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 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-11
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
8-K 2020-09-25
8-K 2020-07-22
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
Note 16. Risks and Uncertainties
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 ex311-1q21.htm
EX-31.2 ex312-1q21.htm
EX-32.1 ex321-1q21.htm
EX-32.2 ex322-1q21.htm

Penns Woods Bancorp Earnings 2021-03-31

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 March 31, 2021. 
☐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 May 1, 2020 there were 7,060,829 shares of the Registrant’s common stock outstanding.

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PENNS WOODS BANCORP, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

  Page
  Number
 
   
   
  
  
  
 
  
   
   
   
   
 
   
   
   
   
   
   
   
   
  
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Part I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
March 31,December 31,
(In Thousands, Except Share Data)20212020
ASSETS:  
Noninterest-bearing balances$28,539 $31,821 
Interest-bearing balances in other financial institutions249,149 181,537 
Total cash and cash equivalents277,688 213,358 
Investment debt securities, available for sale, at fair value166,895 162,261 
Investment equity securities, at fair value1,265 1,288 
Investment securities, trading44 40 
Restricted investment in bank stock, at fair value15,032 15,377 
Loans held for sale2,568 5,239 
Loans1,335,899 1,344,327 
Allowance for loan losses(14,202)(13,803)
Loans, net1,321,697 1,330,524 
Premises and equipment, net34,910 32,702 
Accrued interest receivable8,583 8,394 
Bank-owned life insurance33,839 33,638 
Goodwill17,104 17,104 
Intangibles618 671 
Operating lease right-of-use asset3,088 3,136 
Deferred tax asset3,717 2,526 
Other assets9,144 8,385 
TOTAL ASSETS$1,896,192 $1,834,643 
LIABILITIES:  
Interest-bearing deposits$1,085,448 $1,045,086 
Noninterest-bearing deposits478,916 449,357 
Total deposits1,564,364 1,494,443 
Short-term borrowings6,650 5,244 
Long-term borrowings141,094 153,475 
Accrued interest payable988 1,112 
Operating lease liability3,130 3,175 
Other liabilities15,903 13,048 
TOTAL LIABILITIES1,732,129 1,670,497 
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; 7,537,242 and 7,532,576 shares issued; 7,057,017 and 7,052,351 outstanding
41,873 41,847 
Additional paid-in capital52,818 52,523 
Retained earnings83,948 82,769 
Accumulated other comprehensive loss:  
Net unrealized gain on available for sale securities3,095 4,714 
Defined benefit plan(5,560)(5,596)
Treasury stock at cost, 480,225
(12,115)(12,115)
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY164,059 164,142 
Non-controlling interest4 4 
TOTAL SHAREHOLDERS' EQUITY164,063 164,146 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,896,192 $1,834,643 

See accompanying notes to the unaudited consolidated financial statements.
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PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Three Months Ended March 31,
(In Thousands, Except Per Share Data)20212020
INTEREST AND DIVIDEND INCOME:  
Loans, including fees$13,345 $14,657 
Investment securities:  
Taxable819 1,010 
Tax-exempt171 145 
Dividend and other interest income260 349 
TOTAL INTEREST AND DIVIDEND INCOME14,595 16,161 
INTEREST EXPENSE:  
Deposits1,684 3,035 
Short-term borrowings2 22 
Long-term borrowings839 943 
TOTAL INTEREST EXPENSE2,525 4,000 
NET INTEREST INCOME12,070 12,161 
PROVISION FOR LOAN LOSSES515 750 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES11,555 11,411 
NON-INTEREST INCOME:  
Service charges383 549 
Net debt securities gains, available for sale138 21 
Net equity securities (losses) gains(23)20 
Net securities gains (losses), trading4 (14)
Bank-owned life insurance173 192 
Gain on sale of loans908 444 
Insurance commissions157 127 
Brokerage commissions219 369 
Debit card income380 274 
Other275 455 
TOTAL NON-INTEREST INCOME2,614 2,437 
NON-INTEREST EXPENSE:  
Salaries and employee benefits5,598 5,667 
Occupancy976 702 
Furniture and equipment809 860 
Software amortization198 250 
Pennsylvania shares tax352 285 
Professional fees583 622 
Federal Deposit Insurance Corporation deposit insurance221 194 
Marketing63 53 
Intangible amortization53 62 
Other1,098 1,415 
TOTAL NON-INTEREST EXPENSE9,951 10,110 
INCOME BEFORE INCOME TAX PROVISION4,218 3,738 
INCOME TAX PROVISION771 661 
CONSOLIDATED NET INCOME$3,447 $3,077 
Less: Net income attributable to noncontrolling interest6 4 
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC.$3,441 $3,073 
EARNINGS PER SHARE - BASIC$0.49 $0.44 
EARNINGS PER SHARE - DILUTED$0.49 $0.43 
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 7,055,116 7,040,740 
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED7,055,116 7,102,990 
DIVIDENDS DECLARED PER SHARE$0.32 $0.32 
See accompanying notes to the unaudited consolidated financial statements.
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PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 Three Months Ended March 31,
(In Thousands)20212020
Net Income$3,441 $3,073 
Other comprehensive (loss) income:  
Change in unrealized (loss) gain on available for sale securities(1,911)694 
Tax effect401 (146)
Net realized gain on available for sale securities included in net income(138)(21)
Tax effect29 4 
   Amortization of unrecognized pension gain46 41 
        Tax effect(10)(8)
Total other comprehensive (loss) income(1,583)564 
Comprehensive income$1,858 $3,637 
 
