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Penns Woods Bancorp, Inc. Reports Third Quarter 2024 Earnings

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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) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. Il reddito netto ha raggiunto 4,8 milioni di dollari per il trimestre e 14,0 milioni di dollari per i nove mesi conclusi il 30 settembre 2024, rispetto a 2,2 milioni e 11,1 milioni nel 2023. L'utile per azione base e diluito è stato di 0,64 dollari per il terzo trimestre e 1,86 dollari da inizio anno. L'azienda ha registrato un aumento del reddito netto da interessi di 1,7 milioni di dollari e 2,3 milioni di dollari per i periodi di tre e nove mesi. Il totale degli attivi è cresciuto fino a 2,3 miliardi di dollari, con i prestiti netti in aumento di 58,0 milioni di dollari, raggiungendo 1,9 miliardi. I depositi sono aumentati di 133,1 milioni di dollari, portandosi a 1,7 miliardi.

Penns Woods Bancorp (NASDAQ: PWOD) reportó resultados financieros sólidos para el tercer trimestre de 2024. El ingreso neto alcanzó 4.8 millones de dólares para el trimestre y 14.0 millones de dólares para los nueve meses finalizados el 30 de septiembre de 2024, en comparación con 2.2 millones y 11.1 millones en 2023. Las ganancias por acción básicas y diluidas fueron de 0.64 dólares para el tercer trimestre y 1.86 dólares en lo que va del año. La compañía observó un aumento en el ingreso neto por intereses de 1.7 millones de dólares y 2.3 millones de dólares para los períodos de tres y nueve meses. Los activos totales crecieron a 2.3 mil millones de dólares, con un aumento de 58.0 millones de dólares en los préstamos netos, alcanzando 1.9 mil millones. Los depósitos aumentaron en 133.1 millones de dólares, llegando a 1.7 mil millones.

펜스 우즈 뱅코프 (NASDAQ: PWOD)가 2024년 3분기 강력한 재무 결과를 발표했습니다. 순이익은 이번 분기에 480만 달러, 2024년 9월 30일로 종료된 9개월 동안 1,400만 달러에 도달했으며, 이는 2023년의 220만 달러 및 1,110만 달러와 비교됩니다. 기본 및 희석 주당 수익은 3분기에 0.64달러, 올해 누적으로 1.86달러였습니다. 회사는 3개월 및 9개월 동안 각각 170만 달러 및 230만 달러의 순이자 수익 증가를 경험했습니다. 총 자산은 23억 달러로 증가하였고, 순대출은 5,800만 달러 증가하여 19억 달러에 도달했습니다. 예금은 1억 3,310만 달러 증가하여 17억 달러가 되었습니다.

Penns Woods Bancorp (NASDAQ: PWOD) a annoncé de solides résultats financiers pour le troisième trimestre de 2024. Le revenu net a atteint 4,8 millions de dollars pour le trimestre et 14,0 millions de dollars pour les neuf mois se terminant le 30 septembre 2024, contre 2,2 millions et 11,1 millions en 2023. Le bénéfice par action de base et dilué était de 0,64 dollar pour le troisième trimestre et 1,86 dollar depuis le début de l'année. L'entreprise a constaté une augmentation du revenu net d’intérêts de 1,7 million de dollars et de 2,3 millions de dollars pour les périodes de trois et neuf mois. Les actifs totaux ont augmenté pour atteindre 2,3 milliards de dollars, les prêts nets ayant progressé de 58,0 millions de dollars pour atteindre 1,9 milliard. Les dépôts ont augmenté de 133,1 millions de dollars pour atteindre 1,7 milliard.

Penns Woods Bancorp (NASDAQ: PWOD) meldete starke Finanzergebnisse für das 3. Quartal 2024. Der Nettogewinn betrug 4,8 Millionen Dollar für das Quartal und 14,0 Millionen Dollar für die neun Monate bis zum 30. September 2024, im Vergleich zu 2,2 Millionen und 11,1 Millionen im Jahr 2023. Der Gewinn pro Aktie, sowohl basis- als auch verwässert, betrug 0,64 Dollar für das 3. Quartal und 1,86 Dollar seit Jahresbeginn. Das Unternehmen verzeichnete einen Anstieg des Nettozinsüberschusses um 1,7 Millionen Dollar und 2,3 Millionen Dollar für die drei- und neunjährigen Zeiträume. Die Gesamtaktiva wuchsen auf 2,3 Milliarden Dollar, während die Nettokredite um 58,0 Millionen Dollar auf 1,9 Milliarden Dollar anstiegen. Die Einlagen erhöhten sich um 133,1 Millionen Dollar auf 1,7 Milliarden Dollar.

