Norwood Financial Corp Announces Second Quarter Earnings
Norwood Financial Corp (NWFL) reported Q2 2024 earnings of $4,213,000, a decrease of $2,290,000 compared to Q2 2023. Earnings per share (EPS) were $0.52, down from $0.81 in the same period last year. The decline was attributed to a $717,000 decrease in net interest income, a $506,000 increase in total other expense, and a $2,097,000 increase in the provision for credit losses. For the first half of 2024, net income was $8,646,000, with EPS at $1.07. The company's total assets reached $2.235 billion as of June 30, 2024. The net interest margin decreased to 2.79% from 3.09% in Q2 2023, primarily due to increased costs of deposits and borrowed funds.
Norwood Financial Corp (NWFL) ha riportato un utile del Q2 2024 pari a $4.213.000, con una diminuzione di $2.290.000 rispetto al Q2 2023. Gli utili per azione (EPS) sono stati di $0,52, in calo rispetto a $0,81 nello stesso periodo dell'anno scorso. La diminuzione è stata attribuita a un calo di $717.000 nel reddito netto da interessi, un aumento di $506.000 nelle spese totali e a un aumento di $2.097.000 nella provvista per perdite creditizie. Per il primo semestre del 2024, il reddito netto è stato di $8.646.000, con EPS pari a $1,07. Gli attivi totali dell'azienda hanno raggiunto $2,235 miliardi fino al 30 giugno 2024. Il margine di interesse netto è diminuito al 2,79% rispetto al 3,09% del Q2 2023, principalmente a causa dell'aumento dei costi dei depositi e dei fondi presi in prestito.
Norwood Financial Corp (NWFL) reportó un ingreso neto del Q2 2024 de $4,213,000, una disminución de $2,290,000 en comparación con el Q2 2023. Las ganancias por acción (EPS) fueron de $0.52, por debajo de $0.81 en el mismo período del año pasado. La caída se atribuyó a un descenso de $717,000 en los ingresos netos por intereses, un aumento de $506,000 en los gastos totales, y un aumento de $2,097,000 en la provisión para pérdidas crediticias. Para la primera mitad de 2024, el ingreso neto fue de $8,646,000, con EPS de $1.07. Los activos totales de la empresa alcanzaron $2.235 mil millones al 30 de junio de 2024. El margen de interés neto disminuyó al 2.79% desde el 3.09% en el Q2 2023, principalmente debido al aumento de los costos de depósitos y fondos prestados.
Norwood Financial Corp (NWFL)는 2024년 2분기 순이익이 $4,213,000이라고 보고했으며, 이는 2023년 2분기 대비 $2,290,000 감소한 수치입니다. 주당순이익(EPS)은 $0.52로, 지난해 같은 기간의 $0.81에서 하락했습니다. 감소 원인은 순이자수익의 $717,000 감소, 총 기타 비용의 $506,000 증가, 그리고 신용손실 충당금의 $2,097,000 증가회사의 총 자산은 2024년 6월 30일 기준으로 $2.235억 달러에 도달했습니다. 순이자 마진은 2.79%로, 2023년 2분기의 3.09%에서 감소했으며, 주로 예금과 차입 자금의 비용 증가에 기인합니다.
Norwood Financial Corp (NWFL) a annoncé un résultat net de $4,213,000 pour le Q2 2024, en baisse de $2,290,000 par rapport au Q2 2023. Le bénéfice par action (EPS) s'élevait à $0.52, en baisse par rapport à $0.81 durant la même période l'année précédente. Cette baisse est attribuée à une diminution de $717,000 des revenus nets d'intérêts, une augmentation des autres dépenses de $506,000 et une augmentation de $2,097,000 de la provision pour pertes sur créances. Pour la première moitié de 2024, le résultat net était de $8,646,000, avec un EPS à $1,07. Les actifs totaux de l'entreprise ont atteint $2,235 milliards au 30 juin 2024. La marge d'intérêt nette a diminué à 2,79% contre 3,09% au Q2 2023, principalement en raison de l'augmentation des coûts des dépôts et des fonds empruntés.
