James O. Donnelly, President and Chief Executive Officer of Norwood
Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary,
Wayne Bank, announced earnings for the three months ended June 30,
2023 of $6,503,000, which was $352,000 lower than the same
three-month period of last year. The decrease includes a $1,252,000
decrease in net interest income, a $706,000 decrease in total other
income, and a $466,000 increase in total other expense, which was
partially offset by a $2,050,000 decrease in the provision for
credit losses. Earnings per share (fully diluted) were $0.81 in the
three months ended June 30, 2023, compared to $0.84 in the same
period of last year. The annualized return on average assets for
the three months ended June 30, 2023, was 1.23%, while the
annualized return on average tangible equity was 17.66%. Net income
for the six months ended June 30, 2023, was $12,285,000, which is
$1,698,000 lower than the same six-month period of 2022, due to
decreases in net interest income and total other income, and an
increase in operating expenses, partially offset by a decrease in
the provision for credit losses of $2,050,000. Earnings
per share (fully diluted) for the six months ended June 30, 2023,
were $1.51, compared to $1.71 for the six months ended June 30,
2022. The annualized return on average assets for the six months
ended June 30, 2023 was 1.18%. The annualized return on average
tangible equity for the six months ended June 30, 2023 was 17.06%.
Total assets as of June 30, 2023 were $2.142 billion, compared
to $2.066 billion at June 30, 2022. At June 30, 2023, loans
receivable were $1.578 billion, total deposits were $1.732 billion
and stockholders’ equity was $173.4 million.
For the three months ended June 30, 2023, net interest income,
on a fully-taxable equivalent basis (fte), totaled $15,829,000, a
decrease of $1,253,000 compared to the same period in 2022. A
$122.5 million increase in average time deposits, combined with a
231 basis points increase in the cost of time deposits, contributed
to the decreased net interest income. Borrowing costs also
increased, offsetting a $5,143,000 increase in total interest
income. Net interest margin (fte) for the three months ended June
30, 2023 was 3.09%, compared to 3.49% in the same period of 2022.
The tax-equivalent yield on interest-earning assets increased 83
basis points to 4.57% during the three months ended June 30, 2023,
compared to the same prior year period, while the cost of
interest-bearing liabilities increased 167 basis points to 2.01%.
Net interest income (fte) for the six months ended June 30, 2023
totaled $32,104,000, which was $1,261,000 lower than the same
period in 2022, due primarily to a $10,767,000 increase in the cost
of interest-bearing liabilities. The net interest margin (fte) was
3.17% for the six months ended June 30, 2023, as compared to 3.41%
for the six months ended June 30, 2022. The decrease in the net
interest margin (fte) was due to a 143 basis points increase in the
cost of interest-bearing liabilities, which offset the 82 basis
points increase in the yield on interest-earning assets.
Other income for the three months ended June 30, 2023, totaled
$1,783,000, compared to $2,489,000 for the same period in 2022. The
decrease is due primarily to a $220,000 decrease in earnings and
proceeds on bank-owned life insurance policies, and a $212,000 loss
on the sale of investment securities. For the six
months ended June 30, 2023, other income totaled $3,695,000,
compared to $5,828,000 for the six months ended June 30,
2022. The decrease includes the reduced earnings and
proceeds on bank-owned life insurance, losses recognized on sales
of securities, and income recognized in 2022 on previously acquired
purchased impaired loans that were carried at a discount.
Other expenses totaled $10,938,000 for the three months ended
June 30, 2023, an increase of $466,000, compared to the $10,472,000
for the same period of 2022. For the six months ended
June 30, 2023, other expenses totaled $21,374,000, compared to
$20,630,000 for the same period in 2022, due primarily to a
$539,000 increase in salaries and employee benefits costs.
