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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 June 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) 
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, $5.55 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 August 1, 2020 there were 7,046,676 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)
 
 
June 30,
 
December 31,
(In Thousands, Except Share Data)
 
2020
 
2019
ASSETS:
 
 

 
 

Noninterest-bearing balances
 
$
26,932

 
$
24,725

Interest-bearing balances in other financial institutions
 
188,242

 
23,864

Total cash and cash equivalents
 
215,174

 
48,589

 
 
 
 
 
Investment debt securities, available for sale, at fair value
 
164,369

 
148,619

Investment equity securities, at fair value
 
1,291


1,261

Investment securities, trading
 
37

 
51

Restricted investment in bank stock, at fair value
 
14,849

 
13,528

Loans held for sale
 
5,146

 
4,232

Loans
 
1,349,347

 
1,355,544

Allowance for loan losses
 
(12,977
)
 
(11,894
)
Loans, net
 
1,336,370

 
1,343,650

Premises and equipment, net
 
32,873

 
32,929

Accrued interest receivable
 
8,068

 
5,246

Bank-owned life insurance
 
29,368

 
29,253

Goodwill
 
17,104

 
17,104

Intangibles
 
777

 
898

Operating lease right-of-use asset
 
3,231

 
4,154

Deferred tax asset
 
3,284

 
3,338

Other assets
 
6,423

 
12,471

TOTAL ASSETS
 
$
1,838,364

 
$
1,665,323

 
 
 
 
 
LIABILITIES:
 
 

 
 

Interest-bearing deposits
 
$
1,055,981

 
$
989,259

Noninterest-bearing deposits
 
418,324

 
334,746

Total deposits
 
1,474,305

 
1,324,005

 
 
 
 
 
Short-term borrowings
 
15,133

 
4,920

Long-term borrowings
 
171,885

 
161,920

Accrued interest payable
 
1,530

 
1,671

Operating lease liability
 
3,263

 
4,170

Other liabilities
 
12,640

 
13,655

TOTAL LIABILITIES
 
1,678,756

 
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; 7,522,573 and 7,520,740 shares issued; 7,042,348 and 7,040,515 outstanding
 
41,792

 
41,782

Additional paid-in capital
 
51,956

 
51,487

Retained earnings
 
78,910

 
76,583

Accumulated other comprehensive loss:
 
 

 
 

Net unrealized gain on available for sale securities
 
4,194

 
2,455

Defined benefit plan
 
(5,159
)
 
(5,232
)
Treasury stock at cost, 480,225
 
(12,115
)
 
(12,115
)
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY
 
159,578

 
154,960

Non-controlling interest
 
30

 
22

TOTAL SHAREHOLDERS' EQUITY
 
159,608

 
154,982

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
1,838,364

 
$
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 June 30,
 
Six Months Ended June 30,
(In Thousands, Except Per Share Data)
 
2020
 
2019
 
2020
 
2019
INTEREST AND DIVIDEND INCOME:
 
 

 
 

 
 

 
 

Loans, including fees
 
$
14,666

 
$
15,300

 
$
29,323

 
$
30,169

Investment securities:
 
 

 
 

 
 

 
 

Taxable
 
1,023

 
967

 
2,033

 
1,901

Tax-exempt
 
169

 
179

 
314

 
353

Dividend and other interest income
 
186

 
395

 
535

 
852

TOTAL INTEREST AND DIVIDEND INCOME
 
16,044

 
16,841

 
32,205

 
33,275

INTEREST EXPENSE:
 
 

 
 

 
 

 
 

Deposits
 
2,802

 
2,871

 
5,837

 
5,171

Short-term borrowings
 
7

 
178

 
29

 
783

Long-term borrowings
 
985

 
879

 
1,928

 
1,730

TOTAL INTEREST EXPENSE
 
3,794

 
3,928

 
7,794

 
7,684

NET INTEREST INCOME
 
12,250

 
12,913

 
24,411

 
25,591

PROVISION FOR LOAN LOSSES
 
645

 
315

 
1,395

 
675

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
 
11,605

 
12,598

 
23,016

 
24,916

NON-INTEREST INCOME:
 
