0000716605False00007166052024-01-292024-01-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
January 29, 2025 
Date of Report (Date of earliest event reported)
 
PENNS WOODS BANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-17077 23-2226454
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Ident. No.)
 
300 Market StreetP.O. Box 96717703-0967
WilliamsportPennsylvania(Zip Code)
(Address of principal executive offices)
 
(570) 322-1111
Registrant's telephone number, including area code
 
N/A
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $5.55 par valuePWODThe Nasdaq Global Select Market
Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐


Item 2.02                                           Results of Operation and Financial Condition.
 
On January 29, 2025, Penns Woods Bancorp, Inc. (the “Company”) distributed a press release announcing its earnings for the period ended December 31, 2024.  The press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01                                           Financial Statements and Exhibits.

(d)                                 Exhibits:

99.1        Press release, dated January 29, 2025, of Penns Woods Bancorp, Inc. announcing earnings for the period ended December 31, 2024.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 PENNS WOODS BANCORP, INC.
   
Dated:January 29, 2025  
   
 By:/s/  Brian L. Knepp
  Brian L. Knepp
  President and Chief Financial Officer
 

EXHIBIT INDEX
 
Exhibit Number Description
 Press release, dated January 29, 2025, of Penns Woods Bancorp, Inc. announcing earnings for the period ended December 31, 2024.
104Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).



Exhibit 99.1
image0a17.jpg

Press Release — For Immediate Release
January 29, 2025

Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

Williamsport, PA — January 29, 2025 - Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

Penns Woods Bancorp, Inc. achieved net income of $17.7 million for the twelve months ended December 31, 2024, resulting in basic and diluted earnings per share of $2.35.

Highlights

•Net income, as reported under generally accepted accounting principles (GAAP), for the three and twelve months ended December 31, 2024 was $3.7 million and $17.7 million, respectively, compared to $5.6 million and $16.6 million for the same periods of 2023. Results for the three and twelve months ended December 31, 2024 compared to 2023 were impacted by an increase in net interest income of $1.6 million and $3.9 million, respectively, as the cost of funds stabilized. The three and twelve month periods ended December 31, 2024 have been impacted by after-tax merger related expenses of $581,000 resulting from the announced acquisition of the company by Northwest Bancshares, Inc. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the twelve month period ended December 31, 2024.

•The allowance for credit losses was impacted for the three and twelve months ended December 31, 2024 by a provision for credit losses of $420,000 and $121,000, respectively, compared to a negative provision for credit losses of $1.7 million and $1.5 million for the 2023 periods. The recognition of a negative provision for credit losses for the 2023 periods was due primarily to a recovery on a commercial loan which positively affected the historical loss rates, and the payoff of a nonperforming commercial loan.

•Basic and diluted earnings per share for the three months ended December 31, 2024 were $0.50 and $0.49, respectively, while the twelve months ended December 31, 2024 basic and diluted was $2.35. This compares to basic and diluted earnings per share of $0.77 and $2.34, respectively, for the three and twelve month periods ended December 31, 2023.

•Annualized return on average assets was 0.67% for the three months ended December 31, 2024, compared to 1.02% for the corresponding period of 2023. Return on average assets was 0.80% for the twelve months ended December 31, 2024, compared to 0.79% for the corresponding period of 2023.

•Annualized return on average equity was 7.28% for the three months ended December 31, 2024, compared to 12.60% for the corresponding period of 2023. Return on average equity was 9.14% for the twelve months ended December 31, 2024, compared to 9.84% for the corresponding period of 2023.

