Penns Woods ( (PWOD) ) has released its Q4 earnings. Here is a breakdown of the information Penns Woods presented to its investors.
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Penns Woods Bancorp, Inc. is a financial services company based in Williamsport, Pennsylvania, operating through its subsidiaries Jersey Shore State Bank and Luzerne Bank, and providing investment and insurance products via United Insurance Solutions, LLC. The company recently released its fourth-quarter 2024 earnings report.
In the latest earnings report, Penns Woods Bancorp, Inc. announced a net income of $17.7 million for the year ending December 31, 2024, with earnings per share of $2.35. The company’s financial performance was influenced by increased net interest income and merger-related expenses from its acquisition by Northwest Bancshares, Inc., alongside a loss from asset disposals.
Key financial highlights include a rise in net interest income by $3.9 million due to stabilized costs and a significant increase in deposits by $116.6 million, reaching $1.7 billion. However, the company faced challenges with an increase in non-performing loans and a slight decline in core earnings compared to the previous year. The allowance for credit losses saw adjustments due to provisions for credit losses in 2024.
Moving forward, Penns Woods Bancorp, Inc. remains focused on its strategic expansion and operational efficiencies, especially in light of its merger with Northwest Bancshares, Inc. The management continues to navigate the competitive landscape and evolving regulatory environment to sustain growth and shareholder value.
