• Norwood Financial Corp announces Fourth Quarter and Full Year 2024 Results

    Источник: Nasdaq GlobeNewswire / 27 янв 2025 16:15:01   America/New_York

    Quarterly Highlights:

    • Net interest margin increased 5 basis points vs. the prior quarter and 11 basis points over the prior year.
    • Loans grew at an 9% annualized rate during the fourth quarter.
    • Completed capital raise that supports our long-term strategy and repositions our investment portfolio to improve our yield on the portfolio.
    • Capital continues to improve due to recent equity offering and lower AOCI adjustment.

    HONESDALE, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and fiscal year ended December 31, 2024.

    Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank, stated, “During the fourth quarter, we successfully completed a capital raise that enabled us to reposition our investment portfolio for improved yields on the portfolio in future periods. While we incurred a one-time $20 million loss as a result of this repositioning, we believe the portfolio is better positioned for the current and future interest rate environment. Excluding this loss, we performed well during the fourth quarter, delivering higher net interest income year-over-year for both the fourth quarter and the full year. As a result of these actions, we believe the Company is financially stronger and better protected from changes in interest rates and will enhance our future performance.”

    Selected Financial Highlights

    (dollars in thousands, except per share data)
    		Three Months EndedTwelve Months Ended
    December 31, 2024December 31, 2024
    2024 2023 Change2024 2023 Change
    Net interest income16,625 15,293 1,332 62,191 62,067 124 
    Net interest spread (fte)2.31% 2.23% 8 bps 2.17% 2.47% (30 bps)
    Net interest margin (fte)3.04% 2.93% 11 bps 2.91% 3.06% (15 bps)
    Net income (loss)(12,651)355 (13,006)(160)16,759 (16,919)
    Diluted earnings per share(1.54)0.04 (1.41)(0.02)2.07 (2.09)
    Return on average assets(2.19%)0.06% (225 bps)-0.01% 0.79% (80 bps)
    Return on tangible equity(30.77%)1.01% (3,178 bps)(0.10%)11.66% (1,167 bps)

    Discussion of financial results for the three months ended December 31, 2024:
    • The Company has a net loss of $12.7 million for the three months ended December 31, 2024. This was $13 million lower than the same period last year due one-time $20 million loss incurred on the sale of securities during December.
    • Net interest income was higher during the fourth quarter of 2024 than 2023 as increases in asset yields outpaced increases in yields on liabilities.
    • Correspondingly, the net interest margin in the fourth quarter was 3.04% in 2024 compared to 2.93% in 2023.
    Discussion of financial results for the year ended December 31, 2024:
    • The Company posted a had a net loss of $160 thousand, or -$0.02 per diluted share, for the full-fiscal year ended year December 31, 2024 compared to net income of $16.8 million, or $2.07 per diluted share, for the fiscal year ended December in31. 2023. This loss was primarily due to a one-time $20 million loss incurred on the sale of securities during December 2024.
    • The full-year net interest margin was 2.91% in 2024 versus 3.06% in 2023. Deposit costs were higher in 2024, especially in the earlier part of the year, before the Federal Reserve began to cut rates.
    • Total non-interest expenses for 2024 were $48.6 million compared to $43.5 million in 2023. The increase was generally due to higher compensation and data processing costs.
    • Adjusted net income for the year was lower as higher net interest income and total other income was more than offset by an increase in total other expenses.
    • As of December 31, 2024, total assets were $2.317 billion, compared to $2.201 billion at December 31, 2023. Loans receivable were $1.693 billion, total deposits were $1.859 billion, and stockholders’ equity was $213.5 million.
    • Tangible Common Equity was 8.05% as of December 31, 2024, versus 6.98% at the end of 2023.
    The following non-GAAP financial measures exclude the one-time $20.0 million net realized loss incurred in the fourth quarter as a result of the repositioning of our investment portfolio. Please see “Non-GAAP Financial Measures” below for a reconciliation of all non-GAAP financial measures.
    (dollars in thousands, except per share data)
    		Three Months EndedTwelve Months Ended
    December 31, 2024December 31, 2024
    2024 2023 Change2024 2023 Change
    Adjusted net income3,119 355 2,764 15,610 16,759 (1,149)
    Adjusted diluted earnings per share0.38 0.04 0.34 1.93 2.07 (0.14)
    Adjusted return on average assets0.54% 0.06% 48 bps0.69% 0.79% (10 bps)
    Adjusted return on tangible equity7.59% 1.01% 654 bps9.97% 11.66% (169 bps)


    Norwood Financial Corp is the parent company of Wayne Bank, which operates from 16 offices throughout Northeastern Pennsylvania and 14 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”.