Net Income

Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.4 million and $18.4 million, respectively, for the three and twelve months ended December 31, 2024 compared to $5.6 million and $16.7 million for the same periods of 2023. Core earnings per share (non-GAAP) for the three months ended December 31, 2024 were basic $0.58 and diluted $0.57 while basic and diluted for the twelve months ended December 31, 2024 were $2.44. Basic and diluted core earnings per share for the three and twelve month periods of 2023 were $0.77 and $2.36, respectively. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.78% and 8.48%, respectively, for the three months ended December 31, 2024, compared to 1.02% and 12.63% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.83% and 9.46%, respectively, for the twelve months ended December 31, 2024, compared to 0.79% and 9.93% for the corresponding period of 2023. A reconciliation
1

of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, core earnings per share and tangible book value per share to the comparable GAAP financial measures is included at the end of this press release.

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 corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate collected on interest-earning assets of 34 basis points ("bps"), while the decrease in the net interest margin for the twelve month period was driven by a 74 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest-bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $47.4 million and $106.9 million, respectively, for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 31 bps and 61 bps, resulting in an increase in taxable equivalent interest income of $2.0 million and $16.5 million, for the periods. The three and twelve month periods ended December 31, 2024 were impacted by an increase of 57 bps and 66 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $285,000 and $1.5 million, respectively. Short-term borrowings decreased leading to a decrease of $1.8 million and $3.9 million, respectively, in expense for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 37 bps and 96 bps, respectively, or $2.1 million and $13.8 million in expense, for the three and twelve month periods ended December 31, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 increased 29 bps and 87 bps, respectively, or $1.7 million and $9.9 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five to twenty-four months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

Assets

Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023.  Net loans increased $36.9 million to $1.9 billion at December 31, 2024 compared to December 31, 2023, as continued emphasis was placed on commercial loan growth and indirect auto lending. The investment portfolio decreased $10.7 million from December 31, 2023 to December 31, 2024.

Non-performing Loans

The ratio of non-performing loans to total loans ratio increased to 0.47% at December 31, 2024 from 0.17% at December 31, 2023, as non-performing loans increased to $8.9 million at December 31, 2024 from $3.1 million at December 31, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $228,000 and $540,000 for the three and twelve months ended December 31, 2024, respectively, impacted the allowance for credit losses, which was 0.63% of total loans at December 31, 2024 compared to 0.62% at December 31, 2023. Exposure to non-owner occupied office space is minimal at $14.1 million at December 31, 2024 with none of these loans being delinquent.

Deposits

Deposits increased $116.6 million to $1.7 billion at December 31, 2024 compared to December 31, 2023. Noninterest-bearing deposits decreased $14.2 million to $456.9 million at December 31, 2024 compared to December 31, 2023.  Core deposits declined $17.8 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $130.8 million from December 31, 2023 to December 31, 2024 due to growth in the time deposit portfolio of $80.8 million as customers sought a higher rate of interest. Brokered deposit balances increased $53.6 million to $178.3 million at December 31, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

2

Shareholders’ Equity

Shareholders’ equity increased $13.7 million to $205.2 million at December 31, 2024 compared to December 31, 2023.  During the three and twelve months ended December 31, 2024 there were no shares issued under the previously disclosed registered at-the-market offering. A total 31,066 shares for net proceeds of $632,000 were issued as part of the Dividend Reinvestment Plan during the twelve months ended December 31, 2024. Accumulated other comprehensive loss of $5.3 million at December 31, 2024 decreased from a loss of $9.2 million at December 31, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $4.6 million at December 31, 2024 from a net unrealized loss of $6.4 million at December 31, 2023, coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $27.16 at December 31, 2024 compared to $25.51 at December 31, 2023, and an equity to asset ratio of 9.19% at December 31, 2024 and 8.69% at December 31, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.97 at December 31, 2024 compared to $23.29 at December 31, 2023. Dividends declared for the three and twelve months ended December 31, 2024 and 2023 were $0.32 and $1.28 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies; or (vii) any potential adverse events or developments resulting from the merger agreement, dated December 16, 2024, between Penns Woods Bancorp, Inc. and Northwest Bancshares, Inc., including, without limitation, any event, change, or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement or the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or to successfully integrate the business and operations of Jersey Shore State Bank and Luzerne Bank with those of Northwest Savings Bank after closing.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.
Contact:Richard A. Grafmyre, Chief Executive Officer
 110 Reynolds Street
 Williamsport, PA 17702
 570-322-1111e-mail: pwod@pwod.com