Mr. Donnelly stated, “Our second quarter income decreased from
the 2022 level due to one-time gains recognized in 2022 and the
rising cost of deposits and borrowed funds. These decreases were
partially offset by a $2,050,000 reduction in our provision for
credit losses as a result of our June 30, 2023 current expected
credit losses (“CECL”) methodology, due to a reduce level of credit
losses within the measurement period. Loan growth was 10.9%
annually during the quarter, while total deposits decreased $27.2
million during the second quarter of 2023 due primarily to
significant decreases in municipal account balances. Our core
operating expenses remain well-controlled, and our capital base
remains above “Well-Capitalized” targets. Additionally, our credit
quality metrics remained strong during the second quarter, which we
believe should benefit future performance. We appreciate the
opportunity to serve our Wayne Bank customers and our customers at
the Bank of the Finger Lakes and Bank of Cooperstown locations. We
continue to look for opportunities available to us as we service
our growing base of stockholders and customers.”
Norwood Financial Corp is the parent company of Wayne Bank,
which operates from fourteen offices throughout Northeastern
Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario,
Otsego and Yates Counties, New York. The Company’s stock trades on
the Nasdaq Global Market under the symbol “NWFL”.
Forward-Looking Statements The Private
Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this
discussion, the words “believes”, “anticipates”, “contemplates”,
“expects”, “bode”, “future performance” and similar expressions are
intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, which could cause
actual results to differ materially from those projected. Those
risks and uncertainties include changes in federal and state laws,
changes in interest rates, the risks and uncertainty posed by, and
the continued effect, and impact of, the COVID-19 pandemic on the
economy and the Company’s results of operation and financial
condition, our ability to maintain strong credit quality metrics,
our ability to have future performance, our ability to control core
operating expenses and costs, demand for real estate, government
fiscal and trade policies, cybersecurity and general economic
conditions. The Company undertakes no obligation to publicly
release the results of any revisions to those forward-looking
statements which may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Non-GAAP Financial MeasuresThis release
references net interest income on a fully taxable-equivalent basis
(fte), which is a non-GAAP (Generally Accepted Accounting
Principles) financial measure. Fully taxable-equivalent net
interest income was derived from GAAP interest income and net
interest income using an assumed tax rate of 21%. We believe the
presentation of net interest income on a fully taxable-equivalent
basis ensures comparability of net interest income arising from
both taxable and tax-exempt sources, and is consistent with
industry practice.
The following table reconciles net interest income to net
interest income on a fully taxable-equivalent basis:
|
|
Three months ended June 30 |
|
Six months ended June 30 |
(dollars in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
Net Interest Income |
|
$ |
15,642 |
|
|
$ |
16,894 |
|
|
$ |
31,735 |
|
|
$ |
32,995 |
|
Taxable equivalent basis
adjustment using 21% marginal tax rate |
|
|
187 |
|
|
|
188 |
|
|
|
369 |
|
|
|
370 |
|
Net interest income on a fully
taxable equivalent basis |
|
$ |
15,829 |
|
|
$ |
17,082 |
|
|
$ |
32,104 |
|
|
$ |
33,365 |
|
|
|
|
|
|
|
This release also references average tangible equity, which is
also a non-GAAP financial measure. Average tangible equity is
calculated by deducting average goodwill and other intangible
assets from average stockholders’ equity. The Company believes that
disclosure of tangible equity ratios enhances investor
understanding of our financial position and improves the
comparability of our financial data.