    Non-GAAP Financial Measures

    This release references adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity, all of which are non-GAAP (Generally Accepted Accounting Principles) financial measures. Adjusted values were derived by reversing the effect of loss on sale of securities in 2024 along with the attendant tax effect. We believe the presentation of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity ensures comparability of these measures as the portfolio restructuring is not something the Company expects to be a recurring event.

                   
    Adjusted Return on Average Assets              
    (Dollars in thousands)              
                   
       Three Months Ended December 31,    Twelve Months Ended December 31, 
      2024 2023   2024   2023 
    Net (loss) income$(12,651) $355   $(160) $16,759 
    Average assets 2,299,732   2,166,821    2,250,171   2,128,570 
    Return on average assets (annualized) -2.19%  0.06%   -0.01%  0.79%
    Net (loss) income (12,651)  355    (160)  16,759 
    Net realized losses on sale of securities 19,962   0    19,962   0 
    Tax effect at 21% (4,192)  0    (4,192)  0 
    Adjusted Net Income (Non-GAAP) 3,119   355    15,610   16,759 
    Average assets 2,299,732   2,166,821    2,250,171   2,128,570 
    Adjusted return on average assets (annualized)              
    (Non-GAAP) 0.54%  0.06%   0.69%  0.79%
                   
                   
    Adjusted Return on Average Tangible Shareholders' Equity              
    (Dollars in thousands)              
                   
       Three Months Ended December 31,    Twelve Months Ended December 31, 
      2024 2023   2024   2023 
    Net (loss) income$(12,651) $355   $(160) $16,759 
    Average shareholders' equity 192,981   168,317    185,952   173,273 
    Average intangible assets 29,424   29,495    29,449   29,526 
    Average tangible shareholders' equity 163,557   138,822    156,503   143,747 
    Return on average tangible shareholders' equity (annualized) -30.77%  1.01%   -0.10%  11.66%
    Net (loss) income (12,651)  355    (160)  16,759 
    Net realized losses on sale of securities 19,962   0    19,962   0 
    Tax effect at 21% (4,192)  0    (4,192)  0 
    Adjusted Net Income (Non-GAAP) 3,119   355    15,610   16,759 
    Average tangible shareholders' equity 163,557   138,822    156,503   143,747 
    Adjusted return on average shareholders' equity (annualized)              
    (Non-GAAP) 7.59%  1.01%   9.97%  11.66%
                   
                   
    Adjusted Earnings Per Share              
    (Dollars in thousands)              
                   
       Three Months Ended December 31,    Twelve Months Ended December 31, 
      2024 2023   2024   2023 
    GAAP-Based Earnings Per Share, Basic$(1.54) $0.04   $(0.02) $2.08 
    GAAP-Based Earnings Per Share, Diluted$(1.54) $0.04   $(0.02) $2.07 
    Net (Loss) Income (12,651)  355    (160)  16,759 
    Net realized losses on sale of securities 19,962   0    19,962   0 
    Tax effect at 21% (4,192)  0    (4,192)  0 
    Adjusted Net Income (Non-GAAP) 3,119   355    15,610   16,759 
    Adjusted Earnings per Share, Basic (Non-GAAP)$0.38  $0.04   $1.93  $2.08 
    Adjusted Earnings per Share, Diluted (Non-GAAP)$0.38  $0.04   $1.93  $2.07 


    The following table reconciles average equity to average tangible equity:

    Tangible Book Value     
    (Dollars in thousands)     
          
       December 31,
      2024 2023
    Total shareholders' equity 213,508   181,070 
    Adjustments:     
    Goodwill (29,266)  (29,266)
    Other intangible assets (152)  (221)
    Tangible common equity (Non-GAAP) 184,090   151,583 
    Common shares outstanding 9,272,906   8,110,157 
    Book value per common share 23.02   22.33 
    Tangible book value per common share (Non-GAAP) 19.85   18.69 


    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.

