Corporate News

2013

Penns Woods Bancorp, Inc. Rings The NASDAQ Stock Market Closing Bell

Williamsport, PA - December 19, 2013

Penns Woods Bancorp, Inc. (PWOD), visited the NASDAQ MarketSite in Times Square on Thursday, December 19 to celebrate the company's acquisition of Luzerne Bank. 

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Penns Woods Bancorp, Inc. Promotes Key Employees

Williamsport, PA - December 18, 2013

Richard A. Grafmyre, President and CEO of Penns Woods Bancorp, Inc. recently announced the promotion of two key employees.  Michelle Karas was promoted to the position of Senior Vice President/Head of Institutional Advancement and Mark Beatty was named Chief Information Officer for Penns Woods Bancorp, Inc, which includes Jersey Shore State Bank and Luzerne Bank.  

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Penns Woods Bancorp, Inc. Announces Quarterly Dividend

Williamsport, PA - November 26, 2013

Richard A. Grafmyre CFP®, President and Chief Executive Officer of Penns Woods Bancorp, Inc., (NASDAQ:PWOD) has announced that the Company's Board of Directors declared a fourth quarter 2013 cash dividend of $0.47 per share.  The dividend in conjunction with the year to date regular and special dividends represents an increase of 13.3% to $2.13 for the 2013 period from $1.88 in dividends declared during the same period of 2012.

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Jersey Shore State Bank Appoints New Regional Presidents

Williamsport, PA - November 8, 2013

Richard A. Grafmyre, CFP®, President and CEO of Jersey Shore State Bank and Penns Woods Bancorp, Inc. recently announced the reorganization of Jersey Shore State Bank's retail branch system.  The new retail branch organization will offer a more customer focused structure with regionalized leadership

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Penns Woods Bancorp, Inc. Reports Third Quarter 2013 Operating Earnings

Williamsport, PA - October 18, 2013

Penns Woods Bancorp, Inc. continued its solid earnings and growth during the recently completed third quarter of 2013.  Earnings of $10,589,000 were achieved for the nine month period ending September 30, 2013 resulting in basic and dilutive earnings per share of $2.48.

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Penns Woods Bancorp, Inc. Announces Quarterly Dividend

Williamsport, PA – August 27, 2013

Richard A. Grafmyre CFP®, 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 2013 cash dividend of $0.47 per share.

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Penns Woods Bancorp, Inc. Reports Second Quarter 2013 Operating Earnings

Williamsport, PA - July 19, 2013

Penns Woods Bancorp, Inc. continued its strong earnings and growth during the recently completed second quarter of 2013.  Earnings of $7,343,000 were achieved for the six month period ending June 30, 2013 resulting in basic and dilutive earnings per share of $1.84.

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Groundbreaking for Jersey Shore State Bank Loyalsock Office Held

Williamsport, PA July 9, 2013

 Jersey Shore State Bank is one step closer to opening its 14th office. On July 9th a ground breaking ceremony was held for its newest office at 1720 East Third Street, in Loyalsock Township, announced Richard A. Grafmyre, CFP®, company President and CEO.

         

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Jersey Shore State Bank Appoints Hubert A. Valencik Chairman of Board of Directors

Williamsport, PA - July 2, 2013

Jersey Shore State Bank (JSSB) announced that Hubert A. Valencik has been appointed Chairman of the Company's Board of Directors.

 

"Hubert is an outstanding leader in the local community; we will continue to benefit from his business expertise and knowledge," said Richard A. Grafmyre, President and CEO of JSSB.  "His participation in his new role as Chairman will help us achieve our goal of making JSSB the most significant regional community bank."

 

Valencik  is a retired former Senior Vice President and Chief Operations Officer of JSSB.  He has also held the position of Senior Vice President of Penns Woods, the parent company of JSSB.  Valencik has served as a director of JSSB since 2005.

           

            Jersey Shore State Bank operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties. 

