Norwood Financial Corp Announces Third Quarter 2024 Results
Norwood Financial Corp (NWFL) reported Q3 2024 earnings of $3.8 million ($0.48 per share), down from the same period last year. Net interest income increased by $892 thousand, offset by higher operating expenses and credit loss provisions. The company's net interest margin rose to 2.99%, up 19 basis points from the previous quarter and 7 basis points year-over-year. Total assets reached $2.280 billion, with loans at $1.675 billion and deposits at $1.855 billion. Loans grew at an 8% annualized rate during Q3, while capital improved as the negative mark-to-market effect decreased 42% since last year.
Norwood Financial Corp (NWFL) ha riportato utili del terzo trimestre 2024 di 3,8 milioni di dollari (0,48 dollari per azione), in calo rispetto allo stesso periodo dell'anno scorso. Il reddito netto da interessi è aumentato di 892 mila dollari, compensato da spese operative più elevate e accantonamenti per perdite su crediti. Il margine di interesse netto della società è aumentato al 2,99%, con un incremento di 19 punti base rispetto al trimestre precedente e di 7 punti base rispetto all'anno precedente. Il totale degli attivi ha raggiunto 2,280 miliardi di dollari, con prestiti per 1,675 miliardi di dollari e depositi per 1,855 miliardi di dollari. I prestiti sono cresciuti a un tasso annualizzato dell'8% durante il terzo trimestre, mentre il capitale è migliorato poiché l'effetto negativo del mark-to-market è diminuito del 42% rispetto all'anno scorso.
Norwood Financial Corp (NWFL) reportó ganancias del tercer trimestre de 2024 de 3.8 millones de dólares (0.48 dólares por acción), una disminución en comparación con el mismo período del año pasado. Los ingresos netos por intereses aumentaron en 892 mil dólares, compensados por mayores gastos operativos y provisiones para pérdidas crediticias. El margen de interés neto de la compañía subió al 2.99%, un aumento de 19 puntos básicos en comparación con el trimestre anterior y de 7 puntos básicos interanuales. Los activos totales alcanzaron los 2.280 millones de dólares, con préstamos por 1.675 millones de dólares y depósitos por 1.855 millones de dólares. Los préstamos crecieron a una tasa anualizada del 8% durante el tercer trimestre, mientras que el capital mejoró, ya que el efecto negativo del mark-to-market disminuyó un 42% desde el año pasado.
노우드 파이낸셜 코프 (NWFL)는 2024년 3분기 수익이 380만 달러(주당 0.48달러)로 발표했으며, 이는 작년 같은 기간과 비교해 감소한 수치입니다. 순이자 수익은 892천 달러 증가했으나, 운영 비용 상승과 신용 손실 대비를 상쇄했습니다. 회사의 순이자 마진은 2.99%로 증가했으며, 이는 전 분기 대비 19 베이시스 포인트 및 전년 대비 7 베이시스 포인트 상승한 수치입니다. 총 자산은 22억 8천만 달러에 이르렀고, 대출은 16억 7천5백만 달러, 예금은 18억 5천5백만 달러입니다. 대출은 3분기 동안 연율 8% 성장했으며, 자본은 마크투마켓 효과가 작년 대비 42% 감소하면서 개선되었습니다.
Norwood Financial Corp (NWFL) a annoncé des bénéfices de 3,8 millions de dollars (0,48 dollar par action) pour le troisième trimestre 2024, en baisse par rapport à la même période l'année dernière. Les revenus nets d'intérêts ont augmenté de 892 000 dollars, compensés par une hausse des charges d'exploitation et des provisions pour pertes sur créances. La marge d'intérêt nette de l'entreprise a augmenté à 2,99 %, soit une hausse de 19 points de base par rapport au trimestre précédent et de 7 points de base par rapport à l'année précédente. Les actifs totaux ont atteint 2,280 milliards de dollars, avec des prêts à 1,675 milliard de dollars et des dépôts à 1,855 milliard de dollars. Les prêts ont enregistré une croissance à un taux annualisé de 8 % au cours du troisième trimestre, tandis que le capital s'est amélioré grâce à une baisse de 42 % des effets négatifs de la variation de juste valeur par rapport à l'année dernière.
Norwood Financial Corp (NWFL) berichtete für das 3. Quartal 2024 einen Gewinn von 3,8 Millionen Dollar (0,48 Dollar pro Aktie), was einen Rückgang im Vergleich zum gleichen Zeitraum des Vorjahres darstellt. Die Nettozinsaufwendungen stiegen um 892 Tausend Dollar, wurden jedoch durch höhere Betriebskosten und Rückstellungen für Kreditverluste ausgeglichen. Die Nettozinsmarge des Unternehmens stieg auf 2,99 %, was einem Anstieg von 19 Basispunkten im Vergleich zum vorherigen Quartal und 7 Basispunkten gegenüber dem Vorjahr entspricht. Die Gesamtsumme der Vermögenswerte erreichte 2,280 Milliarden Dollar, wobei die Kredite 1,675 Milliarden Dollar und die Einlagen 1,855 Milliarden Dollar betrugen. Die Kredite wuchsen im 3. Quartal mit einer annualisierten Rate von 8 %, während das Eigenkapital sich verbesserte, da der negative Mark-to-Market-Effekt um 42 % im Vergleich zum Vorjahr zurückging.
