Norwood Financial Corp announces First Quarter 2025 Results
Norwood Financial Corp (NWFL) reported strong Q1 2025 results with fully diluted EPS of $0.63, marking a 14.5% increase from Q1 2024. The company achieved notable improvements in key metrics, including:
- Net income of $5.8 million, up $1.3 million year-over-year
- Net interest margin increased to 3.30% from 2.80% in Q1 2024
- Return on assets exceeded 1.00%
- Loans grew at a 13.5% annualized rate in Q1
- Total assets reached $2.376 billion, up 5.07% year-over-year
- Total deposits increased 9.00% to $2.004 billion
The company's portfolio repositioning in December 2024 has improved capital position and earnings performance, while efficiency ratio improved to 59.7% from 70.6% in Q1 2024. Tangible Book Value per share increased from $19.85 to $20.66 during the quarter.
Norwood Financial Corp (NWFL) ha riportato risultati solidi nel primo trimestre 2025 con un utile per azione completamente diluito di $0,63, segnando un aumento del 14,5% rispetto al primo trimestre 2024. La società ha ottenuto miglioramenti significativi in metriche chiave, tra cui:
- Utile netto di 5,8 milioni di dollari, in crescita di 1,3 milioni rispetto all'anno precedente
- Margine di interesse netto salito al 3,30% dal 2,80% nel primo trimestre 2024
- Rendimento degli attivi superiore all'1,00%
- Crescita dei prestiti a un tasso annualizzato del 13,5% nel primo trimestre
- Totale attivi raggiunti a 2,376 miliardi di dollari, in aumento del 5,07% su base annua
- Depositi totali aumentati del 9,00% a 2,004 miliardi di dollari
Il riposizionamento del portafoglio della società a dicembre 2024 ha migliorato la posizione patrimoniale e la performance degli utili, mentre il rapporto di efficienza è migliorato al 59,7% dal 70,6% del primo trimestre 2024. Il valore contabile tangibile per azione è aumentato da $19,85 a $20,66 durante il trimestre.
Norwood Financial Corp (NWFL) reportó sólidos resultados en el primer trimestre de 2025 con un BPA totalmente diluido de $0.63, lo que representa un aumento del 14.5% respecto al primer trimestre de 2024. La compañía logró mejoras notables en métricas clave, incluyendo:
- Ingreso neto de 5.8 millones de dólares, un aumento de 1.3 millones interanual
- Margen neto de interés incrementado a 3.30% desde 2.80% en el primer trimestre de 2024
- Retorno sobre activos superior al 1.00%
- Crecimiento de préstamos a una tasa anualizada del 13.5% en el primer trimestre
- Activos totales alcanzaron 2.376 mil millones de dólares, un aumento del 5.07% interanual
- Depósitos totales incrementaron un 9.00% hasta 2.004 mil millones de dólares
El reposicionamiento de la cartera de la compañía en diciembre de 2024 ha mejorado la posición de capital y el desempeño de las ganancias, mientras que la ratio de eficiencia mejoró al 59.7% desde el 70.6% en el primer trimestre de 2024. El valor tangible contable por acción aumentó de $19.85 a $20.66 durante el trimestre.
Norwood Financial Corp (NWFL)는 2025년 1분기에 희석 주당순이익(EPS) 0.63달러를 기록하며 2024년 1분기 대비 14.5% 증가한 강력한 실적을 발표했습니다. 회사는 다음과 같은 주요 지표에서 눈에 띄는 개선을 이루었습니다:
- 순이익 580만 달러로 전년 동기 대비 130만 달러 증가
- 순이자마진이 2024년 1분기 2.80%에서 3.30%로 상승
- 자산수익률(ROA) 1.00% 초과
- 1분기 대출 연환산 성장률 13.5%
- 총자산 23억 7,600만 달러로 전년 대비 5.07% 증가
- 총예금 20억 400만 달러로 9.00% 증가
2024년 12월 포트폴리오 재조정으로 자본 상태와 수익성이 개선되었으며, 효율성 비율은 2024년 1분기 70.6%에서 59.7%로 향상되었습니다. 분기 동안 주당 유형자산가치(Tangible Book Value)는 19.85달러에서 20.66달러로 상승했습니다.
