In This Story
Penns Woods Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $4,801,000 from $2,224,000 in the same quarter the previous year. The increase is attributed to a rise in net interest income and a decrease in the provision for credit losses.
Interest and dividend income increased by $4,267,000 compared to the same quarter in 2023, primarily due to higher average loan portfolio balances and increased interest rates.
Interest expense for the quarter rose by $2,543,000, driven by higher rates on deposits and borrowings.
The company reported a net interest margin of 2.88% for the quarter, compared to 2.65% in the previous year.
Non-interest income increased to $2,421,000 from $1,875,000, with gains on loan sales and increased loan broker commissions contributing to the rise.
Non-interest expense decreased slightly to $10,884,000 from $11,172,000, with reductions in occupancy and furniture expenses.
The allowance for credit losses was $11,588,000, with a provision for credit losses of $740,000 for the quarter.
Total deposits increased by $110,828,000 since December 31, 2023, with growth primarily in time and brokered deposits.
The company maintains a well-capitalized status with a Common Equity Tier 1 Capital ratio of 10.23% and a Total Capital ratio of 10.88%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Penns Woods Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.