Document

•Net income, as reported under generally accepted accounting principles (GAAP), for the three and twelve months ended December 31, 2024 was $3.7 million and $17.7 million, respectively, compared to $5.6 million and $16.6 million for the same periods of 2023. Results for the three and twelve months ended December 31, 2024 compared to 2023 were impacted by an increase in net interest income of $1.6 million and $3.9 million, respectively, as the cost of funds stabilized. The three and twelve month periods ended December 31, 2024 have been impacted by after-tax merger related expenses of $581,000 resulting from the announced acquisition of the company by Northwest Bancshares, Inc. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the twelve month period ended December 31, 2024.

Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.4 million and $18.4 million, respectively, for the three and twelve months ended December 31, 2024 compared to $5.6 million and $16.7 million for the same periods of 2023. Core earnings per share (non-GAAP) for the three months ended December 31, 2024 were basic $0.58 and diluted $0.57 while basic and diluted for the twelve months ended December 31, 2024 were $2.44. Basic and diluted core earnings per share for the three and twelve month periods of 2023 were $0.77 and $2.36, respectively. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.78% and 8.48%, respectively, for the three months ended December 31, 2024, compared to 1.02% and 12.63% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.83% and 9.46%, respectively, for the twelve months ended December 31, 2024, compared to 0.79% and 9.93% for the corresponding period of 2023. A reconciliation

The net interest margin for the three and twelve months ended December 31, 2024 was 2.98% and 2.83% respectively, compared to 2.73% and 2.80% for the corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate collected on interest-earning assets of 34 basis points ("bps"), while the decrease in the net interest margin for the twelve month period was driven by a 74 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest-bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $47.4 million and $106.9 million, respectively, for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 31 bps and 61 bps, resulting in an increase in taxable equivalent interest income of $2.0 million and $16.5 million, for the periods. The three and twelve month periods ended December 31, 2024 were impacted by an increase of 57 bps and 66 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $285,000 and $1.5 million, respectively. Short-term borrowings decreased leading to a decrease of $1.8 million and $3.9 million, respectively, in expense for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 37 bps and 96 bps, respectively, or $2.1 million and $13.8 million in expense, for the three and twelve month periods ended December 31, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 increased 29 bps and 87 bps, respectively, or $1.7 million and $9.9 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five to twenty-four months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

The ratio of non-performing loans to total loans ratio increased to 0.47% at December 31, 2024 from 0.17% at December 31, 2023, as non-performing loans increased to $8.9 million at December 31, 2024 from $3.1 million at December 31, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $228,000 and $540,000 for the three and twelve months ended December 31, 2024, respectively, impacted the allowance for credit losses, which was 0.63% of total loans at December 31, 2024 compared to 0.62% at December 31, 2023. Exposure to non-owner occupied office space is minimal at $14.1 million at December 31, 2024 with none of these loans being delinquent.

Deposits increased $116.6 million to $1.7 billion at December 31, 2024 compared to December 31, 2023. Noninterest-bearing deposits decreased $14.2 million to $456.9 million at December 31, 2024 compared to December 31, 2023. Core deposits declined $17.8 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $130.8 million from December 31, 2023 to December 31, 2024 due to growth in the time deposit portfolio of $80.8 million as customers sought a higher rate of interest. Brokered deposit balances increased $53.6 million to $178.3 million at December 31, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

Shareholders’ equity increased $13.7 million to $205.2 million at December 31, 2024 compared to December 31, 2023. During the three and twelve months ended December 31, 2024 there were no shares issued under the previously disclosed registered at-the-market offering. A total 31,066 shares for net proceeds of $632,000 were issued as part of the Dividend Reinvestment Plan during the twelve months ended December 31, 2024. Accumulated other comprehensive loss of $5.3 million at December 31, 2024 decreased from a loss of $9.2 million at December 31, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $4.6 million at December 31, 2024 from a net unrealized loss of $6.4 million at December 31, 2023, coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $27.16 at December 31, 2024 compared to $25.51 at December 31, 2023, and an equity to asset ratio of 9.19% at December 31, 2024 and 8.69% at December 31, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.97 at December 31, 2024 compared to $23.29 at December 31, 2023. Dividends declared for the three and twelve months ended December 31, 2024 and 2023 were $0.32 and $1.28 per share.

