Positive: Penns Woods Bancorp, Inc. reports higher net income, increased net interest margin, assets, and deposits.

From GlobeNewswire: 2024-10-24 15:18:00

Penns Woods Bancorp, Inc. (NASDAQ: PWOD) achieved net income of $14.0 million for the nine months ended September 30, 2024, with earnings per share of $1.86. Net income for the same period in 2023 was $11.1 million. The provision for credit losses was $740,000 for the three months ended September 30, 2024, compared to $1.4 million in 2023.

For the three-month period ended September 30, 2024, Penns Woods Bancorp reported a net interest margin of 2.88%, up from 2.65% in 2023. The average loan portfolio balance increased by $76.0 million, resulting in an increase in taxable equivalent interest income for the period. Total assets increased to $2.3 billion at September 30, 2024, compared to $2.2 billion in 2023.

Non-performing loans increased to $7.9 million at September 30, 2024, with a non-performing loans ratio of 0.42%. Net loan charge offs of $328,000 for the three months ended September 30, 2024, impacted the allowance for credit losses. Deposits increased by $133.1 million to $1.7 billion at September 30, 2024, compared to the same period in 2023.



Read more at GlobeNewswire:: Penns Woods Bancorp, Inc. Reports Third Quarter 2024