3

PENNS WOODS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
 
 December 31,
(In Thousands, Except Share and Per Share Data)20242023% Change
ASSETS:   
Noninterest-bearing cash$19,989 $28,969 (31.00)%
Interest-bearing balances in other financial institutions8,983 8,493 5.77 %
Total cash and cash equivalents28,972 37,462 (22.66)%
Investment debt securities, available for sale, at fair value184,542 190,945 (3.35)%
Investment equity securities, at fair value1,111 1,122 (0.98)%
Restricted investment in bank stock20,032 24,323 (17.64)%
Loans held for sale3,266 3,993 (18.21)%
Loans1,877,078 1,839,764 2.03 %
Allowance for credit losses(11,848)(11,446)3.51 %
Loans, net1,865,230 1,828,318 2.02 %
Premises and equipment, net27,789 30,250 (8.14)%
Accrued interest receivable11,114 11,044 0.63 %
Bank-owned life insurance45,681 33,867 34.88 %
Investment in limited partnerships6,691 7,815 (14.38)%
Goodwill16,450 16,450 — %
Intangibles107 210 (49.05)%
Operating lease right of use asset2,811 2,512 11.90 %
Deferred tax asset3,493 4,655 (24.96)%
Other assets15,049 11,843 27.07 %
TOTAL ASSETS$2,232,338 $2,204,809 1.25 %
LIABILITIES:   
Interest-bearing deposits$1,249,145 $1,118,320 11.70 %
Noninterest-bearing deposits456,936 471,173 (3.02)%
Total deposits1,706,081 1,589,493 7.33 %
Short-term borrowings42,200 145,926 (71.08)%
Long-term borrowings254,588 252,598 0.79 %
Accrued interest payable4,664 3,814 22.29 %
Operating lease liability2,889 2,570 12.41 %
Other liabilities16,685 18,852 (11.49)%
TOTAL LIABILITIES2,027,107 2,013,253 0.69 %
SHAREHOLDERS’ EQUITY:   
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued— — n/a
Common stock, par value $5.55, 22,500,000 shares authorized; 8,066,968 and 8,019,219 shares issued; 7,556,743 and 7,508,994 shares outstanding44,815 44,550 0.59 %
Additional paid-in capital63,193 61,733 2.37 %
Retained earnings115,331 107,238 7.55 %
Accumulated other comprehensive loss:  
Net unrealized loss on available for sale securities(4,567)(6,396)28.60 %
Defined benefit plan(726)(2,754)73.64 %
Treasury stock at cost, 510,225 shares(12,815)(12,815)— %
TOTAL SHAREHOLDERS' EQUITY205,231 191,556 7.14 %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,232,338 $2,204,809 1.25 %
4