Norwood Financial Corp (NWFL) a annoncé de solides résultats pour le premier trimestre 2025 avec un BPA dilué de 0,63 $, soit une hausse de 14,5 % par rapport au premier trimestre 2024. La société a réalisé des améliorations notables sur des indicateurs clés, notamment :
- Un bénéfice net de 5,8 millions de dollars, en hausse de 1,3 million par rapport à l'année précédente
- Une marge d'intérêt nette passée de 2,80 % au premier trimestre 2024 à 3,30 %
- Un retour sur actifs supérieur à 1,00 %
- Une croissance des prêts à un taux annualisé de 13,5 % au premier trimestre
- Un total d'actifs atteignant 2,376 milliards de dollars, en hausse de 5,07 % en glissement annuel
- Une augmentation des dépôts totaux de 9,00 % pour atteindre 2,004 milliards de dollars
Le repositionnement du portefeuille de la société en décembre 2024 a amélioré la position en capital et la performance des bénéfices, tandis que le ratio d'efficacité s'est amélioré, passant de 70,6 % au premier trimestre 2024 à 59,7 %. La valeur comptable tangible par action est passée de 19,85 $ à 20,66 $ au cours du trimestre.
Norwood Financial Corp (NWFL) meldete starke Ergebnisse für das erste Quartal 2025 mit einem voll verwässerten Ergebnis je Aktie von 0,63 USD, was einem Anstieg von 14,5 % gegenüber dem ersten Quartal 2024 entspricht. Das Unternehmen erzielte bemerkenswerte Verbesserungen bei wichtigen Kennzahlen, darunter:
- Nettogewinn von 5,8 Millionen USD, ein Anstieg von 1,3 Millionen USD im Jahresvergleich
- Nettozinsmarge stieg von 2,80 % im ersten Quartal 2024 auf 3,30 %
- Gesamtkapitalrendite über 1,00 %
- Kredite wuchsen im ersten Quartal mit einer annualisierten Rate von 13,5 %
- Gesamtvermögen erreichte 2,376 Milliarden USD, ein Anstieg von 5,07 % im Jahresvergleich
- Gesamteinlagen stiegen um 9,00 % auf 2,004 Milliarden USD
Die Neuausrichtung des Portfolios im Dezember 2024 verbesserte die Kapitalbasis und die Ergebnisentwicklung, während die Effizienzquote von 70,6 % im ersten Quartal 2024 auf 59,7 % sank. Der materielle Buchwert je Aktie stieg im Quartal von 19,85 USD auf 20,66 USD.
- EPS increased 14.5% year-over-year to $0.63
- Net income grew by $1.3 million to $5.8 million
- Net interest margin improved by 50 basis points to 3.30%
- Loan portfolio grew 9.24% year-over-year
- Deposits increased 9.00% year-over-year
- Efficiency ratio improved from 70.6% to 59.7%
- Tangible Book Value per share increased by $0.81 to $20.66
- Provision for credit losses of $857,000 compared to a release of $624,000 in Q1 2024
- Operating expenses increased by $332,000 year-over-year
Insights
NWFL delivers strong Q1 with 14.5% EPS growth, improved margins, and robust loan/deposit expansion, demonstrating successful strategic repositioning.
Norwood Financial Corp's Q1 2025 results showcase significant improvement across all key performance metrics, reflecting the successful execution of their December 2024 strategic portfolio repositioning. The fully diluted EPS of $0.63 represents a
The net interest margin expansion of
Loan growth at a
The efficiency ratio improvement from
The strengthened capital position (tangible common equity at
The overall trajectory suggests continued momentum throughout 2025, with the strategic repositioning creating a sustainable foundation for improved performance across all key banking metrics.
Quarterly Highlights:
- Fully diluted EPS of
$0.63 , a14.5% increase over the same period in 2024 - Return on assets rises to over
1.00% . - Net interest margin increased 30 basis points vs. the prior quarter and 11 basis points over the prior year.
- Loans grew at a
13.5% annualized rate during the first quarter. - Capital continues to improve on increased earnings and lower AOCI adjustment.
HONESDALE, Pa., April 17, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months March 31, 2025.
Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank, stated, “The actions that we took in December 2024 to improve our capital and earnings have given us a great start to 2025. The portfolio repositioning has improved our net interest margin. That, coupled with strong annualized growth in loans and deposits, put us on a positive trajectory for 2025. We continue to benefit from lower deposit costs together with higher assets yields and our deposit growth has allowed us to lower our use of wholesale borrowings.”