Positive
  • Net income increased 118% YoY to $4.8M in Q3 2024
  • Net interest income grew by $1.7M in Q3 2024
  • Total assets increased by $82.8M to $2.3B
  • Net loans grew by $58.0M to $1.9B
  • Deposits increased by $133.1M to $1.7B
  • Book value per share improved to $26.96 from $24.55
Negative
  • Non-performing loans ratio increased to 0.42% from 0.20% YoY
  • Non-performing loans rose to $7.9M from $3.7M YoY
  • Noninterest-bearing deposits decreased by $18.6M
  • Core deposits declined by $6.6M

Insights

Strong Q3 2024 earnings showcase robust financial performance with $4.8 million quarterly net income, up significantly from $2.2 million in Q3 2023. Key metrics demonstrate healthy growth:

  • Net interest income increased by $1.7 million quarter-over-quarter
  • EPS improved to $0.64 from $0.31 year-over-year
  • Return on equity jumped to 9.60% from 5.06%

Balance sheet shows strength with total assets reaching $2.3 billion and net loans growing by $58 million. The improved net interest margin of 2.88% and stable core deposits of $1.2 billion indicate solid fundamentals. Credit quality remains strong despite slight increase in non-performing loans, with minimal exposure to office space risk at $13.9 million.

Asset quality metrics warrant attention despite overall positive performance. Non-performing loans increased to $7.9 million (0.42% of total loans) from $3.7 million (0.20%) year-over-year. However, risk mitigation factors include:

  • Strong collateral positions and guarantors backing problem loans
  • Reduced allowance ratio of 0.62% reflects portfolio quality
  • Minimal $312,000 in net charge-offs year-to-date

Funding profile shows strategic management with increased brokered deposits of $167.7 million supporting loan growth while reducing higher-cost borrowing dependence. Capital levels strengthened with equity-to-assets ratio improving to 9.02%.

WILLIAMSPORT, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

Penns Woods Bancorp, Inc. achieved net income of $14.0 million for the nine months ended September 30, 2024, resulting in basic and diluted earnings per share of $1.86.

Highlights

  • Net income, as reported under generally accepted accounting principles (GAAP), for the three and nine months ended September 30, 2024 was $4.8 million and $14.0 million, respectively, compared to $2.2 million and $11.1 million for the same periods of 2023. Results for the three and nine months ended September 30, 2024 compared to 2023 were impacted by an increase in net interest income of $1.7 million and $2.3 million, respectively, as the cost of funds has stabilized. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the nine month period ended September 30, 2024.

  • The allowance for credit losses was impacted for the three and nine months ended September 30, 2024 by a provision for credit losses of $740,000 and a negative provision of $299,000, respectively, compared to provisions for credit losses of $1.4 million and $263,000 for the 2023 periods. The recognition of a negative provision for credit losses for the nine months ended September 30, 2024 is due primarily to recoveries during the second quarter of 2024 on a commercial loan. In addition, a minimal level of loan charge-offs of $312,000 contributed to the recognition of the negative provision for credit losses for the nine months ended September 30, 2024.

  • Basic and diluted earnings per share for the three and nine months ended September 30, 2024 were $0.64 and $1.86, respectively, compared to basic and diluted earnings per share of $0.31 and $1.56 basic and $1.53 diluted for the three and nine month periods ended September 30, 2023.

  • Annualized return on average assets was 0.86% for the three months ended September 30, 2024, compared to 0.41% for the corresponding period of 2023. Annualized return on average assets was 0.84% for the nine months ended September 30, 2024, compared to 0.70% for the corresponding period of 2023.

