WILLIAMSPORT - Richard A. Grafmyre, CFP, president and CEO of Penns Woods Bancorp Inc., the bank holding company for Jersey Shore State Bank, has announced the company has been named by SNL Financial as one of the top 100 performing community banks of 2011.
The SNL ranking consisted of commercial banks with assets between $500 million and $5 billion during the 12-month period ended Dec. 31, 2011. The qualifying banks were evaluated on six criteria that focus on profitability, asset quality and growth: return on average tangible assets before tax, net charge-offs as a percent of average loans, adjusted Texas Ratio, efficiency ratio, net interest margin and loan growth.
"We are pleased to qualify as one of the top community banks in the country," said Grafmyre. "This honor is a testament to the hard work and dedication of our employees and board of directors. We strive to make Penns Woods Bancorp Inc. a wise investment choice for investors."
Jersey Shore State Bank is a wholly-owned subsidiary of Penns Woods Bancorp Inc., with full-service offices in Clinton, Lycoming, Centre and Montour counties. Investment and insurance products are also offered through the bank's subsidiary, The Comprehensive Financial Group.