NOTE: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact. The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies; or (vii) any potential adverse events or developments resulting from the merger agreement, dated December 16, 2024, between Penns Woods Bancorp, Inc. and Northwest Bancshares, Inc., including, without limitation, any event, change, or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement or the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or to successfully integrate the business and operations of Jersey Shore State Bank and Luzerne Bank with those of Northwest Savings Bank after closing. For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.


	December 31,
(In Thousands, Except Share and Per Share Data)	2024		2023		% Change
ASSETS:
Noninterest-bearing cash	$	19,989	$	28,969	(31.00)	%
Interest-bearing balances in other financial institutions	8,983		8,493		5.77	%

Total cash and cash equivalents	28,972		37,462		(22.66)	%

Investment debt securities, available for sale, at fair value	184,542		190,945		(3.35)	%
Investment equity securities, at fair value	1,111		1,122		(0.98)	%

Restricted investment in bank stock	20,032		24,323		(17.64)	%
Loans held for sale	3,266		3,993		(18.21)	%
Loans	1,877,078		1,839,764		2.03	%
Allowance for credit losses	(11,848)		(11,446)		3.51	%
Loans, net	1,865,230		1,828,318		2.02	%
Premises and equipment, net	27,789		30,250		(8.14)	%
Accrued interest receivable	11,114		11,044		0.63	%
Bank-owned life insurance	45,681		33,867		34.88	%
Investment in limited partnerships	6,691		7,815		(14.38)	%
Goodwill	16,450		16,450		—	%
Intangibles	107		210		(49.05)	%
Operating lease right of use asset	2,811		2,512		11.90	%
Deferred tax asset	3,493		4,655		(24.96)	%
Other assets	15,049		11,843		27.07	%
TOTAL ASSETS	$	2,232,338	$	2,204,809	1.25	%

LIABILITIES:
Interest-bearing deposits	$	1,249,145	$	1,118,320	11.70	%
Noninterest-bearing deposits	456,936		471,173		(3.02)	%
Total deposits	1,706,081		1,589,493		7.33	%

Short-term borrowings	42,200		145,926		(71.08)	%
Long-term borrowings	254,588		252,598		0.79	%
Accrued interest payable	4,664		3,814		22.29	%
Operating lease liability	2,889		2,570		12.41	%
Other liabilities	16,685		18,852		(11.49)	%
TOTAL LIABILITIES	2,027,107		2,013,253		0.69	%

SHAREHOLDERS’ EQUITY:
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued	—		—		n/a
Common stock, par value $5.55, 22,500,000 shares authorized; 8,066,968 and 8,019,219 shares issued; 7,556,743 and 7,508,994 shares outstanding	44,815		44,550		0.59	%
Additional paid-in capital	63,193		61,733		2.37	%
Retained earnings	115,331		107,238		7.55	%
Accumulated other comprehensive loss:
Net unrealized loss on available for sale securities	(4,567)		(6,396)		28.60	%
Defined benefit plan	(726)		(2,754)		73.64	%
Treasury stock at cost, 510,225 shares	(12,815)		(12,815)		—	%


TOTAL SHAREHOLDERS' EQUITY	205,231		191,556		7.14	%
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,232,338	$	2,204,809	1.25	%