  • Annualized return on average equity was 9.60% for the three months ended September 30, 2024, compared to 5.06% for the corresponding period of 2023. Annualized return on average equity was 9.74% for the nine months ended September 30, 2024, compared to 8.58% for the corresponding period of 2023.

Net Income

Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.8 million and $14.0 million, respectively, for the three and nine months ended September 30, 2024 compared to $2.3 million and $11.2 million for the same periods of 2023. Basic and diluted core earnings per share (non-GAAP) for the three and nine months ended September 30, 2024 were $0.63 and $1.86, respectively, while basic and diluted core earnings per share for the three month period of 2023 were $0.32 and for the nine month period of 2023 were $1.58 basic and $1.55 diluted. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.85% and 9.54%, respectively, for the three months ended September 30, 2024, compared to 0.42% and 5.20% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.84% and 9.75%, respectively, for the nine months ended September 30, 2024, compared to 0.71% and 8.67% for the corresponding period of 2023. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, core earnings per share and tangible book value per share to the comparable GAAP financial measures is included at the end of this press release.

Net Interest Margin

The net interest margin for the three and nine months ended September 30, 2024 was 2.88% and 2.79% respectively, compared to 2.65% and 2.82% for the corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate paid on interest-earning assets of 64 basis points ("bps"), while the decrease in the net interest margin for the nine month period was driven by a 96 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $76.0 million and $127.0 million, respectively, for the three and nine month periods ended September 30, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 65 bps and 72 bps, resulting in an increase in taxable equivalent interest income of $3.9 million and $14.5 million, for the periods. The three and nine month periods ended September 30, 2024 were impacted by an increase of 55 bps and 70 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $343,000 and $1.2 million, respectively. Short-term borrowings decreased in volume, which offset the impact of an increase in rate paid, resulting in a decrease of $1.5 million and $2.1 million in expense for the three and nine month periods ended September 30, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 76 bps and 116 bps, respectively, or $3.1 million and $11.8 million in expense, for the three and nine month periods ended September 30, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and nine month periods ended September 30, 2024 compared to the same periods of 2023 increased 70 bps and 114 bps, respectively, or $2.2 million and $8.2 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

Assets

Total assets increased to $2.3 billion at September 30, 2024, an increase of $82.8 million compared to September 30, 2023.  Net loans increased $58.0 million to $1.9 billion at September 30, 2024 compared to September 30, 2023, as continued emphasis was placed on commercial loan growth and indirect auto lending. The investment portfolio increased $8.8 million from September 30, 2023 to September 30, 2024. Investment debt securities increased $12.8 million from September 30, 2023 to September 30, 2024 as fixed rate instruments with maturities of approximately ten years were added to the portfolio to lock in yields.

Non-performing Loans

The ratio of non-performing loans to total loans ratio increased to 0.42% at September 30, 2024 from 0.20% at September 30, 2023, as non-performing loans increased to $7.9 million at September 30, 2024 from $3.7 million at September 30, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $328,000 and $312,000 for the three and nine months ended September 30, 2024, respectively, impacted the allowance for credit losses, which was 0.62% of total loans at September 30, 2024 compared to 0.71% at September 30, 2023. Exposure to non-owner occupied office space is minimal at $13.9 million at September 30, 2024 with none of these loans being delinquent.

Deposits

Deposits increased $133.1 million to $1.7 billion at September 30, 2024 compared to September 30, 2023. Noninterest-bearing deposits decreased $18.6 million to $452.9 million at September 30, 2024 compared to September 30, 2023.  Core deposits declined $6.6 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $151.6 million from September 30, 2023 to September 30, 2024 due to growth in the time deposit portfolio of $78.7 million as customers sought a higher rate of interest. Brokered deposit balances increased $61.0 million to $167.7 million at September 30, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

