Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

Core Points - Penns Woods Bancorp, Inc. reported a net income of $17.7 million for the twelve months ended December 31, 2024, with earnings per share of $2.35 [1][7] - Core earnings for the same period were $18.4 million, up from $16.7 million in 2023, with core earnings per share increasing to $2.44 from $2.36 [3] - The company experienced an increase in total assets to $2.2 billion, a rise of $27.5 million compared to the previous year [5] Net Income - Net income from core operations was $4.4 million for the three months ended December 31, 2024, compared to $5.6 million in 2023 [3] - The annualized core return on average assets was 0.83% for the twelve months ended December 31, 2024, compared to 0.79% in 2023 [3] - The net income reported under GAAP for the three months ended December 31, 2024, was $3.7 million, down from $5.6 million in 2023 [7] Net Interest Margin - The net interest margin for the three months ended December 31, 2024, was 2.98%, up from 2.73% in 2023 [4] - The average loan portfolio balance increased by $47.4 million for the three months ended December 31, 2024, compared to the same period in 2023 [4] - Interest income from the loan portfolio increased by $2.0 million for the three months ended December 31, 2024 [4] Assets - Total assets reached $2.2 billion at December 31, 2024, marking a 1.25% increase from the previous year [5] - Net loans increased to $1.9 billion, up $36.9 million from December 31, 2023, driven by commercial loan growth [5] - The investment portfolio decreased by $10.7 million from the previous year [5] Non-performing Loans - The ratio of non-performing loans to total loans increased to 0.47% at December 31, 2024, from 0.17% in 2023 [8] - Non-performing loans rose to $8.9 million, up from $3.1 million in the previous year [8] - The allowance for credit losses was 0.63% of total loans at December 31, 2024, compared to 0.62% in 2023 [8] Deposits - Total deposits increased by $116.6 million to $1.7 billion at December 31, 2024 [9] - Noninterest-bearing deposits decreased by $14.2 million, while interest-bearing deposits increased by $130.8 million [9] - Core deposits remained stable at $1.2 billion over the past five quarters [9] Shareholders' Equity - Shareholders' equity increased by $13.7 million to $205.2 million at December 31, 2024 [10] - The book value per share rose to $27.16 from $25.51 in the previous year [10] - The accumulated other comprehensive loss decreased from $9.2 million to $5.3 million [10]