Penns Woods Bancorp(PWOD) - 2024 Q2 - Quarterly Results

Financial Performance - Penns Woods Bancorp, Inc. reported a net income of $9.2 million for the six months ended June 30, 2024, with earnings per share of $1.22[1] - Net income for the three months ended June 30, 2024, was $5.4 million, an increase from $4.2 million for the same period in 2023, driven by a $1.1 million increase in net interest income[18] - Net income available to common shareholders increased by 29.23% to $5,390,000 for the three months ended June 30, 2024[11] - Core earnings for the three months ended June 30, 2024, were $5.4 million, up from $4.2 million in the same period of 2023[20] - GAAP net income for the three months ended June 30, 2024 was $5,390,000, up from $4,171,000 in the same period of 2023, reflecting a year-over-year increase of 29.2%[30] Income and Expenses - Total interest and dividend income increased by 23.46% year-over-year to $27,029,000 for the three months ended June 30, 2024[11] - Net interest income after recovery of credit losses rose by 7.73% to $15,692,000 for the three months ended June 30, 2024[11] - Total non-interest expense decreased by 3.79% to $10,996,000 for the three months ended June 30, 2024[11] - Total interest expense increased by 47.10% to $12,514,000 for the three months ended June 30, 2024[11] - Deposits interest expense surged by 82.99% to $8,877,000 for the three months ended June 30, 2024[11] Assets and Liabilities - Total assets increased to $2.2 billion at June 30, 2024, up $99.3 million compared to June 30, 2023[22] - Total liabilities increased by 3.91% to $2,037,530,000 from $1,960,917,000[39] - Total deposits increased to $1.65 billion at June 30, 2024, compared to $1.55 billion at June 30, 2023[22] - Total loans rose by 5.48% to $1,866,288,000 from $1,769,403,000 year-over-year[39] Equity and Shareholder Information - Shareholders' equity rose by $22.7 million to $197.1 million at June 30, 2024, with a book value per share of $26.13 compared to $24.69 a year earlier[8] - Shareholders' equity rose to $197.1 million at June 30, 2024, up from $174.4 million at June 30, 2023[22] - Basic and diluted earnings per share for the three and six months ended June 30, 2024 were $0.72 and $1.22, respectively, compared to $0.59 and $1.25 for the same periods in 2023, representing an increase of 22% and a decrease of 2.4% respectively[31] Credit Quality - The allowance for credit losses showed negative provisions of $1.2 million and $1.0 million for the three and six months ended June 30, 2024, respectively[2] - The non-performing loans to total assets ratio improved to 0.30% at June 30, 2024, down from 0.36% at March 31, 2024[22] - The ratio of non-performing loans to total loans increased to 0.36% at June 30, 2024, up from 0.24% at June 30, 2023, as non-performing loans rose to $6.8 million from $4.3 million[35] - The allowance for credit losses was 0.60% of total loans at June 30, 2024, down from 0.66% at June 30, 2023[35] Operational Metrics - The annualized return on average equity was 11.12% for the three months ended June 30, 2024, up from 9.53% in the same period of 2023[3] - The annualized return on average assets was 0.97% for the three months ended June 30, 2024, compared to 0.80% for the same period in 2023[19] - The efficiency ratio improved to 66.25%, down from 73.78% a year ago[29] - The yield on interest-earning assets increased by 73 bps and 76 bps for the three and six months ended June 30, 2024, respectively[5] Deposits and Loans - Deposits increased by $94.3 million to $1.6 billion at June 30, 2024, while noninterest-bearing deposits decreased by $14.8 million[7] - The average loan portfolio balance increased by $120.8 million and $153.0 million for the three and six months ended June 30, 2024, respectively[5] - Interest-bearing deposits grew by $109.2 million from June 30, 2023, primarily due to an increase in the time deposit portfolio[7] - Average interest rate on total loans was 5.27% for the six months ended June 30, 2024, compared to 4.51% for the same period in 2023[41]