Shareholders’ Equity

Shareholders’ equity increased $29.2 million to $203.7 million at September 30, 2024 compared to September 30, 2023 due in part to a registered at-the-market offering that generated $7.5 million in capital during the fourth quarter of 2023.  During the three and nine months ended September 30, 2024 there were no shares issued as part of the registered at-the-market offering. A total of 9,074 and 31,050 shares for net proceeds of $205,000 and $632,000 were issued as part of the Dividend Reinvestment Plan during the three and nine months ended September 30 2024. Accumulated other comprehensive loss of $5.3 million at September 30, 2024 decreased from a loss of $14.9 million at September 30, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $2.6 million at September 30, 2024 from a net unrealized loss of $10.9 million at September 30, 2023, coupled with a decrease in loss of $1.3 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $26.96 at September 30, 2024 compared to $24.55 at September 30, 2023, and an equity to asset ratio of 9.02% at September 30, 2024 and 8.02% at September 30, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.77 at September 30, 2024 compared to $22.20 at September 30, 2023. Dividends declared for the three and nine months ended September 30, 2024 and 2023 were $0.32 and $0.96 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; or (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

Contact:Richard A. Grafmyre, Chief Executive Officer
 110 Reynolds Street
 Williamsport, PA 17702
 570-322-1111e-mail: pwod@pwod.com


 
PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
 
 (In Thousands, Except Share and Per Share Data) September 30,
  2024   2023  % Change
ASSETS:      
Noninterest-bearing balances $28,805  $26,651  8.08%
Interest-bearing balances in other financial institutions  10,889   8,939  21.81%
Total cash and cash equivalents  39,694   35,590  11.53%
       
Investment debt securities, available for sale, at fair value  197,466   184,667  6.93%
Investment equity securities, at fair value  1,145   1,072  6.81%
Restricted investment in bank stock  21,227   25,289  (16.06)%
Loans held for sale  8,967   4,083  119.62%
Loans  1,875,174   1,818,461  3.12%
Allowance for credit losses  (11,588)  (12,890) (10.10)%
Loans, net  1,863,586   1,805,571  3.21%
Premises and equipment, net  27,975   30,746  (9.01)%
Accrued interest receivable  11,433   10,500  8.89%
Bank-owned life insurance  45,378   33,695  34.67%
Investment in limited partnerships  6,966   8,275  (15.82)%
Goodwill  16,450   16,450  —%
Intangibles  133   235  (43.40)%
Operating lease right of use asset  2,861   2,562  11.67%
Deferred tax asset  3,034   6,961  (56.41)%
Other assets  12,935   10,772  20.08%
TOTAL ASSETS $2,259,250  $2,176,468  3.80%
       
LIABILITIES:      
Interest-bearing deposits $1,247,399  $1,095,760  13.84%
Noninterest-bearing deposits  452,922   471,507  (3.94)%
Total deposits  1,700,321   1,567,267  8.49%
       
Short-term borrowings  78,305   193,746  (59.58)%
Long-term borrowings  252,508   217,645  16.02%
Accrued interest payable  5,509   2,716  102.84%
Operating lease liability  2,936   2,619  12.10%
Other liabilities  15,977   17,935  (10.92)%
TOTAL LIABILITIES  2,055,556   2,001,928  2.68%
       
SHAREHOLDERS’ EQUITY:      
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued  —   —  n/a
Common stock, par value $5.55, 22,500,000 shares authorized; 8,064,713 and 7,620,250 shares issued; 7,554,488 and 7,110,025 shares outstanding  44,802   42,335  5.83%
Additional paid-in capital  62,989   55,890  12.70%
Retained earnings  114,008   104,067  9.55%
Accumulated other comprehensive loss:      
Net unrealized loss on available for sale securities  (2,571)  (10,886) 76.38%
Defined benefit plan  (2,719)  (4,051) 32.88%
Treasury stock at cost, 510,225 shares  (12,815)  (12,815) —%
TOTAL SHAREHOLDERS' EQUITY  203,694   174,540  16.70%
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $2,259,250  $2,176,468  3.80%

    

 
PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
 
 (In Thousands, Except Share and Per Share Data) Three Months Ended September 30, Nine Months Ended September 30,
  2024   2023  % Change  2024   2023  % Change
INTEREST AND DIVIDEND INCOME:            
Loans including fees $25,632  $21,720  18.01% $74,021  $59,571  24.26%
Investment securities:            
Taxable  1,874   1,365  37.29%  5,213   3,870  34.70%
Tax-exempt  61   114  (46.49)%  233   410  (43.17)%
Dividend and other interest income  621   722  (13.99)%  1,980   1,827  8.37%
TOTAL INTEREST AND DIVIDEND INCOME  28,188   23,921  17.84%  81,447   65,678  24.01%
             
