News & Updates - 2005/3rd
Quarter
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Bank
Recognized for Strong Insurance Sales
Williamsport, PA September 22, 2005 – Penns
Woods Bancorp, Inc. (NASDAQ: PWOD) the bank holding company for
Jersey Shore State Bank was recognized in Michael D. White’s
report, Bank Holding Company Insurance & Investment Fee Income
Report for Year End 2004. The report ranked Pennsylvania
bank holding companies based on insurance brokerage fee income.
Penns Woods Bancorp, Inc. ranked #2 among bank holding companies
with less than $1 billion in assets. The report appeared in the
July/August 2005 issue of PA Banker Magazine.
Insurance and investments are offered through the bank’s subsidiary
The Comprehensive Financial Group and Jersey Shore State Bank
Financial Services.
Offering insurance products at Jersey Shore State Bank began
with the purchase of the The Comprehensive Financial Group in
October 2000. Asked why Jersey Shore State Bank entered the insurance
business, President Ronald A. Walko stated, “Our customers need
insurance; it was just a natural step to expand our services
to offer insurance products. By making banking, insurance and
investment products available in one location simplifies things
for our customers. Based on the success of the program people
appreciate the convenience of one stop financial services.”
Jersey Shore State Bank is a wholly owned subsidiary of Penns
Woods Bancorp, Inc., a bank holding company with $575,739 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 Highly Ranked
Williamsport, PA – August 9, 2005 – Penns Woods
Bancorp, Inc., the bank holding company for Jersey Shore State
Bank ranked 22nd in the July 2005 US Banker magazine Community
Bank Performance Report.
The report ranks publicly traded banks with assets up to $1 billion.
The US Banker report ranks by 3-year average Return on Equity.
Ronald A. Walko, President & CEO of Penns Woods Bancorp, Inc.,
explained “that it is important to know where you rank among
your peers and the criteria that the report uses is meaningful
information.”
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore
State Bank, which operates twelve branch offices in Lycoming,
Clinton and Centre Counties. Investment and insurance products
are 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 August 9, 2005 – Ronald A.
Walko, President and Chief Executive Officer of Penns Woods Bancorp,
Inc., (Nasdaq:PWOD) has announced that the Company’s Board of
Directors declared a Third Quarter 2005 cash dividend of $0.47
per share. This dividend is payable September 27, 2005 to shareholders
of record September 13, 2005.
|
Contact: |
Ronald A. Walko
(570) 322-1111
(888) 412-5772 (Toll-Free in Pennsylvania)
jssb@jssb.com |
Penns
Woods Bancorp, Inc. Announces Extension Of Stock Repurchase
Program
Jersey Shore, PA, July 28, 2005 – Ronald A.
Walko, President and CEO of Penns Woods Bancorp, Inc., (NASDAQ:
PWOD) has announced that the Company’s Board of Directors authorized
the extension of its repurchase plan of up to 171,600 shares,
or approximately 5%, of the Company’s outstanding common stock
for an additional year to August 8, 2006.
To date, 119,291, or 69% of the total 171,600 shares covered
by the program have been repurchased.
Repurchases are authorized to be made by Penns Woods Bancorp,
Inc. from time to time at the prevailing market prices in open
market or in privately negotiated transactions as, in management’s
sole opinion, market conditions warrant.
The repurchase of shares will allow Penns Woods Bancorp, Inc.
to manage its capital position more effectively and provide added
liquidity for stockholders.
Penns Woods Bancorp, Inc. is a $575,739 million bank holding
company headquartered in Jersey Shore, Pennsylvania. Banking
services are provided by its subsidiary, Jersey Shore State Bank,
from 12 branch offices in Lycoming, Clinton and Centre 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.
|
Contact: |
Ronald A. Walko
(570) 322-1111
(888) 412-5772 (Toll-Free in Pennsylvania)
jssb@jssb.com |
Valencik
Appointed to the Board of Directors
 Williamsport,
PA July 13, 2005 – Hubert A. Valencik has been appointed
to the boards of directors of Jersey Shore State Bank and the
bank’s holding company, Penns Woods Bancorp, Inc., according
to Ronald A. Walko, President and CEO.
His appointment is effective with his retirement on July 15,
2005 from his position as Senior Vice President and Chief Operating
Officer of Jersey Shore State Bank, the wholly owned subsidiary
of Penns Woods Bancorp, Inc.
