Penns Woods Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 10:55 am EDT
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Penns Woods Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 13.33 million compared to USD 15.53 million a year ago. Net income was USD 2.22 million compared to USD 5.25 million a year ago. Basic earnings per share from continuing operations was USD 0.31 compared to USD 0.74 a year ago. Diluted earnings per share from continuing operations was USD 0.31 compared to USD 0.74 a year ago.
For the nine months, net interest income was USD 41.02 million compared to USD 42.23 million a year ago. Net income was USD 11.05 million compared to USD 12.91 million a year ago. Basic earnings per share from continuing operations was USD 1.56 compared to USD 1.83 a year ago. Diluted earnings per share from continuing operations was USD 1.53 compared to USD 1.83 a year ago.
Penns Woods Bancorp, Inc. is a bank holding company. The Company operates, through its subsidiaries, namely Jersey Shore State Bank (JSSB) and Luzerne Bank (Luzerne) (the Banks). The Banks engage in business as commercial banks, doing business at locations in Lycoming, Clinton, Centre, Montour, Union, Blair, and Luzerne Counties, Pennsylvania. The Banks offers insurance, securities brokerage services, annuity and mutual fund investment products, and financial planning through the M Group, Inc. doing business as The Comprehensive Financial Group (M Group). Services offered by the Banks include accepting time, demand and savings deposits, including Super NOW accounts, statement savings accounts, money market accounts, and others. The Banks services also include making secured and unsecured business and consumer loans. Its subsidiaries also include Woods Real Estate Development Co., Inc., Woods Investment Company, Inc., The M Group Inc. and United Insurance Solutions, LLC.