INTEREST EXPENSE:            
Deposits  9,599   6,463  48.52%  26,439   14,686  80.03%
Short-term borrowings  932   2,412  (61.36)%  4,024   6,084  (33.86)%
Long-term borrowings  2,601   1,714  51.75%  7,667   3,892  96.99%
TOTAL INTEREST EXPENSE  13,132   10,589  24.02%  38,130   24,662  54.61%
             
NET INTEREST INCOME  15,056   13,332  12.93%  43,317   41,016  5.61%
             
PROVISION (RECOVERY) FOR CREDIT LOSSES  740   1,372  (46.06)%  (299)  263  (213.69)%
             
NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES  14,316   11,960  19.70%  43,616   40,753  7.03%
             
NON-INTEREST INCOME:            
Service charges  537   545  (1.47)%  1,551   1,557  (0.39)%
Net debt securities losses, available for sale  (5)  (45) 88.89%  (40)  (125) 68.00%
Net equity securities gains (losses)  41   (36) 213.89%  24   (35) 168.57%
Bank-owned life insurance  206   170  21.18%  856   892  (4.04)%
Gain on sale of loans  416   257  61.87%. 1,021   732  39.48%
Insurance commissions  145   136  6.62%  425   416  2.16%
Brokerage commissions  164   142  15.49%  521   448  16.29%
Loan broker income  351   241  45.64%  841   728  15.52%
Debit card income  355   320  10.94%  1,052   995  5.73%
Other  211   145  45.52%  657   546  20.33%
TOTAL NON-INTEREST INCOME  2,421   1,875  29.12%  6,908   6,154  12.25%
             
NON-INTEREST EXPENSE:            
Salaries and employee benefits  6,402   6,290  1.78%  19,224   18,778  2.38%
Occupancy  731   784  (6.76)%  2,394   2,422  (1.16)%
Furniture and equipment  731   867  (15.69)%  2,436   2,503  (2.68)%
Software amortization  245   237  3.38%  657   593  10.79%
Pennsylvania shares tax  351   280  25.36%  1,022   807  26.64%
Professional fees  530   719  (26.29)%  1,654   2,313  (28.49)%
Federal Deposit Insurance Corporation deposit insurance  399   425  (6.12)%  1,179   1,122  5.08%
Marketing  60   167  (64.07)%  209   594  (64.81)%
Intangible amortization  26   25  4.00%  77   92  (16.30)%
Other  1,409   1,378  2.25%  4,652   4,275  8.82%
TOTAL NON-INTEREST EXPENSE  10,884   11,172  (2.58)%  33,504   33,499  0.01%
INCOME BEFORE INCOME TAX PROVISION  5,853   2,663  119.79%  17,020   13,408  26.94%
INCOME TAX PROVISION  1,052   439  139.64%  3,022   2,355  28.32%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS' $4,801  $2,224  115.87% $13,998  $11,053  26.64%
EARNINGS PER SHARE - BASIC $0.64  $0.31  106.45% $1.86  $1.56  19.23%
EARNINGS PER SHARE - DILUTED $0.64  $0.31  106.45% $1.86  $1.53  21.57%
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC  7,544,344   7,072,440  6.67%  7,528,758   7,064,336  6.57%
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED  7,544,344   7,228,940  4.36%  7,528,758   7,220,836  4.26%


 
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES 
(UNAUDITED)
 
  Three Months Ended
(Dollars in Thousands) September 30, 2024 September 30, 2023
 Average 
Balance (1)		 Interest Average 
Rate		 Average 
Balance (1)		 Interest Average 
Rate
ASSETS:            
Tax-exempt loans (3) $69,831 $534 3.04% $68,243 $462 2.69%
All other loans  1,805,097  25,210 5.56%  1,730,669  21,355 4.90%
Total loans (2)  1,874,928  25,744 5.46%  1,798,912  21,817 4.81%
             
Taxable securities  207,888  2,355 4.61%  193,019  1,945 4.09%
Tax-exempt securities (3)  11,475  77 2.73%  20,777  144 2.81%
Total securities  219,363  2,432 4.51%  213,796  2,089 3.96%
             