 

 
 

 
 

 
 

Service charges
 
312

 
592

 
861

 
1,154

Net debt securities gains (losses), available for sale
 
186

 
(2
)
 
207

 
11

Net equity securities gains
 
10

 
22

 
30

 
65

Net securities gains (losses), trading
 

 
3

 
(14
)
 
13

Bank-owned life insurance
 
144

 
123

 
336

 
291

Gain on sale of loans
 
1,028

 
347

 
1,472

 
663

Insurance commissions
 
92

 
119

 
219

 
253

Brokerage commissions
 
186

 
356

 
555

 
679

Debit card fees
 
310

 
389

 
584

 
699

Other
 
353

 
520

 
808

 
895

TOTAL NON-INTEREST INCOME
 
2,621

 
2,469

 
5,058

 
4,723

NON-INTEREST EXPENSE:
 
 

 
 

 
 

 
 

Salaries and employee benefits
 
5,230

 
5,523

 
10,897

 
11,024

Occupancy
 
626

 
668

 
1,328

 
1,447

Furniture and equipment
 
828

 
784

 
1,688

 
1,536

Software amortization
 
236

 
188

 
486

 
395

Pennsylvania shares tax
 
323

 
285

 
608

 
578

Professional fees
 
658

 
727

 
1,280

 
1,249

Federal Deposit Insurance Corporation deposit insurance
 
185

 
236

 
379

 
504

Marketing
 
56

 
33

 
109

 
135

Intangible amortization
 
59

 
69

 
121

 
140

Other
 
1,410

 
1,546

 
2,825

 
2,865

TOTAL NON-INTEREST EXPENSE
 
9,611

 
10,059

 
19,721

 
19,873

INCOME BEFORE INCOME TAX PROVISION
 
4,615

 
5,008

 
8,353

 
9,766

INCOME TAX PROVISION
 
851

 
759

 
1,512

 
1,571

CONSOLIDATED NET INCOME
 
$
3,764

 
$
4,249

 
$
6,841

 
$
8,195

Less: Net income attributable to noncontrolling interest
 
4

 
4

 
8

 
6

NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC.
 
$
3,760

 
$
4,245

 
$
6,833

 
$
8,189

EARNINGS PER SHARE - BASIC
 
$
0.53

 
$
0.60

 
$
0.97

 
$
1.16

EARNINGS PER SHARE - DILUTED
 
$
0.53

 
$
0.60

 
$
0.97

 
$
1.16

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
 
7,041,629

 
7,038,503

 
7,041,185

 
7,038,068

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
 
7,041,629

 
7,038,503

 
7,041,185

 
7,038,068

DIVIDENDS DECLARED PER SHARE
 
$
0.32

 
$
0.31

 
$
0.64

 
$
0.63

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 June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2020
 
2019
 
2020
 
2019
Net Income
 
$
3,760

 
$
4,245

 
$
6,833

 
$
8,189

Other comprehensive income:
 
 

 
 

 
 

 
 

Change in unrealized gain on available for sale securities
 
1,715

 
2,811

 
2,409

 
4,795

Tax effect
 
(360
)
 
(590
)
 
(506
)
 
(1,007
)
Net realized (gain) loss on available for sale securities included in net income
 
(186
)
 
2

 
(207
)
 
(11
)
Tax effect
 
39

 
(1
)
 
43

 
2

   Amortization of unrecognized pension gain
 
51

 
47

 
92

 
94

        Tax effect
 
(11
)
 
(10
)
 
(19
)
 
(20
)
Total other comprehensive income
 
1,248

 
2,259

 
1,812

 
3,853

Comprehensive income
 
$
5,008

 
$
6,504

 
$
8,645

 
$
12,042

 
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, March 31, 2020
 
7,521,491

 
$
41,786

 
$
51,701

 
$
77,403

 
$
(2,213
)
 
$
(12,115
)
 
$
26

 
$
156,588

Net income
 
 

 
 

 
 

 
3,760

 
 

 
 

 
4

 
3,764

Other comprehensive income
 
 
 