See accompanying notes to the unaudited consolidated financial statements.
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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, December 31, 20207,532,576 $41,847 $52,523 $82,769 $(882)$(12,115)$4 $164,146 
Net income3,441 6 3,447 
Other comprehensive loss(1,583)(1,583)
Stock-based compensation 220 220 
Dividends declared ($0.32 per share)
(2,262)(2,262)
Common shares issued for employee stock purchase plan939 5 15 20 
Director Compensation Plan3,727 21 60 81 
Distributions to noncontrolling interest (6)(6)
Balance, March 31, 20217,537,242 $41,873 $52,818 $83,948 $(2,465)$(12,115)$4 $164,063 


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 income3,073 4 3,077 
Other comprehensive income564 564 
Stock-based compensation198 198 
Dividends declared ($0.32 per share)
(2,253)(2,253)
Common shares issued for employee stock purchase plan751 4 16 20 
Balance, March 31, 20207,521,491 $41,786 $51,701 $77,403 $(2,213)$(12,115)$26 $156,588 


See accompanying notes to the unaudited consolidated financial statements.
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PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) 
Three Months Ended March 31,
(In Thousands)20212020
OPERATING ACTIVITIES:  
Net Income$3,447 $3,077 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization839 760 
Gain on sale of premise and equipment— (14)
Amortization of intangible assets53 62 
Provision for loan losses515 750 
Stock based compensation220 198 
Accretion and amortization of investment security discounts and premiums251 171 
Net securities gains, available for sale(138)(21)
Originations of loans held for sale(26,658)(14,977)
Proceeds of loans held for sale30,237 15,359 
Gain on sale of loans(908)(444)
Net equity securities losses (gains)23 (20)
Net securities (gains) losses, trading(4)14 
Earnings on bank-owned life insurance(173)(192)
Increase in deferred tax asset(761)(84)
Proceeds on sales of investment securities receivable— 6,627 
Other, net2,447 (2,658)
Net cash provided by operating activities9,390 8,608 
INVESTING ACTIVITIES:  
Proceeds from sales of available for sale securities11,372 2,774 
Proceeds from calls and maturities of available for sale securities3,428 2,598 
Purchases of available for sale securities(21,955)(11,753)
Net decrease in loans8,312 5,861 
Acquisition of premises and equipment(197)(1,547)
Proceeds from the sale of premises and equipment— 336 
Proceeds from the sale of foreclosed assets246 226 
Purchase of bank-owned life insurance(26)(26)
Proceeds from bank-owned life insurance death benefit— 248 
Investment in limited partnership(711)(370)
Proceeds from redemption of regulatory stock1,082 1,139 
Purchases of regulatory stock(737)(2,222)
Net cash used for investing activities814 (2,736)
FINANCING ACTIVITIES:  
Net increase in interest-bearing deposits40,362 4,716 
Net increase (decrease) in noninterest-bearing deposits29,559 (1,987)
Proceeds from long-term borrowings— 35,000 
Repayment of long-term borrowings(15,000)(25,000)
Net increase in short-term borrowings1,406 12,821 
Finance lease principal payments(34)(17)
Dividends paid(2,262)(2,253)
Distributions to non-controlling interest(6)— 
Issuance of common stock101 20 
Net cash provided by financing activities54,126 23,300 
NET INCREASE IN CASH AND CASH EQUIVALENTS64,330 29,172 
CASH AND CASH EQUIVALENTS, BEGINNING213,358 48,589 
CASH AND CASH EQUIVALENTS, ENDING$277,688 $77,761 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Interest paid$2,649 $4,036 
Income taxes paid— — 
Non-cash investing and financing activities:
Right-of-use lease assets obtained in exchange for lessee finance lease liabilities2,653 — 
Transfer of loans to foreclosed real estate— 139 
See accompanying notes to the unaudited consolidated financial statements.
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PENNS WOODS BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 