Interest-bearing balances in other financial institutions  10,167  140 5.48%  11,868  142 4.75%
             
Total interest-earning assets  2,104,458  28,316 5.36%  2,024,576  24,048 4.72%
             
Other assets  132,244      131,451    
             
TOTAL ASSETS $2,236,702     $2,156,027    
             
LIABILITIES AND SHAREHOLDERS’ EQUITY:            
Savings $214,050  282 0.52% $225,357  181 0.32%
Super Now deposits  220,825  1,133 2.04%  244,387  1,174 1.91%
Money market deposits  320,908  2,781 3.45%  294,006  1,862 2.51%
Time deposits  482,335  5,403 4.46%  342,450  3,246 3.76%
Total interest-bearing deposits  1,238,118  9,599 3.08%  1,106,200  6,463 2.32%
             
Short-term borrowings  66,795  932 5.54%  173,364  2,412 5.52%
Long-term borrowings  250,938  2,601 4.12%  204,901  1,714 3.32%
Total borrowings  317,733  3,533 4.42%  378,265  4,126 4.33%
             
Total interest-bearing liabilities  1,555,851  13,132 3.35%  1,484,465  10,589 2.83%
             
Demand deposits  453,169      471,494    
Other liabilities  27,558      24,193    
Shareholders’ equity  200,124      175,875    
             
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $2,236,702     $2,156,027    
Interest rate spread (3)     2.01%     1.89%
Net interest income/margin (3)   $15,184 2.88%   $13,459 2.65%

1.  Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.  Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.  Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income         
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%

  Three Months Ended September 30,
   2024  2023
Total interest income $28,188 $23,921
Total interest expense  13,132  10,589
Net interest income (GAAP)  15,056  13,332
Tax equivalent adjustment  128  127
Net interest income (fully taxable equivalent) (non-GAAP) $15,184 $13,459


 
PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES 
(UNAUDITED)
 
  Nine Months Ended
  September 30, 2024 September 30, 2023
(Dollars in Thousands) Average 
Balance (1)		 Interest Average 
Rate		 Average 
Balance (1)		 Interest Average 
Rate
ASSETS:            
Tax-exempt loans (3) $69,455 $1,490 2.87% $66,372 $1,371 2.76%
All other loans  1,792,518  72,844 5.43%  1,668,596  58,488 4.69%
Total loans (2)  1,861,973  74,334 5.33%  1,734,968  59,859 4.61%
             
Taxable securities  203,964  6,795 4.45%  188,477  5,331 3.78%
Tax-exempt securities (3)  13,625  295 2.89%  25,837  519 2.69%
Total securities  217,589  7,090 4.35%  214,314  5,850 3.65%
             
Interest-bearing balances in other financial institutions  10,382  398 5.12%  10,619  366 4.61%
             
Total interest-earning assets  2,089,944  81,822 5.24%  1,959,901  66,075 4.41%
             
Other assets  131,000      132,133    
             
TOTAL ASSETS $2,220,944     $2,092,034    
             
LIABILITIES AND SHAREHOLDERS’ EQUITY:            
Savings $217,056  811 0.50% $233,784  456 0.26%
Super Now deposits  218,307  3,303 2.02%  293,636  3,026 1.38%
Money market deposits  308,027  7,734 3.35%  292,490  4,807 2.20%
Time deposits  446,158  14,591 4.37%  264,855  6,397 3.23%
Total interest-bearing deposits  1,189,548  26,439 2.97%  1,084,765  14,686 1.81%
             
Short-term borrowings  96,669  4,024 5.60%  155,136  6,084 5.26%
Long-term borrowings  256,960  7,667 3.99%  169,276  3,892 3.07%
Total borrowings  353,629  11,691 4.43%  324,412  9,976 4.12%
             
Total interest-bearing liabilities  1,543,177  38,130 3.30%  1,409,177  24,662 2.34%
             
Demand deposits  454,967      484,662    
Other liabilities  31,133      26,334    
Shareholders’ equity  191,667      171,861    
             
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $2,220,944     $2,092,034    
Interest rate spread (3)     1.94%     2.07%
Net interest income/margin (3)   $43,692 2.79%   $41,413 2.82%

