One thing that I want to chime in about and discuss is image size and image compression and optimization for speed purposes, as images are a significant factor in the page load time of the site. + Image optimization helps with site load speed.
Just a little different between the two types: PNG is better for crisp images with a low number of colours, and JPG is better for a low-bandwidth image - however it is not as crisp and therefore not very good to be used for the layout of the website. Generally, JPG is for photos and pictures, whereas PNG (or GIF) is for website layout or for computer generated graphics.
Great resource here which is better for image compression and/or optimization if its of interest.
Not directly important to ranking but important in general sense of ranking.