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Penns Woods Bancorp, Inc. Appoints R. Edward Nestlerode, Jr. Chairman of Board of Directors

Williamsport, PA - July 2, 2012

Penns Woods Bancorp, Inc. (Penns Woods) (NASDAQ: PWOD), the holding company for Jersey Shore State Bank (JSSB) and Luzerne Bank (LUZ), announced that R. Edward Nestlerode, Jr. has been appointed Chairman of the Company's Board of Directors. He  has served as a director of JSSB since 1995.

 

"I want to commend Ed for his unwavering commitment and sound judgment on the JSSB Board of Directors over the past several years," said Richard A. Grafmyre, President and CEO of PWOD and JSSB.  "He brings a wealth of experience and perspective to the role of Chairman and we look forward to continuing to work with him to develop the full potential of the PWOD family."

 

Nestlerode was named Vice President of Nestlerode Contracting Co., Inc. in 1974, and appointed Chief Executive Officer of the company in 1996. He is a 1974 graduate of Norwich University with a Bachelor of Science degree in Civil Engineering.   Nestlerode Contracting Co., Inc., located in Lock Haven, was incorporated in 1958.

 

Nestlerode and his wife Gail have been married for 38 years.  They have two children and four grandchildren.

 

Penns Woods Bancorp, Inc. is the $1.1 billion parent company of Jersey Shore State Bank and Luzerne Bank.  Jersey Shore State Bank operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties.  Luzerne Bank operates eight branch offices providing financial services in Luzerne and Lackawanna counties.  Investment and insurance products are offered through Jersey Shore State Bank's subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

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Penns Woods Bancorp, Inc. Appoints Joseph E. Kluger Vice Chairman of Board of Directors

Williamsport, PA - July 2, 2013

Penns Woods Bancorp, Inc. (Penns Woods) (NASDAQ: PWOD), the holding company for Jersey Shore State Bank (JSSB) and Luzerne Bank (LUZ), announced that Joseph E. Kluger has been appointed Vice Chairman of the Company's Board of Directors.

 

 "The PWOD family is extremely pleased that Joe has joined the board," said Richard A. Grafmyre, President and CEO of PWOD and JSSB."  "I have had the pleasure of working closely with him in the past. Joe is a well-respected community leader and everyone at PWOD is looking forward to working together to continue to build an organization that our customers, employees, shareholders and community can all take pride in."

 

Kluger is one of the two Managing Principals of the regional law firm of Hourigan, Kluger & Quinn with its main office located in Kingston, PA.  He currently serves as the Chairman of the Board of Luzerne Bank. 

           

            Penns Woods Bancorp, Inc. is the $1.1 billion parent company of Jersey Shore State Bank and Luzerne Bank.  Jersey Shore State Bank operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties.  Luzerne Bank operates eight branch offices providing financial services in Luzerne and Lackawanna counties.  Investment and insurance products are offered through Jersey Shore State Bank's subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

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Penns Woods Bancorp, INC. Announces Quarterly Dividend

Williamsport, PA - May 30, 2013

Richard A. Grafmyre CFP®, President and Chief Executive Officer of Penns Woods Bancorp, Inc., (NASDAQ:PWOD) has announced that the Company's Board of Directors declared a second quarter 2013 cash dividend of $0.47 per share.  The dividend in conjunction with the first quarter regular and special dividends represents an increase of 26.6% to $1.19 for the 2013 period from $0.94 in dividends declared during the same period of 2012.

 

The dividend is payable June 25, 2013 to shareholders of record June 11, 2013. 

 

About Penns Woods Bancorp, Inc.

Penns Woods Bancorp, Inc. is the bank holding company for Jersey Shore State Bank.  The bank serves customers in North Central Pennsylvania through its retail banking, commercial banking, mortgage services and financial services divisions.  Penns Woods Bancorp, Inc. stock is listed on the NASDAQ National market under the symbol PWOD. 

 

Previous press releases and additional information can be obtained from the company's website at www.jssb.com.