1.  Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.  Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.  Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income         
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%

  Nine months ended September 30,
   2024  2023
Total interest income $81,447 $65,678
Total interest expense  38,130  24,662
Net interest income (GAAP)  43,317  41,016
Tax equivalent adjustment  375  397
Net interest income (fully taxable equivalent) (non-GAAP) $43,692 $41,413


(Dollars in Thousands, Except Per Share Data, Unaudited) Quarter Ended
  9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Operating Data          
Net income $4,801  $5,390  $3,808  $5,555  $2,224 
Net interest income  15,056   14,515   13,746   13,948   13,332 
Provision (recovery) for credit losses  740   (1,177)  138   (1,742)  1,372 
Net security gains (losses)  36   (19)  (33)  (18)  (81)
Non-interest income, excluding net security gains (losses)  2,385   2,044   2,495   2,239   1,956 
Non-interest expense  10,884   10,996   11,623   10,997   11,172 
           
Performance Statistics          
Net interest margin  2.88%  2.83%  2.69%  2.73%  2.65%
Annualized cost of total deposits  2.27%  2.14%  2.01%  1.89%  1.64%
Annualized non-interest income to average assets  0.43%  0.37%  0.45%  0.41%  0.35%
Annualized non-interest expense to average assets  1.95%  1.98%  2.10%  2.02%  2.07%
Annualized return on average assets  0.86%  0.97%  0.69%  1.02%  0.41%
Annualized return on average equity  9.60%  11.12%  8.03%  12.60%  5.06%
Annualized net loan charge-offs (recoveries) to average loans  0.07% (0.09)%  0.08% (0.05)%  0.01%
Net charge-offs (recoveries)  328   (396)  380   (209)  33 
Efficiency ratio  62.26%  66.25%  71.41%  67.78%  72.76%
           
Per Share Data          
Basic earnings per share $0.64  $0.72  $0.51  $0.77  $0.31 
Diluted earnings per share  0.64   0.72   0.51   0.77   0.31 
Dividend declared per share  0.32   0.32   0.32   0.32   0.32 
Book value  26.96   26.13   25.72   25.51   24.55 
Tangible book value (Non-GAAP)  24.77   23.93   23.50   23.29   22.20 
Common stock price:          
High  23.98   21.08   22.64   23.64   27.17 
Low  19.29   17.17   18.44   20.05   20.70 
Close  23.79   20.55   19.41   22.51   21.08 
Weighted average common shares:          
Basic  7,544   7,529   7,513   7,255   7,072 
Fully Diluted  7,544   7,529   7,513   7,255   7,229 
End-of-period common shares:          
Issued  8,065   8,052   8,036   8,019   7,620 
Treasury  (510)  (510)  (510)  (510)  (510)


(Dollars in Thousands, Unaudited) Quarter Ended
  9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Financial Condition Data:          
General          
Total assets $2,259,250  $2,234,617  $2,210,116  $2,204,809  $2,176,468 
Loans, net  1,863,586   1,855,054   1,843,805   1,828,318   1,805,571 
Goodwill  16,450   16,450   16,450   16,450   16,450 
Intangibles  133   158   184   210   235 
Total deposits  1,700,321   1,648,093   1,618,562   1,589,493   1,567,267 
Noninterest-bearing  452,922   461,092   471,451   471,173   471,507 
Savings  211,560   218,354   220,932   219,287   226,897 
NOW  218,279   209,906   208,073   214,888   220,730 
Money Market  321,614   320,101   299,916   299,353   291,889 
Time Deposits  328,294   310,187   292,372   260,067   249,550 
Brokered Deposits  167,652   128,453   125,818   124,725   106,694 
Total interest-bearing deposits  1,247,399   1,187,001   1,147,111   1,118,320   1,095,760 
           
Core deposits*  1,204,375   1,209,453   1,200,372   1,204,701   1,211,023 
Shareholders’ equity  203,694   197,087   193,517   191,556   174,540 
           
Asset Quality          
Non-performing loans $7,940  $6,784  $7,958  $3,148  $3,683 
Non-performing loans to total assets  0.35%  0.30%  0.36%  0.14%  0.17%
Allowance for credit losses on loans  11,588   11,234   11,542   11,446   12,890 
Allowance for credit losses on loans to total loans  0.62%  0.60%  0.62%  0.62%  0.71%
Allowance for credit losses on loans to non-performing loans  145.94%  165.60%  145.04%  363.60%  349.99%
Non-performing loans to total loans  0.42%  0.36%  0.43%  0.17%  0.20%
           
Capitalization          
Shareholders’ equity to total assets  9.02%  8.82%  8.76%  8.69%  8.02%

* Core deposits are defined as total deposits less time deposits and brokered deposits.

