News & Updates - 2005/2nd
Quarter
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Bank
Names Executive Vice President and Chief Administrative Officer
 Williamsport,
PA – June 8 - Thomas Donofrio has joined Jersey Shore
State Bank as Executive Vice President and Chief Administrative
Officer, according to Ronald A. Walko, President and CEO.
In his new position Donofrio’s primary responsibility is to oversee
and strategically develop the operational and financial groups
within the bank. Prior to joining Jersey Shore State Bank, he
was the Chief Executive Officer and President of Enterprise Technology
Alliance, Inc., a co-operative data processing and information
technology company serving financial institutions. He was also
a senior officer and principal of the regional accounting and
consulting firm, S.R. Snodgrass, A.C.
With thirty years of financial industry experience, he received
Certified Public Accountant and Chartered Bank Auditor designations.
He also holds a Bachelor of Science degree in accounting from
Robert Morris University.
According to Walko, “His unique experiences and background in
accounting, operations, technology and strategic planning will
help our bank reach a new level. With Tom on our team we are
excited about the future of Jersey Shore State Bank.”
Jersey Shore State Bank is a wholly owned subsidiary of Penns
Woods Bancorp, Inc., a bank holding company with $543,993 million
in assets, with 12 offices in Centre, Lycoming and Clinton Counties.
Investment and insurance products are also offered through the
bank’s subsidiary, The Comprehensive Financial Group. Penns Woods
Bancorp, Inc. stock trades on the NASDAQ National Market under
the symbol PWOD.
Jersey Shore State Bank Highly Ranked
by ICBA
Williamsport, PA – June 8 - In a report ranking
the top performing Independent Community Bankers of America (ICBA)
members, Jersey Shore State Bank ranked 12th in the top Return
on Assets (ROA) for Subchapter C banks with more than $500 million
in assets. Jersey Shore State Bank had a ROA of 1.88 in 2004.
Independent Banker Magazine annually ranks the top 20 performing
ICBA members. The members are grouped by Subchapter S and Subchapter
C filing status and further separated according to asset-size.
The ranking published in the June 2005 Independent Banker Magazine
uses year end call report data from the FDIC to compile the rankings.
The ICBA is an advocate for 5,000 community banks, representing
the industry before Congress, regulators and the media.
Jersey Shore State Bank is a wholly owned subsidiary of Penns
Woods Bancorp, Inc., a bank holding company with $543,993 million
in assets, with 12 offices in Centre, Lycoming and Clinton Counties.
Investment and insurance products are also offered through the
bank’s subsidiary, The Comprehensive Financial Group. Penns Woods
Bancorp, Inc. stock trades on the NASDAQ National Market under
the symbol PWOD.
Jersey
Shore State Bank Presents Centre County United Way with Annual
Donation
Williamsport, PA – June 2 - Ronald A. Walko,
Jersey Shore State Bank President and CEO (left) and Patricia
K. Stauffer, State College Branch Manger, (right) present Ellie
Beaver, Executive Director of the Centre County United Way, a
donation for the United Way’s annual campaign. The presentation
was made during the grand opening celebration of the bank’s newest
office at 2050 North Atherton Street, State College.
Jersey
Shore State Bank Officially Opens New Regional Banking Facility
in State College, PA
Williamsport, PA – June 2 - The Jersey Shore
State Bank regional banking facility at 2050 North Atherton Street,
State College, PA, officially opened for business on June 1.
President & CEO Ronald A. Walko presided over a ceremonial ribbon
cutting.
During the ribbon cutting ceremony the bank presented Ellie Beaver,
Executive Director of the Centre County United Way, with a donation
for the organization’s annual campaign. According to Walko, “We
feel strongly about giving back to the communities where we do
business, that is why we are presenting this donation at our
opening ceremony. This office is about more than Jersey Shore
State Bank doing business in Centre County; it is about belonging
to this community.”
In addition to a full service branch office the facility houses
the bank’s regional commercial and residential mortgage lending
functions, as well as investment and insurance services.
