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,
2024 of $4,213,000, which was $2,290,000 lower than the same
three-month period of last year. The decrease includes a $717,000
decrease in net interest income, a $424,000 increase in total other
income, a $506,000 increase in total other expense, and a
$2,097,000 increase in the provision for credit losses. Earnings
per share (fully diluted) were $0.52 in the three months ended June
30, 2024, compared to $0.81 in the same period of last year. The
annualized return on average assets for the three months ended June
30, 2024, was 0.75%, while the annualized return on average
tangible equity was 11.26%.
Net income for the six months ended June 30,
2024, was $8,646,000, which is $3,639,000 lower than the same
six-month period of 2023, due to a decrease in net interest income
an increase in the provision for credit losses and an increase in
operating expenses, partially offset by an increase in total other
income. Earnings per share (fully diluted) for the six months ended
June 30, 2024, were $1.07, compared to $1.51 for the six months
ended June 30, 2023. The annualized return on average assets for
the six months ended June 30, 2024 was 0.78%. The annualized return
on average tangible equity for the six months ended June 30, 2024
was 11.46%.
Total assets as of June 30, 2024 were $2.235
billion, compared to $2.142 billion at June 30, 2023. At June 30,
2024, loans receivable were $1.623 billion, total deposits were
$1.811 billion and stockholders’ equity was $182.2 million.
For the three months ended June 30, 2024, net
interest income, on a fully-taxable equivalent basis (fte), totaled
$15,124,000, a decrease of $705,000 compared to the same period in
2023. A $150.8 million increase in average time deposits, combined
with a 126 basis points increase in the cost of time deposits,
contributed to the decreased net interest income. Borrowing costs
also increased, offsetting a $4,447,000 increase in total interest
income. Net interest margin (fte) for the three months ended June
30, 2024 was 2.79%, compared to 3.09% in the same period of 2023.
The tax-equivalent yield on interest-earning assets increased 57
basis points to 5.14% during the three months ended June 30, 2024,
compared to the same prior year period, while the cost of
interest-bearing liabilities increased 108 basis points to
3.09%.
Net interest income (fte) for the six months
ended June 30, 2024 totaled $30,029,000, which was $2,075,000 lower
than the same period in 2023, due primarily to a $11,762,000
increase in the cost of interest-bearing liabilities. The net
interest margin (fte) was 2.79% for the six months ended June 30,
2024, as compared to 3.17% for the six months ended June 30, 2023.
The decrease in the net interest margin (fte) was due to a 127
basis points increase in the cost of interest-bearing liabilities,
which offset the 64 basis points increase in the yield on
interest-earning assets.
Other income for the three months ended June 30,
2024, totaled $2,207,000, compared to $1,783,000 for the same
period in 2023. The increase is due primarily to a $151,000
increase in service charges on deposit accounts, and a $212,000
loss on the sale of investment securities in 2023. For the six
months ended June 30, 2024, other income totaled $4,213,000,
compared to $3,695,000 for the six months ended June 30, 2023.
Other expenses totaled $11,444,000 for the three
months ended June 30, 2024, an increase of $506,000, compared to
the $10,938,000 for the same period of 2023. For the six months
ended June 30, 2024, other expenses totaled $23,175,000, compared
to $21,374,000 for the same period in 2023, due primarily to an
increase in professional fees, data processing costs and FDIC
insurance.