    Contact:John M. McCaffery
     Executive Vice President &
     Chief Financial Officer
     NORWOOD FINANCIAL CORP
     272-304-3003
     www.waynebank.com


          
    NORWOOD FINANCIAL CORP     
    Consolidated Balance Sheets      
    (dollars in thousands, except share and per share data)     
     (unaudited)     
      December 31
      2024   2023 
    ASSETS     
    Cash and due from banks $27,562  $28,533 
    Interest-bearing deposits with banks 44,777   37,587 
    Cash and cash equivalents 72,339   66,120 
          
    Securities available for sale 397,846   406,259 
    Loans receivable 1,713,638   1,603,618 
    Less: Allowance for credit losses 19,843   18,968 
    Net loans receivable 1,693,795   1,584,650 
    Regulatory stock, at cost 13,366   7,318 
    Bank premises and equipment, net 19,657   17,838 
    Bank owned life insurance 46,657   46,439 
    Foreclosed real estate owned -   97 
    Accrued interest receivable 8,466   8,123 
    Deferred tax assets, net 17,696   21,353 
    Goodwill 29,266   29,266 
    Other intangible assets 152   221 
    Other assets 18,222   13,395 
    TOTAL ASSETS $2,317,462  $2,201,079 
          
    LIABILITIES     
    Deposits:     
    Non-interest bearing demand $381,479  $399,545 
    Interest-bearing 1,477,684   1,395,614 
    Total deposits 1,859,163   1,795,159 
    Short-term borrowings 113,069   74,076 
    Other borrowings 101,793   124,236 
    Accrued interest payable 12,615   10,510 
    Other liabilities 17,314   16,028 
    TOTAL LIABILITIES 2,103,954   2,020,009 
          
    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: 9,487,067 shares, 2023: 8,310,847 shares 949   831 
    Surplus 98,513   97,700 
    Retained earnings 152,964   135,284 
    Treasury stock, at cost: 2024: 214,161 shares, 2023: 200,690 shares(5,797)  (5,397)
    Accumulated other comprehensive loss (33,121)  (47,348)
    TOTAL STOCKHOLDERS' EQUITY 213,508   181,070 
          
    TOTAL LIABILITIES AND     
    STOCKHOLDERS' EQUITY $2,317,462  $2,201,079 
          



    NORWOOD FINANCIAL CORP          
    Consolidated Statements of Income           
    (dollars in thousands, except per share data)          
      (unaudited)          
     Three Months Ended December 31,  Twelve Months Ended December 31,
       2024   2023    2024   2023 
    INTEREST INCOME          
    Loans receivable, including fees$ 26,122 $ 23,328  $ 99,388 $ 85,209 
    Securities  2,789   2,504    10,424   9,922 
    Other  574   253    2,768   409 
    Total Interest income  29,485   26,085    112,580   95,540 
               
    INTEREST EXPENSE          
    Deposits  10,984   8,910    42,334   26,029 
    Short-term borrowings  348   346    1,363   3,048 
    Other borrowings  1,528   1,536    6,692   4,396 
    Total Interest expense  12,860   10,792    50,389   33,473 
    NET INTEREST INCOME  16,625   15,293    62,191   62,067 
    PROVISION FOR CREDIT LOSSES $ 1,604  $6,116   $ 2,673  $5,548 
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES  15,021   9,177    59,518   56,519 
               
               
    OTHER INCOME          
    Service charges and fees  1,595   1,421    5,959   5,613 
    Income from fiduciary activities  224   210    943   898 
    Net realized (losses) gains on sales of securities  (19,962)  -    (19,962)  (209)
    Gains on sales of loans, net  50   36    195   63 
    Gains on sales of foreclosed real estate owned  -   66    32   80 
    Earnings and proceeds on life insurance policies  275   242    1,056   1,012 
    Other  159   148    626   667 
    Total other income  (17,659)  2,123    (11,151)  8,124 
               
