Company Quick10K Filing
Penns Woods Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 5 $201
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-12 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-08-08
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-13 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-10 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-10 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-12 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-13 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-14 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-10 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-12 Annual: 2009-12-31
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-09-30 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-09-03 Other Events, Exhibits
8-K 2019-08-13 Officers
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-05-31 Officers, Exhibits
8-K 2019-04-23 Shareholder Vote
8-K 2019-04-22 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2018-12-31 Officers, Exhibits
8-K 2018-10-19 Earnings, Exhibits
8-K 2018-09-27 Officers, Exhibits
8-K 2018-07-20 Earnings, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-11 Other Events
PWOD 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Accumulated Other Comprehensive Gain (Loss)
Note 3. Recent Accounting Pronouncements
Note 4. per Share Data
Note 5. Investment Securities
Note 6. Loans
Note 7. Net Periodic Benefit Cost-Defined Benefit Plans
Note 8. Employee Stock Purchase Plan
Note 9. Off-Balance Sheet Risk
Note 10. Fair Value Measurements
Note 11. Fair Value of Financial Instruments
Note 12. Stock Options
Note 13. Leases
Note 14. Reclassification of Comparative Amounts
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.1 ex31-3q19.htm
EX-31.1 ex311-3q19.htm
EX-31.2 ex312-3q19.htm
EX-32.1 ex321-3q19.htm
EX-32.2 ex322-3q19.htm

Penns Woods Bancorp Earnings 2019-09-30

PWOD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SBBX 212 1,866 1,674 0 0 18 43 218 5.1 1%
INBK 210 3,959 3,663 0 0 22 99 -138 -1.4 1%
MPB 209 2,136 1,905 0 0 15 43 161 3.7 1%
NWFL 205 1,223 1,091 3 0 14 26 230 0% 9.0 1%
FBIZ 204 2,070 1,881 0 0 22 54 159 2.9 1%
PWOD 201 1,712 1,560 1 0 16 33 122 0% 3.6 1%
SHBI 200 1,489 1,297 5 0 25 38 176 0% 4.6 2%
PMBC 197 1,419 1,273 0 0 12 30 -68 -2.3 1%
BOCH 191 1,442 1,274 0 0 15 26 160 6.2 1%
DNBF 190 1,154 1,036 0 0 11 25 144 5.7 1%

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q
 
Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

for the Quarterly Period Ended September 30, 2019. 
Transition report pursuant to Section 13 or 15 (d) of the Exchange Act

For the Transition Period from                    to                   .

No. 0-17077
(Commission File Number)

PENNS WOODS BANCORP INC.
(Exact name of Registrant as specified in its charter) 
Pennsylvania
300 Market Street, P.O. Box 967
23-2226454
(State or other jurisdiction of
Williamsport
(I.R.S. Employer Identification No.)
incorporation or organization)
Pennsylvania
17703-0967
 
(Address of principal executive offices)
(Zip Code)
 

(570) 322-1111
Registrant’s telephone number, including area code


Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, $8.33 par value
 
PWOD
 
The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company. or an emerging growth company.  See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
 
Large accelerated filer
Accelerated filer
  Non-accelerated filer
   Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
On November 1, 2019 there were 7,037,823 shares of the Registrant’s common stock outstanding.


Table of Contents


PENNS WOODS BANCORP, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

 
 
Page
 
 
Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents


Part I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
 
 
September 30,
 
December 31,
(In Thousands, Except Share Data)
 
2019
 
2018
ASSETS:
 
 

 
 

Noninterest-bearing balances
 
$
25,990

 
$
24,325

Interest-bearing balances in other financial institutions
 
31,351

 
42,417

Total cash and cash equivalents
 
57,341

 
66,742

 
 
 
 
 
Investment debt securities, available for sale, at fair value
 
149,075

 
134,285

Investment equity securities, at fair value
 
1,820


1,776

Investment securities, trading
 
47

 
36

Restricted investment in bank stock, at fair value
 
13,502

 
18,862

Loans held for sale
 
1,868

 
2,929

Loans
 
1,364,984

 
1,384,757

Allowance for loan losses
 
(14,249
)
 
(13,837
)
Loans, net
 
1,350,735

 
1,370,920

Premises and equipment, net
 
33,366

 
27,580

Accrued interest receivable
 
5,267

 
5,334

Bank-owned life insurance
 
29,107

 
28,627

Goodwill
 
17,104

 
17,104

Intangibles
 
960

 
1,162

Operating lease right-of-use asset
 
4,217

 