PENNS WOODS BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Three Months Ended December 31,Twelve Months Ended December 31,
(In Thousands, Except Share and Per Share Data)20242023% Change20242023% Change
INTEREST AND DIVIDEND INCOME:      
Loans including fees$25,759 $23,720 8.60 %$99,780 $83,291 19.80 %
Investment securities:     
Taxable1,826 1,476 23.71 %7,039 5,346 31.67 %
Tax-exempt59 107 (44.86)%292 517 (43.52)%
Dividend and other interest income607 614 (1.14)%2,587 2,441 5.98 %
TOTAL INTEREST AND DIVIDEND INCOME28,251 25,917 9.01 %109,698 91,595 19.76 %
INTEREST EXPENSE:      
Deposits9,523 7,445 27.91 %35,962 22,131 62.50 %
Short-term borrowings479 2,317 (79.33)%4,503 8,401 (46.40)%
Long-term borrowings2,686 2,207 21.70 %10,353 6,099 69.75 %
TOTAL INTEREST EXPENSE12,688 11,969 6.01 %50,818 36,631 38.73 %
NET INTEREST INCOME15,563 13,948 11.58 %58,880 54,964 7.12 %
PROVISION (RECOVERY) FOR CREDIT LOSSES 420 (1,742)124.11 %121 (1,479)108.18 %
NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES15,143 15,690 (3.49)%58,759 56,443 4.10 %
NON-INTEREST INCOME:     
Service charges516 533 (3.19)%2,067 2,090 (1.10)%
Net debt securities losses, available for sale(9)(68)86.76 %(49)(193)74.61 %
Net equity securities (losses) gains(35)50 (170.00)%(11)15 (173.33)%
Bank-owned life insurance303 171 77.19 %1,159 1,063 9.03 %
Gain on sale of loans463 314 47.45 %.1,484 1,046 41.87 %
Insurance commissions128 113 13.27 %553 529 4.54 %
Brokerage commissions163 127 28.35 %684 575 18.96 %
Loan broker income543 264 105.68 %1,384 992 39.52 %
Debit card income385 333 15.62 %1,437 1,328 8.21 %
Other253 384 (34.11)%910 930 (2.15)%
TOTAL NON-INTEREST INCOME2,710 2,221 22.02 %9,618 8,375 14.84 %
NON-INTEREST EXPENSE:      
Salaries and employee benefits7,032 6,284 11.90 %26,256 25,062 4.76 %
Occupancy758 746 1.61 %3,152 3,168 (0.51)%
Furniture and equipment1,233 889 38.70 %3,669 3,392 8.17 %
Software amortization339 250 35.60 %996 843 18.15 %
Pennsylvania shares tax351 275 27.64 %1,373 1,082 26.89 %
Professional fees523 640 (18.28)%2,177 2,953 (26.28)%
Federal Deposit Insurance Corporation deposit insurance385 456 (15.57)%1,564 1,578 (0.89)%
Marketing74 90 (17.78)%283 684 (58.63)%
Intangible amortization25 25 — %102 117 (12.82)%
Merger expense735 — n/a735 — n/a
Other1,525 1,342 13.64 %6,177 5,617 9.97 %
TOTAL NON-INTEREST EXPENSE12,980 10,997 18.03 %46,484 44,496 4.47 %
INCOME BEFORE INCOME TAX PROVISION4,873 6,914 (29.52)%21,893 20,322 7.73 %
INCOME TAX PROVISION1,132 1,359 (16.70)%4,154 3,714 11.85 %
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'$3,741 $5,555 (32.66)%$17,739 $16,608 6.81 %
EARNINGS PER SHARE - BASIC $0.50 $0.77 (35.06)%$2.35 $2.34 0.43 %
EARNINGS PER SHARE - DILUTED$0.49 $0.77 (36.36)%$2.35 $2.34 0.43 %
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC7,555,168 7,255,222 4.13 %7,535,397 7,112,450 5.95 %
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED7,693,185 7,255,222 6.04 %7,543,111 7,112,450 6.06 %