The following table reconciles average equity to average
tangible equity:
|
|
Three months ended June 30 |
|
Six months ended June 30 |
(dollars in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
Average equity |
|
$ |
186,111 |
|
|
$ |
181,044 |
|
|
$ |
180,952 |
|
|
$ |
192,090 |
|
|
|
|
|
|
|
Average goodwill and other
intangibles |
|
|
(29,536 |
) |
|
|
(29,629 |
) |
|
|
(29,547 |
) |
|
|
(29,643 |
) |
Average tangible equity |
|
$ |
156,575 |
|
|
$ |
151,415 |
|
|
$ |
151,405 |
|
|
$ |
162,447 |
|
|
|
|
|
|
|
Contact: |
|
William S. LanceExecutive Vice President & Chief Financial
OfficerNORWOOD FINANCIAL CORP 570-253-8505www.waynebank.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Consolidated
Balance Sheets |
(dollars in
thousands, except share and per share data) |
(unaudited) |
|
|
June 30 |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
30,053 |
|
$ |
29,931 |
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
|
3,036 |
|
|
79,735 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
33,089 |
|
|
109,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
403,621 |
|
|
440,877 |
|
|
|
|
|
|
|
Loans receivable |
|
1,577,699 |
|
|
1,404,317 |
|
|
|
|
|
|
|
Less: Allowance for credit losses |
|
17,483 |
|
|
17,017 |
|
|
|
|
|
|
|
Net loans receivable |
|
1,560,216 |
|
|
1,387,300 |
|
|
|
|
|
|
|
Regulatory stock, at cost |
|
7,924 |
|
|
2,396 |
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
17,363 |
|
|
17,032 |
|
|
|
|
|
|
|
Bank owned life insurance |
|
45,806 |
|
|
43,167 |
|
|
|
|
|
|
|
Foreclosed real estate owned |
|
387 |
|
|
346 |
|
|
|
|
|
|
|
Accrued interest receivable |
|
7,276 |
|
|
6,085 |
|
|
|
|
|
|
|
Deferred tax assets, net |
|
23,301 |
|
|
19,134 |
|
|
|
|
|
|
|
Goodwill |
|
29,266 |
|
|
29,266 |
|
|
|
|
|
|
|
Other intangible assets |
|
260 |
|
|
353 |
|
|
|
|
|
|
|
Other assets |
|
13,256 |
|
|
10,762 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
2,141,765 |
|
$ |
2,066,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ |
425,757 |
|
$ |
442,991 |
|
|
|
|
|
|
|
Interest-bearing |
|
1,306,240 |
|
|
1,356,839 |
|
|
|
|
|
|
|
Total deposits |
|
1,731,997 |
|
|
1,799,830 |
|
|
|
|
|
|
|
Short-term borrowings |
|
112,290 |
|
|
70,427 |
|
|
|
|
|
|
|
Other borrowings |
|
99,687 |
|
|
4,412 |
|
|
|
|
|
|
|
Accrued interest payable |
|
7,101 |
|
|
1,138 |
|
|
|
|
|
|
|
Other liabilities |
|
17,266 |
|
|
16,746 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
1,968,341 |
|
|
1,892,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Preferred Stock, no par value per share, authorized 5,000,000
shares |
- |
|
|
- |
|
|
|
|
|
|
|
Common Stock, $.10 par value per share, |
|
|
|
|
|
|
|
|
|
|
authorized: 20,000,000 shares, |
|
|
|
|
|
|
|
|
|
|
issued: 2023: 8,291,401 shares, 2022: 8,275,901 shares |
|
829 |
|
|
828 |
|
|
|
|
|
|
|
Surplus |
|
97,268 |
|
|
96,752 |
|
|
|
|
|
|
|
Retained earnings |
|
135,583 |
|
|
119,414 |
|
|
|
|
|
|
|
Treasury stock, at cost: 2023: 223,926 shares, 2022: 110,084
shares |
