) | $ | 21,373 | $ | 21,358 |
(Dollars in Thousands, Except Per Share Data) | Quarter Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | ||||||||||||||||
Operating Data | ||||||||||||||||||||
Net income | $ | 3,433 | $ | 3,355 | $ | 2,883 | $ | 4,793 | $ | 3,463 | ||||||||||
Net interest income | 10,222 | 10,111 | 10,208 | 10,218 | 10,131 | |||||||||||||||
Provision for loan losses | 600 | 700 | 1,605 | 460 | 300 | |||||||||||||||
Net security gains | 522 | 661 | 490 | 2,145 | 487 | |||||||||||||||
Non-interest income, ex. net security gains | 2,535 | 2,599 | 2,954 | 2,779 | 2,442 | |||||||||||||||
Non-interest expense | 8,421 | 8,468 | 8,512 | 8,313 | 8,422 | |||||||||||||||
Performance Statistics | ||||||||||||||||||||
Net interest margin | 3.64 | % | 3.69 | % | 3.73 | % | 3.78 | % | 3.83 | % | ||||||||||
Annualized return on average assets | 1.07 | % | 1.06 | % | 0.93 | % | 1.56 | % | 1.13 | % | ||||||||||
Annualized return on average equity | 10.05 | % | 9.76 | % | 8.33 | % | 13.95 | % | 10.29 | % | ||||||||||
Annualized net loan charge-offs to average loans | 0.07 | % | 0.20 | % | 0.12 | % | 0.01 | % | — | % | ||||||||||
Net charge-offs | 161 | 453 | 276 | 21 | 9 | |||||||||||||||
Efficiency ratio | 65.3 | % | 66.0 | % | 64.0 | % | 63.3 | % | 66.3 | % | ||||||||||
Per Share Data | ||||||||||||||||||||
Basic earnings per share | $ | 0.72 | $ | 0.70 | $ | 0.60 | $ | 0.99 | $ | 0.72 | ||||||||||
Diluted earnings per share | 0.72 | 0.70 | 0.60 | 0.99 | 0.72 | |||||||||||||||
Dividend declared per share | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | |||||||||||||||
Book value | 28.33 | 28.57 | 28.30 | 28.49 | 28.17 | |||||||||||||||
Common stock price: | ||||||||||||||||||||
High | 48.28 | 48.91 | 49.26 | 48.79 | 48.37 | |||||||||||||||
Low | 41.84 | 44.41 | 42.18 | 42.25 | 43.21 | |||||||||||||||
Close | 44.09 | 48.91 | 49.26 | 42.25 | 47.10 | |||||||||||||||
Weighted average common shares: | ||||||||||||||||||||
Basic | 4,780 | 4,802 | 4,805 | 4,820 | 4,820 | |||||||||||||||
Fully Diluted | 4,780 | 4,802 | 4,805 | 4,820 | 4,820 | |||||||||||||||
End-of-period common shares: | ||||||||||||||||||||
Issued | 5,004 | 5,003 | 5,003 | 5,002 | 5,001 | |||||||||||||||
Treasury | 238 | 207 | 198 | 192 | 181 |
Quarter Ended | ||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | |||||||||||||||
Financial Condition Data: | ||||||||||||||||||||
General | ||||||||||||||||||||
Total assets | $ | 1,291,812 | $ | 1,268,833 | $ | 1,245,011 | $ | 1,227,122 | $ | 1,222,847 | ||||||||||
Loans, net | 966,613 | 933,044 | 905,000 | 881,477 | 847,521 | |||||||||||||||
Goodwill | 17,104 | 17,104 | 17,104 | 17,104 | 17,104 | |||||||||||||||
Intangibles | 1,294 | 1,373 | 1,456 | 1,538 | 1,621 | |||||||||||||||
Total deposits | 1,007,468 | 996,489 | 981,419 | 989,128 | 981,826 | |||||||||||||||
Noninterest-bearing | 244,502 | 246,231 | 243,378 | 232,588 | 228,758 | |||||||||||||||
Savings | 143,415 | 143,222 | 139,278 | 141,170 | 141,362 | |||||||||||||||