Norwood Financial Corp (NWFL) meldete einen Gewinn von $4.213.000 im 2. Quartal 2024, was einem Rückgang von $2.290.000 im Vergleich zum 2. Quartal 2023 entspricht. Der Gewinn je Aktie (EPS) betrug $0,52, im Vergleich zu $0,81 im gleichen Zeitraum des Vorjahres. Der Rückgang wurde auf einen Rückgang von $717.000 bei den Nettozinserträgen, einen Anstieg der Gesamtausgaben um $506.000 und einen Anstieg der Rückstellungen für Kreditverluste um $2.097.000 zurückgeführt. Für das erste Halbjahr 2024 betrug der Nettogewinn $8.646.000, der EPS lag bei $1,07. Die Gesamtaktiva des Unternehmens beliefen sich zum 30. Juni 2024 auf $2,235 Milliarden. Die Nettozinsspanne fiel auf 2,79%, von 3,09% im 2. Quartal 2023, hauptsächlich aufgrund gestiegener Kosten für Einlagen und geliehene Mittel.
- Total assets increased to $2.235 billion from $2.142 billion year-over-year
- Other income for Q2 2024 increased by $424,000 compared to Q2 2023
- Annualized loan growth of 4.9% on a linked-quarter basis
- Non-municipal customer deposits increased by $25 million, a 7.3% annualized growth
- Q2 2024 earnings decreased by $2,290,000 compared to Q2 2023
- EPS dropped to $0.52 from $0.81 year-over-year
- Net interest income decreased by $717,000 in Q2 2024
- Provision for credit losses increased by $2,097,000
- Net interest margin declined to 2.79% from 3.09% year-over-year
- Total deposits decreased by $28 million compared to Q1 2024
Insights
Norwood Financial Corp's Q2 2024 results reveal some concerning trends for investors. The company reported earnings of
- A
$717,000 decrease in net interest income - A
$2,097,000 increase in the provision for credit losses - A
$506,000 increase in total other expenses
The earnings per share dropped from
However, it's not all doom and gloom. The bank saw a
The bank's capital base remains above 'Well-Capitalized' targets, which provides a cushion against potential economic headwinds. However, investors should keep a close eye on the rising cost of deposits and borrowed funds, as these could continue to pressure margins in the coming quarters.
Norwood Financial Corp's Q2 results reflect the broader challenges facing the banking sector in the current economic climate. The increase in the cost of interest-bearing liabilities by
This squeeze on the net interest margin is a common theme across the banking industry, as competition for deposits intensifies and the Federal Reserve's interest rate hikes continue to impact funding costs. The bank's ability to grow its loan portfolio by
The
The bank's focus on controlling core operating expenses, which remained at
Investors should monitor the bank's credit quality metrics, which management reports as remaining strong. This could be a key differentiator as economic uncertainties persist and the potential for a credit cycle looms.
HONESDALE, Pa., July 26, 2024 (GLOBE NEWSWIRE) -- James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended June 30, 2024 of
Net income for the six months ended June 30, 2024, was
Total assets as of June 30, 2024 were
For the three months ended June 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled
Net interest income (fte) for the six months ended June 30, 2024 totaled
Other income for the three months ended June 30, 2024, totaled
Other expenses totaled
Mr. Donnelly stated, “Our second quarter income decreased from the 2023 level due to a release of provision for credit losses in the three months ended June 30, 2023 and the rising cost of deposits and borrowed funds. These decreases were partially offset by a
Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL.”
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.