Note 1.  Basis of Presentation
 
The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”).  The Company also owns a controlling interest in United Insurance Solutions, LLC. All significant inter-company balances and transactions have been eliminated in the consolidation.

The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods.  The results of operations for any interim period are not necessarily indicative of results for the full year.  These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10-01(b) (8) of Regulation S-X.

Note 2.  Accumulated Other Comprehensive Gain (loss)

The changes in accumulated other comprehensive (loss) gain by component shown net of tax and parenthesis indicating debits, as of March 31, 2021 and 2020 were as follows:
 Three Months Ended March 31, 2021Three Months Ended March 31, 2020
(In Thousands)Net Unrealized Gain (Loss) on Available for Sale SecuritiesDefined
Benefit 
Plan		TotalNet Unrealized Gain (Loss) on Available
for Sale Securities		Defined
Benefit 
Plan		Total
Beginning balance$4,714 $(5,596)$(882)$2,455 $(5,232)$(2,777)
Other comprehensive (loss) gain before reclassifications(1,510)— (1,510)548 — 548 
Amounts reclassified from accumulated other comprehensive (loss) gain(109)36 (73)(17)33 16 
Net current-period other comprehensive (loss) income(1,619)36 (1,583)531 33 564 
Ending balance$3,095 $(5,560)$(2,465)$2,986 $(5,199)$(2,213)

The reclassifications out of accumulated other comprehensive loss shown, net of tax and parenthesis indicating debits to net income, as of March 31, 2021 and 2020 were as follows:
Details about Accumulated Other Comprehensive Loss ComponentsAmount Reclassified from Accumulated Other Comprehensive LossAffected Line Item
 in the Consolidated 
Statement of Income
Three months ended March 31, 2021Three months ended March 31, 2020
Net unrealized gain on available for sale securities$138 $21 Net debt securities gains, available for sale
Income tax effect(29)(4)Income tax provision
Total reclassifications for the period$109 $17 
Net unrecognized pension costs$(46)$(41)Other non-interest expense
Income tax effect10 8 Income tax provision
Total reclassifications for the period$(36)$(33)

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Note 3.  Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This Update is effective for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We expect to recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Update is effective for smaller reporting companies and all other entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Derivatives, and Hedging (Topic 815); and Financial Instruments (Topic 825), which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. ASU 2019-04 makes clarifying amendments to certain financial instrument standards. For entities that have not yet adopted ASU 2016-13, the effective dates for the amendments related to ASU 2016-13 are the same as the effective dates in ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted ASU 2017-12 as of April 25, 2019, the effective dates for the amendments to Topic 815 are the same as the effective dates in ASU 2017-12. For entities that have adopted ASU 2017-12 as of April 25, 2019, the effective date is as of the beginning of the first annual period beginning after April 25, 2019. The amendments related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs.

In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326), which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted the credit losses standard, the ASU is effective when they implement the credit losses standard. For entities that already have adopted the credit losses standard, the ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt ASU 2016-13.

In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, to clarify its new credit impairment guidance in ASC 326, based on implementation issues raised by stakeholders. This Update clarified, among other things, that expected recoveries are to be included in the allowance for credit losses for these
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financial assets; an accounting policy election can be made to adjust the effective interest rate for existing troubled debt restructurings based on the prepayment assumptions instead of the prepayment assumptions applicable immediately prior to the restructuring event; and extends the practical expedient to exclude accrued interest receivable from all additional relevant disclosures involving amortized cost basis. For entities that have not yet adopted ASU 2016-13 as of November 26, 2019, the effective dates for ASU 2019-11 are the same as the effective dates and transition requirements in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-11 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs.

