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PWB Penns Woods Bancorp , Inc. Press Release For Immediate Release July 21 , 2021 Exhibit 99.1 Penns Woods Bancorp , Inc. Reports Second Quarter 2021 Earnings Williamsport , PA - July 21 , 2021 - Penns Woods Bancorp , Inc. ( NASDAQ : PWOD ) Penns Woods Bancorp , Inc. achieved net income of $ 7.0 million for the six months ended June 30 , 2021 , resulting in basic and diluted earnings per share of $ 1.00 . Highlights . • • Net income , as reported under GAAP , for the three and six months ended June 30 , 2021 was $ 3.6 million and $ 7.0 million , respectively , compared to $ 3.8 million and $ 6.8 million for the same period of 2020. Results for the three and six months ended June 30 , 2021 compared to 2020 were impacted by a decrease in after - tax securities gains of $ 45,000 ( from a gain of $ 156,000 to a gain of $ 111,000 ) for the three month period and an increase in after - tax securities gains of $ 27,000 ( from a gain of $ 178,000 to a gain of $ 205,000 ) for the six month period . The provision for loan losses decreased $ 295,000 and $ 530,000 , respectfully , for the three and six months ended June 30 , 2021 , to $ 350,000 and $ 865,000 compared to $ 645,000 and $ 1.4 million for the 2020 periods . 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 and six months ended June 30 , 2021 were $ 0.51 and $ 1.00 . Basic and diluted earnings per share for the three and six months ended June 30 , 2020 were $ 0.53 and $ 0.97 . Return on average assets was 0.76 % for three months ended June 30 , 2021 , compared to 0.85 % for the corresponding period of 2020. Return on average assets was 0.75 % for the six months ended June 30 , 2021 , compared to 0.79 % for the corresponding period of 2020 . Return on average equity was 8.70 % for the three months ended June 30 , 2021 , compared to 9.59 % for the corresponding period of 2020. Return on average equity was 8.69 % for the six months ended June 30 , 2021 , compared to 8.75 % for the corresponding period of 2020 . COVID - 19 Activity • Approximately one third of employees working remotely . • As of June 30 , 2021 , loan modification / deferral program in place to defer payments up to 180 days for principal and / or interest with only $ 7.9 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 June 2021 . • Total paycheck protection program loans originated to be held on balance sheet at June 30 , 2021 total $ 21.6 million . 1