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Penns Woods Bancorp Inc. (PWOD+1.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $2,232,338,000, an increase from $2,204,809,000 in 2023. Total liabilities were $2,027,107,000, up from $2,013,253,000 the previous year.
The company reported net income of $17,739,000 for 2024, compared to $16,608,000 in 2023. Earnings per share were $2.35, consistent with the previous year.
Net interest income increased to $58,880,000, up from $54,964,000 in 2023. This was attributed to growth in the earning asset portfolio and higher yields.
Total deposits rose to $1,706,081,000 from $1,589,493,000 in 2023, with a significant increase in time deposits.
The allowance for credit losses was $11,848,000, representing 0.63% of total loans, slightly up from 0.62% in 2023.
Non-interest income increased to $9,618,000, driven by gains on loan sales and higher brokerage commissions.
Non-interest expenses rose to $46,484,000, primarily due to increased salaries and merger-related expenses.
The company announced a merger agreement with Northwest Bancshares, Inc., with a planned exchange ratio of 2.385 shares of Northwest common stock for each share of Penns Woods common stock.
The filing includes details on regulatory capital requirements, with both banks categorized as well-capitalized under regulatory standards.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.