Norwood Financial Corp Announces Q3 2024 Financial Results

Norwood Financial Corp (NASDAQ:NWFL) has recently released its financial results for the third quarter of 2024. The company reported a net interest margin increase, highlighting a 19 basis points rise compared to the previous quarter and a 7 basis points increase over the same period last year.

During the third quarter, Norwood Financial Corp noted an 8% annualized loan growth rate. Additionally, the company emphasized an improvement in capital as the negative mark-to-market effect reduced by 42% from the previous year.

For the three months ended September 30, 2024, Norwood Financial Corp reported earnings of $3.8 million, showing a decrease of $275 thousand compared to the same quarter in the previous year. The net interest income rose by $892 thousand, offset by increases in operating expenses and the provision for credit losses. Earnings per share (fully diluted) for the quarter were $0.48, compared to $0.51 in the same quarter of the previous year. The annualized return on average assets for the quarter was 0.68%, while the annualized return on average tangible equity stood at 9.58%.

Over the nine months ended September 30, 2024, the company recorded a net income of $12.5 million, a decrease of $3.9 million compared to the same period in 2023. This decrease was attributed to lower net interest income, increased provision for credit losses, and higher operating expenses. Earnings per share (fully diluted) for the period were $1.55, down from $2.03 for the same nine-month duration in 2023. The annualized return on average assets for this period was 0.75%, and the annualized return on average tangible equity was 10.82%.

As of September 30, 2024, Norwood Financial Corp reported total assets of $2.280 billion, an increase from $2.180 billion reported at the end of September 30, 2023. Loans receivable stood at $1.675 billion, total deposits amounted to $1.855 billion, and stockholders’ equity was reported at $195.7 million.

Norwood Financial Corp operates as the parent company of Wayne Bank, which has offices throughout Northeastern Pennsylvania and other counties in New York. The stock of the company trades on the Nasdaq Global Market under the symbol “NWFL.”

The company provided forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It stated that actual results could differ from projected figures due to various risk factors such as changes in laws, interest rates, credit quality metrics, and economic conditions.

Norwood Financial Corp shared various financial highlights alongside non-GAAP financial measures in its recent financial report, aiming to enhance investor understanding of its financial performance and position. The company’s continued focus on serving its customers and monitoring its financial health is geared toward sustainable performance and growth.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Norwood Financial’s 8K filing here.

About Norwood Financial

Norwood Financial Corp. operates as the bank holding company for Wayne Bank that provides various banking products and services. The company accepts a range of deposit products, including interest-bearing and non-interest-bearing transaction accounts, and statement savings and money market accounts, as well as certificate of deposits.