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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.
On February 22, 2022, Penns Woods Bancorp, Inc. (NASDAQ:PWOD) announced a first-quarter cash dividend of $0.32 per share. This dividend will be payable on March 22, 2022, to shareholders of record as of March 8, 2022. Penns Woods Bancorp operates Jersey Shore State Bank and Luzerne Bank, providing retail, commercial, mortgage, and financial services throughout North Central and North Eastern Pennsylvania. This dividend declaration highlights the company's commitment to returning income to its shareholders.
Penns Woods Bancorp reported a net income of $16.0 million for 2021, up from $15.2 million in 2020, resulting in earnings per share of $2.27. The increase was driven by a decrease in loan loss provisions, which fell by $2.0 million. Core earnings also rose to $15.5 million for the year, compared to $13.9 million in 2020. Total assets grew to $1.9 billion, with deposits climbing $126.9 million to $1.6 billion. However, securities gains decreased by $749,000 year-over-year. The bank maintained strong capital ratios, with a book value of $24.37 per share.
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) announced a fourth quarter 2021 cash dividend of $0.32 per share, payable on December 21, 2021. Shareholders of record as of December 7, 2021 will receive the dividend. The company operates Jersey Shore State Bank and Luzerne Bank, providing retail, commercial banking, and other financial services in North Central and North Eastern Pennsylvania.
Penns Woods Bancorp (NASDAQ: PWOD) reported a net income of $11.2 million for the nine months ending September 30, 2021, with EPS of $1.58. This reflects a slight decrease from $11.3 million and $1.61 in the same period of 2020. Revenue was impacted by a fall in after-tax securities gains, decreasing from $975,000 to $236,000. Loan loss provisions decreased to $940,000 compared to $2.0 million in 2020. Total assets increased by $70 million to $1.9 billion. Non-performing loans decreased to 0.58% of total loans.
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has declared a cash dividend of $0.32 per share for the third quarter of 2021. This dividend will be payable on September 21, 2021, to shareholders of record as of September 7, 2021. The company, which operates Jersey Shore State Bank and Luzerne Bank, serves North Central and Northeastern Pennsylvania through various banking services. This action reflects the company's ongoing commitment to providing returns to its shareholders.
Penns Woods Bancorp, Inc. reported a net income of $7.0 million for the six months ended June 30, 2021, with earnings per share of $1.00. This compares to $6.8 million in net income for the same period in 2020. The decrease in after-tax securities gains impacted the results, with a reduction from $156,000 to $111,000 for the quarter. Loan loss provisions decreased by $530,000 for the first half of 2021. Total assets rose to $1.9 billion, while deposits increased by $89.4 million, driven by PPP and stimulus funding.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) has declared a cash dividend of $0.32 per share for the second quarter of 2021. This dividend is payable on June 22, 2021, to shareholders recorded by June 8, 2021. The announcement was made by CEO Richard A. Grafmyre. The company operates through its subsidiaries, Jersey Shore State Bank and Luzerne Bank, serving North Central and North Eastern Pennsylvania with various banking services.
Penns Woods Bancorp (PWOD) reported net income of $3.4 million for Q1 2021, an increase from $3.1 million in Q1 2020, translating to basic and diluted earnings per share of $0.49. Key drivers included a $464,000 increase in loan sales and $72,000 in after-tax securities gains. The provision for loan losses decreased to $515,000 from $750,000, reflecting improved asset quality, with non-performing loans down to 0.69%. Total assets rose to $1.9 billion, driven by deposit growth of $237.6 million.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) has announced a new stock buyback program, authorizing the repurchase of up to 5% of its outstanding shares, totaling approximately 353,000 shares, effective until April 30, 2022. This plan replaces the existing repurchase program that expires on April 30, 2021. The company intends to repurchase shares at prevailing market prices, potentially enhancing shareholder value by reducing share supply and increasing earnings per share (EPS).
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) declared a cash dividend of $0.32 per share for the first quarter of 2021. The dividend will be payable on March 23, 2021, to shareholders of record as of March 9, 2021. This announcement reflects the company’s commitment to returning value to its shareholders while supporting its banking services in North Central and North Eastern Pennsylvania through its subsidiaries, Jersey Shore State Bank and Luzerne Bank.
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