5


PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES 
(UNAUDITED)
 Three Months Ended
 December 31, 2024December 31, 2023
(Dollars in Thousands)
Average 
Balance (1)
InterestAverage 
Rate
Average 
Balance (1)
InterestAverage 
Rate
ASSETS:      
Tax-exempt loans (3)
$69,967 $453 2.58 %$68,234 $478 2.78 %
All other loans1,806,212 25,401 5.59 %1,760,509 23,342 5.26 %
Total loans (2)
1,876,179 25,854 5.48 %1,828,743 23,820 5.17 %
Taxable securities199,868 2,277 4.63 %193,744 1,932 4.04 %
Tax-exempt securities (3)
11,317 75 2.70 %18,041 135 3.03 %
Total securities211,185 2,352 4.53 %211,785 2,067 3.96 %
Interest-bearing balances in other financial institutions13,136 156 4.72 %11,795 158 5.31 %
Total interest-earning assets2,100,500 28,362 5.38 %2,052,323 26,045 5.04 %
Other assets137,840 130,421   
TOTAL ASSETS$2,238,340   $2,182,744   
LIABILITIES AND SHAREHOLDERS’ EQUITY:      
Savings$209,300 266 0.51 %$222,740 229 0.41 %
Super Now deposits220,792 1,070 1.93 %227,113 1,129 1.97 %
Money market deposits323,181 2,656 3.27 %293,542 2,217 3.00 %
Time deposits504,683 5,531 4.36 %377,516 3,870 4.07 %
Total interest-bearing deposits1,257,956 9,523 3.01 %1,120,911 7,445 2.64 %
Short-term borrowings38,495 479 4.96 %163,088 2,317 5.63 %
Long-term borrowings256,521 2,686 4.17 %235,998 2,207 3.71 %
Total borrowings295,016 3,165 4.27 %399,086 4,524 4.50 %
Total interest-bearing liabilities1,552,972 12,688 3.25 %1,519,997 11,969 3.12 %
Demand deposits454,612 457,546  
Other liabilities25,218 28,786  
Shareholders’ equity205,538 176,415  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,238,340  $2,182,744  
Interest rate spread (3)
  2.13 %  1.92 %
Net interest income/margin (3)
 $15,674 2.98 % $14,076 2.73 %
1.    Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.    Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.    Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income     
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%
Three Months Ended December 31,
 20242023
Total interest income$28,251 $25,917 
Total interest expense12,688 11,969 
Net interest income (GAAP)15,563 13,948 
Tax equivalent adjustment111 128 
Net interest income (fully taxable equivalent) (non-GAAP)$15,674 $14,076 
6

PENNS WOODS BANCORP, INC.
AVERAGE BALANCES AND INTEREST RATES 
(UNAUDITED)
 Twelve Months Ended
 December 31, 2024December 31, 2023
(Dollars in Thousands)
Average 
Balance (1)
InterestAverage 
Rate
Average 
Balance (1)
InterestAverage 
Rate
ASSETS:      
Tax-exempt loans (3)
$69,448 $1,943 2.80 %$66,863 $1,849 2.77 %
All other loans1,796,096 98,245 5.47 %1,691,742 81,830 4.84 %
Total loans (2)
1,865,544 100,188 5.37 %1,758,605 83,679 4.76 %
Taxable securities202,934 9,072 4.47 %189,804 7,263 3.83 %
Tax-exempt securities (3)
13,045 370 2.84 %23,872 654 2.74 %
Total securities215,979 9,442 4.37 %213,676 7,917 3.71 %
Interest-bearing balances in other financial institutions11,074 554 5.00 %10,916 524 4.80 %
Total interest-earning assets2,092,597 110,184 5.27 %1,983,197 92,120 4.65 %
Other assets132,720 131,704 
TOTAL ASSETS$2,225,317 $2,114,901 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Savings$215,107 1,077 0.50 %$231,000 685 0.30 %
Super Now deposits218,932 4,373 2.00 %276,868 4,155 1.50 %
Money market deposits311,836 10,390 3.33 %292,755 7,024 2.40 %
Time deposits460,869 20,122 4.37 %293,252 10,267 3.50 %
Total interest-bearing deposits1,206,744 35,962 2.98 %1,093,875 22,131 2.02 %
Short-term borrowings82,046 4,503 5.49 %157,140 8,401 5.36 %
Long-term borrowings256,850 10,353 4.03 %186,094 6,099 3.28 %
Total borrowings338,896 14,856 4.40 %343,234 14,500 4.23 %
Total interest-bearing liabilities1,545,640 50,818 3.29 %1,437,109 36,631 2.55 %
Demand deposits454,878 477,828 
Other liabilities30,680 31,243 
Shareholders’ equity194,119 168,721 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,225,317 $2,114,901 
Interest rate spread (3)
1.98 %2.10 %
Net interest income/margin (3)
$59,366 2.83 %$55,489 2.80 %
1.    Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.    Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.    Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income     
from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%

