Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

Core Financial Performance - 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][5] - 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] - The annualized core return on average assets and equity for the twelve months ended December 31, 2024 were 0.83% and 9.46%, respectively, compared to 0.79% and 9.93% for the same period in 2023 [3] Net Interest Margin and Income - 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] - Net interest income increased by $1.6 million and $3.9 million for the three and twelve months ended December 31, 2024, respectively, as the cost of funds stabilized [5] - 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] Asset and Loan Growth - Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023 [7] - 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 [7] - The ratio of non-performing loans to total loans increased to 0.47% at December 31, 2024, from 0.17% at December 31, 2023 [8] Deposits and Funding - Total deposits increased by $116.6 million to $1.7 billion at December 31, 2024, with interest-bearing deposits growing by $130.8 million [9] - Noninterest-bearing deposits decreased by $14.2 million, while core deposits declined by $17.8 million as customers migrated to higher-rate time deposits [9] - Brokered deposit balances increased by $53.6 million to $178.3 million at December 31, 2024, as this funding source was utilized to support loan portfolio growth [9] 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 [10] - The accumulated other comprehensive loss decreased from $9.2 million at December 31, 2023, to $5.3 million at December 31, 2024 [10] - Tangible book value per share increased to $24.97 at December 31, 2024, compared to $23.29 at December 31, 2023 [10]