Penns Woods Bancorp(PWOD) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for the first quarter of 2025 was $7.4 million, an increase from $3.8 million in the same period of 2024, resulting in basic earnings per share of $0.97 and diluted earnings per share of $0.95[2][5] - Core earnings for the first quarter of 2025 were $8.1 million, up from $3.8 million in the same period of 2024, with core earnings per share increasing from $0.51 to $1.06[4] - Net income available to common shareholders increased by 93.46% to $7,367,000, up from $3,808,000 in the same quarter last year[21] - Net income for Q1 2025 was $7,367,000, an increase of 97.5% compared to $3,741,000 in Q4 2024[25] - Basic earnings per share for Q1 2025 were $0.97, a significant increase from $0.50 in Q4 2024[25] - GAAP net income for Q1 2025 was $7,367,000, compared to $3,808,000 in Q1 2024, representing an increase of 93.5%[28] - Non-GAAP core earnings increased to $8,061,000 in Q1 2025 from $3,834,000 in Q1 2024, a growth of 110.5%[28] - Basic earnings per share (EPS) for Q1 2025 was $0.97, up from $0.51 in Q1 2024, reflecting an increase of 90.2%[28] - Non-GAAP diluted core EPS for Q1 2025 was $1.04, up from $0.51 in Q1 2024, representing a growth of 104%[28] Asset and Liability Management - Total assets rose to $2.3 billion as of March 31, 2025, an increase of $42.1 million from the previous year, with net loans increasing by $43.3 million to $1.9 billion[8] - Total assets increased by 1.91% to $2,252,235,000 compared to $2,210,116,000 in the previous year[19] - Total assets increased to $2,252,235,000, compared to $2,232,338,000 in Q4 2024, reflecting a growth of 0.9%[26] - Total deposits grew by 6.51% to $1,723,954,000 from $1,618,562,000[19] - Deposits increased by $105.4 million to $1.7 billion at March 31, 2025, with interest-bearing deposits growing by $111.1 million[10] - Total deposits reached $1,723,954,000, a slight increase from $1,706,081,000 in the prior quarter[26] - Interest-bearing deposits increased by 9.68% to $1,258,188,000 compared to $1,147,111,000 in the previous year[19] Profitability Metrics - The net interest margin improved to 3.13% in Q1 2025, compared to 2.69% in Q1 2024, driven by a 38 basis points increase in the rate collected on interest-earning assets[7] - Net interest income rose by 17.42% to $16,140,000 from $13,746,000 year-over-year[21] - Net interest income rose to $16,140,000, up 3.7% from $15,563,000 in the previous quarter[25] - The net interest margin improved to 3.13%, compared to 2.98% in Q4 2024, indicating enhanced profitability on interest-earning assets[25] - The annualized return on average assets improved to 1.31%, compared to 0.67% in the previous quarter[25] - Return on average assets (ROA) improved to 1.31% in Q1 2025, up from 0.69% in Q1 2024[28] - Return on average equity (ROE) rose to 14.76% in Q1 2025, compared to 8.03% in Q1 2024, indicating a significant increase of 83.5%[28] Equity and Shareholder Value - Shareholders' equity increased by $18.5 million to $212.0 million at March 31, 2025, with a book value per share rising to $27.85 from $25.72[11][12] - Total shareholders' equity reached $212,023,000 in Q1 2025, an increase from $193,517,000 in Q1 2024, marking a growth of 9.5%[28] - Tangible shareholders' equity increased to $195,491,000 in Q1 2025 from $176,883,000 in Q1 2024, a rise of 10.5%[28] - Book value per share improved to $27.85 in Q1 2025, compared to $25.72 in Q1 2024, an increase of 8.3%[28] Credit Quality - The allowance for credit losses showed a negative provision of $3.0 million in Q1 2025, compared to a provision of $138,000 in Q1 2024, primarily due to a recovery on a commercial loan[5] - The allowance for credit losses decreased by 11.32% to $10,236,000 from $11,542,000[19] - The ratio of non-performing loans to total loans increased to 0.53% at March 31, 2025, up from 0.43% a year earlier, with non-performing loans totaling $10.0 million[9] - Non-performing loans increased to $9,987,000, up from $8,904,000 in Q4 2024, representing a rise of 12.2%[26] Merger Activity - The company is in the process of merging with Northwest Bancshares, Inc., which has resulted in after-tax merger-related expenses of $948,000 in Q1 2025[5] - The company incurred merger expenses of $948,000 in Q1 2025, while there were no such expenses reported in Q1 2024[28]