Twelve months ended December 31,
 20242023
Total interest income$109,698 $91,595 
Total interest expense50,818 36,631 
Net interest income (GAAP)58,880 54,964 
Tax equivalent adjustment486 525 
Net interest income (fully taxable equivalent) (non-GAAP)$59,366 $55,489 
7

(Dollars in Thousands, Except Per Share Data, Unaudited)Quarter Ended
12/31/20249/30/20246/30/20243/31/202412/31/2023
Operating Data 
Net income$3,741$4,801$5,390$3,808$5,555
Net interest income15,56315,05614,51513,74613,948
Provision (recovery) for credit losses420740(1,177)138(1,742)
Net security (losses) gains(44)36(19)(33)(18)
Non-interest income, excluding net security (losses) gains2,7542,3852,0442,4952,239
Non-interest expense12,98010,88410,99611,62310,997
Performance Statistics
Net interest margin2.98 %2.88 %2.83 %2.69 %2.73 %
Annualized cost of total deposits2.22 %2.27 %2.14 %2.01 %1.89 %
Annualized non-interest income to average assets0.48 %0.43 %0.37 %0.45 %0.41 %
Annualized non-interest expense to average assets2.32 %1.95 %1.98 %2.10 %2.02 %
Annualized return on average assets0.67 %0.86 %0.97 %0.69 %1.02 %
Annualized return on average equity7.28 %9.60 %11.12 %8.03 %12.60 %
Annualized net loan charge-offs (recoveries) to average loans0.05 %0.07 %(0.09)%0.08 %(0.05)%
Net charge-offs (recoveries) 228328(396)380(209)
Efficiency ratio70.73 %62.26 %66.25 %71.41 %67.78 %
Per Share Data
Basic earnings per share$0.50$0.64$0.72$0.51$0.77
Diluted earnings per share0.490.640.720.510.77
Dividend declared per share0.320.320.320.320.32
Book value27.1626.9626.1325.7225.51
Tangible book value (Non-GAAP)24.9724.7723.9323.5023.29
Common stock price:
High34.0623.9821.0822.6423.64
Low23.7419.2917.1718.4420.05
Close30.3923.7920.5519.4122.51
Weighted average common shares: 
Basic7,5557,5447,5297,5137,255
Fully Diluted7,6937,5447,5297,5137,255
End-of-period common shares:
Issued8,0678,0658,0528,0368,019
Treasury(510)(510)(510)(510)(510)
8

(Dollars in Thousands, Unaudited)Quarter Ended
12/31/20249/30/20246/30/20243/31/202412/31/2023
Financial Condition Data:     
General     
Total assets$2,232,338$2,259,250$2,234,617$2,210,116$2,204,809
Loans, net1,865,2301,863,5861,855,0541,843,8051,828,318
Goodwill16,45016,45016,45016,45016,450
Intangibles107133158184210
Total deposits1,706,0811,700,3211,648,0931,618,5621,589,493
Noninterest-bearing456,936452,922461,092471,451471,173
Savings208,340211,560218,354220,932219,287
NOW212,687218,279209,906208,073214,888
Money Market308,977321,614320,101299,916299,353
Time Deposits340,844328,294310,187292,372260,067
Brokered Deposits178,297167,652128,453125,818124,725
Total interest-bearing deposits1,249,1451,247,3991,187,0011,147,1111,118,320
Core deposits*1,186,9401,204,3751,209,4531,200,3721,204,701
Shareholders’ equity205,231203,694197,087193,517191,556
Asset Quality
Non-performing loans$8,904$7,940$6,784$7,958$3,148
Non-performing loans to total assets0.40 %0.35 %0.30 %0.36 %0.14 %
Allowance for credit losses on loans11,84811,58811,23411,54211,446
Allowance for credit losses on loans to total loans0.63 %0.62 %0.60 %0.62 %0.62 %
Allowance for credit losses on loans to non-performing loans133.06 %145.94 %165.60 %145.04 %363.60 %
Non-performing loans to total loans0.47 %0.42 %0.36 %0.43 %0.17 %
Capitalization
Shareholders’ equity to total assets9.19 %9.02 %8.82 %8.76 %8.69 %

