Welcome to our dedicated page for Penns Woods Bancorp news (Ticker: PWOD), a resource for investors and traders seeking the latest updates and insights on Penns Woods Bancorp stock.
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.
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a first quarter 2023 cash dividend of $0.32 per share, payable on March 28, 2023, to shareholders of record as of March 14, 2023. This reflects the company's ongoing commitment to returning value to its shareholders. Penns Woods Bancorp is the parent company of Jersey Shore State Bank and Luzerne Bank, offering various banking services in North Central and North Eastern Pennsylvania.
Penns Woods Bancorp reported a net income of $17.4 million for the year ending December 31, 2022, up from $16.0 million in 2021. Earnings per share stood at $2.47, a rise from $2.27. However, financial results were affected by increased after-tax securities losses totaling $809,000 and a goodwill impairment charge of $653,000. The company’s net interest margin also improved to 3.24% for the year, driven by higher yields on earning assets. Core earnings rose to $18.2 million from $15.5 million, with a core return on average equity of 11.22%. Despite these gains, total assets and shareholder equity showed slight declines.
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a fourth-quarter cash dividend of $0.32 per share, payable on December 20, 2022, to shareholders of record as of December 6, 2022. This dividend reflects the company's commitment to returning income to shareholders. Penns Woods Bancorp operates through its subsidiaries, which provide a range of banking services in North Central and North Eastern Pennsylvania.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) announced that its special shareholder meeting, originally held on November 8, 2022, was adjourned to December 13, 2022, to allow more time for voting on a proposed amendment to the articles of incorporation. About 72% of outstanding shares were voted, with approximately 86% in favor. The meeting will reconvene virtually, and shareholders can attend using previous proxy instructions. The record date remains August 15, 2022, and proxies will be honored as previously submitted.
Penns Woods Bancorp reported a net income of $12.9 million for the nine months ending September 30, 2022, with EPS of $1.83.
For Q3, net income was $5.3 million, up from $4.1 million in 2021. However, the results were impacted by increased after-tax securities losses of $199,000 and additional compensation expenses of $183,000.
Loan provisions increased significantly, reflecting portfolio growth, while core earnings showed a positive trend, reaching $5.4 million for Q3 2022.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) has declared a third quarter 2022 cash dividend of $0.32 per share, set to be paid on September 20, 2022. Shareholders of record as of September 6, 2022 will be eligible for this dividend. This announcement reflects the company’s ongoing commitment to returning value to its shareholders and demonstrates confidence in its financial position.
Penns Woods Bancorp (PWOD) reported a net income of $7.7 million for the six months ending June 30, 2022, up from $7.0 million in 2021. Basic and diluted earnings per share increased to $1.08 from $1.00. Core earnings rose to $7.8 million, reflecting improvements in net interest margin, which reached 3.03%. However, the company faced challenges, including after-tax securities losses and a $201,000 loss from a branch closure. Total assets decreased to $1.9 billion, while deposits rose to $1.6 billion.
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a cash dividend of $0.32 per share for the second quarter of 2022. This dividend is payable on June 21, 2022, to shareholders recorded as of June 7, 2022. The company operates through its subsidiaries, Jersey Shore State Bank and Luzerne Bank, providing a range of banking services in North Central and North Eastern Pennsylvania.
Penns Woods Bancorp reported a net income of $3.4 million for Q1 2022, maintaining the same as Q1 2021, with earnings per share of $0.49. Key factors included an after-tax securities loss of $142,000 and a $201,000 loss due to branch closures. The net interest margin rose to 2.93% from 2.88% year-over-year, driven by lower interest rates on deposits. Total assets increased by $20.6 million to $1.9 billion, while deposits grew by $48.0 million. Shareholders’ equity rose to $168.4 million.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) announced a new share repurchase plan authorized by its Board of Directors, allowing for the buyback of up to 354,000 shares, or 5% of outstanding shares, over a year ending April 30, 2023. This plan replaces the previous one that expired on April 30, 2022. The buyback will occur at prevailing market prices, aiming to enhance shareholder value by potentially increasing stock price. Shares will be held in Treasury following repurchase.
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