Non-GAAP Financial Measures
This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of
The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis: | ||||||||||||||
Three months ended | Six months ended | |||||||||||||
(dollars in thousands) | June 30 | June 30 | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Net Interest Income | $ | 14,925 | $ | 15,642 | $ | 29,635 | $ | 31,735 | ||||||
Taxable equivalent basis adjustment using | 199 | 187 | 394 | 369 | ||||||||||
Net interest income on a fully taxable equivalent basis | $ | 15,124 | $ | 15,829 | $ | 30,029 | $ | 32,104 | ||||||
This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data. | ||||||||||||||
The following table reconciles average equity to average tangible equity: | ||||||||||||||
Three months ended | Six months ended | |||||||||||||
(dollars in thousands) | June 30 | June 30 | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Average equity | $ | 179,494 | $ | 186,111 | $ | 180,791 | $ | 180,952 | ||||||
Average goodwill and other intangibles | (29,457 | ) | (29,536 | ) | (29,466 | ) | (29,547 | ) | ||||||
Average tangible equity | $ | 150,037 | $ | 156,575 | $ | 151,325 | $ | 151,405 | ||||||
Contact:
John M. McCaffery
Executive Vice President &
Chief Financial Officer
272-304-3003
wayne.bank
NORWOOD FINANCIAL CORP | |||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
June 30 | |||||||||||||||||||
2024 | 2023 | ||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 29,903 | $ | 30,053 | |||||||||||||||
Interest-bearing deposits with banks | 39,492 | 3,036 | |||||||||||||||||
Cash and cash equivalents | 69,395 | 33,089 | |||||||||||||||||
Securities available for sale | 397,578 | 403,621 | |||||||||||||||||
Loans receivable | 1,641,355 | 1,577,699 | |||||||||||||||||
Less: Allowance for credit losses | 17,806 | 17,483 | |||||||||||||||||
Net loans receivable | 1,623,549 | 1,560,216 | |||||||||||||||||
Regulatory stock, at cost | 6,443 | 7,924 | |||||||||||||||||
Bank premises and equipment, net | 18,265 | 17,363 | |||||||||||||||||
Bank owned life insurance | 46,121 | 45,806 | |||||||||||||||||
Foreclosed real estate owned | - | 387 | |||||||||||||||||
Accrued interest receivable | 8,329 | 7,276 | |||||||||||||||||
Deferred tax assets, net | 21,707 | 23,301 | |||||||||||||||||
Goodwill | 29,266 | 29,266 | |||||||||||||||||
Other intangible assets | 183 | 260 | |||||||||||||||||
Other assets | 14,480 | 13,256 | |||||||||||||||||
TOTAL ASSETS | $ | 2,235,316 | $ | 2,141,765 | |||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Non-interest bearing demand | $ | 391,849 | $ | 425,757 | |||||||||||||||
Interest-bearing | 1,419,323 | 1,306,240 | |||||||||||||||||
Total deposits | 1,811,172 | 1,731,997 | |||||||||||||||||
Short-term borrowings | 62,335 | 112,290 | |||||||||||||||||
Other borrowings | 148,087 | 99,687 | |||||||||||||||||
Accrued interest payable | 13,329 | 7,101 | |||||||||||||||||
Other liabilities | 18,206 | 17,266 | |||||||||||||||||
TOTAL LIABILITIES | 2,053,129 | 1,968,341 | |||||||||||||||||
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: 2024: 8,311,851 shares, 2023: 8,291,401 shares | 831 | 829 | |||||||||||||||||
