Norwood Financial Corp Announces Cash Dividend

Rhea-AI Summary

Norwood Financial Corp (NASDAQ - NWFL) announced a quarterly cash dividend of $0.29 per share, payable on May 1, 2023, to shareholders of record as of April 14, 2023. This dividend marks a 3.6% increase from the same period last year. CEO James O. Donnelly emphasized the dividend reflects the company’s financial strength and solid performance. As of December 31, 2022, Norwood reported total assets of $2.047 billion, loans of $1.474 billion, and total deposits of $1.728 billion, maintaining strong capital position.

Positive

• Quarterly cash dividend increased by 3.6%, demonstrating strong financial performance.
• Total assets reported at $2.047 billion, indicating solid company growth.

Negative

• Potential risks associated with future dividend payments due to economic uncertainties.
• Concerns regarding the impact of COVID-19 on financial condition.

HONESDALE, Pa., March 16, 2023 (GLOBE NEWSWIRE) -- James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market - NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors has declared a $0.29 per share quarterly cash dividend payable May 1, 2023, to shareholders of record as of April 14, 2023. The $0.29 per share represents an increase of 3.6% over the cash dividend declared in the first quarter of 2022.

Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this quarterly cash dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.”

Norwood Financial Corp, through its subsidiary, Wayne Bank operates fourteen offices in Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of December 31, 2022, the Company had total assets of $2.047 billion, loans outstanding of $1.474 billion, total deposits of $1.728 billion and total stockholders’ equity of $167.1 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of risks and uncertainties which may cause actual results to differ materially from those currently anticipated, and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include, but are not limited to, our ability to pay or increase cash dividends in the future, the continued financial strength, solid performance and strong capital position of the Company, changes in federal and state laws, changes in the absolute and relative levels of interest rates, the risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, the ability to control costs and expenses, demand for real estate, costs associated with cybercrime, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

CONTACT:	William Lance
	Executive Vice President and Chief Financial Officer
	NORWOOD FINANCIAL CORP
	(570) 253-8505
	www.waynebank.com

FAQ

What is the dividend amount declared by Norwood Financial Corp for May 2023?

Norwood Financial Corp declared a dividend of $0.29 per share.

When is the dividend payable to shareholders of Norwood Financial Corp?

The dividend is payable on May 1, 2023.

What was the dividend increase percentage for Norwood Financial Corp this quarter?

The dividend increased by 3.6% compared to the first quarter of 2022.

What are the total assets of Norwood Financial Corp as of December 31, 2022?

Norwood Financial Corp reported total assets of $2.047 billion.

How does COVID-19 impact Norwood Financial Corp's business operations?

COVID-19 poses risks and uncertainties that may affect the company's financial condition and operational results.