    OTHER EXPENSES          
    Salaries and employee benefits  6,690   5,672    25,018   23,565 
    Occupancy, furniture and equipment  1,291   1,265    5,049   5,083 
    Data processing and related operations  1,312   877    4,520   3,342 
    Taxes, other than income  163   77    615   566 
    Professional fees  504   544    2,173   1,676 
    FDIC Insurance assessment  335   287    1,344   985 
    Foreclosed real estate  9   17    54   129 
    Amortization of intangibles  15   19    69   85 
    Other  3,100   2,091    9,783   8,066 
    Total other expenses  13,419   10,849    48,625   43,497 
               
    INCOME BEFORE TAX (BENEFIT) EXPENSE  (16,057)  451    (258)  21,146 
    INCOME TAX (BENEFIT) EXPENSE  (3,406)  96    (98)  4,387 
    NET (LOSS) INCOME $ (12,651)$ 355   $ (160)$ 16,759 
               
    Basic (loss) earnings per share$ (1.54)$ 0.04  $ (0.02)$ 2.08 
               
    Diluted (loss) earnings per share$ (1.54)$ 0.04  $ (0.02)$ 2.07 
               


    NORWOOD FINANCIAL CORP       
    NET INTEREST MARGIN ANALYSIS       
    (dollars in thousands)       
                       
     For the Quarter Ended
     December 31, 2024September 30, 2024December 31, 2023
     Average Average Average Average Average Average 
     BalanceInterest   Rate  BalanceInterest    Rate  BalanceInterest    Rate  
     (2) (1) (3) (2) (1) (3) (2) (1) (3) 
    Assets                  
    Interest-earning assets:                  
    Interest-bearing deposits with banks$46,629 $574 4.90%$36,221 $497 5.46%$18,282 $253 5.49%
    Securities available for sale:                  
    Taxable 404,777  2,434 2.39  392,168  2,161 2.19  403,044  2,126 2.09 
    Tax-exempt (1) 65,628  449 2.72  67,563  461 2.71  70,049  479 2.71 
    Total securities available for sale (1) 470,405  2,883 2.44  459,731  2,622 2.27  473,093  2,605 2.18 
    Loans receivable (1) (4) (5) 1,690,650  26,246 6.18  1,651,921  25,575 6.16  1,605,496  23,422 5.79 
    Total interest-earning assets  2,207,684  29,703 5.35  2,147,873  28,694 5.31  2,096,871  26,280 4.97 
    Non-interest earning assets:                  
    Cash and due from banks 27,283      28,193      27,791     
    Allowance for credit losses (18,741)     (17,944)     (16,728)    
    Other assets 83,506      78,344      58,231     
    Total non-interest earning assets  92,048      88,593      69,294     
    Total Assets $2,299,732     $2,236,466     $2,166,165     
    Liabilities and Stockholders' Equity                  
    Interest-bearing liabilities:                  
    Interest-bearing demand and money market$528,330 $3,017 2.27 $461,897 $2,782 2.40 $463,792 $2,059 1.76 
    Savings 209,362  162 0.31  221,366  13 0.02  226,809  119 0.21 
    Time 764,819  7,805 4.06  734,235  7,758 4.20  679,587  6,732 3.93 
    Total interest-bearing deposits  1,502,511  10,984 2.91  1,417,498  10,553 2.96  1,370,188  8,910 2.58 
    Short-term borrowings 46,267  348 2.99  53,622  323 2.40  59,836  346 2.29 
    Other borrowings 133,620  1,528 4.55  146,357  1,680 4.57  131,071  1,536 4.65 
       Total interest-bearing liabilities  1,682,398  12,860 3.04  1,617,477  12,556 3.09  1,561,095  10,792 2.74 
    Non-interest bearing liabilities:                  
    Demand deposits 394,001      400,314      411,434     
    Other liabilities 30,352      29,540      25,316     
    Total non-interest bearing liabilities  424,353      429,854      436,750     
    Stockholders' equity 192,981      189,135      168,320     
    Total Liabilities and Stockholders' Equity $2,299,732     $2,236,466     $2,166,165     
    Net interest income/spread (tax equivalent basis)   16,843 2.31%   16,138 2.23%   15,488 2.23%
    Tax-equivalent basis adjustment   (218)     (207)     (195)  
    Net interest income  $16,625     $15,931     $15,293   
    Net interest margin (tax equivalent basis)    3.04%    2.99%    2.93%
                       