Surplus | 98,082 | 97,268 | |||||||||||||||||
Retained earnings | 139,070 | 135,583 | |||||||||||||||||
Treasury stock, at cost: 2024: 221,540 shares, 2023: 223,926 shares | (5,977 | ) | (6,007 | ) | |||||||||||||||
Accumulated other comprehensive loss | (49,819 | ) | (54,249 | ) | |||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 182,187 | 173,424 | |||||||||||||||||
TOTAL LIABILITIES AND | |||||||||||||||||||
STOCKHOLDERS' EQUITY | $ | 2,235,316 | $ | 2,141,765 | |||||||||||||||
NORWOOD FINANCIAL CORP | |||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans receivable, including fees | $ | 24,121 | $ | 20,702 | $ | 47,802 | $ | 39,860 | |||||||||||
Securities | 2,584 | 2,481 | 5,109 | 4,986 | |||||||||||||||
Other | 966 | 53 | 1,697 | 101 | |||||||||||||||
Total Interest income | 27,671 | 23,236 | 54,608 | 44,947 | |||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 10,687 | 5,740 | 20,796 | 10,102 | |||||||||||||||
Short-term borrowings | 356 | 943 | 692 | 1,722 | |||||||||||||||
Other borrowings | 1,703 | 911 | 3,485 | 1,388 | |||||||||||||||
Total Interest expense | 12,746 | 7,594 | 24,973 | 13,212 | |||||||||||||||
NET INTEREST INCOME | 14,925 | 15,642 | 29,635 | 31,735 | |||||||||||||||
(RELEASE OF) PROVISION FOR CREDIT LOSSES | 347 | $ | (1,750 | ) | $ | (276 | ) | $ | (1,450 | ) | |||||||||
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES | 14,578 | 17,392 | 29,911 | 33,185 | |||||||||||||||
OTHER INCOME | |||||||||||||||||||
Service charges and fees | 1,504 | 1,353 | 2,847 | 2,665 | |||||||||||||||
Income from fiduciary activities | 225 | 229 | 463 | 441 | |||||||||||||||
Net realized (losses) gains on sales of securities | - | (212 | ) | - | (209 | ) | |||||||||||||
Gains on sales of loans, net | 36 | 10 | 42 | 10 | |||||||||||||||
Earnings and proceeds on life insurance policies | 253 | 229 | 520 | 442 | |||||||||||||||
Other | 189 | 174 | 341 | 346 | |||||||||||||||
Total other income | 2,207 | 1,783 | 4,213 | 3,695 | |||||||||||||||
OTHER EXPENSES | |||||||||||||||||||
Salaries and employee benefits | 5,954 | 5,842 | 12,090 | 11,810 | |||||||||||||||
Occupancy, furniture and equipment | 1,229 | 1,314 | 2,489 | 2,576 | |||||||||||||||
Data processing and related operations | 1,024 | 822 | 2,046 | 1,590 | |||||||||||||||
Taxes, other than income | 179 | 162 | 272 | 323 | |||||||||||||||
Professional fees | 508 | 323 | 1,092 | 608 | |||||||||||||||
FDIC Insurance assessment | 309 | 244 | 670 | 445 | |||||||||||||||
Foreclosed real estate | 15 | 74 | 36 | 103 | |||||||||||||||
Amortization of intangibles | 19 | 23 | 38 | 46 | |||||||||||||||
Other | 2,207 | 2,134 | 4,442 | 3,873 | |||||||||||||||
Total other expenses | 11,444 | 10,938 | 23,175 | 21,374 | |||||||||||||||
INCOME BEFORE TAX | 5,341 | 8,237 | 10,949 | 15,506 | |||||||||||||||
INCOME TAX EXPENSE | 1,128 | 1,734 | 2,303 | 3,221 | |||||||||||||||
NET INCOME | $ | 4,213 | $ | 6,503 | $ | 8,646 | $ | 12,285 | |||||||||||
Basic earnings per share | $ | 0.52 | $ | 0.81 | $ | 1.07 | $ | 1.52 | |||||||||||
Diluted earnings per share | $ | 0.52 | $ | 0.81 | $ | 1.07 | $ | 1.51 | |||||||||||