	Three Months Ended December 31,							Twelve Months Ended December 31,
(In Thousands, Except Share and Per Share Data)	2024		2023		% Change			2024		2023		% Change
INTEREST AND DIVIDEND INCOME:
Loans including fees	$	25,759	$	23,720	8.60	%		$	99,780	$	83,291	19.80	%
Investment securities:
Taxable	1,826		1,476		23.71	%		7,039		5,346		31.67	%
Tax-exempt	59		107		(44.86)	%		292		517		(43.52)	%
Dividend and other interest income	607		614		(1.14)	%		2,587		2,441		5.98	%
TOTAL INTEREST AND DIVIDEND INCOME	28,251		25,917		9.01	%		109,698		91,595		19.76	%

INTEREST EXPENSE:
Deposits	9,523		7,445		27.91	%		35,962		22,131		62.50	%
Short-term borrowings	479		2,317		(79.33)	%		4,503		8,401		(46.40)	%
Long-term borrowings	2,686		2,207		21.70	%		10,353		6,099		69.75	%
TOTAL INTEREST EXPENSE	12,688		11,969		6.01	%		50,818		36,631		38.73	%

NET INTEREST INCOME	15,563		13,948		11.58	%		58,880		54,964		7.12	%



PROVISION (RECOVERY) FOR CREDIT LOSSES	420		(1,742)		124.11	%		121		(1,479)		108.18	%

NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES	15,143		15,690		(3.49)	%		58,759		56,443		4.10	%

NON-INTEREST INCOME:
Service charges	516		533		(3.19)	%		2,067		2,090		(1.10)	%
Net debt securities losses, available for sale	(9)		(68)		86.76	%		(49)		(193)		74.61	%
Net equity securities (losses) gains	(35)		50		(170.00)	%		(11)		15		(173.33)	%

Bank-owned life insurance	303		171		77.19	%		1,159		1,063		9.03	%
Gain on sale of loans	463		314		47.45	%	.	1,484		1,046		41.87	%
Insurance commissions	128		113		13.27	%		553		529		4.54	%
Brokerage commissions	163		127		28.35	%		684		575		18.96	%
Loan broker income	543		264		105.68	%		1,384		992		39.52	%
Debit card income	385		333		15.62	%		1,437		1,328		8.21	%
Other	253		384		(34.11)	%		910		930		(2.15)	%
TOTAL NON-INTEREST INCOME	2,710		2,221		22.02	%		9,618		8,375		14.84	%

NON-INTEREST EXPENSE:
Salaries and employee benefits	7,032		6,284		11.90	%		26,256		25,062		4.76	%
Occupancy	758		746		1.61	%		3,152		3,168		(0.51)	%
Furniture and equipment	1,233		889		38.70	%		3,669		3,392		8.17	%
Software amortization	339		250		35.60	%		996		843		18.15	%
Pennsylvania shares tax	351		275		27.64	%		1,373		1,082		26.89	%
Professional fees	523		640		(18.28)	%		2,177		2,953		(26.28)	%
Federal Deposit Insurance Corporation deposit insurance	385		456		(15.57)	%		1,564		1,578		(0.89)	%



Marketing	74		90		(17.78)	%		283		684		(58.63)	%
Intangible amortization	25		25		—	%		102		117		(12.82)	%
Merger expense	735		—		n/a			735		—		n/a
Other	1,525		1,342		13.64	%		6,177		5,617		9.97	%
TOTAL NON-INTEREST EXPENSE	12,980		10,997		18.03	%		46,484		44,496		4.47	%
INCOME BEFORE INCOME TAX PROVISION	4,873		6,914		(29.52)	%		21,893		20,322		7.73	%
INCOME TAX PROVISION	1,132		1,359		(16.70)	%		4,154		3,714		11.85	%


NET INCOME AVAILABLE TO COMMON SHAREHOLDERS'	$	3,741	$	5,555	(32.66)	%		$	17,739	$	16,608	6.81	%
EARNINGS PER SHARE - BASIC	$	0.50	$	0.77	(35.06)	%		$	2.35	$	2.34	0.43	%
EARNINGS PER SHARE - DILUTED	$	0.49	$	0.77	(36.36)	%		$	2.35	$	2.34	0.43	%
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC	7,555,168		7,255,222		4.13	%		7,535,397		7,112,450		5.95	%
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED	7,693,185		7,255,222		6.04	%		7,543,111		7,112,450		6.06	%


