Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

Core Insights - 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] Financial Performance - Core earnings for the three and twelve months ended December 31, 2024 were $4.4 million and $18.4 million, respectively, compared to $5.6 million and $16.7 million for the same periods in 2023 [3] - Basic and diluted core earnings per share for the three months ended December 31, 2024 were $0.58 and $0.57, while for the twelve months they were $2.44 [3] - Annualized core return on average assets was 0.78% for the three months and 0.83% for the twelve months ended December 31, 2024, compared to 1.02% and 0.79% for the same periods in 2023 [3] Net Interest Margin - The net interest margin for the three and twelve months ended December 31, 2024 was 2.98% and 2.83%, respectively, compared to 2.73% and 2.80% for the same periods in 2023 [4] - The average loan portfolio balance increased by $47.4 million and $106.9 million for the three and twelve months ended December 31, 2024, respectively [4] Assets and Loans - Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023 [5] - Net loans increased by $36.9 million to $1.9 billion at December 31, 2024, with a focus on commercial loan growth and indirect auto lending [5] Non-Performing Loans - The ratio of non-performing loans to total loans increased to 0.47% at December 31, 2024, from 0.17% at December 31, 2023, with non-performing loans rising to $8.9 million [6] Deposits - Total deposits increased by $116.6 million to $1.7 billion at December 31, 2024, with interest-bearing deposits growing by $130.8 million [7] - Core deposits declined by $17.8 million as customers migrated to higher-rate time deposits [7] Shareholders' Equity - Shareholders' equity increased by $13.7 million to $205.2 million at December 31, 2024, with a book value per share of $27.16 [8] - Accumulated other comprehensive loss decreased from $9.2 million at December 31, 2023, to $5.3 million at December 31, 2024 [8]