NORWOOD FINANCIAL CORP | |||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
For the Three Months Ended June 30 | 2024 | 2023 | |||||||||||||||||
Net interest income | $ | 14,925 | $ | 15,642 | |||||||||||||||
Net income | 4,213 | 6,503 | |||||||||||||||||
Net interest spread (fully taxable equivalent) | 2.05 | % | 2.56 | % | |||||||||||||||
Net interest margin (fully taxable equivalent) | 2.79 | % | 3.09 | % | |||||||||||||||
Return on average assets | 0.75 | % | 1.23 | % | |||||||||||||||
Return on average equity | 9.41 | % | 14.72 | % | |||||||||||||||
Return on average tangible equity | 11.26 | % | 17.66 | % | |||||||||||||||
Basic earnings per share | $ | 0.52 | $ | 0.81 | |||||||||||||||
Diluted earnings per share | $ | 0.52 | $ | 0.81 | |||||||||||||||
For the Six Months Ended June 30 | 2024 | 2023 | |||||||||||||||||
Net interest income | $ | 29,635 | $ | 31,735 | |||||||||||||||
Net income | 8,646 | 12,285 | |||||||||||||||||
Net interest spread (fully taxable equivalent) | 2.06 | % | 2.69 | % | |||||||||||||||
Net interest margin (fully taxable equivalent) | 2.79 | % | 3.17 | % | |||||||||||||||
Return on average assets | 0.78 | % | 1.18 | % | |||||||||||||||
Return on average equity | 9.59 | % | 14.17 | % | |||||||||||||||
Return on average tangible equity | 11.46 | % | 17.06 | % | |||||||||||||||
Basic earnings per share | $ | 1.07 | $ | 1.52 | |||||||||||||||
Diluted earnings per share | $ | 1.07 | $ | 1.51 | |||||||||||||||
As of June 30 | 2024 | 2023 | |||||||||||||||||
Total assets | $ | 2,235,316 | $ | 2,141,765 | |||||||||||||||
Total loans receivable | 1,641,355 | 1,577,699 | |||||||||||||||||
Allowance for credit losses | 17,806 | 17,483 | |||||||||||||||||
Total deposits | 1,811,172 | 1,731,997 | |||||||||||||||||
Stockholders' equity | 182,187 | 173,424 | |||||||||||||||||
Trust assets under management | 201,079 | 193,392 | |||||||||||||||||
Book value per share | $ | 23.26 | $ | 22.24 | |||||||||||||||
Tangible book value per share | $ | 19.62 | $ | 18.58 | |||||||||||||||
Equity to total assets | 8.15 | % | 8.10 | % | |||||||||||||||
Allowance to total loans receivable | 1.08 | % | 1.11 | % | |||||||||||||||
Nonperforming loans to total loans | 0.47 | % | 0.20 | % | |||||||||||||||
Nonperforming assets to total assets | 0.34 | % | 0.17 | % | |||||||||||||||
NORWOOD FINANCIAL CORP | |||||||||||||||||||
Consolidated Balance Sheets (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | |||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 29,903 | $ | 19,519 | $ | 28,533 | $ | 41,141 | $ | 30,053 | |||||||||
Interest-bearing deposits with banks | 39,492 | 92,444 | 37,587 | 13,005 | 3,036 | ||||||||||||||
Cash and cash equivalents | 69,395 | 111,963 | 66,120 | 54,146 | 33,089 | ||||||||||||||
Securities available for sale | 397,578 | 398,374 | 406,259 | 380,499 | 403,621 | ||||||||||||||
Loans receivable | 1,641,356 | 1,621,448 | 1,603,618 | 1,611,069 | 1,577,699 | ||||||||||||||
Less: Allowance for credit losses | 17,807 | 18,020 | 18,968 | 16,086 | 17,483 | ||||||||||||||
Net loans receivable | 1,623,549 | 1,603,428 | 1,584,650 | 1,594,983 | 1,560,216 | ||||||||||||||