	Three Months Ended
	December 31, 2024						December 31, 2023
(Dollars in Thousands)	Average Balance (1)		Interest		Average Rate		Average Balance (1)		Interest		Average Rate
ASSETS:
Tax-exempt loans (3)	$	69,967	$	453	2.58	%	$	68,234	$	478	2.78	%
All other loans	1,806,212		25,401		5.59	%	1,760,509		23,342		5.26	%
Total loans (2)	1,876,179		25,854		5.48	%	1,828,743		23,820		5.17	%



Taxable securities	199,868		2,277		4.63	%	193,744		1,932		4.04	%
Tax-exempt securities (3)	11,317		75		2.70	%	18,041		135		3.03	%
Total securities	211,185		2,352		4.53	%	211,785		2,067		3.96	%

Interest-bearing balances in other financial institutions	13,136		156		4.72	%	11,795		158		5.31	%

Total interest-earning assets	2,100,500		28,362		5.38	%	2,052,323		26,045		5.04	%

Other assets	137,840						130,421

TOTAL ASSETS	$	2,238,340					$	2,182,744

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Savings	$	209,300	266		0.51	%	$	222,740	229		0.41	%
Super Now deposits	220,792		1,070		1.93	%	227,113		1,129		1.97	%
Money market deposits	323,181		2,656		3.27	%	293,542		2,217		3.00	%
Time deposits	504,683		5,531		4.36	%	377,516		3,870		4.07	%
Total interest-bearing deposits	1,257,956		9,523		3.01	%	1,120,911		7,445		2.64	%

Short-term borrowings	38,495		479		4.96	%	163,088		2,317		5.63	%
Long-term borrowings	256,521		2,686		4.17	%	235,998		2,207		3.71	%
Total borrowings	295,016		3,165		4.27	%	399,086		4,524		4.50	%

Total interest-bearing liabilities	1,552,972		12,688		3.25	%	1,519,997		11,969		3.12	%

Demand deposits	454,612						457,546
Other liabilities	25,218						28,786
Shareholders’ equity	205,538						176,415

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,238,340					$	2,182,744
Interest rate spread (3)					2.13	%					1.92	%
Net interest income/margin (3)			$	15,674	2.98	%			$	14,076	2.73	%

(UNAUDITED)


	Twelve Months Ended
	December 31, 2024						December 31, 2023
(Dollars in Thousands)	Average Balance (1)		Interest		Average Rate		Average Balance (1)		Interest		Average Rate
ASSETS:
Tax-exempt loans (3)	$	69,448	$	1,943	2.80	%	$	66,863	$	1,849	2.77	%
All other loans	1,796,096		98,245		5.47	%	1,691,742		81,830		4.84	%
Total loans (2)	1,865,544		100,188		5.37	%	1,758,605		83,679		4.76	%



Taxable securities	202,934		9,072		4.47	%	189,804		7,263		3.83	%
Tax-exempt securities (3)	13,045		370		2.84	%	23,872		654		2.74	%
Total securities	215,979		9,442		4.37	%	213,676		7,917		3.71	%

Interest-bearing balances in other financial institutions	11,074		554		5.00	%	10,916		524		4.80	%

Total interest-earning assets	2,092,597		110,184		5.27	%	1,983,197		92,120		4.65	%

Other assets	132,720						131,704

TOTAL ASSETS	$	2,225,317					$	2,114,901

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Savings	$	215,107	1,077		0.50	%	$	231,000	685		0.30	%
Super Now deposits	218,932		4,373		2.00	%	276,868		4,155		1.50	%
Money market deposits	311,836		10,390		3.33	%	292,755		7,024		2.40	%
Time deposits	460,869		20,122		4.37	%	293,252		10,267		3.50	%
Total interest-bearing deposits	1,206,744		35,962		2.98	%	1,093,875		22,131		2.02	%