    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%. 
    (2) Average balances have been calculated based on daily balances. 
    (3) Annualized 
    (4) Loan balances include non-accrual loans and are net of unearned income. 
    (5) Loan yields include the effect of amortization of deferred fees, net of costs. 
                       
                       
     Year to Date
     December 31, 2024September 30, 2024December 31, 2023
     Average Average Average Average Average Average 
     BalanceInterest   Rate  BalanceInterest    Rate  BalanceInterest    Rate  
     (2) (1) (3) (2) (1) (3) (2) (1) (3) 
    Assets                  
    Interest-earning assets:                  
    Interest-bearing deposits with banks$51,433 $2,768 5.38%$53,046 $2,194 5.52%$7,537 $409 5.43%
    Securities available for sale:                  
    Taxable 400,050  8,948 2.24  398,462  6,514 2.18  411,633  8,390 2.04 
    Tax-exempt (1) 68,041  1,868 2.75  68,852  1,419 2.75  70,598  1,940 2.75 
    Total securities available for sale (1) 468,091  10,816 2.31  467,314  7,933 2.27  482,231  10,330 2.14 
    Loans receivable (1) (4) (5) 1,646,128  99,815 6.06  1,631,179  73,569 6.02  1,565,665  85,550 5.46 
    Total interest-earning assets  2,165,652  113,399 5.24  2,151,539  83,696 5.20  2,055,433  96,289 4.68 
    Non-interest earning assets:                  
    Cash and due from banks 26,629      26,409      26,633     
    Allowance for credit losses (18,450)     (18,353)     (18,122)    
    Other assets 76,340      73,935      64,626     
    Total non-interest earning assets  84,519      81,991      73,137     
    Total Assets $2,250,171     $2,233,530     $2,128,570     
    Liabilities and Stockholders' Equity                  
    Interest-bearing liabilities:                  
    Interest-bearing demand and money market$476,106 $10,506 2.21 $460,579 $7,489 2.17 $466,329 $5,824 1.25 
    Savings 220,190  711 0.32  223,825  549 0.33  248,629  378 0.15 
    Time 744,895  31,117 4.18  738,205  23,311 4.22  610,726  19,827 3.25 
    Total interest-bearing deposits  1,441,191  42,334 2.94  1,422,609  31,349 2.94  1,325,684  26,029 1.96 
    Short-term borrowings 54,867  1,363 2.48  57,754  1,015 2.35  93,455  3,048 3.26 
    Other borrowings 146,195  6,692 4.58  150,418  5,165 4.59  94,931  4,396 4.63 
    Total interest-bearing liabilities  1,642,253  50,389 3.07  1,630,781  37,529 3.07  1,514,070  33,473 2.21 
    Non-interest bearing liabilities:                  
    Demand deposits 393,616      391,479      418,631     
    Other liabilities 28,350      27,677      22,595     
    Total non-interest bearing liabilities  421,966      419,156      441,226     
    Stockholders' equity 185,952      183,593      173,274     
    Total Liabilities and Stockholders' Equity $2,250,171     $2,233,530     $2,128,570     
    Net interest income/spread (tax equivalent basis)   63,010 2.17%   46,167 2.12%   62,816 2.47%
    Tax-equivalent basis adjustment   (819)     (601)     (749)  
    Net interest income  $62,191     $45,566     $62,067   
    Net interest margin (tax equivalent basis)    2.91%    2.87%    3.06%
                       
    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%. 
    (2) Average balances have been calculated based on daily balances. 
    (3) Annualized 
    (4) Loan balances include non-accrual loans and are net of unearned income. 
    (5) Loan yields include the effect of amortization of deferred fees, net of costs. 