 

Contact:          Richard A. Grafmyre

                        (570) 322-1111

                        (888) 412-5772

                        jssb@jssb.com

www.jssb.com

 

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Penns Woods Bancorp, Inc. To Acquire Luzerne Bank

Williamsport, PA -- May 29, 2013

Penns Woods Bancorp, Inc. (Penns Woods) (NASDAQ: PWOD), announced today that its shareholders approved the Company's pending acquisition of Luzerne Bank at the Annual Meeting of Shareholders held on May 29, 2013.

 

            The shareholders of Luzerne National Corporation also approved the acquisition at their Annual Meeting of Shareholders held on May 29, 2013.

 

The acquisition is expected to become effective on June 1, 2013, subject to the satisfaction of other customary closing conditions.  Penns Woods intends to continue to operate Luzerne Bank as a separate banking subsidiary of Penns Woods under the name "Luzerne Bank."  The existing members of the board of directors of Luzerne Bank will continue to serve as directors after closing, and Richard A. Grafmyre, Penns Woods' President and Chief Executive Officer, will join the Luzerne Bank board.  In addition, at closing the Penns Woods board of directors will be expanded to include three current non-employee directors from the Luzerne board of directors.           

 

"The acquisition is a great opportunity for us to provide our customers with geographically expanded access to tailored banking products and services. This acquisition presents an almost seamless opportunity because of the two banks' similar operating styles," said Richard A. Grafmyre, President and CEO of Penns Woods and Jersey Shore State Bank. "For most of our customers, there will be little to no change in the way they do business with Jersey Shore State Bank and Luzerne Bank, yet both organization's capacity to do business with customers will be greatly enhanced."

 

 "The acquisition of Luzerne Bank will deliver significant value for the shareholders," said Ronald A. Walko, Chairman of the Board of Penns Woods.  "I look forward to the opportunities presented by the partnership of the two organizations."

 

"The board of directors, management and staff of Luzerne Bank are excited about this affiliation," said Robert C. Snyder, President of Luzerne Bank.  "Not only is the transaction a win for our shareholders, it keeps the 106 year heritage of Luzerne Bank alive and well."

 

"The decision to merge was based upon a number of factors including the increasing operating costs resulting from regulatory and compliance mandates.  But in the end, the decision came down to finding the right partner, and we found what we believe to be the perfect teammate in Penns Woods," stated Joseph E. Kluger, Chairman of the Board of Luzerne."  We are very excited about the merger with Penns Woods, as well as the future of Luzerne Bank."

 

Under the terms of the agreement, Penns Woods will acquire all of the outstanding shares of Luzerne for a total purchase price of approximately $44.5 million as of the date of the agreement. Luzerne shareholders will have the opportunity to elect to receive for each outstanding share of Luzerne common stock either 1.5534 shares of Penns Woods common stock, $61.86 in cash or a combination of cash or stock. All shareholder elections will be subject to allocation and proration procedures set forth in the agreement that are designed to ensure that no more than 10% of the outstanding Luzerne shares are exchanged for cash. The transaction is expected to be a tax-free exchange to the extent that shareholders of Luzerne receive stock in exchange for their shares.

 

About the Company:

 

            Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties.  Luzerne Bank operates eight branch offices providing financial services in Luzerne and Lackawanna counties.  Investment and insurance products are offered through Jersey Shore State Bank's subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

Contacts:

 

Richard A. Grafmyre, President & CEO, Penns Woods Bancorp, Inc., (570) 322-1111

Michelle M. Karas, Vice President/Head of Institutional Advancement, Jersey Shore State Bank, (570) 567-2075

Forward Looking Statements:

 

Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the management of Penns Woods Bancorp, Inc. (PWOD) and Luzerne Bank (Luzerne), and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast", and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from PWOD and Luzerne's expectations include, but not limited to, changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates, changes in general economic conditions, legislative or regulatory changes, downturn in the demand for loan, deposit and other financial services in Jersey Shore State Bank and Luzerne's respective market areas, increased competition from other banks and non-bank providers of financial services, technological changes and increased technology-related costs, changes in accounting principles, or the application of generally accepted accounting principles and other similar outside influences.   For a list of other factors which could affect operating results, see PWOD's filings with the Securities and Exchange Commission, including "Item 1A. Risk Factors," set forth in PWOD's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by PWOD on its website or otherwise.  PWOD undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