Regulatory stock, at cost | 6,443 | 6,545 | 7,318 | 8,843 | 7,924 | ||||||||||||||
Bank owned life insurance | 46,121 | 45,869 | 46,439 | 46,197 | 45,806 | ||||||||||||||
Bank premises and equipment, net | 18,264 | 18,057 | 17,838 | 17,254 | 17,363 | ||||||||||||||
Foreclosed real estate owned | 0 | 97 | 97 | 290 | 387 | ||||||||||||||
Goodwill and other intangibles | 29,449 | 29,468 | 29,487 | 29,506 | 29,526 | ||||||||||||||
Other assets | 44,517 | 46,622 | 42,871 | 48,280 | 43,833 | ||||||||||||||
TOTAL ASSETS | $ | 2,235,316 | $ | 2,260,423 | $ | 2,201,079 | $ | 2,179,998 | $ | 2,141,765 | |||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Non-interest bearing demand | $ | 391,849 | $ | 383,362 | $ | 399,545 | $ | 430,242 | $ | 425,757 | |||||||||
Interest-bearing deposits | 1,419,323 | 1,455,636 | 1,395,614 | 1,316,582 | 1,306,240 | ||||||||||||||
Total deposits | 1,811,172 | 1,838,998 | 1,795,159 | 1,746,824 | 1,731,997 | ||||||||||||||
Borrowings | 210,422 | 211,234 | 198,312 | 241,328 | 211,978 | ||||||||||||||
Other liabilities | 31,534 | 28,978 | 26,538 | 27,144 | 24,366 | ||||||||||||||
TOTAL LIABILITIES | 2,053,128 | 2,079,210 | 2,020,009 | 2,015,296 | 1,968,341 | ||||||||||||||
STOCKHOLDERS' EQUITY | 182,188 | 181,213 | 181,070 | 164,702 | 173,424 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,235,316 | $ | 2,260,423 | $ | 2,201,079 | $ | 2,179,998 | $ | 2,141,765 | |||||||||
NORWOOD FINANCIAL CORP | |||||||||||||||||||
Consolidated Statements of Income (unaudited) | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | |||||||||||||||
Three months ended | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans receivable, including fees | $ | 24,121 | $ | 23,681 | $ | 23,328 | $ | 22,021 | $ | 20,702 | |||||||||
Securities | 2,584 | 2,526 | 2,504 | 2,433 | 2,481 | ||||||||||||||
Other | 966 | 731 | 253 | 54 | 53 | ||||||||||||||
Total interest income | 27,671 | 26,938 | 26,085 | 24,508 | 23,236 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 10,687 | 10,110 | 8,910 | 7,017 | 5,740 | ||||||||||||||
Borrowings | 2,059 | 2,118 | 1,882 | 2,452 | 1,854 | ||||||||||||||
Total interest expense | 12,746 | 12,228 | 10,792 | 9,469 | 7,594 | ||||||||||||||
NET INTEREST INCOME | 14,925 | 14,710 | 15,293 | 15,039 | 15,642 | ||||||||||||||
(RELEASE OF) PROVISION FOR CREDIT LOSSES | 347 | (624 | ) | 6,116 | 882 | (1,750 | ) | ||||||||||||
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES | 14,578 | 15,334 | 9,177 | 14,157 | 17,392 | ||||||||||||||
OTHER INCOME | |||||||||||||||||||
Service charges and fees | 1,504 | 1,343 | 1,421 | 1,527 | 1,353 | ||||||||||||||
Income from fiduciary activities | 225 | 238 | 210 | 246 | 229 | ||||||||||||||
Net realized (losses) gains on sales of securities | - | - | - | - | (212 | ) | |||||||||||||
Gains on sales of loans, net | 36 | 6 | 36 | 18 | 10 | ||||||||||||||
Gains on sales of foreclosed real estate owned | 32 | - | 66 | 13 | - | ||||||||||||||
Earnings and proceeds on life insurance policies | 253 | 268 | 242 | 328 | 229 | ||||||||||||||
Other | 157 | 151 | 148 | 174 | 174 | ||||||||||||||
Total other income | 2,207 | 2,006 | 2,123 | 2,306 | 1,783 | ||||||||||||||