Deferred tax asset
 
3,744

 
5,154

Other assets
 
4,942

 
4,260

TOTAL ASSETS
 
$
1,673,095

 
$
1,684,771

 
 
 
 
 
LIABILITIES:
 
 

 
 

Interest-bearing deposits
 
$
1,005,078

 
$
899,089

Noninterest-bearing deposits
 
327,329

 
320,814

Total deposits
 
1,332,407

 
1,219,903

 
 
 
 
 
Short-term borrowings
 
5,987

 
167,865

Long-term borrowings
 
162,290

 
138,942

Accrued interest payable
 
1,666

 
1,150

Operating lease liability
 
4,228

 

Other liabilities
 
11,456

 
13,367

TOTAL LIABILITIES
 
1,518,034

 
1,541,227

 
 
 
 
 
SHAREHOLDERS’ EQUITY:
 
 

 
 

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

 

Common stock, par value $5.55, 22,500,000 shares authorized; 7,517,796 and 7,517,546 shares issued; 7,037,571 and 7,037,321 outstanding
 
41,758

 
41,763

Additional paid-in capital
 
51,290

 
50,737

Retained earnings
 
76,009

 
69,787

Accumulated other comprehensive gain (loss):
 
 

 
 

Net unrealized gain (loss) on available for sale securities
 
3,266

 
(1,360
)
Defined benefit plan
 
(5,165
)
 
(5,276
)
Treasury stock at cost, 480,225
 
(12,115
)
 
(12,115
)
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY
 
155,043

 
143,536

Non-controlling interest
 
18

 
8

TOTAL SHAREHOLDERS' EQUITY
 
155,061

 
143,544

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
1,673,095

 
$
1,684,771


See accompanying notes to the unaudited consolidated financial statements.

3

Table of Contents


PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands, Except Per Share Data)
 
2019
 
2018
 
2019
 
2018
INTEREST AND DIVIDEND INCOME:
 
 

 
 

 
 

 
 

Loans, including fees
 
$
15,426

 
$
13,982

 
$
45,595

 
$
39,172

Investment securities:
 
 

 
 

 
 

 
 

Taxable
 
998

 
713

 
2,899

 
1,898

Tax-exempt
 
167

 
207

 
520

 
678

Dividend and other interest income
 
493

 
296

 
1,345

 
762

TOTAL INTEREST AND DIVIDEND INCOME
 
17,084

 
15,198

 
50,359

 
42,510

INTEREST EXPENSE:
 
 

 
 

 
 

 
 

Deposits
 
3,165

 
1,659

 
8,336

 
4,371

Short-term borrowings
 
7

 
528

 
790

 
1,004

Long-term borrowings
 
1,009

 
756

 
2,739

 
2,024

TOTAL INTEREST EXPENSE
 
4,181

 
2,943

 
11,865

 
7,399

NET INTEREST INCOME
 
12,903

 
12,255

 
38,494

 
35,111

PROVISION FOR LOAN LOSSES
 
360

 
480

 
1,035

 
975

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
 
12,543

 
11,775

 
37,459

 
34,136

NON-INTEREST INCOME:
 
 

 
 

 
 

 
 

Service charges
 
622

 
645

 
1,776

 
1,788

Net debt securities gains (losses), available for sale
 
189

 
(22
)
 
200

 
(17
)
Net equity securities (losses) gains
 
(21
)
 
(16
)
 
44

 
(44
)
Net securities gains (losses), trading
 
2

 
14

 
15

 
12

Bank-owned life insurance
 
143

 
165

 
434

 
496

Gain on sale of loans
 
583

 
398

 
1,246

 
1,053

Insurance commissions
 
93

 
85

 
346

 
266

Brokerage commissions
 
353

 
340

 
1,032

 
1,013

Debit card fees
 
333

 
359

 
1,032

 
1,065

Other
 
525

 
621

 
1,420

 
1,400

TOTAL NON-INTEREST INCOME
 
2,822

 
2,589

 
7,545

 
7,032

NON-INTEREST EXPENSE:
 
 

 
 

 
 

 
 