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Penns Woods Bancorp, Inc. Announces Extension Of Stock Repurchase Program

Williamsport, PA, April 23, 2013

Richard A. Grafmyre, President and CEO of Penns Woods Bancorp, Inc., (NASDAQ: PWOD) has announced that the Company's Board of Directors has authorized the extension of its repurchase plan of up to 197,000 shares, or approximately 5%, of the outstanding shares of the Company for an additional year to April 30, 2014.  To date, 120,224, or 61% of the total 197,000 shares have been repurchased.

                                                                 

Repurchases are authorized to be made by the Company from time to time at the prevailing market prices on the open market, in block trades or in privately negotiated transactions as, in management's opinion, market conditions warrant.  Shares repurchased will be held in Treasury.

 

"The primary role of the repurchase plan is to provide a tool to assist with the management of the Company's capital position, while also providing liquidity for shareholders," commented Mr. Grafmyre.  "The combination of our dividend policy and repurchase plan provides the foundation for increasing shareholder value."

 

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties.  Investment and insurance products are offered through the bank's subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

 

Note: This press release may contain certain "forward-looking statements" including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein:  (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company's organization, compensation and benefit plans; (iii) the effect on the Company's competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; and (v) the effect of changes in the business cycle and downturns in the local, regional or national economies.

 

Previous press releases and additional information can be obtained from the Company's website at

www.jssb.com.

 

Contact:                  Richard A. Grafmyre, President and Chief Executive Officer

                              300 Market Street

                              Williamsport, PA  17701

                              570-322-1111                             email:   jssb@jssb.com

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Penns Woods Bancorp, Inc. Reports First Quarter 2013 Operating Earnings

Williamsport, PA, April 15, 2013

 

Penns Woods Bancorp, Inc. continued its strong earnings and growth during the recently completed first quarter of 2013.  Earnings of $3,684,000 were achieved for the three month period ending March 31, 2013 resulting in basic and dilutive earnings per share of $0.96.  The driving force behind the strong net income was growth in loans and core deposits as both categories increased in excess of 10% over the past twelve months. 

 

Highlights

 

  • Net income from core operations ("operating earnings"), which is a non-GAAP measure of net income excluding net securities gains and bank owned life insurance gains on death benefits, decreased slightly to $3,033,000 for the three months ended March 31, 2013 compared to $3,191,000 for the same period of 2012.

 

  • Operating earnings per share for the three months ended March 31, 2013 were $0.79 basic and dilutive compared to $0.83 basic and dilutive for the same period of 2012.

 

  • Return on average assets was 1.72% for the three months ended March 31, 2013 compared to 1.91% for the corresponding period of 2012.

 

  • Return on average equity was 15.48% for the three months ended March 31, 2013 compared to 17.39% for the corresponding period of 2012.

 

  • The results for the three months ended March 31, 2013 were negatively impacted by $88,000 in expenses related to the announced acquisition of Luzerne National Bank Corporation.

 

"During the current prolonged period of low rates, we have taken the strategic path of growing our balance sheet by acquiring high quality earning assets funded by core deposit growth. The loan growth is being driven by home equity and mortgage products, while   NOW and savings accounts drive the core deposit growth.  As part of our strategic plan, we continue to invest in revenue streams for the future.  These revenue streams include the successful 2012 opening of our Danville branch, approved branch locations in Lewisburg and Loyalsock, expansion of our residential secondary market footprint and commercial services department, and the announced acquisition of Luzerne National Bank Corporation.  While the investment in these areas limits our ability to increase current earnings, these areas will further diversify our revenue streams and should positively impact net income in future periods, while reducing the reliance on net interest income as the driver of earnings," said Richard A. Grafmyre, CFP®, President and CEO.

