Norwood Financial Corp Announces Cash Dividend

Rhea-AI Summary

Norwood Financial Corp (NASDAQ: NWFL) announced a quarterly cash dividend of $0.26 per share, marking a 4.0% increase from the same quarter in 2020. This dividend is payable on May 3, 2021, to shareholders of record as of April 15, 2021. The announcement reflects the company’s financial strength and solid capital position. As of December 31, 2020, Norwood had total assets of $1.852 billion, loans outstanding of $1.411 billion, and total deposits of $1.535 billion.

Positive

• Quarterly cash dividend increased by 4% to $0.26, demonstrating financial strength.
• Company reported total assets of $1.852 billion and loans outstanding of $1.411 billion.

Negative

• Risks related to the COVID-19 pandemic affecting financial conditions and operations.
• Potential challenges in maintaining or increasing cash dividends in the future.

HONESDALE, Pa., March 11, 2021 (GLOBE NEWSWIRE) -- Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market - NWFL) and its subsidiary Wayne Bank announced that the Board of Directors declared a $0.26 per share quarterly cash dividend payable May 3, 2021, to shareholders of record as of April 15, 2021. The $0.26 per share represents an increase of 4.0% over the cash dividend declared in the first quarter of 2020.

Mr. Critelli commented, “The Board is extremely pleased to provide our stockholders 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 sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of December 31, 2020, the Company had total assets of $1.852 billion, loans outstanding of $1.411 billion, total deposits of $1.535 billion and total stockholders’ equity of $194.8 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 potential adverse impact the COVID-19 pandemic may have on Norwood’s financial condition and results of operations, 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 2021?

Norwood Financial Corp declared a quarterly cash dividend of $0.26 per share.

When will Norwood Financial Corp's dividend be paid?

The dividend will be paid on May 3, 2021.

What is the record date for Norwood Financial Corp's dividend?

The record date for the dividend is April 15, 2021.

How does the current dividend compare to previous dividends?

The current dividend of $0.26 represents a 4.0% increase from the first quarter of 2020.

What financial metrics did Norwood Financial Corp report?

As of December 31, 2020, the company reported total assets of $1.852 billion, loans of $1.411 billion, and deposits of $1.535 billion.