    NORWOOD FINANCIAL CORP     
    Financial Highlights (Unaudited)     
    (dollars in thousands, except per share data)     
          
    For the Three Months Ended December 31 2024   2023 
          
    Net interest income$16,625  $15,293 
    Net (loss) income (12,651)  355 
          
    Net interest spread (fully taxable equivalent) 2.31%   2.23% 
    Net interest margin (fully taxable equivalent) 3.04%   2.93% 
    Return on average assets -2.19%   0.06% 
    Return on average equity -26.08%   0.84% 
    Return on average tangible equity -30.77%   1.01% 
    Basic (loss) earnings per share$(1.54) $0.04 
    Diluted (loss) earnings per share$(1.54) $0.04 
          
    For the Twelve Months Ended December 31 2024   2023 
          
    Net interest income$62,191  $62,067 
    Net (loss) income (160)  16,759 
          
    Net interest spread (fully taxable equivalent) 2.17%   2.47% 
    Net interest margin (fully taxable equivalent) 2.91%   3.06% 
    Return on average assets -0.01%   0.79% 
    Return on average equity -0.09%   9.67% 
    Return on average tangible equity -0.10%   11.66% 
    Basic (loss) earnings per share$(0.02) $2.08 
    Diluted (loss) earnings per share$(0.02) $2.07 
          
    As of December 31 2024   2023 
          
    Total assets$2,317,462  $2,201,079 
    Total loans receivable 1,713,638   1,603,618 
    Allowance for credit losses 19,843   18,968 
    Total deposits 1,859,163   1,795,159 
    Stockholders' equity 213,508   181,070 
    Trust assets under management 205,097   192,374 
          
    Book value per share$23.02  $22.33 
    Tangible book value per share$19.85  $18.69 
    Equity to total assets 9.21%   8.23% 
    Allowance to total loans receivable 1.16%   1.18% 
    Nonperforming loans to total loans 0.46%   0.48% 
    Nonperforming assets to total assets 0.34%   0.35% 
          


    NORWOOD FINANCIAL CORP          
    Consolidated Balance Sheets (unaudited)          
    (dollars in thousands)          
      December 31 September 30June 30 March 31 December 31
      2024  2024  2024  2024  2023 
    ASSETS          
    Cash and due from banks$27,562 $47,072 $29,903 $19,519 $28,533 
    Interest-bearing deposits with banks 44,777  35,808  39,492  92,444  37,587 
    Cash and cash equivalents 72,339  82,880  69,395  111,963  66,120 
               
    Securities available for sale 397,846  396,891  397,578  398,374  406,259 
    Loans receivable 1,713,638  1,675,139  1,641,356  1,621,448  1,603,618 
    Less: Allowance for credit losses 19,843  18,699  17,807  18,020  18,968 
    Net loans receivable 1,693,795  1,656,440  1,623,549  1,603,428  1,584,650 
    Regulatory stock, at cost 13,366  6,329  6,443  6,545  7,318 
    Bank owned life insurance 46,657  46,382  46,121  45,869  46,439 
    Bank premises and equipment, net 19,657  18,503  18,264  18,057  17,838 
    Foreclosed real estate owned 0  0  0  97  97 
    Goodwill and other intangibles 29,418  29,433  29,449  29,468  29,487 
    Other assets 44,384  42,893  44,517  46,622  42,871 
    TOTAL ASSETS$2,317,462 $2,279,751 $2,235,316 $2,260,423 $2,201,079 
               
    LIABILITIES          
    Deposits:          
    Non-interest bearing demand$381,479 $420,967 $391,849 $383,362 $399,545 
    Interest-bearing deposits 1,477,684  1,434,284  1,419,323  1,455,636  1,395,614 
    Total deposits 1,859,163  1,855,251  1,811,172  1,838,998  1,795,159 
    Borrowings 214,862  197,412  210,422  211,234  198,312 
    Other liabilities 29,929  31,434  31,534  28,978  26,538 
    TOTAL LIABILITIES 2,103,954  2,084,097  2,053,128  2,079,210  2,020,009 
               
