Penns Woods Bancorp, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, reflecting a robust performance compared to the same periods in 2023. As of September 30, 2024, total assets reached $2.22 billion, an increase from $2.09 billion a year earlier. Total loans rose to $1.88 billion, up from $1.84 billion, with net loans also increasing to $1.86 billion from $1.83 billion. Total deposits surged to $1.70 billion, a notable rise from $1.59 billion at the end of 2023.

The company reported interest and dividend income of $28.19 million for the third quarter of 2024, a 17.84% increase from $23.92 million in the same quarter of 2023. For the nine months ended September 30, 2024, this income totaled $81.45 million, up 24.01% from $65.68 million in 2023. Net interest income for the third quarter was $15.06 million, compared to $13.33 million in the prior year, while net income available to common shareholders increased to $4.80 million from $2.22 million, resulting in earnings per share of $0.64, up from $0.31.

The company’s profitability metrics improved, with a return on average assets of 0.86% for the third quarter, compared to 0.41% in 2023, and a return on average equity of 9.60%, up from 5.06%. The allowance for credit losses increased slightly to $11.59 million, reflecting growth in the loan portfolio, while nonperforming loans rose to $7.94 million from $3.15 million at the end of 2023.

Strategically, Penns Woods Bancorp has focused on enhancing its loan portfolio, particularly in residential and commercial real estate mortgages, which contributed to the overall increase in loans. The company has also shifted its deposit strategy, emphasizing time deposits to build a buffer against interest rate fluctuations.

In terms of expenses, total non-interest expenses saw a slight decrease in the third quarter, attributed to reduced costs in certain operational areas, despite increases in salaries and employee benefits. The effective tax rate for the third quarter was 17.97%, up from 16.49% in the previous year.

Overall, Penns Woods Bancorp's financial results for the third quarter and year-to-date reflect a strong upward trajectory, driven by increased loan and deposit activity, improved income metrics, and strategic operational adjustments.