Mr. Donnelly continued, “The capital that we raised in December 2024, has strengthened our balance sheet and will allow our Company to better weather any headwinds that come with global uncertainty. Although we do not have any international business per se, we do have customers who may have exposure to developing trade conditions. Because we are a community bank we are contacting our customers to determine how we can best assist them, if necessary. Additionally, we are being prudent regarding the opportunities in front of us, taking the time to assess the effects of changing economic circumstances.”
Selected Financial Highlights
| (dollars in thousands, except per share data) | Year-Over Year | Linked Quarter | Adjusted Linked Quarter1 | |||||||||
| 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
| Mar-25 | Mar-24 | Change | Dec-24 | Change | Dec-24 | Change | ||||||
| Net interest income | 17,857 | 14,710 | 3,147 | 16,625 | 1,232 | 16,625 | 1,232 | |||||
| Net interest spread (fte) | 53 bps | 30 bps | 30 bps | |||||||||
| Net interest margin (fte) | 50 bps | 26 bps | 26 bps | |||||||||
| Net income (loss) | 5,773 | 4,433 | 1,340 | (12,651) | 18,424 | 3,119 | 2,654 | |||||
| Diluted earnings per share | 0.63 | 0.55 | 0.08 | -1.54 | -2.09 | 0.38 | 0.25 | |||||
| Return on average assets | 21 bps | - | 320 bps | 47 bps | ||||||||
| Return on tangible equity | 75 bps | - | (4,317 bps) | 481 bps | ||||||||
1 - The above table includes non-GAAP financial measures excluding the one-time
Discussion of financial results for the three months ended March 31, 2025:
- The Company had net income of
$5.8 million for the three months ended March 31, 2025, an increase$1.3 million over the same period last year. - Net interest income increased during the first quarter of 2025 compared to the first quarter of 2024 due to increases in asset yields which outpaced increases in yields on liabilities.
- Correspondingly, the net interest margin in the first quarter of 2025 was
3.30% compared to2.80% in the first quarter of 2024. - The efficiency ratio for the first quarter of 2025 was
59.7% compared to70.6% in the first quarter of 2024. - As of March 31, 2025, total assets were
$2.37 6 billion, compared to$2.26 0 billion at March 31, 2024, an increase of5.07% . - Loans receivable were
$1.77 1 billion at March 31 2025, compared to$1.62 1 billion at March 31, 2024, an increase of9.24% . - Total deposits were
$2.00 4 billion at March 31 2025, compared to$1.83 9 billion at March 31, 2024, an increase of9.00% . - Tangible Common Equity was
8.16% as of March 31, 2025, versus6.80% at March 31, 2024. - Tangible Book Value per share increased
$0.81 from$19.85 at December 31, 2024 to$20.66 at March 31, 2025.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from sixteen offices throughout Northeastern Pennsylvania and fourteen offices in 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 December 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, 2024 | |||
| Net (loss) income | $ | (12,651) | |
| Average assets | 2,299,732 | ||
| Return on average assets (annualized) | -2.19 | % | |
| Net (loss) income | (12,651) | ||
| Net realized losses on sale of securities | 19,962 | ||
| Tax effect at | (4,192) | ||
| Adjusted Net Income (Non-GAAP) | 3,119 | ||
| Average assets | 2,299,732 | ||