Mr. Donnelly stated, “Our second quarter income
decreased from the 2023 level due to a release of provision for
credit losses in the three months ended June 30, 2023 and the
rising cost of deposits and borrowed funds. These decreases were
partially offset by a $424,000 increase in non-interest income. On
a linked-quarter basis loan growth was an annualized 4.9%. Total
deposits decreased $28 million compared to the first quarter of
2024. This was due to a seasonal outflow of municipal deposits of
$53 million offset by inflows of $25 million of other customer
funds, a 7.3% annualized increase. The net interest margin was
stable at 2.79% for the first and second quarter. Our core
operating expenses remain well-controlled at 2% of average assets
during the quarter. 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 4 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, among other things, changes in federal and state laws,
changes in interest rates, 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 Measures
This 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 |
|
Six months ended |
(dollars in
thousands) |
|
June 30 |
|
June 30 |
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Net Interest
Income |
|
$ |
14,925 |
|
$ |
15,642 |
|
|
$ |
29,635 |
|
$ |
31,735 |
|
Taxable
equivalent basis adjustment using 21% marginal tax rate |
|
|
199 |
|
|
187 |
|
|
|
394 |
|
|
369 |
|
Net interest
income on a fully taxable equivalent basis |
|
$ |
15,124 |
|
$ |
15,829 |
|
|
$ |
30,029 |
|
$ |
32,104 |
|
|
|
|
|
|
|
|
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 |
|
Six months ended |
(dollars in
thousands) |
|
June 30 |
|
June 30 |
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Average
equity |
|
$ |
179,494 |
|
$ |
186,111 |
|
|
$ |
180,791 |
|
$ |
180,952 |
|
Average
goodwill and other intangibles |
|
|
(29,457 |
) |
|
(29,536 |
) |
|
|
(29,466 |
) |
|
(29,547 |
) |
Average
tangible equity |
|
$ |
150,037 |
|
$ |
156,575 |
|
|
$ |
151,325 |
|
$ |
151,405 |
|
|
|
|
|
|
|
|
Contact: John M. McCaffery Executive Vice President & Chief
Financial Officer 272-304-3003 wayne.bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Consolidated
Balance Sheets |
(dollars in
thousands, except share and per share data) |
(unaudited) |
|
|
|
June 30 |
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
29,903 |
|
$ |
|
30,053 |
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
|
|
39,492 |
|
|
|
3,036 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
69,395 |
|
|
|
33,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
|
397,578 |
|
|
|
403,621 |
|
|
|
|
|
|
|
Loans receivable |
|
|
1,641,355 |
|
|
|
1,577,699 |
|
|
|
|
|
|
|
Less: Allowance for credit losses |
|
|
17,806 |
|
|
|
17,483 |
|
|
|
|
|
|
|
Net loans receivable |
|
|
1,623,549 |
|
|
|
1,560,216 |
|
|
|
|
|
|
|
Regulatory stock, at cost |
|
|
6,443 |
|
|
|
7,924 |
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
18,265 |
|
|
|
17,363 |
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
