Penns Woods Bancorp Inc Stock Price, News & Analysis

Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a first quarter 2023 cash dividend of $0.32 per share, payable on March 28, 2023, to shareholders of record as of March 14, 2023. This reflects the company's ongoing commitment to returning value to its shareholders. Penns Woods Bancorp is the parent company of Jersey Shore State Bank and Luzerne Bank, offering various banking services in North Central and North Eastern Pennsylvania.

Penns Woods Bancorp reported a net income of $17.4 million for the year ending December 31, 2022, up from $16.0 million in 2021. Earnings per share stood at $2.47, a rise from $2.27. However, financial results were affected by increased after-tax securities losses totaling $809,000 and a goodwill impairment charge of $653,000. The company’s net interest margin also improved to 3.24% for the year, driven by higher yields on earning assets. Core earnings rose to $18.2 million from $15.5 million, with a core return on average equity of 11.22%. Despite these gains, total assets and shareholder equity showed slight declines.

Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a fourth-quarter cash dividend of $0.32 per share, payable on December 20, 2022, to shareholders of record as of December 6, 2022. This dividend reflects the company's commitment to returning income to shareholders. Penns Woods Bancorp operates through its subsidiaries, which provide a range of banking services in North Central and North Eastern Pennsylvania.

Penns Woods Bancorp, Inc. (NASDAQ: PWOD) announced that its special shareholder meeting, originally held on November 8, 2022, was adjourned to December 13, 2022, to allow more time for voting on a proposed amendment to the articles of incorporation. About 72% of outstanding shares were voted, with approximately 86% in favor. The meeting will reconvene virtually, and shareholders can attend using previous proxy instructions. The record date remains August 15, 2022, and proxies will be honored as previously submitted.

Penns Woods Bancorp reported a net income of $12.9 million for the nine months ending September 30, 2022, with EPS of $1.83.

For Q3, net income was $5.3 million, up from $4.1 million in 2021. However, the results were impacted by increased after-tax securities losses of $199,000 and additional compensation expenses of $183,000.

Loan provisions increased significantly, reflecting portfolio growth, while core earnings showed a positive trend, reaching $5.4 million for Q3 2022.

Penns Woods Bancorp, Inc. (NASDAQ: PWOD) has declared a third quarter 2022 cash dividend of $0.32 per share, set to be paid on September 20, 2022. Shareholders of record as of September 6, 2022 will be eligible for this dividend. This announcement reflects the company’s ongoing commitment to returning value to its shareholders and demonstrates confidence in its financial position.