Patricia K. Stauffer is the branch manager of the 2050 North
Atherton Street location. She also oversees the bank’s branch
inside Wal-Mart at 1665 North Atherton Place.
Jersey Shore State Bank is a wholly owned subsidiary of Penns
Woods Bancorp, Inc., a bank holding company with $543,993 million
in assets, with 12 offices in Centre, Lycoming and Clinton Counties.
Investment and insurance products are also offered through the
bank’s subsidiary, The Comprehensive Financial Group. Penns Woods
Bancorp, Inc. stock trades on the NASDAQ National Market under
the symbol PWOD.
PENNS
WOODS BANCORP, INC. ANNOUNCES QUARTERLY DIVIDEND
Williamsport, PA May 24, 2005 NASDAQ (PWOD) -
PRonald A. Walko, President and Chief Executive Officer of Penns
Woods Bancorp, Inc., has announced that the Company’s Board of
Directors declared a Second Quarter 2005 regular cash dividend
of $.46 per share. This dividend is payable June 28, 2005 to
shareholders of record June 14, 2005.
|
Contact: |
Ronald A. Walko
(570) 322-1111
(888) 412-5772 (Toll-Free in Pennsylvania)
jssb@jssb.com |
Penns
Woods Bancorp, Inc. Announces 2005 First Quarter Earnings
Jersey Shore, PA April 18, 2005 - Penns Woods
Bancorp, Inc. (NASDAQ:PWOD) today reported net income for the
three months ended March 31, 2005 of $2,715,000 compared to $2,673,000
for the same period of 2004. Basic and dilutive earnings per
share for the three months ended March 31, 2005 were $0.82 as
compared to $0.80 for the three months ended March 31, 2004.
Return on average assets and return on average equity was 2.01%
and 14.56% for the three months ended March 31, 2005 as compared
to 2.04% and 14.99% for the corresponding period of 2004.
Net income from core operations for the three months ended March
31, 2005, excluding security gains, remained stable at $2,312,000.
Total assets increased $17,826,000 or 3.39% to $543,993,000 from
$526,167,000 at March 31, 2004 as management continues to focus
on growing the balance sheet through the creation and maintenance
of solid customer relationships throughout the marketplace. The
result of these relationships has been a shift in earning assets
as net loans increased $44,292,000 or 16.08%, while investment
securities decreased $35,520,000 or 16.61% from March 31, 2004
to March 31, 2005. In addition, deposits have increased $12,064,000
or 3.53% from March 31, 2004 with noninterest-bearing deposits
increasing $8,987,000 or 14.10%.
“Over the past year we have been able to grow net loans and deposits by focusing
on the needs of our customers. We will be opening a new branch in State College
in mid May to provide our current and future customers greater access to our
products,” stated Ronald A. Walko, President and Chief Executive Officer of Penns
Woods Bancorp, Inc.
Shareholders’ equity increased $604,000 to $71,911,000 at March
31, 2005 equating to a book value per share of $21.65 as compared
to $21.48 at March 31, 2004. During the three months ended March
31, 2005 a dividend of $0.45 per share was paid to shareholders.
The dividend represented a 28.6% increase over the dividend of
$0.35 paid during the comparable period of 2004 and an increase
of 9.8% over the fourth quarter 2004 regular dividend. “The increase
in the quarterly dividend was the result of continued profitability
and the decision by the Board of Directors to discontinue special
dividends and incorporate the value of the special dividends
into the regular quarterly declared dividends,” commented Mr.
Walko. The range of closing prices for Penns Woods Bancorp, Inc. “PWOD” stock
was $50.00 and $46.30 during the three months ended March 31,
2005.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore
State Bank, which operates twelve branch offices providing financial
services in Lycoming, Clinton and Centre Counties. Investment
and insurance products are offered through the bank’s subsidiary,
The M Group, Inc. D/B/A The Comprehensive Financial Group.
|
Contact: |
Ronald A. Walko
(570) 322-1111
(888) 412-5772 (Toll-Free in Pennsylvania)
jssb@jssb.com |
|