(6,007 |
) |
|
(2,933 |
) |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(54,249 |
) |
|
(40,230 |
) |
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
173,424 |
|
|
173,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
$ |
2,141,765 |
|
$ |
2,066,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Consolidated
Statements of Income |
(dollars in
thousands, except per share data) |
(unaudited) |
|
|
Three Months Ended June 30, |
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
$ |
20,702 |
|
$ |
15,714 |
|
|
|
$ |
39,860 |
|
$ |
31,089 |
|
Securities |
|
2,481 |
|
|
2,197 |
|
|
|
|
4,986 |
|
|
4,091 |
|
Other |
|
53 |
|
|
182 |
|
|
|
|
101 |
|
|
260 |
|
Total Interest income |
|
23,236 |
|
|
18,093 |
|
|
|
|
44,947 |
|
|
35,440 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
5,740 |
|
|
1,083 |
|
|
|
|
10,102 |
|
|
2,142 |
|
Short-term borrowings |
|
943 |
|
|
60 |
|
|
|
|
1,722 |
|
|
108 |
|
Other borrowings |
|
911 |
|
|
56 |
|
|
|
|
1,388 |
|
|
195 |
|
Total Interest expense |
|
7,594 |
|
|
1,199 |
|
|
|
|
13,212 |
|
|
2,445 |
|
NET INTEREST
INCOME |
|
15,642 |
|
|
16,894 |
|
|
|
|
31,735 |
|
|
32,995 |
|
(RELEASE OF)
PROVISION FOR CREDIT LOSSES |
$ |
(1,750 |
) |
|
300 |
|
|
|
$ |
(1,450 |
) |
|
600 |
|
NET INTEREST
INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES |
|
17,392 |
|
|
16,594 |
|
|
|
|
33,185 |
|
|
32,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
1,353 |
|
|
1,475 |
|
|
|
|
2,665 |
|
|
2,946 |
|
Income from fiduciary activities |
|
229 |
|
|
214 |
|
|
|
|
441 |
|
|
416 |
|
Net realized gains on sales of securities |
|
(212 |
) |
|
- |
|
|
|
|
(209 |
) |
|
- |
|
Gains on sales of loans, net |
|
10 |
|
|
- |
|
|
|
|
10 |
|
|
- |
|
Gains on sales of foreclosed real estate owned |
|
- |
|
|
- |
|
|
|
|
- |
|
|
427 |
|
Earnings and proceeds on life insurance policies |
|
229 |
|
|
449 |
|
|
|
|
442 |
|
|
625 |
|
Other |
|
174 |
|
|
351 |
|
|
|
|
346 |
|
|
1,414 |
|
Total other income |
|
1,783 |
|
|
2,489 |
|
|
|
|
3,695 |
|
|
5,828 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
5,842 |
|
|
5,840 |
|
|
|
|
11,810 |
|
|
11,271 |
|
Occupancy, furniture and equipment |
|
1,314 |
|
|
1,206 |
|
|
|
|
2,576 |
|
|
2,513 |
|
Data processing and related operations |
|
822 |
|
|
666 |
|
|
|
|
1,590 |
|
|
1,295 |
|
Taxes, other than income |
|
162 |
|
|
240 |
|
|
|
|
323 |
|
|
533 |
|
Professional fees |
|
323 |
|
|
406 |
|
|
|
|
608 |
|
|
981 |
|
FDIC Insurance assessment |
|
244 |
|
|
142 |
|
|
|
|
445 |
|
|
326 |
|
Foreclosed real estate |
|
74 |
|
|
10 |
|
|
|
|
103 |
|
|
63 |
|
Amortization of intangibles |
|
23 |
|
|
27 |
|
|
|
|
46 |
|
|
54 |
|
Other |
|
2,134 |
|
|
1,935 |
|
|
|
|
3,873 |
|
|
3,594 |
|
Total other expenses |
|
10,938 |
|
|
10,472 |
|
|
|
|
21,374 |
|
|
20,630 |
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE TAX |
|
8,237 |
|
|
8,611 |
|
|
|
|
15,506 |
|
|
17,593 |
|
INCOME TAX
EXPENSE |
|
1,734 |
|
|
1,756 |
|
|
|
|
3,221 |
|
|
3,610 |
|
NET
INCOME |
$ |
6,503 |
|
$ |
6,855 |
|
|
|
$ |