OTHER EXPENSES | |||||||||||||||||||
Salaries and employee benefits | 5,954 | 6,135 | 5,672 | 6,083 | 5,842 | ||||||||||||||
Occupancy, furniture and equipment, net | 1,229 | 1,261 | 1,265 | 1,242 | 1,314 | ||||||||||||||
Foreclosed real estate | 15 | 21 | 17 | 9 | 74 | ||||||||||||||
FDIC insurance assessment | 309 | 361 | 287 | 254 | 244 | ||||||||||||||
Other | 3,937 | 3,954 | 3,608 | 3,688 | 3,464 | ||||||||||||||
Total other expenses | 11,444 | 11,732 | 10,849 | 11,276 | 10,938 | ||||||||||||||
INCOME BEFORE TAX | 5,341 | 5,608 | 451 | 5,187 | 8,237 | ||||||||||||||
INCOME TAX EXPENSE | 1,128 | 1,175 | 96 | 1,068 | 1,734 | ||||||||||||||
NET INCOME | $ | 4,213 | $ | 4,433 | $ | 355 | $ | 4,119 | $ | 6,503 | |||||||||
Basic earnings per share | $ | 0.52 | $ | 0.55 | $ | 0.04 | $ | 0.51 | $ | 0.81 | |||||||||
Diluted earnings per share | $ | 0.52 | $ | 0.55 | $ | 0.04 | $ | 0.51 | $ | 0.81 | |||||||||
Book Value per share | $ | 23.26 | $ | 23.01 | $ | 22.99 | $ | 21.15 | $ | 22.24 | |||||||||
Tangible Book Value per share | 19.62 | 19.38 | 19.36 | 17.49 | 18.58 | ||||||||||||||
Return on average assets (annualized) | 0.75 | % | 0.80 | % | 0.06 | % | 0.76 | % | 1.23 | % | |||||||||
Return on average equity (annualized) | 9.41 | % | 9.79 | % | 0.84 | % | 9.33 | % | 14.72 | % | |||||||||
Return on average tangible equity (annualized) | 11.26 | % | 11.68 | % | 1.01 | % | 11.22 | % | 17.66 | % | |||||||||
Net interest spread (fte) | 2.05 | % | 2.07 | % | 2.24 | % | 2.28 | % | 2.56 | % | |||||||||
Net interest margin (fte) | 2.79 | % | 2.79 | % | 2.95 | % | 2.94 | % | 3.09 | % | |||||||||
Allowance for credit losses to total loans | 1.08 | % | 1.11 | % | 1.18 | % | 1.00 | % | 1.11 | % | |||||||||
Net charge-offs to average loans (annualized) | 0.13 | % | 0.08 | % | 0.79 | % | 0.59 | % | 0.06 | % | |||||||||
Nonperforming loans to total loans | 0.47 | % | 0.23 | % | 0.48 | % | 0.65 | % | 0.20 | % | |||||||||
Nonperforming assets to total assets | 0.34 | % | 0.17 | % | 0.35 | % | 0.50 | % | 0.17 | % | |||||||||
total NAL | 7,641,239 | 3,726,895 | 7,620,882 | 10,535,803 | 3,223,297 | ||||||||||||||
past due 90+ | - | 7,668 | - | - | - | ||||||||||||||
total non performing loans | 7,641,239 | 3,734,563 | 7,620,882 | 10,535,803 | 3,223,297 | ||||||||||||||
OREO | - | 97,101 | 97,101 | 290,000 | 387,500 | ||||||||||||||
total Non performing assets | 7,641,239 | 3,831,664 | 7,717,983 | 10,825,803 | 3,610,797 | ||||||||||||||
total loans | 1,641,355,515 | 1,621,447,970 | 1,603,617,932 | 1,611,068,445 | 1,577,699,580 | ||||||||||||||
total assets | 2,235,315,800 | 2,260,423,152 | 2,201,056,938 | 2,179,998,000 | 2,141,765,238 | ||||||||||||||
net charge off's, this quarter | 510,985 | 322,892 | 3,181,233 | 2,349,697 | 227,110 | ||||||||||||||
average loans, this quarter | 1,629,282,567 | 1,612,105,511 | 1,605,495,855 | 1,589,473,633 | 1,559,251,963 | ||||||||||||||
Loan loss reserve | 17,806,505 | 18,019,715 | 18,967,991 | 16,085,641 | 17,483,489 | ||||||||||||||
. | . | . |
FAQ
What was Norwood Financial Corp's (NWFL) earnings per share for Q2 2024?
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