Company Quick10K Filing
⚲
Penns Woods Bancorp
Financials
Price46.40 EPS2
Shares7 P/E25
MCap327 P/FCF21
Net Debt-57 EBIT32
TEV269 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-12
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-08-08 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-10
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-12
Reports
8-K 2020-10-26 Earnings, Exhibits
8-K 2020-09-25 Officers, Exhibits
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-04-28
8-K 2020-04-22
8-K 2020-04-06
8-K 2020-01-28
8-K 2019-10-23
8-K 2019-09-30
8-K 2019-09-03
8-K 2019-08-13
8-K 2019-07-23
8-K 2019-05-31
8-K 2019-04-23
8-K 2019-04-22
8-K 2019-01-28
8-K 2018-12-31
8-K 2018-10-19
8-K 2018-09-27
8-K 2018-07-20
8-K 2018-04-24
8-K 2018-04-19
8-K 2018-01-30
8-K 2018-01-11

PWOD 10Q Quarterly Report

Content
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
Note 15. Subsequent Events
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
Exhibits
EX-31.1 ex311-2q201.htm
EX-31.2 ex312-2q201.htm
EX-32.1 ex321-2q201.htm
EX-32.2 ex322-2q201.htm

Penns Woods Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
 0.10.10.10.00.00.02017201720182019
Rev, G Profit, Net Income
 0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin
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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, 2020. 
☐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) 
Pennsylvania300 Market Street, P.O. Box 96723-2226454
(State or other jurisdiction ofWilliamsport(I.R.S. Employer Identification No.)
incorporation or organization)Pennsylvania17703-0967
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $5.55 par valuePWODThe 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, 2020 there were 7,051,783 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)20202019
ASSETS:  
Noninterest-bearing balances$34,987 $24,725 
Interest-bearing balances in other financial institutions191,285 23,864 
Total cash and cash equivalents226,272 48,589 
Investment debt securities, available for sale, at fair value149,675 148,619 
Investment equity securities, at fair value1,291 1,261 
Investment securities, trading35 51 
Restricted investment in bank stock, at fair value15,006 13,528 
Loans held for sale6,647 4,232 
Loans1,349,140 1,355,544 
Allowance for loan losses(13,429)(11,894)
Loans, net1,335,711 1,343,650 
Premises and equipment, net32,886 32,929 
Accrued interest receivable8,540 5,246 
Bank-owned life insurance33,474 29,253 
Goodwill17,104 17,104 
Intangibles724 898 
Operating lease right-of-use asset3,184 4,154 
Deferred tax asset3,409 3,338 
Other assets6,821 12,471 
TOTAL ASSETS$1,840,779 $1,665,323 
LIABILITIES:  
Interest-bearing deposits$1,057,562 $989,259 
Noninterest-bearing deposits434,248 334,746 
Total deposits1,491,810 1,324,005 
Short-term borrowings15,009 4,920 
Long-term borrowings153,534 161,920 
Accrued interest payable1,491 1,671 
Operating lease liability3,219 4,170 
Other liabilities13,287 13,655 
TOTAL LIABILITIES1,678,350 1,510,341 
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; 7,527,605 and 7,520,740 shares issued; 7,047,380 and 7,040,515 outstanding
41,820 41,782 
Additional paid-in capital52,268 51,487 
Retained earnings81,127 76,583 
Accumulated other comprehensive loss:  
Net unrealized gain on available for sale securities4,440 2,455 
Defined benefit plan(5,118)(5,232)
Treasury stock at cost, 480,225
(12,115)(12,115)
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY162,422 154,960 
Non-controlling interest7 22 
TOTAL SHAREHOLDERS' EQUITY162,429 154,982 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,840,779 $1,665,323 

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)2020201920202019
INTEREST AND DIVIDEND INCOME:    
Loans, including fees$14,080 $15,426 $43,403 $45,595 
Investment securities:    
Taxable925 998 2,958 2,899 
Tax-exempt170 167 484 520 
Dividend and other interest income212 493 747 1,345 
TOTAL INTEREST AND DIVIDEND INCOME15,387 17,084 47,592 50,359 
INTEREST EXPENSE:    
Deposits2,569 3,165 8,406 8,336 
Short-term borrowings8 7 37 790 
Long-term borrowings965 1,009 2,893 2,739 
TOTAL INTEREST EXPENSE3,542 4,181 11,336 11,865 
NET INTEREST INCOME11,845 12,903 36,256 38,494 
PROVISION FOR LOAN LOSSES645 360 2,040 1,035 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES11,200 12,543 34,216 37,459 
NON-INTEREST INCOME:    
Service charges388 622 1,249 1,776 
Net debt securities gains, available for sale1,013 189 1,220 200 
Net equity securities (losses) gains— (21)30 44 
Net securities (losses) gains, trading(2)2 (16)15 
Bank-owned life insurance156 143 492 434 
Gain on sale of loans1,449 583 2,921 1,246 
Insurance commissions101 93 320 346 
Brokerage commissions224 353 779 1,032 
Debit card income352 333 936 1,032 
Other354 525 1,162 1,420 
TOTAL NON-INTEREST INCOME4,035 2,822 9,093 7,545 
NON-INTEREST EXPENSE:    
Salaries and employee benefits5,465 5,488 16,362 16,512 
Occupancy599 638 1,927 2,085 
Furniture and equipment837 885 2,525 2,421 
Software amortization257 234 743 629 
Pennsylvania shares tax340 285 948 863 
Professional fees608 585 1,888 1,834 
Federal Deposit Insurance Corporation deposit insurance271 — 650 504 
Marketing61 98 170 233 
Intangible amortization53 62 174 202 
Other1,216 1,266 4,041 4,131 
TOTAL NON-INTEREST EXPENSE9,707 9,541 29,428 29,414 
INCOME BEFORE INCOME TAX PROVISION5,528 5,824 13,881 15,590 
INCOME TAX PROVISION1,051 1,170 2,563 2,741 
CONSOLIDATED NET INCOME$4,477 $4,654 $11,318 $12,849 
Less: Net income attributable to noncontrolling interest5 4 13 10 
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC.$4,472 $4,650 $11,305 $12,839 
EARNINGS PER SHARE - BASIC$0.63 $0.66 $1.61 $1.82 
EARNINGS PER SHARE - DILUTED$0.63 $0.66 $1.61 $1.82 
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 7,045,336 7,037,055 7,042,578 7,036,181 
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED7,045,336 7,037,055 7,042,578 7,036,181 
DIVIDENDS DECLARED PER SHARE$0.32 $0.31 $0.96 $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)2020201920202019
Net Income$4,472 $4,650 $11,305 $12,839 
Other comprehensive income:    
Change in unrealized gain on available for sale securities1,324 1,261 3,733 6,056 
Tax effect(278)(265)(784)(1,272)
Net realized gain on available for sale securities included in net income(1,013)(189)(1,220)(200)
Tax effect213 40 256 42 
   Amortization of unrecognized pension gain52 46 144 140 
        Tax effect(11)(9)(30)(29)
Total other comprehensive income287 884 2,099 4,737 
Comprehensive income$4,759 $5,534 $13,404 $17,576 
 
