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$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$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]