 

A reconciliation of the non-GAAP financial measures of operating earnings, operating return on assets, operating return on equity, and operating earnings per share, described in the highlights, to the comparable GAAP financial measures is included at the end of this press release.

 

Net Income

Net income, as reported under GAAP, for the three months ended March 31, 2013 was $3,684,000 compared to $3,689,000 for the same period of 2012.  Results for the three months ended March 31, 2013 compared to 2012 were impacted by an increase in after-tax securities gains of $262,000 (from a gain of $389,000 to a gain of $651,000).  In addition, a gain of $109,000 on death benefit related to bank owned life insurance was recorded during the first quarter of 2012.  Impacting the results for the three months ended March 31, 2013 was the recognition of $88,000 in expenses related to the announced acquisition of Luzerne National Bank Corporation, a write down of $330,000 of other real estate owned, and the payoff of a nonaccrual loan resulting in the recognition of $528,000 in interest income and a recovery of a previous loan charge-off of $850,000.  Basic and dilutive earnings per share for the three months ended March 31, 2013 and the corresponding period of 2012 were $0.96.  Return on average assets and return on average equity were 1.72% and 15.48% for the three months ended March 31, 2013 compared to 1.91% and 17.39% for the corresponding period of 2012.

 

Net Interest Margin

The net interest margin for the three months ended March 31, 2013 was 4.46% compared to 4.72% for the corresponding periods of 2012.  While the net interest margin has decreased year over year, net interest income on a fully taxable equivalent basis has increased $445,000 to $8,943,000 for the three months ended March 31, 2013 compared to the corresponding period of 2012.  Driving this increase is the growth in the loan portfolio of 15.52% primarily due to growth in home equity products, recognition of $528,000 in loan interest from the payoff of a nonaccrual loan, and the continued emphasis on core deposit growth.  The primary funding for the loan growth was an increase in core deposits of 10.63%.  These deposits represent a lower cost funding source than time deposits and comprise 74.55% of total deposits at March 31, 2013 compared to 71.48% at March 31, 2012.  The continued growth in core deposits has led to the total cost of deposits decreasing to 49 bp from 66 bp for the three month periods ended March 31, 2013 and 2012, respectively.  FHLB long-term borrowings have been increased by $10,000,000 since March 31, 2012 to supplement the deposit funding of a combination of loan growth and FHLB debt that matured.  Long-term borrowings of $5,000,000 matured during the three months ended March 31, 2013 carrying an average rate of 3.74%.  The changes in the composition of the deposit and borrowing portfolios has led to the total cost of funds decreasing to 72 bp from 97 bp for the three months ended March 31, 2013 and 2012, respectively.

 

"Despite the uptick in the net interest margin, the margin has and will continue to encounter challenges as we move forward in the current low rate environment. Our strategic direction is to continue to add quality earning assets, even though these new earning assets are being added are at a lower rate than the legacy earning assets that are maturing or are repricing lower at their rate reset dates.  In addition, our investment portfolio strategy continues to focus on shortening the portfolio duration in order to reduce interest rate and market risk in the future.  The earning asset acquisition strategies do limit current earnings, but they play a key role in our long-term asset liability management strategy.  On the funding side of the balance sheet there is limited opportunity to reduce costs.    During the second half of 2012, new borrowings from the FHLB totaled $30 million at a blended rate of less than one percent.  These borrowings replaced $15 million in higher cost FHLB borrowings that were maturing and provided additional funding for the growth in the loan and investment portfolios," commented President Grafmyre.

 

Assets

Total assets increased $59,883,000 to $852,997,000 at March 31, 2013 compared to March 31, 2012.  Net loans increased 15.55% to $503,592,000 at March 31, 2013 compared to March 31, 2012 due in large part to campaigns related to increasing home equity product market share during 2012 and carrying over into 2013.  The investment portfolio increased $3,744,000 from March 31, 2012 to March 31, 2013 due to the purchase of primarily short maturity bonds that have been utilized to reduce the portfolio duration and to provide current cash flow.  In addition, we continue to follow our strategy to reduce the investment portfolio duration through the selective selling of bonds as opportunities develop.

