Welcome to our dedicated page for Penns Woods Bancorp news (Ticker: PWOD), a resource for investors and traders seeking the latest updates and insights on Penns Woods Bancorp stock.
Penns Woods Bancorp, Inc. reported developments tied to its historical role as a Pennsylvania bank holding company with banking subsidiaries including Jersey Shore State Bank and Luzerne Bank. Recurring news themes include operating and financial results, quarterly cash dividend declarations, capital-structure disclosures, shareholder voting matters, governance updates, and material agreements.
The company's news record also reflects its completed merger with Northwest Bancshares, Inc., a corporate-status event that changed the public-company profile of PWOD and followed related shareholder and regulatory disclosure activity.
Penns Woods Bancorp (NASDAQ:PWOD) has declared a quarterly cash dividend of $0.32 per share for the third quarter of 2024. The dividend will be payable on September 24, 2024 to shareholders of record as of September 10, 2024. This announcement, made by CEO Richard A. Grafmyre, demonstrates the company's commitment to providing regular returns to its shareholders. The consistent dividend payout may be seen as a positive sign of the bank's financial stability and confidence in its future performance.
Penns Woods Bancorp, Inc. (NASDAQ: PWOD) reported net income of $9.2 million for the six months ended June 30, 2024, with basic and diluted earnings per share of $1.22. Key highlights include:
- Net income for Q2 2024 was $5.4 million, up from $4.2 million in Q2 2023
- Net interest income increased by $1.1 million and $577,000 for the three and six-month periods
- Net interest margin rose to 2.83% in Q2 2024, a 14 basis point increase from Q1 2024
- Annualized return on average assets was 0.97% for Q2 2024
- Total assets increased to $2.2 billion, up $99.3 million from June 30, 2023
- Net loans grew by $97.2 million to $1.9 billion
- Deposits increased by $94.3 million to $1.6 billion
- Shareholders' equity rose by $22.7 million to $197.1 million
Penns Woods Bancorp (NASDAQ:PWOD) has amended the employment agreement of CEO Richard A. Grafmyre, effective June 3, 2024. The key changes involve removing compensation for unused paid time off, reducing Grafmyre’s base salary to $850,000, and capping his annual bonus at $325,000. These modifications will reduce his maximum total annual compensation by about $150,000, aligning it more closely with industry norms and shareholder feedback. New bonus metrics for 2024 include return on average equity, return on average assets, earnings per share, asset growth, and credit quality. These changes aim to better align executive compensation with performance.
Penns Woods Bancorp (NASDAQ: PWOD) has declared a quarterly cash dividend of $0.32 per share for Q2 2024.
The dividend will be paid on June 25, 2024, to shareholders who are on record as of June 11, 2024.
This announcement was made by CEO Richard A. Grafmyre.
Penns Woods Bancorp's (NASDAQ: PWOD) Board of Directors has authorized a new stock repurchase program. The plan allows repurchase of up to 5% of outstanding shares, equating to about 376,000 shares, over a one-year period ending May 31, 2025. This new program replaces the existing one that expires on May 31, 2024. Repurchases can be made at market prices, through block trades, or privately negotiated transactions based on market conditions. The program is non-binding, meaning the company is not obligated to buy back any specific number of shares and can alter or terminate the plan at any time. Penns Woods Bancorp is the parent company of Jersey Shore State Bank and Luzerne Bank, which together operate multiple branches in Pennsylvania and provide a range of financial services.
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