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PWB Penns Woods Bancorp , Inc. Press Release - For Immediate Release October 22 , 2021 Penns Woods Bancorp , Inc. Reports Third Quarter 2021 Earnings Exhibit 99.1 Williamsport , PA - October 22 , 2021 - Penns Woods Bancorp , Inc. ( NASDAQ : PWOD ) Penns Woods Bancorp , Inc. achieved net income of $ 11.2 million for the nine months ended September 30 , 2021 , resulting in basic and diluted earnings per share of $ 1.58 . Highlights • . • Net income , as reported under GAAP , for the three and nine months ended September 30 , 2021 was $ 4.1 million and $ 11.2 million , respectively , compared to $ 4.5 million and $ 11.3 million for the same periods of 2020. Results for the three and nine months ended September 30 , 2021 compared to 2020 were impacted by a decrease in after - tax securities gains of $ 767,000 ( from a gain of $ 799,000 to a gain of $ 32,000 ) for the three month period and a decrease in after - tax securities gains of $ 739,000 ( from a gain of $ 975,000 to a gain of $ 236,000 ) for the nine month period . The provision for loan losses decreased $ 570,000 and $ 1.1 million , respectively , for the three and nine months ended September 30 , 2021 , to $ 75,000 and $ 940,000 compared to $ 645,000 and $ 2.0 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 nine months ended September 30 , 2021 were $ 0.58 and $ 1.58 , respectively . Basic and diluted earnings per share for the three and nine months ended September 30 , 2020 were $ 0.63 and $ 1.61 , respectively . Return on average assets was 0.86 % for three months ended September 30 , 2021 , compared to 0.97 % for the corresponding period of 2020. Return on average assets was 0.79 % for the nine months ended September 30 , 2021 , compared to 0.85 % for the corresponding period of 2020 . Return on average equity was 9.85 % for the three months ended September 30 , 2021 , compared to 11.05 % for the corresponding period of 2020. Return on average equity was 9.17 % for the nine months ended September 30 , 2021 , compared to 9.57 % for the corresponding period of 2020 . COVID - 19 Activity • • • Approximately one third of employees working remotely . • As of September 30 , 2021 , loan modification / deferral program in place to defer payments up to 180 days for principal and / or interest with only $ 1.3 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 September 2021 . • Total paycheck protection program loans originated to be held on balance sheet totaled $ 30.6 million with $ 10.6 million remaining on the balance sheet at September 30 , 2021 . 1