 
 
 
 
 
 
1,248

 
 
 
 
 
1,248

Stock-based compensation
 
 
 
 
 
238

 
 
 
 

 
 

 
 
 
238

Dividends declared ($0.32 per share)
 
 

 
 

 
 

 
(2,253
)
 
 

 
 

 
 
 
(2,253
)
Common shares issued for employee stock purchase plan
 
1,082

 
6

 
17

 
 
 
 
 
 
 
 
 
23

Balance, June 30, 2020
 
7,522,573

 
$
41,792

 
$
51,956

 
$
78,910

 
$
(965
)
 
$
(12,115
)
 
$
30

 
$
159,608



 
 
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, March 31, 2019
 
7,518,410

 
$
41,767

 
$
50,890

 
$
71,526

 
$
(5,042
)
 
$
(12,115
)
 
$
10

 
$
147,036

Net income
 
 

 
 

 
 

 
4,245

 
 

 
 

 
4

 
4,249

Other comprehensive income
 
 

 
 

 
 

 
 
 
2,259

 
 

 
 
 
2,259

Stock-based compensation
 
 
 
 
 
177

 
 
 
 
 
 
 
 
 
177

Dividends declared ($0.31 per share)
 
 

 
 

 
 

 
(2,206
)
 
 

 
 

 
 
 
(2,206
)
Common shares issued for employee stock purchase plan
 
937

 
6

 
20

 
 

 
 

 
 

 
 
 
26

Balance, June 30, 2019
 
7,519,347

 
$
41,773

 
$
51,087

 
$
73,565

 
$
(2,783
)
 
$
(12,115
)
 
$
14

 
$
151,541













6

Table of Contents




Six 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, 2019
 
7,520,740

 
$
41,782

 
$
51,487

 
$
76,583

 
$
(2,777
)
 
$
(12,115
)
 
$
22

 
$
154,982

Net income
 
 

 
 

 
 

 
6,833

 
 

 
 

 
8

 
6,841

Other comprehensive income
 
 

 
 

 
 

 
 

 
1,812

 
 

 
 
 
1,812

Stock-based compensation
 
 
 
 
 
436

 
 
 
 
 
 
 
 
 
436

Dividends declared ($0.64 per share)
 
 

 
 

 
 

 
(4,506
)
 
 

 
 

 
 
 
(4,506
)
Common shares issued for employee stock purchase plan
 
1,833

 
10

 
33

 
 

 
 

 
 

 
 
 
43

Balance, June 30, 2020
 
7,522,573

 
$
41,792

 
$
51,956

 
$
78,910

 
$
(965
)
 
$
(12,115
)
 
$
30

 
$
159,608



 
 
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
 
7,517,547

 
$
41,763

 
$
50,737

 
$
69,787

 
$
(6,636
)
 
$
(12,115
)
 
$
8

 
$
143,544

Net income
 
 

 
 

 
 

 
8,189

 
 

 
 

 
6

 
8,195

Other comprehensive income
 
 

 
 

 
 

 
 
 
3,853

 
 

 
 
 
3,853

Stock-based compensation
 
 
 
 
 
313

 
 
 
 
 
 
 
 
 
313

Dividends declared ($0.63 per share)
 
 

 
 

 
 

 
(4,411
)
 
 

 
 

 
 
 
(4,411
)
Common shares issued for employee stock purchase plan
 
1,800

 
10

 
37

 
 

 
 

 
 

 
 
 
47

Balance, June 30, 2019
 
7,519,347

 
$
41,773

 
$
51,087

 
$
73,565

 
$
(2,783
)
 
$
(12,115
)
 
$
14

 
$
151,541





See accompanying notes to the unaudited consolidated financial statements.

