Norwood Financial Corp Announces Cash Dividend

Rhea-AI Summary

Norwood Financial Corp (NASDAQ - NWFL) announced a quarterly cash dividend of $.26 per share, payable on August 2, 2021, to shareholders of record as of July 15, 2021. This dividend represents a 4.0% increase compared to the same period last year. President and CEO Lewis J. Critelli emphasized that this decision reflects the company's financial strength and strong capital position, with total assets reported at $2.010 billion and total capital of $195.1 million as of March 31, 2021.

Positive

• Quarterly cash dividend of $.26 per share declared, matching previous quarter.
• 4.0% increase in dividend compared to the second quarter of 2020.
• Strong financial performance with total assets of $2.010 billion.

Negative

• Risks related to the COVID-19 pandemic impacting financial condition.
• Uncertainty regarding the ability to maintain or increase future dividends.

HONESDALE, Pa., June 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 $.26 per share cash dividend, which is payable August 2, 2021 to shareholders of record as of July 15, 2021. The $.26 per share equals the per share dividend declared in the prior quarter and represents a 4.0% increase over the cash dividend declared in the second quarter of 2020.

Mr. Critelli commented, “The Board is extremely pleased to provide our shareholders with this quarterly 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 March 31, 2021, Norwood had total assets of $2.010 billion, loans outstanding of $1.422 billion, total deposits of $1.685 billion and total capital of $195.1 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 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 NWFL dividend amount and payment date?

The NWFL dividend amount is $.26 per share, payable on August 2, 2021.

How much was the dividend increased for NWFL this quarter?

The dividend was increased by 4.0% compared to the second quarter of 2020.

What are the total assets of Norwood Financial Corp?

As of March 31, 2021, Norwood Financial Corp had total assets of $2.010 billion.

What risks could affect NWFL's ability to pay dividends in the future?

Risks include the impact of COVID-19 on financial conditions and economic uncertainty.