Short-term borrowings	82,046		4,503		5.49	%	157,140		8,401		5.36	%
Long-term borrowings	256,850		10,353		4.03	%	186,094		6,099		3.28	%
Total borrowings	338,896		14,856		4.40	%	343,234		14,500		4.23	%

Total interest-bearing liabilities	1,545,640		50,818		3.29	%	1,437,109		36,631		2.55	%

Demand deposits	454,878						477,828
Other liabilities	30,680						31,243
Shareholders’ equity	194,119						168,721

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,225,317					$	2,114,901
Interest rate spread (3)					1.98	%					2.10	%
Net interest income/margin (3)			$	59,366	2.83	%			$	55,489	2.80	%


(Dollars in Thousands, Except Per Share Data, Unaudited)	Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Operating Data
Net income	$	3,741		$	4,801		$	5,390		$	3,808		$	5,555
Net interest income	15,563			15,056			14,515			13,746			13,948
Provision (recovery) for credit losses	420			740			(1,177)			138			(1,742)
Net security (losses) gains	(44)			36			(19)			(33)			(18)
Non-interest income, excluding net security (losses) gains	2,754			2,385			2,044			2,495			2,239
Non-interest expense	12,980			10,884			10,996			11,623			10,997

Performance Statistics
Net interest margin	2.98		%	2.88		%	2.83		%	2.69		%	2.73		%
Annualized cost of total deposits	2.22		%	2.27		%	2.14		%	2.01		%	1.89		%

Annualized non-interest income to average assets	0.48		%	0.43		%	0.37		%	0.45		%	0.41		%
Annualized non-interest expense to average assets	2.32		%	1.95		%	1.98		%	2.10		%	2.02		%
Annualized return on average assets	0.67		%	0.86		%	0.97		%	0.69		%	1.02		%
Annualized return on average equity	7.28		%	9.60		%	11.12		%	8.03		%	12.60		%
Annualized net loan charge-offs (recoveries) to average loans	0.05		%	0.07		%	(0.09)		%	0.08		%	(0.05)		%
Net charge-offs (recoveries)	228			328			(396)			380			(209)
Efficiency ratio	70.73		%	62.26		%	66.25		%	71.41		%	67.78		%

Per Share Data
Basic earnings per share	$	0.50		$	0.64		$	0.72		$	0.51		$	0.77
Diluted earnings per share	0.49			0.64			0.72			0.51			0.77
Dividend declared per share	0.32			0.32			0.32			0.32			0.32
Book value	27.16			26.96			26.13			25.72			25.51
Tangible book value (Non-GAAP)	24.97			24.77			23.93			23.50			23.29
Common stock price:
High	34.06			23.98			21.08			22.64			23.64
Low	23.74			19.29			17.17			18.44			20.05
Close	30.39			23.79			20.55			19.41			22.51
Weighted average common shares:
Basic	7,555			7,544			7,529			7,513			7,255
Fully Diluted	7,693			7,544			7,529			7,513			7,255
End-of-period common shares:
Issued	8,067			8,065			8,052			8,036			8,019
Treasury	(510)			(510)			(510)			(510)			(510)


(Dollars in Thousands, Unaudited)	Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Financial Condition Data:
General
Total assets	$	2,232,338		$	2,259,250		$	2,234,617		$	2,210,116		$	2,204,809
Loans, net	1,865,230			1,863,586			1,855,054			1,843,805			1,828,318
Goodwill	16,450			16,450			16,450			16,450			16,450
Intangibles	107			133			158			184			210
Total deposits	1,706,081			1,700,321			1,648,093			1,618,562			1,589,493
Noninterest-bearing	456,936			452,922			461,092			471,451			471,173