46,121 |
|
|
|
45,806 |
|
|
|
|
|
|
|
Foreclosed real estate owned |
|
|
- |
|
|
|
387 |
|
|
|
|
|
|
|
Accrued interest receivable |
|
|
8,329 |
|
|
|
7,276 |
|
|
|
|
|
|
|
Deferred tax assets, net |
|
|
21,707 |
|
|
|
23,301 |
|
|
|
|
|
|
|
Goodwill |
|
|
29,266 |
|
|
|
29,266 |
|
|
|
|
|
|
|
Other intangible assets |
|
|
183 |
|
|
|
260 |
|
|
|
|
|
|
|
Other assets |
|
|
14,480 |
|
|
|
13,256 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,235,316 |
|
$ |
|
2,141,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
|
$ |
391,849 |
|
$ |
|
425,757 |
|
|
|
|
|
|
|
Interest-bearing |
|
|
1,419,323 |
|
|
|
1,306,240 |
|
|
|
|
|
|
|
Total deposits |
|
|
1,811,172 |
|
|
|
1,731,997 |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
62,335 |
|
|
|
112,290 |
|
|
|
|
|
|
|
Other borrowings |
|
|
148,087 |
|
|
|
99,687 |
|
|
|
|
|
|
|
Accrued interest payable |
|
|
13,329 |
|
|
|
7,101 |
|
|
|
|
|
|
|
Other liabilities |
|
|
18,206 |
|
|
|
17,266 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
2,053,129 |
|
|
|
1,968,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: 2024: 8,311,851 shares, 2023: 8,291,401 shares |
|
|
831 |
|
|
|
829 |
|
|
|
|
|
|
|
Surplus |
|
|
98,082 |
|
|
|
97,268 |
|
|
|
|
|
|
|
Retained earnings |
|
|
139,070 |
|
|
|
135,583 |
|
|
|
|
|
|
|
Treasury stock, at cost: 2024: 221,540 shares, 2023: 223,926
shares |
|
|
(5,977 |
) |
|
|
(6,007 |
) |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
(49,819 |
) |
|
|
(54,249 |
) |
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
182,187 |
|
|
|
173,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
$ |
2,235,316 |
|
$ |
|
2,141,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
|
$ |
24,121 |
|
$ |
|
20,702 |
|
|
|
$ |
|
47,802 |
|
$ |
|
39,860 |
|
Securities |
|
|
2,584 |
|
|
|
2,481 |
|
|
|
|
|
5,109 |
|
|
|
4,986 |
|
Other |
|
|
966 |
|
|
|
53 |
|
|
|
|
|
1,697 |
|
|
|
101 |
|
Total Interest income |
|
|
27,671 |
|
|
|
23,236 |
|
|
|
|
|
54,608 |
|
|
|
44,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
10,687 |
|
|
|
5,740 |
|
|
|
|
|
20,796 |
|
|
|
10,102 |
|
Short-term borrowings |
|
|
356 |
|
|
|
943 |
|
|
|
|
|
692 |
|
|
|
1,722 |
|
Other borrowings |
|
|
1,703 |
|
|
|
911 |
|
|
|
|
|
3,485 |
|
|
|
1,388 |
|
Total Interest expense |
|
|
12,746 |
|
|
|
7,594 |
|
|
|
|
|
24,973 |
|
|
|
13,212 |
|
NET INTEREST
INCOME |
|
|
14,925 |
|
|
|
15,642 |
|
|
|
|
|
29,635 |
|
|
|
31,735 |
|
(RELEASE OF)
PROVISION FOR CREDIT LOSSES |
|
|
347 |
|
$ |
|
(1,750 |
) |
|
|
$ |
|
(276 |
) |
$ |
|
(1,450 |
) |
NET INTEREST
INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES |
|
|
14,578 |
|
|
|
17,392 |
|
|
|
|
|
29,911 |
|
|
|
33,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
1,504 |
|
|
|
1,353 |
|
|
|
|
|
2,847 |
|
|
|
2,665 |
|
Income from fiduciary activities |
|
|
225 |
|
|
|
229 |
|
|
|
|
|
463 |
|
|
|
441 |
|
Net realized (losses) gains on sales of securities |
|
|
- |
|
|
|
(212 |
) |
|
|
|
|
- |
|
|
|
(209 |
) |
Gains on sales of loans, net |