In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. This ASU was issued to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016. The ASU includes seven issues that describe the areas of improvement and the related amendments to GAAP; they are intended to make the standards easier to understand and apply and to eliminate inconsistencies, and they are narrow in scope and are not expected to significantly change practice for most entities. Among its provisions, the ASU clarifies that all entities, other than public business entities that elected the fair value option, are required to provide certain fair value disclosures under ASC 825, Financial Instruments, in both interim and annual financial statements. It also clarifies that the contractual term of a net investment in a lease under Topic 842 should be the contractual term used to measure expected credit losses under Topic 326. Amendments related to ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is not permitted before an entity’s adoption of ASU 2016-01. Amendments related to ASU 2016-13 for entities that have not yet adopted that guidance are effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Amendments related to ASU 2016-13 for entities that have adopted that guidance are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. Other amendments are effective upon issuance of this ASU. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations.

In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. It is too early to predict whether a new rate index replacement and the adoption of the ASU will have a material impact on the Company’s financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. This ASU requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The amendments in this ASU are effective for public business entities that are not smaller reporting companies, for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs, which clarifies that, for each reporting period, an entity should reevaluate whether a callable debt security is within the scope of ASC 310-20-35-33. For public business entities, ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For
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all other entities, ASU 2020-08 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s financial statements.

In October 2020, the FASB issued ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762, which codifies, as appropriate, the amended financial statement disclosure requirements in Regulation S-X Rules 13-01 and 13-02. The amendments are effective January 4, 2021. This Update did not have a significant impact on the Company’s financial statements.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which makes minor technical corrections and clarifications to the ASC. The amendments in Sections B and C of the ASU are effective for annual periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s financial statements.

In November 2020, the FASB issued ASU 2020-11, Financial Services – Insurance (Topic 944), which was made in consideration of the implications of the Coronavirus Disease 2019 (COVID-19) pandemic on an insurance entity’s ability to effectively implement the amendments in Accounting Standards Update No. 2018-12, Financial Services— Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The amendments in this Update defer the effective date of LDTI for all entities by one year, as (1) for public business entities that meet the definition of an SEC filer and are not SRCs, LDTI is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years; and (2) for all other entities, LDTI is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. This Update is not expected to have a significant impact on the Company’s financial statements.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides optional temporary guidance for entities transitioning away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to new references rates so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions within Topic 848. ASU 2021-01 clarifies that the derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2021-01 is effective immediately for all entities. Entities may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The amendments in this update do not apply to contract modifications made, as well as new hedging relationships entered into, after December 31, 2022, and to existing hedging relationships evaluated for effectiveness for periods after December 31, 2022, except for certain hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations.

Note 4. Per Share Data

There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There were a total of 841,275 stock options, with an average exercise price of $28.17, outstanding on March 31, 2021. These options were excluded, on a weighted average basis, in the computation of diluted earnings per share for the three period due to the average market price of common shares of $20.21, respectively, exceeding the exercise price of the options issued. There were a total of 864,300 stock options, with an average exercise price of $29.20, outstanding on March 31, 2020. A portion of these options were included, on a weighted average basis, in the computation of diluted earnings per share for the period due to the average market price of common shares of $29.57 exceeding the exercise price of the options issued for all years except for 2017.
 Three Months Ended March 31,
 20212020
Weighted average common shares issued7,535,341 7,520,965 
Weighted average treasury stock shares(480,225)(480,225)
Weighted average common shares outstanding - basic 7,055,116 7,040,740 
Dilutive effect of outstanding stock options— 62,250 
Weighted average common shares outstanding - basic and diluted
7,055,116 7,102,990 
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Note 5. Investment Securities
 
The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
 March 31, 2021
  GrossGross 
 AmortizedUnrealizedUnrealizedFair
(In Thousands)CostGainsLossesValue
Available for sale (AFS):    
Mortgage-backed securities$1,792 $4 $— $1,796 
State and political securities109,662 4,132 (542)113,252 
Other debt securities51,523 740 (416)51,847 
Total debt securities$162,977 $4,876 $(958)$166,895 
Investment equity securities:
Other equity securities$1,300 $1 $(36)$1,265 
Trading:
Other equity securities$50 $— $(6)$44 
 December 31, 2020
  GrossGross 
 AmortizedUnrealizedUnrealizedFair
(In Thousands)CostGainsLossesValue
Available for sale (AFS):    
Mortgage-backed securities$2,118