12,285 |
|
$ |
13,983 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.81 |
|
$ |
0.84 |
|
|
|
$ |
1.52 |
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.81 |
|
$ |
0.84 |
|
|
|
$ |
1.51 |
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Financial
Highlights (Unaudited) |
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
15,642 |
|
$ |
16,894 |
|
|
|
|
|
|
|
Net
income |
|
6,503 |
|
|
6,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fully taxable equivalent) |
|
2.56 |
% |
|
3.40 |
% |
|
|
|
|
|
|
Net interest
margin (fully taxable equivalent) |
|
3.09 |
% |
|
3.49 |
% |
|
|
|
|
|
|
Return on
average assets |
|
1.23 |
% |
|
1.35 |
% |
|
|
|
|
|
|
Return on
average equity |
|
14.72 |
% |
|
15.19 |
% |
|
|
|
|
|
|
Return on
average tangible equity |
|
17.66 |
% |
|
18.16 |
% |
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.81 |
|
$ |
0.84 |
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.81 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
31,735 |
|
$ |
32,995 |
|
|
|
|
|
|
|
Net
income |
|
12,285 |
|
|
13,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fully taxable equivalent) |
|
2.69 |
% |
|
3.30 |
% |
|
|
|
|
|
|
Net interest
margin (fully taxable equivalent) |
|
3.17 |
% |
|
3.41 |
% |
|
|
|
|
|
|
Return on
average assets |
|
1.18 |
% |
|
1.37 |
% |
|
|
|
|
|
|
Return on
average equity |
|
14.17 |
% |
|
14.68 |
% |
|
|
|
|
|
|
Return on
average tangible equity |
|
17.06 |
% |
|
17.36 |
% |
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.52 |
|
$ |
1.71 |
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
1.51 |
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
2,141,765 |
|
$ |
2,066,384 |
|
|
|
|
|
|
|
Total loans
receivable |
|
1,577,699 |
|
|
1,404,317 |
|
|
|
|
|
|
|
Allowance
for credit losses |
|
17,483 |
|
|
17,017 |
|
|
|
|
|
|
|
Total
deposits |
|
1,731,997 |
|
|
1,799,830 |
|
|
|
|
|
|
|
Stockholders' equity |
|
173,424 |
|
|
173,831 |
|
|
|
|
|
|
|
Trust assets
under management |
|
193,392 |
|
|
174,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share |
$ |
22.24 |
|
$ |
21.65 |
|
|
|
|
|
|
|
Tangible
book value per share |
$ |
18.58 |
|
$ |
18.02 |
|
|
|
|
|
|
|
Equity to
total assets |
|
8.10 |
% |
|
8.41 |
% |
|
|
|
|
|
|
Allowance to
total loans receivable |
|
1.11 |
% |
|
1.21 |
% |
|
|
|
|
|
|
Nonperforming loans to total loans |
|
0.20 |
% |
|
0.04 |
% |
|
|
|
|
|
|
Nonperforming assets to total assets |
|
0.17 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Consolidated
Balance Sheets (unaudited) |
(dollars in
thousands) |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
30,053 |
|
$ |
25,701 |
|
$ |
28,847 |
|
$ |
23,092 |
|
$ |
29,931 |
|
Interest-bearing deposits with banks |
|
3,036 |
|
|
3,314 |
|
|
3,019 |
|
|
17,785 |
|
|
79,735 |
|
Cash and cash equivalents |
|
33,089 |
|
|
29,015 |
|
|
31,866 |
|
|
40,877 |
|
|
109,666 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
403,621 |
|
|
418,245 |
|
|
418,927 |
|
|
427,287 |
|
|
440,877 |
|
Loans receivable |