 
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
 
(Dollars in Thousands, Except Per Share Data, Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
  2024   2023   2024   2023 
GAAP net income $4,801  $2,224  $13,998  $11,053 
Net securities (gains) losses, net of tax  (28)  64   13   126 
Non-GAAP core earnings $4,773  $2,288  $14,011  $11,179 
         
  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Return on average assets (ROA)  0.86%  0.41%  0.84%  0.70%
Net securities (gains) losses, net of tax (0.01)%  0.01%  —%  0.01%
Non-GAAP core ROA  0.85%  0.42%  0.84%  0.71%
         
  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Return on average equity (ROE)  9.60%  5.06%  9.74%  8.58%
Net securities (gains) losses, net of tax (0.06)%  0.14%  0.01%  0.09%
Non-GAAP core ROE  9.54%  5.20%  9.75%  8.67%
         
  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Basic earnings per share (EPS) $0.64  $0.31  $1.86  $1.56 
Net securities (gains) losses, net of tax  (0.01)  0.01   —   0.02 
Non-GAAP basic core EPS $0.63  $0.32  $1.86  $1.58 
     
  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Diluted EPS $0.64  $0.31  $1.86  $1.53 
Net securities (gains) losses, net of tax  (0.01)  0.01   —   0.02 
Non-GAAP diluted core EPS $0.63  $0.32  $1.86  $1.55 


(Dollars in Thousands, Except Share and Per Share Data, Unaudited) Quarter Ended
  9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Total shareholders' equity $203,694  $197,087  $193,517  $191,556  $174,540 
Goodwill  (16,450)  (16,450)  (16,450)  (16,450)  (16,450)
Intangibles  (133)  (158)  (184)  (210)  (235)
Tangible shareholders' equity $187,111  $180,479  $176,883  $174,896  $157,855 
           
Shares outstanding  7,554,488   7,541,474   7,525,372   7,508,994   7,110,025 
           
Book value per share $26.96  $26.13  $25.72  $25.51  $24.55 
Tangible book value per share (Non-GAAP) $24.77  $23.93  $23.50  $23.29  $22.20 

FAQ

What was Penns Woods Bancorp (PWOD) earnings per share in Q3 2024?

Penns Woods Bancorp reported basic and diluted earnings per share of $0.64 for Q3 2024.

How much was PWOD's net income for Q3 2024?

PWOD reported net income of $4.8 million for Q3 2024, compared to $2.2 million in Q3 2023.

What was PWOD's total assets as of September 30, 2024?

PWOD's total assets were $2.3 billion as of September 30, 2024, an increase of $82.8 million from the previous year.

What was PWOD's book value per share as of September 30, 2024?

PWOD's book value per share was $26.96 as of September 30, 2024, compared to $24.55 the previous year.

Stock PWOD logo
Penns Woods Bancorp Inc

NASDAQ:PWOD

PWOD Rankings

#3754 Ranked by Market Cap
#685 Ranked by Dividends

PWOD Latest News

Aug 27, 2024
Penns Woods Bancorp, Inc. Announces Quarterly Dividend
Jul 25, 2024
Penns Woods Bancorp, Inc. Reports Second Quarter 2024 Earnings
Jun 4, 2024
Penns Woods Bancorp, Inc. Amends CEO Grafmyre Contract
May 28, 2024
Penns Woods Bancorp, Inc. Announces Quarterly Dividend
May 28, 2024
Penns Woods Bancorp, Inc. Announces Stock Repurchase Program

PWOD Stock Data

225.35M
7.24M
4.06%
24.77%
0.22%
Banks - Regional
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