Penns Woods Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 25, 2023 at 11:22 pm IST
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Penns Woods Bancorp, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 13.39 million compared to USD 13.85 million a year ago. Net income was USD 4.17 million compared to USD 4.23 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 0.6 a year ago. Diluted earnings per share from continuing operations was USD 0.59 compared to USD 0.6 a year ago.
For the six months, net interest income was USD 27.68 million compared to USD 26.7 million a year ago. Net income was USD 8.83 million compared to USD 7.66 million a year ago. Basic earnings per share from continuing operations was USD 1.25 compared to USD 1.08 a year ago. Diluted earnings per share from continuing operations was USD 1.25 compared to USD 1.08 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.