|
1,577,699 |
|
|
1,535,643 |
|
|
1,473,945 |
|
|
1,432,288 |
|
|
1,404,317 |
|
Less: Allowance for credit losses |
|
17,483 |
|
|
19,445 |
|
|
16,999 |
|
|
16,931 |
|
|
17,017 |
|
Net loans receivable |
|
1,560,216 |
|
|
1,516,198 |
|
|
1,456,946 |
|
|
1,415,357 |
|
|
1,387,300 |
|
Regulatory stock, at cost |
|
7,924 |
|
|
5,963 |
|
|
5,418 |
|
|
2,220 |
|
|
2,396 |
|
Bank owned life insurance |
|
45,806 |
|
|
45,577 |
|
|
43,364 |
|
|
43,169 |
|
|
43,167 |
|
Bank premises and equipment, net |
|
17,363 |
|
|
17,660 |
|
|
17,924 |
|
|
17,427 |
|
|
17,032 |
|
Foreclosed real estate owned |
|
387 |
|
|
346 |
|
|
346 |
|
|
346 |
|
|
346 |
|
Goodwill and other intangibles |
|
29,526 |
|
|
29,549 |
|
|
29,572 |
|
|
29,595 |
|
|
29,619 |
|
Other assets |
|
43,833 |
|
|
41,810 |
|
|
42,707 |
|
|
42,592 |
|
|
35,981 |
|
TOTAL ASSETS |
$ |
2,141,765 |
|
$ |
2,104,363 |
|
$ |
2,047,070 |
|
$ |
2,018,870 |
|
$ |
2,066,384 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ |
425,757 |
|
$ |
419,615 |
|
$ |
434,529 |
|
$ |
453,560 |
|
$ |
442,991 |
|
Interest-bearing deposits |
|
1,306,240 |
|
|
1,336,320 |
|
|
1,293,198 |
|
|
1,315,236 |
|
|
1,356,839 |
|
Total deposits |
|
1,731,997 |
|
|
1,755,935 |
|
|
1,727,727 |
|
|
1,768,796 |
|
|
1,799,830 |
|
Borrowings |
|
211,978 |
|
|
148,744 |
|
|
133,215 |
|
|
71,754 |
|
|
74,839 |
|
Other liabilities |
|
24,366 |
|
|
23,269 |
|
|
19,043 |
|
|
19,471 |
|
|
17,884 |
|
TOTAL LIABILITIES |
|
1,968,341 |
|
|
1,927,948 |
|
|
1,879,985 |
|
|
1,860,021 |
|
|
1,892,553 |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
173,424 |
|
|
176,415 |
|
|
167,085 |
|
|
158,849 |
|
|
173,831 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
$ |
2,141,765 |
|
$ |
2,104,363 |
|
$ |
2,047,070 |
|
$ |
2,018,870 |
|
$ |
2,066,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Consolidated
Statements of Income (unaudited) |
(dollars in
thousands, except per share data) |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
Three months
ended |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
$ |
20,702 |
|
$ |
19,158 |
|
$ |
17,810 |
|
$ |
17,114 |
|
$ |
15,714 |
|
Securities |
|
2,481 |
|
|
2,505 |
|
|
2,487 |
|
|
2,473 |
|
|
2,197 |
|
Other |
|
53 |
|
|
48 |
|
|
98 |
|
|
245 |
|
|
182 |
|
Total interest income |
|
23,236 |
|
|
21,711 |
|
|
20,395 |
|
|
19,832 |
|
|
18,093 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
5,740 |
|
|
4,362 |
|
|
2,772 |
|
|
1,557 |
|
|
1,083 |
|
Borrowings |
|
1,854 |
|
|
1,256 |
|
|
391 |
|
|
105 |
|
|
116 |
|
Total interest expense |
|
7,594 |
|
|
5,618 |
|
|
3,163 |
|
|
1,662 |
|
|
1,199 |
|
NET INTEREST
INCOME |
|
15,642 |
|
|
16,093 |
|
|
17,232 |
|
|
18,170 |
|
|
16,894 |
|
(RELEASE OF)
PROVISION FOR CREDIT LOSSES |
|
(1,750 |
) |
|
300 |
|
|
300 |
|
|
- |
|
|
300 |
|
NET INTEREST
INCOME AFTER (RELEASE OF) PROVISION |
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
17,392 |
|
|
15,793 |
|
|
16,932 |
|
|
18,170 |
|
|
16,594 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
1,353 |
|