| Adjusted return on average assets (annualized) | |||
| (Non-GAAP) | 0.54 | % | |
| Adjusted Return on Average Tangible Shareholders' Equity | |||
| (Dollars in thousands) | |||
| Three Months Ended | |||
| December 31, 2024 | |||
| Net (loss) income | $ | (12,651) | |
| Average shareholders' equity | 192,981 | ||
| Average intangible assets | 29,424 | ||
| Average tangible shareholders' equity | 163,557 | ||
| Return on average tangible shareholders' equity (annualized) | -30.77 | % | |
| Net (loss) income | (12,651) | ||
| Net realized losses on sale of securities | 19,962 | ||
| Tax effect at | (4,192) | ||
| Adjusted Net Income (Non-GAAP) | 3,119 | ||
| Average tangible shareholders' equity | 163,557 | ||
| Adjusted return on average shareholders' equity (annualized) | |||
| (Non-GAAP) | 7.59 | % | |
| Adjusted Earnings Per Share | |||
| (Dollars in thousands) | |||
| Three Months Ended | |||
| December 31, 2024 | |||
| GAAP-Based Earnings Per Share, Basic | $ | (1.54) | |
| GAAP-Based Earnings Per Share, Diluted | $ | (1.54) | |
| Net (Loss) Income | (12,651) | ||
| Net realized losses on sale of securities | 19,962 | ||
| Tax effect at | (4,192) | ||
| Adjusted Net Income (Non-GAAP) | 3,119 | ||
| Adjusted Earnings per Share, Basic (Non-GAAP) | $ | 0.38 | |
| Adjusted Earnings per Share, Diluted (Non-GAAP) | $ | 0.38 | |
The following table reconciles average equity to average tangible equity:
| For the Period Ended | ||||||||
| (dollars in thousands) | March 31 | |||||||
| 2025 | 2024 | |||||||
| Average equity | $ | 218,194 | $ | 182,088 | ||||
| Average goodwill and other intangibles | (29,409 | ) | (29,476 | ) | ||||
| Average tangible equity | $ | 188,785 | $ | 152,612 | ||||
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) | ||||||
| March 31 | ||||||
| 2025 | 2024 | |||||
| ASSETS | ||||||
| Cash and due from banks | $ | 31,729 | $ | 19,519 | ||
| Interest-bearing deposits with banks | 43,678 | 92,444 | ||||
| Cash and cash equivalents | 75,407 | 111,963 | ||||
| Securities available for sale | 408,742 | 398,374 | ||||
| Loans receivable | 1,771,269 | 1,621,448 | ||||
| Less: Allowance for credit losses | 20,442 | 18,020 | ||||
| Net loans receivable | 1,750,827 | 1,603,428 | ||||
| Regulatory stock, at cost | 7,616 | 6,545 | ||||
| Bank premises and equipment, net | 20,273 | 18,057 | ||||
| Bank owned life insurance | 46,914 | 45,869 | ||||
| Foreclosed real estate owned | - | 97 | ||||
| Accrued interest receivable | 8,587 | 8,135 | ||||
| Deferred tax assets, net | 17,859 | 21,642 | ||||
| Goodwill | 29,266 | 29,266 | ||||
| Other intangible assets | 136 | 202 | ||||
| Other assets | 10,417 | 16,845 | ||||
| TOTAL ASSETS | $ | 2,376,044 | $ | 2,260,423 | ||
| LIABILITIES | ||||||
| Deposits: | ||||||
| Non-interest bearing demand | $ | 391,377 | $ | 383,362 | ||
| Interest-bearing | 1,613,071 | 1,455,636 | ||||
| Total deposits | 2,004,448 | 1,838,998 | ||||
| Short-term borrowings | - | 60,055 | ||||
| Other borrowings | 118,590 | 151,179 | ||||
| Accrued interest payable | 13,864 | 11,737 | ||||
| Other liabilities | 18,435 | 17,241 | ||||
| TOTAL LIABILITIES | 2,155,337 | 2,079,210 | ||||
| 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: 2025: 9,489,398 shares, 2024: 8,310,847 shares | 949 | 831 | ||||
| Surplus | 126,785 | 97,893 | ||||
