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Stock impact report

Penns Woods Bancorp, Inc. Reports Second Quarter 2024 Earnings

Penns Woods Bancorp, Inc. (PWOD) 
Company Research Source: GlobeNewswire
WILLIAMSPORT, Pa., July 25, 2024 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD) Penns Woods Bancorp, Inc. achieved net income of $9.2 million for the six months ended June 30, 2024, resulting in basic and diluted earnings per share of $1.22. Highlights Net income, as reported under GAAP, for the three and six months ended June 30, 2024 was $5.4 million and $9.2 million, respectively, compared to $4.2 million and $8.8 million for the same periods of 2023. Results for the three and six months ended June 30, 2024 compared to 2023 were impacted by a increase in net interest income of $1.1 million and $577,000 as the cost of funds has stabilized, which led to a 14 basis point increase in the net interest margin for the second quarter of 2024 compared to the first quarter of 2024. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the six month period ended June 30, 2024.The al Show less Read more
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