|
|
36 |
|
|
|
10 |
|
|
|
|
|
42 |
|
|
|
10 |
|
Earnings and proceeds on life insurance policies |
|
|
253 |
|
|
|
229 |
|
|
|
|
|
520 |
|
|
|
442 |
|
Other |
|
|
189 |
|
|
|
174 |
|
|
|
|
|
341 |
|
|
|
346 |
|
Total other income |
|
|
2,207 |
|
|
|
1,783 |
|
|
|
|
|
4,213 |
|
|
|
3,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,954 |
|
|
|
5,842 |
|
|
|
|
|
12,090 |
|
|
|
11,810 |
|
Occupancy, furniture and equipment |
|
|
1,229 |
|
|
|
1,314 |
|
|
|
|
|
2,489 |
|
|
|
2,576 |
|
Data processing and related operations |
|
|
1,024 |
|
|
|
822 |
|
|
|
|
|
2,046 |
|
|
|
1,590 |
|
Taxes, other than income |
|
|
179 |
|
|
|
162 |
|
|
|
|
|
272 |
|
|
|
323 |
|
Professional fees |
|
|
508 |
|
|
|
323 |
|
|
|
|
|
1,092 |
|
|
|
608 |
|
FDIC Insurance assessment |
|
|
309 |
|
|
|
244 |
|
|
|
|
|
670 |
|
|
|
445 |
|
Foreclosed real estate |
|
|
15 |
|
|
|
74 |
|
|
|
|
|
36 |
|
|
|
103 |
|
Amortization of intangibles |
|
|
19 |
|
|
|
23 |
|
|
|
|
|
38 |
|
|
|
46 |
|
Other |
|
|
2,207 |
|
|
|
2,134 |
|
|
|
|
|
4,442 |
|
|
|
3,873 |
|
Total other expenses |
|
|
11,444 |
|
|
|
10,938 |
|
|
|
|
|
23,175 |
|
|
|
21,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE TAX |
|
|
5,341 |
|
|
|
8,237 |
|
|
|
|
|
10,949 |
|
|
|
15,506 |
|
INCOME TAX
EXPENSE |
|
|
1,128 |
|
|
|
1,734 |
|
|
|
|
|
2,303 |
|
|
|
3,221 |
|
NET
INCOME |
|
$ |
4,213 |
|
$ |
|
6,503 |
|
|
|
$ |
|
8,646 |
|
$ |
|
12,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.81 |
|
|
|
$ |
|
1.07 |
|
$ |
|
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.81 |
|
|
|
$ |
|
1.07 |
|
$ |
|
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD
FINANCIAL CORP |
Financial
Highlights (Unaudited) |
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
14,925 |
|
$ |
|
15,642 |
|
|
|
|
|
|
|
Net
income |
|
|
4,213 |
|
|
|
6,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fully taxable equivalent) |
|
|
2.05 |
% |
|
|
2.56 |
% |
|
|
|
|
|
|
Net interest
margin (fully taxable equivalent) |
|
|
2.79 |
% |
|
|
3.09 |
% |
|
|
|
|
|
|
Return on
average assets |
|
|
0.75 |
% |
|
|
1.23 |
% |
|
|
|
|
|
|
Return on
average equity |
|
|
9.41 |
% |
|
|
14.72 |
% |
|
|
|
|
|
|
Return on
average tangible equity |
|
|
11.26 |
% |
|
|
17.66 |
% |
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.81 |
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
29,635 |
|
$ |
|
31,735 |
|
|
|
|
|
|
|
Net
income |
|
|
8,646 |
|
|
|
12,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fully taxable equivalent) |
|
|
2.06 |
% |
|
|
2.69 |
% |
|
|
|
|
|
|
Net interest
margin (fully taxable equivalent) |
|
|
2.79 |
% |
|
|
3.17 |
% |
|
|
|
|
|
|
Return on
average assets |
|
|
0.78 |
% |
|
|
1.18 |
% |
|
|
|
|
|
|
Return on
average equity |
|
|
9.59 |
% |
|
|
14.17 |
% |
|
|
|
|
|
|
Return on
average tangible equity |
|
|
11.46 |
% |
|
|
17.06 |
% |
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
1.07 |
|
$ |
|
1.52 |
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
1.07 |
|
$ |
|
