Norwood Financial Corp Announces Cash Dividend

Rhea-AI Summary

Norwood Financial Corp (NASDAQ: NWFL) declared a quarterly cash dividend of $0.25 per share, payable on November 2, 2020, to shareholders on record as of October 15, 2020. This dividend matches the previous quarter's amount and marks a 4.2% increase compared to the same period last year. CEO Lewis J. Critelli highlighted the company's financial strength and solid performance as key factors for this dividend. As of June 30, 2020, Norwood reported total assets of $1.4 billion and loans outstanding of $988.7 million.

Positive

• Declaring a quarterly dividend of $0.25 per share demonstrates shareholder value.
• The current dividend represents a 4.2% increase year-over-year, indicating growth.
• Strong financial metrics include total assets of $1.4 billion and loans of $988.7 million.

Negative

• Potential risks posed by the COVID-19 pandemic affecting financial condition.
• Uncertainties related to federal and state law changes may impact operations.

HONESDALE, Pa., Sept. 10, 2020 (GLOBE NEWSWIRE) -- Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market: NWFL) and its subsidiary, Wayne Bank, today announced that the Board of Directors declared a $.25 per share cash dividend payable November 2, 2020 to shareholders of record as of October 15, 2020. The $.25 per share equals the per share dividend declared in the prior quarter and represents a 4.2% increase over the cash dividend declared in the third quarter of last year.

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 fifteen offices in Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of June 30, 2020, Norwood had total assets of $1.4 billion, loans outstanding of $988.7 million, total deposits of $1.1 billion and total capital of $142.7 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 uncertainties and actual results could differ materially and therefore readers should not place undue reliance on any forward-looking statements. Those risks and uncertainties include 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 November 2020?

Norwood Financial Corp declared a cash dividend of $0.25 per share for November 2020.

When is the dividend payment date for NWFL shareholders?

The dividend payment date is November 2, 2020.

What is the record date for the NWFL dividend?

The record date for the NWFL dividend is October 15, 2020.

How much has Norwood Financial Corp increased its dividend compared to last year?

The dividend has increased by 4.2% compared to the same quarter last year.

What are the total assets reported by Norwood Financial Corp as of June 2020?

As of June 30, 2020, Norwood Financial Corp reported total assets of $1.4 billion.