| Retained earnings | 127,865 | 137,285 | ||||
| Treasury stock, at cost: 2025: 229,979 shares, 2024: 200,690 shares | (6,208 | ) | (5,397 | ) | ||
| Accumulated other comprehensive loss | (28,684 | ) | (49,399 | ) | ||
| TOTAL STOCKHOLDERS' EQUITY | 220,707 | 181,213 | ||||
| TOTAL LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | $ | 2,376,044 | $ | 2,260,423 | ||
| NORWOOD FINANCIAL CORP | ||||||
| Consolidated Statements of Income | ||||||
| (dollars in thousands, except per share data) | ||||||
| (unaudited) | ||||||
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| INTEREST INCOME | ||||||
| Loans receivable, including fees | $ | 25,988 | $ | 23,681 | ||
| Securities | 3,870 | 2,526 | ||||
| Other | 226 | 731 | ||||
| Total Interest income | 30,084 | 26,938 | ||||
| INTEREST EXPENSE | ||||||
| Deposits | 10,748 | 10,110 | ||||
| Short-term borrowings | 458 | 336 | ||||
| Other borrowings | 1,021 | 1,782 | ||||
| Total Interest expense | 12,227 | 12,228 | ||||
| NET INTEREST INCOME | 17,857 | 14,710 | ||||
| PROVISION FOR (RELEASE OF) CREDIT LOSSES | $ | 857 | $ | (624 | ) | |
| NET INTEREST INCOME AFTER PROVISION FOR (RELEASE OF) CREDIT LOSSES | 17,000 | 15,334 | ||||
| OTHER INCOME | ||||||
| Service charges and fees | 1,513 | 1,343 | ||||
| Income from fiduciary activities | 325 | 238 | ||||
| Gains on sales of loans, net | 47 | 6 | ||||
| Earnings and proceeds on life insurance policies | 286 | 268 | ||||
| Other | 180 | 151 | ||||
| Total other income | 2,351 | 2,006 | ||||
| OTHER EXPENSES | ||||||
| Salaries and employee benefits | 6,472 | 6,135 | ||||
| Occupancy, furniture and equipment | 1,378 | 1,261 | ||||
| Data processing and related operations | 1,085 | 1,022 | ||||
| Taxes, other than income | 192 | 93 | ||||
| Professional fees | 659 | 585 | ||||
| FDIC Insurance assessment | 406 | 361 | ||||
| Foreclosed real estate | 4 | 21 | ||||
| Amortization of intangibles | 15 | 19 | ||||
| Other | 1,853 | 2,235 | ||||
| Total other expenses | 12,064 | 11,732 | ||||
| INCOME BEFORE TAX EXPENSE | 7,287 | 5,608 | ||||
| INCOME TAX EXPENSE | 1,514 | 1,175 | ||||
| NET INCOME | $ | 5,773 | $ | 4,433 | ||
| Basic earnings per share | $ | 0.63 | $ | 0.55 | ||
| Diluted earnings per share | $ | 0.63 | $ | 0.55 | ||
| NORWOOD FINANCIAL CORP | |||||||||||||||||||||||||||
| NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||
| For the Quarter Ended | |||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
| (2) | (1) | (3) | (2) | (1) | (3) | (2) | (1) | (3) | |||||||||||||||||||
| Assets | |||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 20,802 | $ | 226 | 4.41 | % | $ | 46,629 | $ | 574 | 4.90 | % | $ | 53,930 | $ | 730 | 5.44 | % | |||||||||
| Securities available for sale: | |||||||||||||||||||||||||||
| Taxable | 408,427 | 3,623 | 3.60 | 404,777 | 2,434 | 2.39 | 402,275 | 2,147 | 2.15 | ||||||||||||||||||
| Tax-exempt (1) | 44,242 | 312 | 2.86 | 65,628 | 449 | 2.72 | 69,880 | 481 | 2.77 | ||||||||||||||||||
| Total securities available for sale (1) | 452,669 | 3,935 | 3.53 | 470,405 | 2,883 | 2.44 | 472,155 | 2,628 | 2.24 | ||||||||||||||||||
| Loans receivable (1) (4) (5) | 1,743,572 | 26,120 | 6.08 | 1,690,650 | 26,246 | 6.18 | 1,612,106 | 23,775 | 5.93 | ||||||||||||||||||
| Total interest-earning assets | 2,217,043 | 30,281 | 5.54 | 2,207,684 | 29,703 | 5.35 | 2,138,191 | 27,133 | 5.10 | ||||||||||||||||||