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,235,316 |
|
$ |
|
2,141,765 |
|
|
|
|
|
|
|
Total loans
receivable |
|
|
1,641,355 |
|
|
|
1,577,699 |
|
|
|
|
|
|
|
Allowance
for credit losses |
|
|
17,806 |
|
|
|
17,483 |
|
|
|
|
|
|
|
Total
deposits |
|
|
1,811,172 |
|
|
|
1,731,997 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
182,187 |
|
|
|
173,424 |
|
|
|
|
|
|
|
Trust assets
under management |
|
|
201,079 |
|
|
|
193,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share |
|
$ |
23.26 |
|
$ |
|
22.24 |
|
|
|
|
|
|
|
Tangible
book value per share |
|
$ |
19.62 |
|
$ |
|
18.58 |
|
|
|
|
|
|
|
Equity to
total assets |
|
|
8.15 |
% |
|
|
8.10 |
% |
|
|
|
|
|
|
Allowance to
total loans receivable |
|
|
1.08 |
% |
|
|
1.11 |
% |
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
0.47 |
% |
|
|
0.20 |
% |
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.34 |
% |
|
|
0.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWOOD FINANCIAL CORP |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
June 30 |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
29,903 |
|
$ |
|
19,519 |
|
$ |
28,533 |
|
$ |
|
41,141 |
|
$ |
|
30,053 |
|
Interest-bearing deposits with banks |
|
|
39,492 |
|
|
|
92,444 |
|
|
37,587 |
|
|
|
13,005 |
|
|
|
3,036 |
|
Cash and cash equivalents |
|
|
69,395 |
|
|
|
111,963 |
|
|
66,120 |
|
|
|
54,146 |
|
|
|
33,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
|
397,578 |
|
|
|
398,374 |
|
|
406,259 |
|
|
|
380,499 |
|
|
|
403,621 |
|
Loans receivable |
|
|
1,641,356 |
|
|
|
1,621,448 |
|
|
1,603,618 |
|
|
|
1,611,069 |
|
|
|
1,577,699 |
|
Less: Allowance for credit losses |
|
|
17,807 |
|
|
|
18,020 |
|
|
18,968 |
|
|
|
16,086 |
|
|
|
17,483 |
|
Net loans receivable |
|
|
1,623,549 |
|
|
|
1,603,428 |
|
|
1,584,650 |
|
|
|
1,594,983 |
|
|
|
1,560,216 |
|
Regulatory stock, at cost |
|
|
6,443 |
|
|
|
6,545 |
|
|
7,318 |
|
|
|
8,843 |
|
|
|
7,924 |
|
Bank owned life insurance |
|
|
46,121 |
|
|
|
45,869 |
|
|
46,439 |
|
|
|
46,197 |
|
|
|
45,806 |
|
Bank premises and equipment, net |
|
|
18,264 |
|
|
|
18,057 |
|
|
17,838 |
|
|
|
17,254 |
|
|
|
17,363 |
|
Foreclosed real estate owned |
|
|
0 |
|
|
|
97 |
|
|
97 |
|
|
|
290 |
|
|
|
387 |
|
Goodwill and other intangibles |
|
|
29,449 |
|
|
|
29,468 |
|
|
29,487 |
|
|
|
29,506 |
|
|
|
29,526 |
|
Other assets |
|
|
44,517 |
|
|
|
46,622 |
|
|
42,871 |
|
|
|
48,280 |
|
|
|
43,833 |
|
TOTAL ASSETS |
|
$ |
2,235,316 |
|
$ |
|
2,260,423 |
|
$ |
2,201,079 |
|
$ |
|
2,179,998 |
|
$ |
|
2,141,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
|
$ |
391,849 |
|
$ |
|
383,362 |
|
$ |
399,545 |
|
$ |
|
430,242 |
|
$ |
|
425,757 |
|
Interest-bearing deposits |
|
|
1,419,323 |
|
|
|
1,455,636 |
|
|
1,395,614 |
|
|
|
1,316,582 |
|
|
|
1,306,240 |
|
Total deposits |
|
|
1,811,172 |
|
|
|
1,838,998 |
|
|
1,795,159 |
|
|
|
1,746,824 |
|
|
|
1,731,997 |
|
Borrowings |
|
|
210,422 |
|
|
|
211,234 |
|
|
198,312 |
|
|
|
241,328 |
|
|
|
211,978 |
|
Other liabilities |
|
|
31,534 |
|
|
