Penns Woods Bancorp, Inc. Reports Second Quarter 2024 Earnings

Core Points - 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][2] - The company experienced an increase in net interest income of $1.1 million and $577,000 for the three and six months ended June 30, 2024, compared to the same periods in 2023 [2] - 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] Net Income - Net income for the three months ended June 30, 2024, was $5.4 million, up from $4.2 million in the same period of 2023 [2][10] - Basic and diluted earnings per share for the three months ended June 30, 2024, were $0.72, compared to $0.59 for the same period in 2023 [2][10] Net Interest Margin - The net interest margin for the three and six months ended June 30, 2024, was 2.83% and 2.75%, respectively, compared to 2.77% and 2.92% for the same periods in 2023 [11] - The increase in the net interest margin for the three-month period was driven by a 74 basis point increase in the rate paid on interest-earning assets [11] Assets - Total assets increased to $2.2 billion at June 30, 2024, an increase of $99.3 million compared to June 30, 2023 [27] - Net loans increased by $97.2 million to $1.9 billion at June 30, 2024, with a focus on commercial loan growth and indirect auto lending [27] Shareholders' Equity - Shareholders' equity increased by $22.7 million to $197.1 million at June 30, 2024, compared to June 30, 2023 [7] - The book value per share increased to $26.13 at June 30, 2024, from $24.69 at June 30, 2023 [7] Non-performing Loans - The ratio of non-performing loans to total loans increased to 0.36% at June 30, 2024, from 0.24% at June 30, 2023 [28] - Non-performing loans increased to $6.8 million at June 30, 2024, from $4.3 million at June 30, 2023 [28] Deposits - Total deposits increased by $94.3 million to $1.6 billion at June 30, 2024, compared to June 30, 2023 [29] - Interest-bearing deposits increased by $109.2 million, primarily due to growth in the time deposit portfolio [29]