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PWB Penns Woods Bancorp , Inc. Press Release For Immediate Release April 21 , 2021 Penns Woods Bancorp , Inc. Reports First Quarter 2021 Earnings Exhibit 99.1 Williamsport , PA - April 21 , 2021 - Penns Woods Bancorp , Inc. ( NASDAQ : PWOD ) Penns Woods Bancorp , Inc. achieved net income of $ 3.4 million for the three months ended March 31 , 2021 , resulting in basic and diluted earnings per share of $ 0.49 . Highlights • Net income , as reported under GAAP , for the three months ended March 31 , 2021 was $ 3.4 million compared to $ 3.1 million for the same period of 2020 . Results for the three months ended March 31 , 2021 compared to 2020 were impacted by an increase in after - tax securities gains of $ 72,000 ( from a gain of $ 22,000 to a gain of $ 94,000 ) for the three month period . Gain on sale of loans increased $ 464,000 for the three months ended March 31 , 2021 , to $ 908,000 , compared to $ 444,000 for the 2020 period . The increase is the result of a significant increase in the number of consumers who are refinancing their mortgage due to the current low interest rate environment . The provision for loan losses decreased $ 235,000 for the three months ended March 31 , 2021 , to $ 515,000 , compared to $ 750,000 for the 2020 period . The provision for loan losses was elevated in 2020 due primarily to the uncertainty caused by the COVID - 19 pandemic . Basic and diluted earnings per share for the three months ended March 31 , 2021 was $ 0.49 . Basic earnings per share for the three months ended March 31 , 2020 was $ 0.44 with diluted earnings per share of $ 0.43 . Return on average assets was 0.75 % for the three months ended March 31 , 2021 , compared to 0.74 % for the corresponding period of 2020 . • Return on average equity was 8.59 % for the three months ended March 31 , 2021 , compared to 7.83 % for the corresponding period of 2020 . COVID - 19 Activity • Approximately one third of employees working remotely . • As of March 31 , 2021 , loan modification / deferral program in place to defer payments up to 180 days for principal and / or interest with only $ 12.3 million in loan principal remaining in deferral . • All COVID - 19 related loan deferrals meet the requirements to not be considered a troubled debt restructuring . • Participated in the Paycheck Protection Program ( " PPP " ) by primarily utilizing third parties to service and place the loans . • Significantly reduced deposit rates during the latter half of March 2020 continuing through December 2020 . • Total paycheck protection program loans originated to be held on balance sheet at March 31 , 2021 total $ 19.8 million . 1