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Stock impact report

Penns Woods Bancorp, Inc. Reports First Quarter 2020 Earnings

Penns Woods Bancorp, Inc. (PWOD) 
Company Research Source: GlobeNewswire
WILLIAMSPORT, Pa., April 23, 2020 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (NASDAQ: PWOD) Penns Woods Bancorp, Inc. achieved net income of $3.1 million for the three months ended March 31, 2020, resulting in basic and diluted earnings per share of $0.44 and $0.43, respectively. Highlights Net income, as reported under GAAP, for the three months ended March 31, 2020 was $3.1 million, compared to $3.9 million for the same period of 2019.  Results for the three months ended March 31, 2020 compared to 2019 were impacted by an decrease in after-tax securities gains of $30,000 (from a gain of $52,000 to a gain of $22,000) for the three month period.The provision for loan losses increased $390,000 to $750,000 for the three months ended March 31, 2020 compared to $360,000 for the 2019 period.  The increase is the result of the economic uncertainty caused by the COVID-19 pandemic.Basic and diluted earnings per share for the three months ended March 31, 2020 were $0.44 and $0.43, resp Show less Read more
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