Wed, May 15, 5:11 PM (72 days ago)
Penns Woods Bancorp, Inc. reported a net income of $3.8 million for Q1 2024, down from $4.7 million in Q1 2023. The decline in net income was primarily due to a $552,000 decrease in net interest income, driven by significant interest expense increases resulting from Federal Open Market Committee rate hikes. The provision for credit losses rose to $138,000 from $71,000, reflecting a loan moved to nonaccrual status. Earnings per share decreased to $0.51 from $0.66. Total assets stood at $2.21 billion, with total deposits increasing by $29 million to $1.62 billion. The net interest margin fell to 2.69% from 3.10%. Nonperforming loans increased to $5.45 million from $3.15 million. The company remains well-capitalized, with a Common Equity Tier 1 Capital Ratio of 10.03%. Future growth may be constrained without additional capital or retained earnings.