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Penns Woods Bancorp Inc. (NASDAQ: PWOD) is a prominent bank holding company headquartered in Pennsylvania. Incorporated on January 7, 1983, it oversees two principal subsidiaries: Jersey Shore State Bank (JSSB) and Luzerne Bank (Luz). Both banks serve North Central and North Eastern Pennsylvania, offering a comprehensive range of financial services including retail banking, commercial banking, mortgage services, and financial brokerage.
Jersey Shore State Bank has a robust presence with sixteen branches across Lycoming, Clinton, Centre, Montour, Union, and Blair Counties. Luzerne Bank complements this network with eight branches in Luzerne County. The banks provide a variety of services such as the acceptance of time, savings, and demand deposits, and the issuance of commercial, consumer, and mortgage loans. They also offer safe deposit services and utilize a modern branch office network, ATMs, Internet, and telephone banking channels to reach their customers.
In addition to traditional banking services, Penns Woods Bancorp, through JSSB, acquired The M Group, Inc. in 2000. Operating under the name The Comprehensive Financial Group, this subsidiary provides insurance and securities brokerage services, diversifying the financial solutions available to Penns Woods' clientele.
Penns Woods Bancorp maintains a commitment to strategic leadership and community involvement, which is reflected in the expertise and dedication of its leadership team. The company’s operational strategies focus on sustaining financial integrity and fostering prosperity within the regions they serve.
Recent achievements include expanding their core deposits and implementing an “at-the-market” (ATM) equity offering program to raise up to $20 million, aimed at bolstering their financial flexibility. This program is facilitated by D.A. Davidson & Co., ensuring compliance with SEC regulations.
Northwest Bancshares (NWBI) has announced an agreement to acquire Penns Woods Bancorp (PWOD) in an all-stock transaction valued at approximately $270.4 million. Under the deal, PWOD shareholders will receive 2.385 shares of NWBI stock for each PWOD share, valued at $34.44 per share based on NWBI's closing price of $14.44 as of December 16, 2024.
The merger will create a combined entity with over $17 billion in assets, positioning it among the nation's top 100 largest banks. PWOD brings $2.3 billion in assets, $1.7 billion in deposits, and $1.9 billion in loans, along with 24 branch locations across Pennsylvania. The transaction is expected to close in Q3 2025, subject to regulatory and shareholder approvals.
The deal is projected to be 23% accretive to NWBI's 2026 earnings per share, with a tangible book value earn-back period under 3 years.
Northwest Bancshares (NASDAQ: NWBI) has announced an agreement to acquire Penns Woods Bancorp (NASDAQ: PWOD) in an all-stock transaction valued at approximately $270.4 million. The merger will enhance Northwest's presence in North Central and Northeastern Pennsylvania, adding 24 branch locations and creating a combined entity with over $17 billion in pro forma total assets.
Under the agreement, Penns Woods shareholders will receive 2.385 shares of Northwest common stock for each PWOD share, valued at $34.44 per share based on Northwest's closing price of $14.44 as of December 16, 2024. The transaction is expected to be approximately 23% accretive to Northwest's 2026 fully diluted earnings per share, with an expected tangible book value earn-back period under 3 years. The merger is anticipated to close in the third quarter of 2025.
Penns Woods Bancorp (NASDAQ:PWOD) has declared a fourth quarter 2024 cash dividend of $0.32 per share. The dividend will be paid on December 23, 2024, to shareholders who are on record as of December 10, 2024. The announcement was made by CEO Richard A. Grafmyre.
Penns Woods Bancorp (NASDAQ: PWOD) reported strong financial results for Q3 2024. Net income reached $4.8 million for the quarter and $14.0 million for the nine months ended September 30, 2024, compared to $2.2 million and $11.1 million in 2023. Basic and diluted earnings per share were $0.64 for Q3 and $1.86 YTD. The company saw an increase in net interest income of $1.7 million and $2.3 million for the three and nine-month periods. Total assets grew to $2.3 billion, with net loans increasing by $58.0 million to $1.9 billion. Deposits increased by $133.1 million to $1.7 billion.
Penns Woods Bancorp (NASDAQ:PWOD) has declared a quarterly cash dividend of $0.32 per share for the third quarter of 2024. The dividend will be payable on September 24, 2024 to shareholders of record as of September 10, 2024. This announcement, made by CEO Richard A. Grafmyre, demonstrates the company's commitment to providing regular returns to its shareholders. The consistent dividend payout may be seen as a positive sign of the bank's financial stability and confidence in its future performance.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) reported net income of $9.2 million for the six months ended June 30, 2024, with basic and diluted earnings per share of $1.22. Key highlights include:
- Net income for Q2 2024 was $5.4 million, up from $4.2 million in Q2 2023
- Net interest income increased by $1.1 million and $577,000 for the three and six-month periods
- Net interest margin rose to 2.83% in Q2 2024, a 14 basis point increase from Q1 2024
- Annualized return on average assets was 0.97% for Q2 2024
- Total assets increased to $2.2 billion, up $99.3 million from June 30, 2023
- Net loans grew by $97.2 million to $1.9 billion
- Deposits increased by $94.3 million to $1.6 billion
- Shareholders' equity rose by $22.7 million to $197.1 million
Penns Woods Bancorp (NASDAQ:PWOD) has amended the employment agreement of CEO Richard A. Grafmyre, effective June 3, 2024. The key changes involve removing compensation for unused paid time off, reducing Grafmyre’s base salary to $850,000, and capping his annual bonus at $325,000. These modifications will reduce his maximum total annual compensation by about $150,000, aligning it more closely with industry norms and shareholder feedback. New bonus metrics for 2024 include return on average equity, return on average assets, earnings per share, asset growth, and credit quality. These changes aim to better align executive compensation with performance.
Penns Woods Bancorp (NASDAQ: PWOD) has declared a quarterly cash dividend of $0.32 per share for Q2 2024.
The dividend will be paid on June 25, 2024, to shareholders who are on record as of June 11, 2024.
This announcement was made by CEO Richard A. Grafmyre.
Penns Woods Bancorp's (NASDAQ: PWOD) Board of Directors has authorized a new stock repurchase program. The plan allows repurchase of up to 5% of outstanding shares, equating to about 376,000 shares, over a one-year period ending May 31, 2025. This new program replaces the existing one that expires on May 31, 2024. Repurchases can be made at market prices, through block trades, or privately negotiated transactions based on market conditions. The program is non-binding, meaning the company is not obligated to buy back any specific number of shares and can alter or terminate the plan at any time. Penns Woods Bancorp is the parent company of Jersey Shore State Bank and Luzerne Bank, which together operate multiple branches in Pennsylvania and provide a range of financial services.
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