Williamsport, PA-based, $678 million-asset Penns Woods Bancorp reported insurance brokerage fee income in the third quarter dropped 31.0% to $287,000, down from $416,000 in third quarter 2008, while income from bank-owned life insurance (BOLI) grew 19.0% to $144,000, up from $121,000. Insurance earnings and BOLI income comprised, respectively, 20.8% and 10.4% of noninterest income, which jumped 192.4% to $1.38 million, up from $472,000 a year ago, when the company recorded $1.5 million in securities losses. Net interest income on a 4.35% net interest margin increased 5.2% to $5.68 million, up from $5.40 million, despite a more than doubling of loan loss provisions to $270,000. Penns Woods Bancorp President and CEO Ronald Walko said, “We have maintained our focus on sound credit quality and ensuring adequate risk/return trade-off. Continued strong operating earnings, well-capitalized status, and commitment to solid local banking provide a solid foundation for the future.” In 2008, Penns Woods Bancorp reported $1.93 million in insurance brokerage income, which comprised 25.8% of its noninterest income. The company ranked 27th in insurance brokerage earnings among U.S. bank holding companies with assets between $500 million and $1 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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