|
28,978 |
|
|
26,538 |
|
|
|
27,144 |
|
|
|
24,366 |
|
TOTAL LIABILITIES |
|
|
2,053,128 |
|
|
|
2,079,210 |
|
|
2,020,009 |
|
|
|
2,015,296 |
|
|
|
1,968,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
182,188 |
|
|
|
181,213 |
|
|
181,070 |
|
|
|
164,702 |
|
|
|
173,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
2,235,316 |
|
$ |
|
2,260,423 |
|
$ |
2,201,079 |
|
$ |
|
2,179,998 |
|
$ |
|
2,141,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
|
2023 |
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
|
$ |
24,121 |
|
$ |
|
23,681 |
|
$ |
23,328 |
|
$ |
|
22,021 |
|
$ |
|
20,702 |
|
Securities |
|
|
2,584 |
|
|
|
2,526 |
|
|
2,504 |
|
|
|
2,433 |
|
|
|
2,481 |
|
Other |
|
|
966 |
|
|
|
731 |
|
|
253 |
|
|
|
54 |
|
|
|
53 |
|
Total interest income |
|
|
27,671 |
|
|
|
26,938 |
|
|
26,085 |
|
|
|
24,508 |
|
|
|
23,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
10,687 |
|
|
|
10,110 |
|
|
8,910 |
|
|
|
7,017 |
|
|
|
5,740 |
|
Borrowings |
|
|
2,059 |
|
|
|
2,118 |
|
|
1,882 |
|
|
|
2,452 |
|
|
|
1,854 |
|
Total interest expense |
|
|
12,746 |
|
|
|
12,228 |
|
|
10,792 |
|
|
|
9,469 |
|
|
|
7,594 |
|
NET INTEREST
INCOME |
|
|
14,925 |
|
|
|
14,710 |
|
|
15,293 |
|
|
|
15,039 |
|
|
|
15,642 |
|
(RELEASE OF)
PROVISION FOR CREDIT LOSSES |
|
|
347 |
|
|
|
(624 |
) |
|
6,116 |
|
|
|
882 |
|
|
|
(1,750 |
) |
NET INTEREST
INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES |
|
|
14,578 |
|
|
|
15,334 |
|
|
9,177 |
|
|
|
14,157 |
|
|
|
17,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
1,504 |
|
|
|
1,343 |
|
|
1,421 |
|
|
|
1,527 |
|
|
|
1,353 |
|
Income from fiduciary activities |
|
|
225 |
|
|
|
238 |
|
|
210 |
|
|
|
246 |
|
|
|
229 |
|
Net realized (losses) gains on sales of securities |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(212 |
) |
Gains on sales of loans, net |
|
|
36 |
|
|
|
6 |
|
|
36 |
|
|
|
18 |
|
|
|
10 |
|
Gains on sales of foreclosed real estate owned |
|
|
32 |
|
|
|
- |
|
|
66 |
|
|
|
13 |
|
|
|
- |
|
Earnings and proceeds on life insurance policies |
|
|
253 |
|
|
|
268 |
|
|
242 |
|
|
|
328 |
|
|
|
229 |
|
Other |
|
|
157 |
|
|
|
151 |
|
|
148 |
|
|
|
174 |
|
|
|
174 |
|
Total other income |
|
|
2,207 |
|
|
|
2,006 |
|
|
2,123 |
|
|
|
2,306 |
|
|
|
1,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,954 |
|
|
|
6,135 |
|
|
5,672 |
|
|
|
6,083 |
|
|
|
5,842 |
|
Occupancy, furniture and equipment, net |
|
|
1,229 |
|
|
|
1,261 |
|
|
1,265 |
|
|
|
1,242 |
|
|
|
1,314 |
|
Foreclosed real estate |
|
|
15 |
|
|
|
21 |
|
|
17 |
|
|
|
9 |
|
|
|
74 |
|
FDIC insurance assessment |
|
|
309 |
|
|
|
361 |
|
|
287 |
|
|
|
254 |
|
|
|
244 |
|
Other |
|
|
3,937 |
|
|
|
3,954 |
|
|
3,608 |
|
|
|
3,688 |
|
|
|
3,464 |
|
Total other expenses |
|
|
11,444 |
|
|
|
11,732 |
|
|
10,849 |
|
|
|
11,276 |
|
|
|
10,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE TAX |
|
|
5,341 |
|
|
|
5,608 |
|
|
451 |
|
|
|
5,187 |
|
|
|
8,237 |
|
INCOME TAX
EXPENSE |
|
|
1,128 |
|
|
|
1,175 |
|
|
96 |
|
|
|
1,068 |
|