    STOCKHOLDERS' EQUITY 213,508  195,654  182,188  181,213  181,070 
               
    TOTAL LIABILITIES AND          
    STOCKHOLDERS' EQUITY$2,317,462 $2,279,751 $2,235,316 $2,260,423 $2,201,079 
               
               
               
    NORWOOD FINANCIAL CORP          
    Consolidated Statements of Income (unaudited)          
    (dollars in thousands, except per share data)          
      December 31 September 30June 30 March 31 December 31
    Three months ended 2024  2024  2024  2024  2023 
    INTEREST INCOME          
    Loans receivable, including fees$26,122 $25,464 $24,121 $23,681 $23,328 
    Securities 2,789  2,526  2,584  2,526  2,504 
    Other 574  497  966  731  253 
    Total interest income 29,485  28,487  27,671  26,938  26,085 
               
    INTEREST EXPENSE          
    Deposits 10,984  10,553  10,687  10,110  8,910 
    Borrowings 1,876  2,003  2,059  2,118  1,882 
    Total interest expense 12,860  12,556  12,746  12,228  10,792 
    NET INTEREST INCOME 16,625  15,931  14,925  14,710  15,293 
    PROVISION FOR (RELEASE OF) CREDIT LOSSES 1,604  1,345  347  (624) 6,116 
    NET INTEREST INCOME AFTER (RELEASE OF) PROVISION          
    FOR CREDIT LOSSES 15,021  14,586  14,578  15,334  9,177 
               
    OTHER INCOME          
    Service charges and fees 1,595  1,517  1,504  1,343  1,421 
    Income from fiduciary activities 224  256  225  238  210 
    Net realized (losses) gains on sales of securities (19,962) -  -  -  - 
    Gains on sales of loans, net 50  103  36  6  36 
    Gains on sales of foreclosed real estate owned -  -  32  -  66 
    Earnings and proceeds on life insurance policies 275  261  253  268  242 
    Other 159  158  157  151  148 
    Total other income (17,659) 2,295  2,207  2,006  2,123 
               
    OTHER EXPENSES          
    Salaries and employee benefits 6,690  6,239  5,954  6,135  5,672 
    Occupancy, furniture and equipment, net 1,291  1,269  1,229  1,261  1,265 
    Foreclosed real estate 9  9  15  21  17 
    FDIC insurance assessment 335  339  309  361  287 
    Other 5,094  4,175  3,937  3,954  3,608 
    Total other expenses 13,419  12,031  11,444  11,732  10,849 
               
    INCOME BEFORE TAX (BENEFIT) EXPENSE (16,057) 4,850  5,341  5,608  451 
    INCOME TAX (BENEFIT) EXPENSE (3,406) 1,006  1,128  1,175  96 
    NET (LOSS) INCOME$(12,651)$3,844 $4,213 $4,433 $355 
               
    Basic (loss) earnings per share$(1.54)$0.48 $0.52 $0.55 $0.04 
               
    Diluted (loss) earnings per share$(1.54)$0.48 $0.52 $0.55 $0.04 
               
    Book Value per share$23.02 $24.92 $23.26 $23.01 $22.99 
    Tangible Book Value per share 19.85  21.28  19.62  19.38  19.36 
               
    Return on average assets (annualized) -2.19% 0.68%  0.75%  0.80%  0.06% 
    Return on average equity (annualized) -26.08% 8.09%  9.41%  9.79%  0.84% 
    Return on average tangible equity (annualized) -30.77% 9.58%  11.26%  11.68%  1.01% 
               
    Net interest spread (fte) 2.31%  2.23%  2.06%  2.06%  2.23% 
    Net interest margin (fte) 3.04%  2.99%  2.80%  2.79%  2.93% 
               
    Allowance for credit losses to total loans 1.16%  1.12%  1.08%  1.11%  1.18% 
    Net charge-offs to average loans (annualized) 0.12%  0.08%  0.13%  0.08%  0.79% 
    Nonperforming loans to total loans 0.46%  0.47%  0.47%  0.23%  0.48% 
    Nonperforming assets to total assets 0.34%  0.35%  0.34%  0.17%  0.35% 

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