|
1,313 |
|
|
1,370 |
|
|
1,346 |
|
|
1,475 |
|
Income from fiduciary activities |
|
229 |
|
|
212 |
|
|
210 |
|
|
219 |
|
|
214 |
|
Net realized (losses) gains on sales of securities |
|
(212 |
) |
|
2 |
|
|
3 |
|
|
- |
|
|
- |
|
Gains on sales of loans, net |
|
10 |
|
|
- |
|
|
1 |
|
|
1 |
|
|
- |
|
Gains on sales of foreclosed real estate owned |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Earnings and proceeds on life insurance policies |
|
229 |
|
|
213 |
|
|
195 |
|
|
267 |
|
|
449 |
|
Other |
|
174 |
|
|
172 |
|
|
147 |
|
|
345 |
|
|
351 |
|
Total other income |
|
1,783 |
|
|
1,912 |
|
|
1,926 |
|
|
2,178 |
|
|
2,489 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
5,842 |
|
|
5,969 |
|
|
5,246 |
|
|
5,553 |
|
|
5,840 |
|
Occupancy, furniture and equipment, net |
|
1,314 |
|
|
1,262 |
|
|
1,263 |
|
|
1,191 |
|
|
1,206 |
|
Foreclosed real estate |
|
74 |
|
|
29 |
|
|
7 |
|
|
4 |
|
|
10 |
|
FDIC insurance assessment |
|
244 |
|
|
200 |
|
|
144 |
|
|
143 |
|
|
142 |
|
Other |
|
3,464 |
|
|
2,976 |
|
|
3,615 |
|
|
3,248 |
|
|
3,274 |
|
Total other expenses |
|
10,938 |
|
|
10,436 |
|
|
10,275 |
|
|
10,139 |
|
|
10,472 |
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE TAX |
|
8,237 |
|
|
7,269 |
|
|
8,583 |
|
|
10,209 |
|
|
8,611 |
|
INCOME TAX
EXPENSE |
|
1,734 |
|
|
1,487 |
|
|
1,443 |
|
|
2,100 |
|
|
1,756 |
|
NET
INCOME |
$ |
6,503 |
|
$ |
5,782 |
|
$ |
7,140 |
|
$ |
8,109 |
|
$ |
6,855 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.81 |
|
$ |
0.71 |
|
$ |
0.88 |
|
$ |
1.00 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.81 |
|
$ |
0.71 |
|
$ |
0.88 |
|
$ |
1.00 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
Book Value
per share |
$ |
22.24 |
|
$ |
21.92 |
|
$ |
20.86 |
|
$ |
19.92 |
|
$ |
21.65 |
|
Tangible
Book Value per share |
|
18.58 |
|
|
18.31 |
|
|
17.24 |
|
|
16.29 |
|
|
18.02 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
1.23 |
% |
|
1.13 |
% |
|
1.40 |
% |
|
1.57 |
% |
|
1.35 |
% |
Return on
average equity (annualized) |
|
14.72 |
% |
|
13.61 |
% |
|
17.40 |
% |
|
17.93 |
% |
|
15.19 |
% |
Return on
average tangible equity (annualized) |
|
17.66 |
% |
|
16.42 |
% |
|
21.27 |
% |
|
21.48 |
% |
|
18.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fte) |
|
2.56 |
% |
|
2.83 |
% |
|
3.30 |
% |
|
3.61 |
% |
|
3.40 |
% |
Net interest
margin (fte) |
|
3.09 |
% |
|
3.25 |
% |
|
3.55 |
% |
|
3.74 |
% |
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses to total loans |
|
1.11 |
% |
|
1.27 |
% |
|
1.15 |
% |
|
1.18 |
% |
|
1.21 |
% |
Net
charge-offs to average loans (annualized) |
|
0.06 |
% |
|
0.08 |
% |
|
0.06 |
% |
|
0.02 |
% |
|
-0.02 |
% |
Nonperforming loans to total loans |
|
0.20 |
% |
|
0.18 |
% |
|
0.08 |
% |
|
0.04 |
% |
|
0.04 |
% |
Nonperforming assets to total assets |
|
0.17 |
% |
|
0.15 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Norwood Financial (NASDAQ:NWFL)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Norwood Financial (NASDAQ:NWFL)
Storico
Da Mag 2023 a Mag 2024