Revenue during the quarter went down marginally by 2.80 percent to $12.66 million from $13.02 million in the previous year period. Non-interest income for the quarter fell 11.54 percent over the last year period to $2.65 million.

Penns Woods Bancorp, Inc. has made provision of $0.33 million for loan losses during the quarter, down 5.71 percent from $0.35 million in the same period last year.

Net interest margin contracted 17 basis points to 3.40 percent in the quarter from 3.57 percent in the last year period. Efficiency ratio was stable at 69.60 percent in the quarter, when compared with the last year period.

"The focus during the first quarter of 2017 can be summed up in a single word, future. The earning asset portfolio continued to add high quality assets while shifting revenue generation from the investment portfolio to loan portfolio. The indirect auto lending program that started in 2016 in a limited market area has been a success and will be expanded to the entire market area during the second quarter. While the balance sheet was preparing for the future, so was the branch network. Numerous maintenance projects to allow for a more efficient customer experience have been completed or are in process, including a complete remodel of the Williamsport lobby and customer service areas. Site preparation was started on two branch sites and two other sites are in the design phase. Preparing the organization for the future, whether in the form of new product implementation, infrastructure additions and improvements, or the addition of team members does cause a short-term drag on earnings. However, our outlook is not focused solely on tomorrow but rather building towards the long-term success of the company," said Richard A. Grafmyre, CFP, president and chief executive officer.

Deposits stood at $1,160.66 million as on Mar. 31, 2017, up 9.54 percent compared with $1,059.58 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $312.39 million or 26.91 percent of total deposits on Mar. 31, 2017, compared with $269.36 million or 25.42 percent of total deposits on Mar. 31, 2016.

Investments stood at $137.45 million as on Mar. 31, 2017, down 11.04 percent or $17.06 million from year-ago. Shareholders equity was at $139.11 million as on Mar. 31, 2017.

Return on average assets moved down 15 basis points to 0.79 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity decreased 126 basis points to 7.69 percent in the quarter from 8.95 percent in the last year period.

Nonperforming assets to total loans was 0.78 percent in the quarter, down from 0.88 percent in the last year period.

Book value per share was $29.38 for the quarter, up 1 percent or $0.29 compared to $29.09 for the same period last year.