Penns Woods ( (PWOD) ) has released its Q1 earnings. Here is a breakdown of the information Penns Woods presented to its investors.
Penns Woods Bancorp, Inc., a financial services company operating through its subsidiaries Jersey Shore State Bank and Luzerne Bank, provides banking and insurance services across several counties in Pennsylvania.
In its first-quarter earnings report for 2025, Penns Woods Bancorp, Inc. announced a significant increase in net income to $7.4 million, up from $3.8 million in the same period of 2024, with basic earnings per share rising to $0.97. The company also reported a notable expansion in its net interest margin, driven by an increase in net interest income and a recovery on a commercial loan.
Key financial highlights include a 93.46% increase in net income compared to the previous year, with core earnings reaching $8.1 million. The company’s net interest margin improved to 3.13%, supported by an increase in interest-earning assets and a strategic shift in deposit balances. Additionally, the allowance for credit losses was positively impacted by a recovery on a commercial loan, contributing to a negative provision for credit losses of $3.0 million.
The company’s total assets rose to $2.3 billion, with net loans increasing by $43.3 million, reflecting a focus on commercial loan growth. Despite an increase in non-performing loans, the company’s allowance for credit losses remained strong, and shareholders’ equity grew by $18.5 million, enhancing the book value per share.
Looking ahead, Penns Woods Bancorp, Inc. remains focused on leveraging its strategic initiatives to sustain growth and enhance shareholder value, while navigating the evolving financial landscape.