| Non-interest earning assets: | |||||||||||||||||||||||||||
| Cash and due from banks | 28,705 | 27,283 | 24,593 | ||||||||||||||||||||||||
| Allowance for credit losses | (20,154 | ) | (18,741 | ) | (19,096 | ) | |||||||||||||||||||||
| Other assets | 93,131 | 83,506 | 73,692 | ||||||||||||||||||||||||
| Total non-interest earning assets | 101,682 | 92,048 | 79,189 | ||||||||||||||||||||||||
| Total Assets | $ | 2,318,725 | $ | 2,299,732 | $ | 2,217,380 | |||||||||||||||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Interest-bearing demand and money market | $ | 546,884 | $ | 2,801 | 2.08 | $ | 528,330 | $ | 3,017 | 2.27 | $ | 449,825 | $ | 2,311 | 2.07 | ||||||||||||
| Savings | 211,905 | 142 | 0.27 | 209,362 | 162 | 0.31 | 235,545 | 250 | 0.43 | ||||||||||||||||||
| Time | 793,803 | 7,805 | 3.99 | 764,819 | 7,805 | 4.06 | 725,199 | 7,549 | 4.19 | ||||||||||||||||||
| Total interest-bearing deposits | 1,552,592 | 10,748 | 2.81 | 1,502,511 | 10,984 | 2.91 | 1,410,569 | 10,110 | 2.88 | ||||||||||||||||||
| Short-term borrowings | 44,297 | 458 | 4.19 | 46,267 | 348 | 2.99 | 57,997 | 336 | 2.33 | ||||||||||||||||||
| Other borrowings | 93,549 | 1,021 | 4.43 | 133,620 | 1,528 | 4.55 | 155,498 | 1,782 | 4.61 | ||||||||||||||||||
| Total interest-bearing liabilities | 1,690,438 | 12,227 | 2.93 | 1,682,398 | 12,860 | 3.04 | 1,624,064 | 12,228 | 3.03 | ||||||||||||||||||
| Non-interest bearing liabilities: | |||||||||||||||||||||||||||
| Demand deposits | 380,544 | 394,001 | 386,066 | ||||||||||||||||||||||||
| Other liabilities | 29,549 | 30,352 | 25,162 | ||||||||||||||||||||||||
| Total non-interest bearing liabilities | 410,093 | 424,353 | 411,228 | ||||||||||||||||||||||||
| Stockholders' equity | 218,194 | 192,981 | 182,088 | ||||||||||||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 2,318,725 | $ | 2,299,732 | $ | 2,217,380 | |||||||||||||||||||||
| Net interest income/spread (tax equivalent basis) | 18,054 | 2.61 | % | 16,843 | 2.31 | % | 14,905 | 2.08 | % | ||||||||||||||||||
| Tax-equivalent basis adjustment | (197 | ) | (218 | ) | (195 | ) | |||||||||||||||||||||
| Net interest income | $ | 17,857 | $ | 16,625 | $ | 14,710 | |||||||||||||||||||||
| Net interest margin (tax equivalent basis) | 3.30 | % | 3.04 | % | 2.80 | % | |||||||||||||||||||||
| (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of | |||||||||||||||||||||||||||
| (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 March 31 | 2025 | 2024 | ||||
| Net interest income | $ | 17,857 | $ | 14,710 | ||
| Net income | 5,773 | 4,433 | ||||
| Net interest spread (fully taxable equivalent) | 2.61 | % | 2.08 | % | ||
| Net interest margin (fully taxable equivalent) | 3.30 | % | 2.80 | % | ||
| Return on average assets | 1.01 | % | 0.80 | % | ||
| Return on average equity | 10.73 | % | 9.79 | % | ||
| Return on average tangible equity | 12.40 | % | 11.68 | % | ||
| Basic earnings per share | $ | 0.63 | $ | 0.55 | ||
| Diluted earnings per share | $ | 0.63 | $ | 0.55 | ||
| As of March 31 | 2025 | 2024 | ||||
| Total assets | $ | 2,376,044 | $ | 2,260,423 | ||
| Total loans receivable | 1,771,269 | 1,621,448 | ||||
| Allowance for credit losses | 20,442 | 18,020 | ||||
| Total deposits | 2,004,448 | 1,838,998 | ||||
| Stockholders' equity | 220,707 | 181,213 | ||||