|
|
1,734 |
|
NET
INCOME |
|
$ |
4,213 |
|
$ |
|
4,433 |
|
$ |
355 |
|
$ |
|
4,119 |
|
$ |
|
6,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.55 |
|
$ |
0.04 |
|
$ |
|
0.51 |
|
$ |
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.52 |
|
$ |
|
0.55 |
|
$ |
0.04 |
|
$ |
|
0.51 |
|
$ |
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value
per share |
|
$ |
23.26 |
|
$ |
|
23.01 |
|
$ |
22.99 |
|
$ |
|
21.15 |
|
$ |
|
22.24 |
|
Tangible
Book Value per share |
|
|
19.62 |
|
|
|
19.38 |
|
|
19.36 |
|
|
|
17.49 |
|
|
|
18.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
|
0.75 |
% |
|
|
0.80 |
% |
|
0.06 |
% |
|
|
0.76 |
% |
|
|
1.23 |
% |
Return on
average equity (annualized) |
|
|
9.41 |
% |
|
|
9.79 |
% |
|
0.84 |
% |
|
|
9.33 |
% |
|
|
14.72 |
% |
Return on
average tangible equity (annualized) |
|
|
11.26 |
% |
|
|
11.68 |
% |
|
1.01 |
% |
|
|
11.22 |
% |
|
|
17.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread (fte) |
|
|
2.05 |
% |
|
|
2.07 |
% |
|
2.24 |
% |
|
|
2.28 |
% |
|
|
2.56 |
% |
Net interest
margin (fte) |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
2.95 |
% |
|
|
2.94 |
% |
|
|
3.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses to total loans |
|
|
1.08 |
% |
|
|
1.11 |
% |
|
1.18 |
% |
|
|
1.00 |
% |
|
|
1.11 |
% |
Net
charge-offs to average loans (annualized) |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
0.79 |
% |
|
|
0.59 |
% |
|
|
0.06 |
% |
Nonperforming loans to total loans |
|
|
0.47 |
% |
|
|
0.23 |
% |
|
0.48 |
% |
|
|
0.65 |
% |
|
|
0.20 |
% |
Nonperforming assets to total assets |
|
|
0.34 |
% |
|
|
0.17 |
% |
|
0.35 |
% |
|
|
0.50 |
% |
|
|
0.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total
NAL |
|
|
7,641,239 |
|
|
|
3,726,895 |
|
|
7,620,882 |
|
|
|
10,535,803 |
|
|
|
3,223,297 |
|
past due
90+ |
|
|
- |
|
|
|
7,668 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
total non
performing loans |
|
|
7,641,239 |
|
|
|
3,734,563 |
|
|
7,620,882 |
|
|
|
10,535,803 |
|
|
|
3,223,297 |
|
OREO |
|
|
- |
|
|
|
97,101 |
|
|
97,101 |
|
|
|
290,000 |
|
|
|
387,500 |
|
total Non
performing assets |
|
|
7,641,239 |
|
|
|
3,831,664 |
|
|
7,717,983 |
|
|
|
10,825,803 |
|
|
|
3,610,797 |
|
total
loans |
|
|
1,641,355,515 |
|
|
|
1,621,447,970 |
|
|
1,603,617,932 |
|
|
|
1,611,068,445 |
|
|
|
1,577,699,580 |
|
total
assets |
|
|
2,235,315,800 |
|
|
|
2,260,423,152 |
|
|
2,201,056,938 |
|
|
|
2,179,998,000 |
|
|
|
2,141,765,238 |
|
net charge
off's, this quarter |
|
|
510,985 |
|
|
|
322,892 |
|
|
3,181,233 |
|
|
|
2,349,697 |
|
|
|
227,110 |
|
average
loans, this quarter |
|
|
1,629,282,567 |
|
|
|
1,612,105,511 |
|
|
1,605,495,855 |
|
|
|
1,589,473,633 |
|
|
|
1,559,251,963 |
|
Loan loss
reserve |
|
|
17,806,505 |
|
|
|
18,019,715 |
|
|
18,967,991 |
|
|
|
16,085,641 |
|
|
|
17,483,489 |
|
|
|
|
|
|
. |
|
. |
|
. |
|
|
Grafico Azioni Norwood Financial (NASDAQ:NWFL)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Norwood Financial (NASDAQ:NWFL)
Storico
Da Gen 2024 a Gen 2025