7

Table of Contents


PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) 
 
 
Six Months Ended June 30,
(In Thousands)
 
2020
 
2019
OPERATING ACTIVITIES:
 
 

 
 

Net Income
 
$
6,841

 
$
8,195

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

 
 

Depreciation and amortization
 
1,286

 
1,376

Gain on sale of premise and equipment
 
(14
)
 

Amortization of intangible assets
 
121

 
140

Provision for loan losses
 
1,395

 
675

Stock based compensation
 
436

 
313

Accretion and amortization of investment security discounts and premiums
 
371

 
326

Net securities gains, available for sale
 
(207
)
 
(11
)
Originations of loans held for sale
 
(49,660
)
 
(21,400
)
Proceeds of loans held for sale
 
50,218

 
22,112

Gain on sale of loans
 
(1,472
)
 
(663
)
Net equity securities gains
 
(30
)
 
(65
)
Net securities losses (gains), trading
 
14

 
(13
)
Proceeds from the sale of trading securities
 

 
78

Purchases of trading securities
 

 
(73
)
Earnings on bank-owned life insurance
 
(336
)
 
(291
)
(Increase) decrease in deferred tax asset
 
(408
)
 
437

Other, net
 
3,434

 
(2,754
)
Net cash provided by operating activities
 
11,989

 
8,382

INVESTING ACTIVITIES:
 
 

 
 

Proceeds from sales of available for sale securities
 
5,163

 
8,132

Proceeds from calls and maturities of available for sale securities
 
6,691

 
1,951

Purchases of available for sale securities
 
(25,567
)
 
(17,018
)
Net decrease in loans
 
5,746

 
4,680

Acquisition of premises and equipment
 
(2,286
)
 
(1,324
)
Proceeds from the sale of premises and equipment
 
336

 

Proceeds from the sale of foreclosed assets
 
226

 
195

Purchase of bank-owned life insurance
 
(27
)
 
(26
)
Proceeds from bank-owned life insurance death benefit
 
248

 

Investment in limited partnership
 
(628
)
 

Proceeds from redemption of regulatory stock
 
1,795

 
10,515

Purchases of regulatory stock
 
(3,116
)
 
(6,740
)
Net cash (used for) provided by investing activities
 
(11,419
)
 
365

FINANCING ACTIVITIES:
 
 

 
 

Net increase in interest-bearing deposits
 
66,722

 
105,242

Net increase in noninterest-bearing deposits
 
83,578

 
1,941

Proceeds from long-term borrowings
 
35,000

 
25,000

Repayment of long-term borrowings
 
(25,000
)
 
(15,317
)
Net increase (decrease) in short-term borrowings
 
10,213

 
(108,412
)
Finance lease principal payments
 
(35
)
 
(54
)
Dividends paid
 
(4,506
)
 
(4,411
)
Issuance of common stock
 
43

 
47

Net cash provided by financing activities
 
166,015

 
4,036

NET INCREASE IN CASH AND CASH EQUIVALENTS
 
166,585

 
12,783

CASH AND CASH EQUIVALENTS, BEGINNING
 
48,589

 
66,742

CASH AND CASH EQUIVALENTS, ENDING
 
$
215,174

 
$
79,525

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
 
 

 
 

Interest paid
 
$
7,935

 
$
7,352

Income taxes paid
 

 

Non-cash investing and financing activities:
 
 
 
 
Right-of-use lease assets obtained in exchange for lessee finance lease liabilities
 

 
6,026

Right-of-use lease assets obtained in exchange for lessee operating lease liabilities
 

 
4,298

Transfer of loans to foreclosed real estate
 
139

 
281

See accompanying notes to the unaudited consolidated financial statements.

8

Table of Contents


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, 2019.

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 gain (loss) by component shown net of tax and parenthesis indicating debits, as of June 30, 2020 and 2019 were as follows:
 
 
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
(In Thousands)
 
Net Unrealized Gain (Loss) on Available
for Sale Securities
 
Defined
Benefit 
Plan
 
Total
 
Net Unrealized
Gain on Available
for Sale Securities
 
Defined
Benefit 
Plan
 
Total
Beginning balance
 
$
2,986

 
$
(5,199
)
 
$
(2,213
)
 
$
197

 
$
(5,239
)
 
$
(5,042
)
Other comprehensive gain before reclassifications
 
1,355

 

 
1,355

 
2,221

 

 
2,221

Amounts reclassified from accumulated other comprehensive (loss) gain
 
(147
)
 
40