* Core deposits are defined as total deposits less time deposits and brokered deposits.
9

Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Three Months Ended December 31,Twelve Months Ended December 31,
(Dollars in Thousands, Except Per Share Data, Unaudited)2024202320242023
GAAP net income$3,741$5,555$17,739$16,608
Net securities losses, net of tax351447141
Merger expenses, net of tax581—581—
Non-GAAP core earnings$4,357$5,569$18,367$16,749
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Return on average assets (ROA)0.67 %1.02 %0.80 %0.79 %
Net securities losses, net of tax0.01 %— %— %— %
Merger expenses, net of tax0.10 %— %0.03 %— %
Non-GAAP core ROA0.78 %1.02 %0.83 %0.79 %
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Return on average equity (ROE)7.28 %12.60 %9.14 %9.84 %
Net securities losses, net of tax0.07 %0.03 %0.02 %0.09 %
Merger expenses, net of tax1.13 %— %0.30 %— %
Non-GAAP core ROE8.48 %12.63 %9.46 %9.93 %
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Basic earnings per share (EPS)$0.50$0.77$2.35$2.34
Net securities losses, net of tax——0.010.02
Merger expenses, net of tax0.08—0.08—
Non-GAAP basic core EPS$0.58$0.77$2.44$2.36
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Diluted EPS$0.49$0.77$2.35$2.34
Net securities losses, net of tax——0.010.02
Merger expenses, net of tax0.08—0.08—
Non-GAAP diluted core EPS$0.57$0.77$2.44$2.36
(Dollars in Thousands, Except Share and Per Share Data, Unaudited)Quarter Ended
12/31/20249/30/20246/30/20243/31/202412/31/2023
Total shareholders' equity$205,231 $203,694 $197,087 $193,517 $191,556 
Goodwill(16,450)(16,450)(16,450)(16,450)(16,450)
Intangibles(107)(133)(158)(184)(210)
Tangible shareholders' equity$188,674 $187,111 $180,479 $176,883 $174,896 
Shares outstanding7,556,743 7,554,488 7,541,474 7,525,372 7,508,994 
Book value per share$27.16 $26.96 $26.13 $25.72 $25.51 
Tangible book value per share (Non-GAAP)$24.97 $24.77 $23.93 $23.50 $23.29 

10
v3.24.4
Cover Document
Jan. 29, 2024
Cover [Abstract]  
Title of 12(b) Security Common stock, $5.55 par value
City Area Code (570)
Entity Address, Address Line One 300 Market Street
Entity Incorporation, State or Country Code PA
Entity Registrant Name PENNS WOODS BANCORP, INC.
Document Type 8-K
Document Period End Date Jan. 29, 2025
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity File Number 000-17077
Entity Tax Identification Number 23-2226454
Entity Address, Address Line Two P.O. Box 967
Entity Address, Postal Zip Code 17703-0967
Entity Address, City or Town Williamsport
Entity Address, State or Province PA
Local Phone Number 322-1111
Trading Symbol PWOD
Security Exchange Name NASDAQ
Entity Central Index Key 0000716605
Amendment Flag false
Penns Woods Bancorp (NASDAQ:PWOD)
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Penns Woods Bancorp (NASDAQ:PWOD)
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