 

 

Non-performing Loans

Our non-performing loans to total loans ratio has decreased to 1.77% at March 31, 2013 from 2.55% at March 31, 2012.  The decrease in non-performing loans is primarily the result of several partial charge-offs and the payoff of a large construction loan that was on nonaccrual.  The majority of non-performing loans are centered on several loans that are either in a secured position and have sureties with a strong underlying financial position or have a specific allocation for any impairment recorded within the allowance for loan losses.  Net loan recoveries of $713,000 for the three months ended March 31, 2013 augmented the allowance for loan losses which was 1.72% of total loans at March 31, 2013.

 

Deposits

Deposits have grown 6.08%, or $37,762,000, to $659,304,000 at March 31, 2013 compared to March 31, 2012, with core deposits (total deposits excluding time deposits) increasing $47,242,000, while higher cost time deposits decreased $9,480,000.  Noninterest-bearing deposits have increased 3.61% to $120,471,000 at March 31, 2013 compared to March 31, 2012.  Also playing a significant role in increasing core deposits were NOW and savings accounts with growth rates of 29.13% and 12.04%, respectively.  Driving this growth is our commitment to easy-to-use products, community involvement, and emphasis on customer service.  We have also successfully implemented a targeted marketing campaign aimed at further strengthening our customer relationships, while also expanding our market penetration.

 

Shareholders' Equity

Shareholders' equity increased $8,695,000 to $93,974,000 at March 31, 2013 compared to March 31, 2012.  The accumulated other comprehensive gain of $3,709,000 at March 31, 2013 is a result of an increase in unrealized gains on available for sale securities from an unrealized gain of $5,832,000 at March 31, 2012 to an unrealized gain of $8,516,000 at March 31, 2013.  However, the amount of accumulated other comprehensive gain at March 31, 2013 was also impacted by the change in net excess of the projected benefit obligation over the market value of the plan assets of the defined benefit pension plan resulting in an increase in the net loss of $674,000 to $4,807,000 at March 31, 2013.  The current level of shareholders' equity equates to a book value per share of $24.48 at March 31, 2013 compared to $22.22 at March 31, 2012 and an equity to asset ratio of 11.02% at March 31, 2013 compared to 10.75% at March 31, 2012.  Excluding accumulated other comprehensive gain/loss, book value per share was $23.51 at March 31, 2013 compared to $21.78 at March 31, 2012.  Dividends per share declared to shareholders were $0.72 for the three months ended March 31, 2013, which includes a special cash dividend of $0.25 per share, compared to $0.47 for the three months ended March 31, 2012.

 

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour Counties.  Investment and insurance products are offered through the bank's subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

 

NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").  Management uses the non-GAAP measure of net income from core operations in its analysis of the company's performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because certain of these items and their impact on the Company's performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company's core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

 

This press release may contain certain "forward-looking statements" including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company's organization, compensation and benefit plans; (iii) the effect on the Company's competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; and (v) the effect of changes in the business cycle and downturns in the local, regional or national economies.  For a list of other factors which could affect the Company's results, see the Company's filings with the Securities and Exchange Commission, including "Item 1A.  Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

 

Previous press releases and additional information can be obtained from the Company's website at www.jssb.com.

 

Contact:                      Richard A. Grafmyre, President and Chief Executive Officer

                                    300 Market Street

                                    Williamsport, PA  17701

                                    570-322-1111                         e-mail: jssb@jssb.com

 

THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT

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Penns Woods Bancorp, INC. Announces Special Dividend

Williamsport, PA - March 14, 2013

Richard A. Grafmyre CFP®, President and Chief Executive Officer of Penns Woods Bancorp, Inc., (NASDAQ:PWOD) has announced that the Company's Board of Directors has declared a special cash dividend of $0.25 per share. 

 

The special cash dividend is payable April 9, 2013 to shareholders of record March 26, 2013. 