Savings	208,340			211,560			218,354			220,932			219,287
NOW	212,687			218,279			209,906			208,073			214,888
Money Market	308,977			321,614			320,101			299,916			299,353
Time Deposits	340,844			328,294			310,187			292,372			260,067
Brokered Deposits	178,297			167,652			128,453			125,818			124,725
Total interest-bearing deposits	1,249,145			1,247,399			1,187,001			1,147,111			1,118,320

Core deposits*	1,186,940			1,204,375			1,209,453			1,200,372			1,204,701
Shareholders’ equity	205,231			203,694			197,087			193,517			191,556

Asset Quality
Non-performing loans	$	8,904		$	7,940		$	6,784		$	7,958		$	3,148
Non-performing loans to total assets	0.40		%	0.35		%	0.30		%	0.36		%	0.14		%
Allowance for credit losses on loans	11,848			11,588			11,234			11,542			11,446
Allowance for credit losses on loans to total loans	0.63		%	0.62		%	0.60		%	0.62		%	0.62		%
Allowance for credit losses on loans to non-performing loans	133.06		%	145.94		%	165.60		%	145.04		%	363.60		%
Non-performing loans to total loans	0.47		%	0.42		%	0.36		%	0.43		%	0.17		%

Capitalization
Shareholders’ equity to total assets	9.19		%	9.02		%	8.82		%	8.76		%	8.69		%


	Three Months Ended December 31,						Twelve Months Ended December 31,
(Dollars in Thousands, Except Per Share Data, Unaudited)	2024			2023			2024			2023
GAAP net income	$	3,741		$	5,555		$	17,739		$	16,608
Net securities losses, net of tax	35			14			47			141
Merger expenses, net of tax	581			—			581			—
Non-GAAP core earnings	$	4,357		$	5,569		$	18,367		$	16,749

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Return on average assets (ROA)	0.67		%	1.02		%	0.80		%	0.79		%
Net securities losses, net of tax	0.01		%	—		%	—		%	—		%
Merger expenses, net of tax	0.10		%	—		%	0.03		%	—		%
Non-GAAP core ROA	0.78		%	1.02		%	0.83		%	0.79		%

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Return on average equity (ROE)	7.28		%	12.60		%	9.14		%	9.84		%
Net securities losses, net of tax	0.07		%	0.03		%	0.02		%	0.09		%
Merger expenses, net of tax	1.13		%	—		%	0.30		%	—		%
Non-GAAP core ROE	8.48		%	12.63		%	9.46		%	9.93		%

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Basic earnings per share (EPS)	$	0.50		$	0.77		$	2.35		$	2.34
Net securities losses, net of tax	—			—			0.01			0.02
Merger expenses, net of tax	0.08			—			0.08			—
Non-GAAP basic core EPS	$	0.58		$	0.77		$	2.44		$	2.36

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Diluted EPS	$	0.49		$	0.77		$	2.35		$	2.34
Net securities losses, net of tax	—			—			0.01			0.02
Merger expenses, net of tax	0.08			—			0.08			—
Non-GAAP diluted core EPS	$	0.57		$	0.77		$	2.44		$	2.36


Contact:	Richard A. Grafmyre, Chief Executive Officer
	110 Reynolds Street
	Williamsport, PA 17702
	570-322-1111	e-mail: pwod@pwod.com


(Dollars in Thousands, Except Share and Per Share Data, Unaudited)	Quarter Ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Total shareholders' equity	$	205,231	$	203,694	$	197,087	$	193,517	$	191,556
Goodwill	(16,450)		(16,450)		(16,450)		(16,450)		(16,450)
Intangibles	(107)		(133)		(158)		(184)		(210)
Tangible shareholders' equity	$	188,674	$	187,111	$	180,479	$	176,883	$	174,896

Shares outstanding	7,556,743		7,554,488		7,541,474		7,525,372		7,508,994

Book value per share	$	27.16	$	26.96	$	26.13	$	25.72	$	25.51
Tangible book value per share (Non-GAAP)	$	24.97	$	24.77	$	23.93	$	23.50	$	23.29