NOW | 188,092 | 186,788 | 177,970 | 183,056 | 176,066 | |||||||||||||||
Money Market | 211,412 | 204,352 | 204,535 | 213,725 | 212,782 | |||||||||||||||
Time Deposits | 220,047 | 215,896 | 216,258 | 218,589 | 222,858 | |||||||||||||||
Total interest-bearing deposits | 762,966 | 750,258 | 738,041 | 756,540 | 753,068 | |||||||||||||||
Core deposits* | 787,421 | 780,593 | 765,161 | 770,539 | 758,968 | |||||||||||||||
Shareholders’ equity | 134,998 | 137,004 | 135,967 | 137,004 | 135,802 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing assets | $ | 9,689 | $ | 11,157 | $ | 12,248 | $ | 12,294 | $ | 11,979 | ||||||||||
Non-performing assets to total assets | 0.75 | % | 0.88 | % | 0.98 | % | 1.00 | % | 0.98 | % | ||||||||||
Allowance for loan losses | 11,265 | 10,826 | 10,579 | 9,250 | 8,811 | |||||||||||||||
Allowance for loan losses to total loans | 1.15 | % | 1.15 | % | 1.16 | % | 1.04 | % | 1.03 | % | ||||||||||
Allowance for loan losses to non-performing loans | 116.27 | % | 97.03 | % | 86.37 | % | 75.24 | % | 73.55 | % | ||||||||||
Non-performing loans to total loans | 0.99 | % | 1.18 | % | 1.34 | % | 1.38 | % | 1.40 | % | ||||||||||
Capitalization | ||||||||||||||||||||
Shareholders’ equity to total assets | 10.45 | % | 10.80 | % | 10.92 | % | 11.16 | % | 11.11 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in Thousands, Except Per Share Data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income | $ | 3,433 | $ | 3,463 | $ | 6,788 | $ | 6,932 | ||||||||
Less: net securities and bank-owned life insurance gains, net of tax | 345 | 321 | 781 | 755 | ||||||||||||
Non-GAAP operating earnings | $ | 3,088 | $ | 3,142 | $ | 6,007 | $ | 6,177 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Return on average assets (ROA) | 1.07 | % | 1.13 | % | 1.07 | % | 1.14 | % | ||||||||
Less: net securities and bank-owned life insurance gains, net of tax | 0.11 | % | 0.10 | % | 0.13 | % | 0.12 | % | ||||||||
Non-GAAP operating ROA | 0.96 | % | 1.03 | % | 0.94 | % | 1.02 | % | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Return on average equity (ROE) | 10.05 | % | 10.29 | % | 9.90 | % | 10.43 | % | ||||||||
Less: net securities and bank-owned life insurance gains, net of tax | 1.01 | % | 0.96 | % | 1.14 | % | 1.14 | % | ||||||||
Non-GAAP operating ROE | 9.04 | % | 9.33 | % | 8.76 | % | 9.29 | % | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Basic earnings per share (EPS) | $ | 0.72 | $ | 0.72 | $ | 1.42 | $ | 1.44 | ||||||||
Less: net securities and bank-owned life insurance gains, net of tax | 0.07 | 0.07 | 0.17 | 0.16 | ||||||||||||
Non-GAAP basic operating EPS | $ | 0.65 | $ | 0.65 | $ | 1.25 | $ | 1.28 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Dilutive EPS | $ | 0.72 | $ | 0.72 | $ | 1.42 | $ | 1.44 | ||||||||
Less: net securities and bank-owned life insurance gains, net of tax | 0.07 | 0.07 | 0.17 | 0.16 | ||||||||||||
Non-GAAP dilutive operating EPS | $ | 0.65 | $ | 0.65 | $ | 1.25 | $ | 1.28 |
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