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 STOCKADDITIONAL
PAID-IN CAPITAL		RETAINED EARNINGSACCUMULATED OTHER
COMPREHENSIVE LOSS 		TREASURY STOCKNON-CONTROLLING INTERESTTOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)SHARESAMOUNT
Balance, June 30, 20207,522,573 $41,792 $51,956 $78,910 $(965)$(12,115)$30 $159,608 
Net income4,472 5 4,477 
Other comprehensive income287 287 
Stock-based compensation 239 239 
Dividends declared ($0.32 per share)
(2,255)(2,255)
Common shares issued for employee stock purchase plan1,055 6 15 21 
Director Compensation Plan3,977 22 58 80 
Distributions to noncontrolling interest (28)(28)
Balance, September 30, 20207,527,605 $41,820 $52,268 $81,127 $(678)$(12,115)$7 $162,429 


COMMON STOCKADDITIONAL
PAID-IN CAPITAL		RETAINED EARNINGSACCUMULATED OTHER
COMPREHENSIVE LOSS 		TREASURY STOCKNON-CONTROLLING INTERESTTOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)SHARESAMOUNT
Balance, June 30, 20197,519,344 $41,773 $51,067 $73,565 $(2,783)$(12,115)$14 $151,521 
Net income4,650 4 4,654 
Other comprehensive income884 884 
Stock-based compensation185 185 
Dividends declared ($0.31 per share)
(2,206)(2,206)
Common shares issued for employee stock purchase plan782 4 38 42 
Stock split fractional shares(2,330)(19)(19)
Balance, September 30, 20197,517,796 $41,758 $51,290 $76,009 $(1,899)$(12,115)$18 $155,061 








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



Nine months ended:
COMMON STOCKADDITIONAL
PAID-IN CAPITAL		RETAINED EARNINGSACCUMULATED OTHER
COMPREHENSIVE LOSS		TREASURY STOCKNON-CONTROLLING INTERESTTOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)SHARESAMOUNT
Balance, December 31, 20197,520,740 $41,782 $51,487 $76,583 $(2,777)$(12,115)$22 $154,982 
Net income   11,305   13 11,318 
Other comprehensive income    2,099  2,099 
Stock-based compensation 675 675 
Dividends declared ($0.96 per share)
   (6,761)  (6,761)
Common shares issued for employee stock purchase plan2,888 16 48    64 
Director Compensation Plan3,977 22 5880 
Distributions to noncontrolling interest(28)(28)
Balance, September 30, 20207,527,605 $41,820 $52,268 $81,127 $(678)$(12,115)$7 $162,429 

COMMON STOCKADDITIONAL
PAID-IN CAPITAL		RETAINED EARNINGSACCUMULATED OTHER
COMPREHENSIVE LOSS 		TREASURY STOCKNON-CONTROLLING INTERESTTOTAL
SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Data)SHARESAMOUNT
Balance, December 31, 20187,517,547 $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 compensation498 498 
Dividends declared ($0.94 per share)
   (6,617)  (6,617)
Common shares issued for employee stock purchase plan2,579 14 55    69 
Stock split fractional shares(2,330)(19)(19)
Balance, September 30, 20197,517,796 $41,758 $51,290 $76,009 $(1,899)$(12,115)$18 $155,061 




See accompanying notes to the unaudited consolidated financial statements.
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PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) 
Nine Months Ended September 30,
(In Thousands)20202019
OPERATING ACTIVITIES:  
Net Income$11,318 $12,849 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization2,310 1,904 
Gain on sale of premise and equipment(14)— 
Amortization of intangible assets174 202 
Provision for loan losses2,040 1,035 
Stock based compensation675 498 
Accretion and amortization of investment security discounts and premiums382 499 
Net securities gains, available for sale(1,220)(200)
Originations of loans held for sale(95,661)(41,601)
Proceeds of loans held for sale96,167 43,908 
Gain on sale of loans(2,921)(1,246)
Net equity securities gains(30)(44)
Net securities losses (gains), trading16 (15)
Proceeds from the sale of trading securities— 78 
Purchases of trading securities— (74)
Earnings on bank-owned life insurance(492)(434)
(Increase) decrease in deferred tax asset(599)180 
Other, net2,756 (1,766)
Net cash provided by operating activities