 

President Grafmyre stated, "We are pleased to reward the loyalty of our shareholders with this special cash dividend.  Our ability to pay this extra dividend is attributed to the Company coming off of a record year of net income, deposit growth, and loan growth.  In addition the capital position of the Company continues to remain strong and is classified as well capitalized by regulatory standards."  

 

About Penns Woods Bancorp, Inc.

Penns Woods Bancorp, Inc. is the bank holding company for Jersey Shore State Bank.  The bank serves customers in North Central Pennsylvania through its retail banking, commercial banking, mortgage services and financial services divisions.  Penns Woods Bancorp, Inc. stock is listed on the NASDAQ National market under the symbol PWOD. 

 

Additional Information For Shareholders

 

Penns Woods has filed with the Securities and Exchange Commission (SEC) a registration statement on Form S-4 containing a joint proxy statement/prospectus and other documents regarding its proposed transaction with Luzerne National Bank Corp.  The proxy materials will set forth complete details of the merger transaction.  Penns Woods and Luzerne shareholders and investors are urged to read the joint proxy statement/prospectus when it becomes available, because it will contain important information about Penns Woods and Luzerne and the proposed transaction.  When available, copies of this joint proxy statement/prospectus will be mailed to shareholders.  Copies of the joint proxy statement/prospectus also may be obtained free of charge at the SEC's web site at http://www.sec.gov, or by directing a request to Penns Woods Bancorp, Inc., Attention - Richard A. Grafmyre, President & CEO, 300 Market Street, Williamsport, Pennsylvania 17701 or on its website at www.jssb.com, or to Luzerne National Bank Corporation, Attention - Robert C. Snyder, President & CEO, 118 Main Street, Luzerne, Pennsylvania  18709.  Copies of other documents filed by Penns Woods with the SEC may also be obtained free of charge at the SEC's website or by directing a request to Penns Woods at the address provided above.

 

Penns Woods and Luzerne and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Penns Woods and Luzerne in connection with the proposed merger.  Information about the directors and executive officers of Penns Woods is set forth in the proxy statement, dated March 21, 2012, for Penns Woods' 2012 annual meeting of shareholders, as filed with the SEC on Schedule 14A.  Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus included in the Form S-4 when it becomes available.

 


Special Dividend

Page two

March 14, 2013

 

 

 

Forward Looking Statements

 

This press release may contain certain "forward-looking statements" including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein:  (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company's organization, compensation and benefit plans; (iii) the effect on the Company's competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; and (v) the effect of changes in the business cycle and downturns in the local, regional or national economies.  For a list of other factors which could affect the Company's results, see the Company's filings with the Securities and Exchange Commission, including "Item 1A.  Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

 

Previous press releases and additional information can be obtained from the company's website at www.jssb.com.

 

 

 

 

Contact:           Richard A. Grafmyre, CFP®

                        (570) 322-1111

                        (888) 412-5772

                        jssb@jssb.com

                        www.jssb.com

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Penns Woods Bancorp, INC. Announces Quarterly Dividend

Williamsport, PA – February 26, 2013

Richard A. Grafmyre CFP®, President and Chief Executive Officer of Penns Woods Bancorp, Inc., (NASDAQ:PWOD) has announced that the Company's Board of Directors declared a first quarter 2013 cash dividend of $0.47 per share. 

 

The dividend is payable March 25, 2013 to shareholders of record March 11, 2013. 

 

About Penns Woods Bancorp, Inc.

Penns Woods Bancorp, Inc. is the bank holding company for Jersey Shore State Bank.  The bank serves customers in North Central Pennsylvania through its retail banking, commercial banking, mortgage services and financial services divisions.  Penns Woods Bancorp, Inc. stock is listed on the NASDAQ National market under the symbol PWOD. 

 

Previous press releases and additional information can be obtained from the company's website at www.jssb.com.

 

Contact:          Richard A. Grafmyre

                        (570) 322-1111

                        (888) 412-5772

                        jssb@jssb.com

 

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