| Trust assets under management | 198,761 | 202,020 | ||||
| Book value per share | $ | 23.84 | $ | 22.34 | ||
| Tangible book value per share | $ | 20.66 | $ | 18.71 | ||
| Equity to total assets | 9.29 | % | 8.02 | % | ||
| Allowance to total loans receivable | 1.15 | % | 1.11 | % | ||
| Nonperforming loans to total loans | 0.45 | % | 0.23 | % | ||
| Nonperforming assets to total assets | 0.33 | % | 0.17 | % | ||
| NORWOOD FINANCIAL CORP | ||||||||||
| Consolidated Balance Sheets (unaudited) | ||||||||||
| (dollars in thousands) | ||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 31,729 | $ | 27,562 | $ | 47,072 | $ | 29,903 | $ | 19,519 |
| Interest-bearing deposits with banks | 43,678 | 44,777 | 35,808 | 39,492 | 92,444 | |||||
| Cash and cash equivalents | 75,407 | 72,339 | 82,880 | 69,395 | 111,963 | |||||
| Securities available for sale | 408,742 | 397,846 | 396,891 | 397,578 | 398,374 | |||||
| Loans receivable | 1,771,269 | 1,713,638 | 1,675,139 | 1,641,356 | 1,621,448 | |||||
| Less: Allowance for credit losses | 20,442 | 19,843 | 18,699 | 17,807 | 18,020 | |||||
| Net loans receivable | 1,750,827 | 1,693,795 | 1,656,440 | 1,623,549 | 1,603,428 | |||||
| Regulatory stock, at cost | 7,616 | 13,366 | 6,329 | 6,443 | 6,545 | |||||
| Bank owned life insurance | 46,914 | 46,657 | 46,382 | 46,121 | 45,869 | |||||
| Bank premises and equipment, net | 20,273 | 19,657 | 18,503 | 18,264 | 18,057 | |||||
| Foreclosed real estate owned | - | - | - | - | 97 | |||||
| Goodwill and other intangibles | 29,402 | 29,418 | 29,433 | 29,449 | 29,468 | |||||
| Other assets | 36,863 | 44,384 | 42,893 | 44,517 | 46,622 | |||||
| TOTAL ASSETS | $ | 2,376,044 | $ | 2,317,462 | $ | 2,279,751 | $ | 2,235,316 | $ | 2,260,423 |
| LIABILITIES | ||||||||||
| Deposits: | ||||||||||
| Non-interest bearing demand | $ | 391,377 | $ | 381,479 | $ | 420,967 | $ | 391,849 | $ | 383,362 |
| Interest-bearing deposits | 1,613,071 | 1,477,684 | 1,434,284 | 1,419,323 | 1,455,636 | |||||
| Total deposits | 2,004,448 | 1,859,163 | 1,855,251 | 1,811,172 | 1,838,998 | |||||
| Borrowings | 118,590 | 214,862 | 197,412 | 210,422 | 211,234 | |||||
| Other liabilities | 32,299 | 29,929 | 31,434 | 31,534 | 28,978 | |||||
| TOTAL LIABILITIES | 2,155,337 | 2,103,954 | 2,084,097 | 2,053,128 | 2,079,210 | |||||
| STOCKHOLDERS' EQUITY | 220,707 | 213,508 | 195,654 | 182,188 | 181,213 | |||||
| TOTAL LIABILITIES AND | ||||||||||
| STOCKHOLDERS' EQUITY | $ | 2,376,044 | $ | 2,317,462 | $ | 2,279,751 | $ | 2,235,316 | $ | 2,260,423 |
| NORWOOD FINANCIAL CORP | |||||||||||||||
| Consolidated Statements of Income (unaudited) | |||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
| Three months ended | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| INTEREST INCOME | |||||||||||||||
| Loans receivable, including fees | $ | 25,988 | $ | 26,122 | $ | 25,464 | $ | 24,121 | $ | 23,681 | |||||
| Securities | 3,870 | 2,789 | 2,526 | 2,584 | 2,526 | ||||||||||
| Other | 226 | 574 | 497 | 966 | 731 | ||||||||||
| Total interest income | 30,084 | 29,485 | 28,487 | 27,671 | 26,938 | ||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 10,748 | 10,984 | 10,553 | 10,687 | 10,110 | ||||||||||
| Borrowings | 1,479 | 1,876 | 2,003 | 2,059 | 2,118 | ||||||||||
| Total interest expense | 12,227 | 12,860 | 12,556 | 12,746 | 12,228 | ||||||||||