Salaries and employee benefits
 
5,488

 
5,420

 
16,512

 
15,387

Occupancy
 
638

 
640

 
2,085

 
2,080

Furniture and equipment
 
885

 
780

 
2,421

 
2,328

Software amortization
 
234

 
208

 
629

 
504

Pennsylvania shares tax
 
285

 
278

 
863

 
833

Professional fees
 
585

 
459

 
1,834

 
1,674

Federal Deposit Insurance Corporation deposit insurance
 

 
237

 
504

 
639

Marketing
 
98

 
245

 
233

 
764

Intangible amortization
 
62

 
71

 
202

 
229

Other
 
1,266

 
1,343

 
4,131

 
4,037

TOTAL NON-INTEREST EXPENSE
 
9,541

 
9,681

 
29,414

 
28,475

INCOME BEFORE INCOME TAX PROVISION
 
5,824

 
4,683

 
15,590

 
12,693

INCOME TAX PROVISION
 
1,170

 
857

 
2,741

 
2,179

CONSOLIDATED NET INCOME
 
$
4,654

 
$
3,826

 
$
12,849

 
$
10,514

Less: Net loss attributable to noncontrolling interest
 
4

 

 
10

 
(1
)
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC.
 
$
4,650

 
$
3,826

 
$
12,839

 
$
10,515

EARNINGS PER SHARE - BASIC
 
$
0.66

 
$
0.54

 
$
1.82

 
$
1.49

EARNINGS PER SHARE - DILUTED
 
$
0.66

 
$
0.54

 
$
1.82

 
$
1.49

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
 
7,037,055

 
7,035,840

 
7,036,181

 
7,034,940

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
 
7,037,055

 
7,035,840

 
7,036,181

 
7,034,940

DIVIDENDS DECLARED PER SHARE
 
$
0.31

 
$
0.31

 
$
0.94

 
$
0.94

See accompanying notes to the unaudited consolidated financial statements.

4

Table of Contents




PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Net Income
 
$
4,650

 
$
3,826

 
$
12,839

 
$
10,515

Other comprehensive income (loss) income:
 
 

 
 

 
 

 
 

Change in unrealized gain (loss) on available for sale securities
 
1,261

 
(789
)
 
6,056

 
(2,641
)
Tax effect
 
(265
)
 
166

 
(1,272
)
 
556

Net realized (gain) loss on available for sale securities included in net income
 
(189
)
 
22

 
(200
)
 
17

Tax effect
 
40

 
(5
)
 
42

 
(4
)
   Amortization of unrecognized pension gain
 
46

 
41

 
140

 
125

        Tax effect
 
(9
)
 
(8
)
 
(29
)
 
(25
)
Total other comprehensive gain (loss) income
 
884

 
(573
)
 
4,737

 
(1,972
)
Comprehensive income
 
$
5,534

 
$
3,253

 
$
17,576

 
$
8,543

 
See accompanying notes to the unaudited consolidated financial statements.

5

Table of Contents


PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)



 Three months ended:

 
 
COMMON STOCK
 
ADDITIONAL
PAID-IN CAPITAL
 
RETAINED EARNINGS
 
ACCUMULATED OTHER
COMPREHENSIVE LOSS
 
TREASURY STOCK
 
NON-CONTROLLING INTEREST
 
TOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)
 
SHARES
 
AMOUNT
 
 
 
 
 
 
Balance, June 30, 2019
 
7,519,344

 
$
41,773

 
$
51,067

 
$
73,565

 
$
(2,783
)
 
$
(12,115
)
 
$
14

 
$
151,521

Net income
 
 

 
 

 
 

 
4,650

 
 

 
 

 
4

 
4,654

Other comprehensive income
 
 
 
 
 
 
 
 
 
884

 
 
 
 
 
884

Stock-based compensation
 
 
 
 
 
185

 
 
 
 

 
 

 
 
 
185

Dividends declared ($0.31 per share)
 
 

 
 

 
 

 
(2,206
)
 
 

 
 

 
 
 
(2,206
)
Common shares issued for employee stock purchase plan
 
782

 
4

 
38

 
 
 
 
 
 
 
 
 
42

Stock split fractional shares
 
(2,330
)
 
(19
)
 


 
 

 
 
 
 
 
 
 
(19
)
Balance, September 30, 2019
 
7,517,796

 
$
41,758

 
$
51,290

 
$
76,009

 
$
(1,899
)
 
$
(12,115
)
 
$
18

 
$
155,061



 
 
COMMON STOCK
 
ADDITIONAL
PAID-IN CAPITAL
 
RETAINED EARNINGS
 
ACCUMULATED OTHER
COMPREHENSIVE LOSS
 
TREASURY STOCK
 
NON-CONTROLLING INTEREST
 
TOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)
 
SHARES
 
AMOUNT
 
 
 
 
 
 
Balance, June 30, 2018
 
7,515,803

 
$
41,753

 
$
50,225

 
$
66,181

 
$
(6,910
)
 
$
(12,115
)
 
$
1

 
$
139,135

Net income
 
 