“During his 20 years at Jersey Shore State Bank Hubert has been involved in every
aspect of the bank’s growth. He has been a significant participant in the bank’s
business development and has overseen the implementation of all of our current
operational systems. We are fortunate he has agreed to continue to support the
company by bringing his years of banking experience to our boards of directors,” stated
Walko.
Valencik joined Jersey Shore State Bank in November 1984 as Vice
President of Operations and Branch Manager at the Jersey Shore
Main Street Office. During his 37 years in the banking industry
he worked for Northern Central Bank and Commonwealth Bank in
the Jersey Shore and Williamsport market areas.
Active in the local community, he has served as Chairman of the
Board of Trustees of the Jersey Shore Hospital for 15 years;
he is a 29 year member of the Jersey Shore Lions Club serving
12 years as Treasurer; Treasurer of the Industrial Development
Corporation of Jersey Shore; he has been Treasurer of the Jersey
Shore Area Joint Water Authority for 20 years; Chairman of the
Finance Committee for St. Luke’s Catholic Church; he is a member
of the Jersey Shore Elks Club and the Knights of Columbus; and
a 31 year member of the Clinton Country Club. He has also been
involved with the Jersey Shore YMCA, Jersey Shore Planning Commission,
and the Jersey Shore Zoning Board.
Valencik and his wife Gloria reside in Jersey Shore, he is the
father of 2 daughters, Katherine Patterson and Jennifer McCormick
and has 4 granddaughters. Jersey Shore State Bank is a wholly
owned subsidiary of Penns Woods Bancorp, Inc., a bank holding
company with $575,739 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
2005 Second Quarter Earnings
Jersey Shore, PA July 13, 2005 – Penns Woods
Bancorp, Inc. (NASDAQ:PWOD) today reported net income for the
three and six months ended June 30, 2005 of $2,760,000 and $5,475,000
compared to $2,804,000 and $5,477,000 for the same periods of
2004. Basic and dilutive earnings per share for the three and
six months ended June 30, 2005 were $0.83 and $1.65 as compared
to $0.85 and $1.65 for the three and six months ended June 30,
2004. Return on average assets and return on average equity was
2.02% and 14.81% for the three months ended June 30, 2005 as
compared to 2.10% and 15.99% for the corresponding period of
2004. The six month earnings results correlate to a return on
average assets and return on average equity of 2.02% and 14.68%
as compared to 2.07% and 15.44% for the six months ended June
30, 2004.
Net income from core operations for the three and six months
ended June 30, 2005, excluding security gains, was $2,307,000
and $4,618,000, respectively.
Total assets increased $32,511,000 or 5.98% to $575,739,000 from
$543,228,000 at June 30, 2004 as management continues to increase
earning assets with emphasis on growing the net loan portfolio
with well secured real estate loans. In addition to the loan
growth, there has been a focus on creating and maintaining solid
deposit customer relationships throughout the marketplace. The
result of these efforts has been an increase in the net loan
portfolio of $26,817,000 and an increase in deposits of $13,524,000
from June 30, 2004 to June 30, 2005.
“We opened our new North Atherton Street, State College branch during May to
provide one stop shopping for the financial needs of our customers. The branch
houses traditional banking services in addition to a commercial lender, a mortgage
originator, and an investment services representative to allow our customers
ease in obtaining access to any of our products offered.” stated Ronald A. Walko,
President and Chief Executive Officer of Penns Woods Bancorp, Inc.
Shareholders’ equity increased $8,974,000 to $77,211,000 at June
30, 2005 equating to a book value per share of $23.24 as compared
to $20.56 at June 30, 2004. During the three months ended June
30, 2005 a dividend of $0.46 per share was paid to shareholders.
The dividend represented a 31.4% increase over the dividend of
$0.35 paid during the comparable period of 2004 and an increase
of $0.01 or 2.2% over the first quarter 2005 dividend. A dividend
of $0.91 has been paid during the six months ended June 30, 2005
as compared to $0.70 for the comparable period of 2004. “The
increase of $0.21 or 30.0% in dividends during the six months
ended June 30, 2005 as compared to 2004 was the result of continued
profitability and the decision by the Board of Directors during
the first quarter of 2005 to discontinue special dividends by
incorporating 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 between $44.50 and $49.90 during the three months ended June
30, 2005 and between $44.50 and $50.00 for the six months ended
June 30, 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.
Click here for
the complete press release with financial statements.
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