| NET INTEREST INCOME | 17,857 | 16,625 | 15,931 | 14,925 | 14,710 | ||||||||||
| PROVISION FOR (RELEASE OF) CREDIT LOSSES | 857 | 1,604 | 1,345 | 347 | (624 | ) | |||||||||
| NET INTEREST INCOME AFTER (RELEASE OF) PROVISION | |||||||||||||||
| FOR CREDIT LOSSES | 17,000 | 15,021 | 14,586 | 14,578 | 15,334 | ||||||||||
| OTHER INCOME | |||||||||||||||
| Service charges and fees | 1,513 | 1,595 | 1,517 | 1,504 | 1,343 | ||||||||||
| Income from fiduciary activities | 325 | 224 | 256 | 225 | 238 | ||||||||||
| Net realized (losses) gains on sales of securities | - | (19,962 | ) | - | - | - | |||||||||
| Gains on sales of loans, net | 47 | 50 | 103 | 36 | 6 | ||||||||||
| Gains on sales of foreclosed real estate owned | - | - | - | 32 | - | ||||||||||
| Earnings and proceeds on life insurance policies | 286 | 275 | 261 | 253 | 268 | ||||||||||
| Other | 180 | 159 | 158 | 157 | 151 | ||||||||||
| Total other income | 2,351 | (17,659 | ) | 2,295 | 2,207 | 2,006 | |||||||||
| OTHER EXPENSES | |||||||||||||||
| Salaries and employee benefits | 6,472 | 6,690 | 6,239 | 5,954 | 6,135 | ||||||||||
| Occupancy, furniture and equipment, net | 1,378 | 1,291 | 1,269 | 1,229 | 1,261 | ||||||||||
| Foreclosed real estate | 4 | 9 | 9 | 15 | 21 | ||||||||||
| FDIC insurance assessment | 406 | 335 | 339 | 309 | 361 | ||||||||||
| Other | 3,804 | 5,094 | 4,175 | 3,937 | 3,954 | ||||||||||
| Total other expenses | 12,064 | 13,419 | 12,031 | 11,444 | 11,732 | ||||||||||
| INCOME BEFORE TAX (BENEFIT) EXPENSE | 7,287 | (16,057 | ) | 4,850 | 5,341 | 5,608 | |||||||||
| INCOME TAX (BENEFIT) EXPENSE | 1,514 | (3,406 | ) | 1,006 | 1,128 | 1,175 | |||||||||
| NET (LOSS) INCOME | $ | 5,773 | $ | (12,651 | ) | $ | 3,844 | $ | 4,213 | $ | 4,433 | ||||
| Basic (loss) earnings per share | $ | 0.63 | $ | (1.54 | ) | $ | 0.48 | $ | 0.52 | $ | 0.55 | ||||
| Diluted (loss) earnings per share | $ | 0.63 | $ | (1.54 | ) | $ | 0.48 | $ | 0.52 | $ | 0.55 | ||||
| Book Value per share | $ | 23.84 | $ | 23.02 | $ | 24.18 | $ | 22.52 | $ | 22.34 | |||||
| Tangible Book Value per share | 20.66 | 19.85 | 20.54 | 18.88 | 18.71 | ||||||||||
| Return on average assets (annualized) | 1.01 | % | -2.19 | % | 0.68 | % | 0.75 | % | 0.80 | % | |||||
| Return on average equity (annualized) | 10.73 | % | -26.08 | % | 8.09 | % | 9.41 | % | 9.79 | % | |||||
| Return on average tangible equity (annualized) | 12.40 | % | -30.77 | % | 9.58 | % | 11.26 | % | 11.68 | % | |||||
| Net interest spread (fte) | 2.61 | % | 2.31 | % | 2.23 | % | 2.06 | % | 2.08 | % | |||||
| Net interest margin (fte) | 3.30 | % | 3.04 | % | 2.99 | % | 2.80 | % | 2.80 | % | |||||
| Allowance for credit losses to total loans | 1.15 | % | 1.16 | % | 1.12 | % | 1.08 | % | 1.11 | % | |||||
| Net charge-offs to average loans (annualized) | 0.07 | % | 0.12 | % | 0.08 | % | 0.13 | % | 0.08 | % | |||||
| Nonperforming loans to total loans | 0.45 | % | 0.46 | % | 0.47 | % | 0.47 | % | 0.23 | % | |||||
| Nonperforming assets to total assets | 0.33 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.17 | % | |||||
FAQ
What was NWFL's earnings per share (EPS) for Q1 2025?
How much did NWFL's loan portfolio grow in Q1 2025?
What was NWFL's net interest margin in Q1 2025?
How did NWFL's deposit base change in Q1 2025?
What was NWFL's efficiency ratio for Q1 2025?