 
 

 
 

 
3,826

 
 

 
 

 

 
3,826

Other comprehensive loss
 
 

 
 

 
 

 
 
 
(573
)
 
 

 
 
 
(573
)
Stock-based compensation
 
 
 
 
 
333

 
 
 
 
 
 
 
 
 
333

Dividends declared ($0.31 per share)
 
 

 
 

 
 

 
(2,205
)
 
 

 
 

 
 
 
(2,205
)
Common shares issued for employee stock purchase plan
 
1,743

 
4

 
19

 
 

 
 

 
 

 
 
 
23

Balance, September 30, 2018
 
7,517,546

 
$
41,757

 
$
50,577

 
$
67,802

 
$
(7,483
)
 
$
(12,115
)
 
$
1

 
$
140,539






See accompanying notes to the unaudited consolidated financial statements.




6

Table of Contents






Nine months ended:



 
 
COMMON STOCK
 
ADDITIONAL
PAID-IN CAPITAL
 
RETAINED EARNINGS
 
ACCUMULATED OTHER
COMPREHENSIVE LOSS
 
TREASURY STOCK
 
NON-CONTROLLING INTEREST
 
TOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)
 
SHARES
 
AMOUNT
 
 
 
 
 
 
Balance, December 31, 2018
 
7,517,546

 
$
41,763

 
$
50,737

 
$
69,787

 
$
(6,636
)
 
$
(12,115
)
 
$
8

 
$
143,544

Net income
 
 

 
 

 
 

 
12,839

 
 

 
 

 
10

 
12,849

Other comprehensive income
 
 

 
 

 
 

 
 

 
4,737

 
 

 
 
 
4,737

Stock-based compensation
 
 
 
 
 
498

 
 
 
 
 
 
 
 
 
498

Dividends declared ($0.94 per share)
 
 

 
 

 
 

 
(6,617
)
 
 

 
 

 
 
 
(6,617
)
Common shares issued for employee stock purchase plan
 
2,580

 
14

 
55

 
 

 
 

 
 

 
 
 
69

Stock split fractional shares
 
(2,330
)
 
(19
)
 
 
 
 
 
 
 


 
 
 
(19
)
Balance, September 30, 2019
 
7,517,796

 
$
41,758

 
$
51,290

 
$
76,009

 
$
(1,899
)
 
$
(12,115
)
 
$
18

 
$
155,061



 
 
COMMON STOCK
 
ADDITIONAL
PAID-IN CAPITAL
 
RETAINED EARNINGS
 
ACCUMULATED OTHER
COMPREHENSIVE LOSS
 
TREASURY STOCK
 
NON-CONTROLLING INTEREST
 
TOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)
 
SHARES
 
AMOUNT
 
 
 
 
 
 
Balance, December 31, 2017
 
7,514,009

 
$
41,744

 
$
50,173

 
$
63,364

 
$
(4,974
)
 
$
(12,115
)
 
$
2

 
$
138,194

Net income
 
 

 
 

 
 

 
10,515

 
 

 
 

 
(1
)
 
10,514

Adoption of ASU 2016-01
 
 
 
 
 
 
 
537

 
(537
)
 
 
 
 
 

Other comprehensive (loss)
 
 

 
 

 
 

 
 
 
(1,972
)
 
 

 
 
 
(1,972
)
Stock-based compensation
 
 
 
 
 
345

 
 
 
 
 
 
 
 
 
345

Dividends declared ($0.94 per share)
 
 

 
 

 
 

 
(6,614
)
 
 

 
 

 
 
 
(6,614
)
Common shares issued for employee stock purchase plan
 
3,537

 
13

 
59

 
 

 
 

 
 

 
 
 
72

Balance, September 30, 2018
 
7,517,546

 
$
41,757

 
$
50,577

 
$
67,802

 
$
(7,483
)
 
$
(12,115
)
 
$
1

 
$
140,539





See accompanying notes to the unaudited consolidated financial statements.

7

Table of Contents


PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) 
 
 
Nine Months Ended September 30,
(In Thousands)
 
2019
 
2018
OPERATING ACTIVITIES:
 
 

 
 

Net Income
 
$
12,849

 
$
10,514

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
1,904

 
1,907

Amortization of intangible assets
 
202

 
229

Provision for loan losses
 
1,035

 
975

Accretion and amortization of investment security discounts and premiums
 
499

 
591

Net securities (gains) losses, available for sale
 
(200
)
 
17

Originations of loans held for sale
 
(41,601
)
 
(39,979
)
Proceeds of loans held for sale