- Net interest margin increased to 2.99% from 2.92% year-over-year
- Loans grew at 8% annualized rate in Q3
- Total assets increased to $2.280 billion from $2.180 billion year-over-year
- 42% reduction in negative mark-to-market effect since last year
- Q3 earnings decreased by $275,000 compared to last year
- EPS declined to $0.48 from $0.51 year-over-year
- 9-month net income dropped by $3.9 million compared to 2023
- Operating expenses increased by $755,000 in Q3 compared to 2023
Insights
Q3 results show mixed performance with some concerning trends. Net income dropped to
The improved net interest margin of
While capital remains above well-capitalized levels and credit quality metrics are strong, rising operating expenses and higher funding costs are pressuring profitability. The
Quarterly Highlights:
- Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.
- Loans grew at an
8% annualized rate during the 3rd quarter. - Capital continues to improve as the negative mark-to-market effect lessens
42% since last year.
HONESDALE, Pa., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of
Net income for the nine months ended September 30, 2024, was
Total assets as of September 30, 2024 were
For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled
Net interest income (fte) for the nine-months ended September 30, 2024 totaled
Other income for the three months ended September 30, 2024, totaled
Other expenses totaled
Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”
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:
(dollars in thousands) | Three months ended | Nine months ended | |||||||||
September 30 | September 30 | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net Interest Income | $ | 15,931 | $ | 15,039 | $ | 45,566 | $ | 46,774 | |||
Taxable equivalent basis adjustment using tax rate | 207 | 185 | 601 | 554 | |||||||
Net interest income on a fully taxable equivalent basis | $ | 16,138 | $ | 15,224 | $ | 46,167 | $ | 47,328 | |||
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 | Nine months ended | ||||||||||
(dollars in thousands) | September 30 | September 30 | |||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Average equity | $ | 189,135 | $ | 175,224 | $ | 183,593 | $ | 174,943 | |||
Average goodwill and other intangibles | (29,440) | (29,514) | (29,457) | (29,536) | |||||||
Average tangible equity | $ | 159,695 | $ | 145,710 | $ | 154,136 | $ | 145,407 | |||
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) | |||||||
September 30 | |||||||
2024 | 2023 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 47,072 | $ | 41,141 | |||
Interest-bearing deposits with banks | 35,808 | 13,005 | |||||
Cash and cash equivalents | 82,880 | 54,146 | |||||
Securities available for sale | 396,891 | 380,499 | |||||
Loans receivable | 1,675,139 | 1,611,069 | |||||
Less: Allowance for credit losses | 18,699 | 16,086 | |||||
Net loans receivable | 1,656,440 | 1,594,983 | |||||
Regulatory stock, at cost | 6,329 | 8,843 | |||||
Bank premises and equipment, net | 18,503 | 17,254 | |||||
Bank owned life insurance | 46,382 | 46,197 | |||||
Foreclosed real estate owned | 0 | 290 | |||||
Accrued interest receivable | 8,062 | 7,759 | |||||
Deferred tax assets, net | 18,818 | 25,610 | |||||
Goodwill | 29,266 | 29,266 | |||||
Other intangible assets | 167 | 240 | |||||
Other assets | 16,013 | 14,911 | |||||
TOTAL ASSETS | $ | 2,279,751 | $ | 2,179,998 |
LIABILITIES | |||||||
Deposits: | |||||||
Non-interest bearing demand | $ | 420,967 | $ | 430,242 | |||
Interest-bearing | 1,434,284 | 1,316,582 | |||||
Total deposits | 1,855,251 | 1,746,824 | |||||
Short-term borrowings | 52,453 | 103,881 | |||||
Other borrowings | 144,959 | 137,447 | |||||
Accrued interest payable | 12,688 | 8,605 | |||||
Other liabilities | 18,746 | 18,539 | |||||
TOTAL LIABILITIES | 2,084,097 | 2,015,296 | |||||
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 | 98,330 | 97,449 | |||||
Retained earnings | 140,489 | 137,363 | |||||
Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares | (5,969 | ) | (5,957 | ) | |||
Accumulated other comprehensive loss | (38,027 | ) | (64,982 | ) | |||
TOTAL STOCKHOLDERS' EQUITY | 195,654 | 164,702 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,279,751 | $ | 2,179,998 |
NORWOOD FINANCIAL CORP Consolidated Statements of Income (dollars in thousands, except per share data) (unaudited) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
INTEREST INCOME | ||||||||||||
Loans receivable, including fees | $ | 25,464 | $ | 22,021 | $ | 73,266 | $ | 61,881 | ||||
Securities | 2,526 | 2,433 | 7,635 | 7,418 | ||||||||
Other | 497 | 54 | 2,194 | 156 | ||||||||
Total Interest income | 28,487 | 24,508 | 83,095 | 69,455 | ||||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 10,553 | 7,017 | 31,349 | 17,119 | ||||||||
Short-term borrowings | 323 | 1,126 | 1,015 | 2,702 | ||||||||
Other borrowings | 1,680 | 1,326 | 5,165 | 2,860 | ||||||||
Total Interest expense | 12,556 | 9,469 | 37,529 | 22,681 | ||||||||
NET INTEREST INCOME | 15,931 | 15,039 | 45,566 | 46,774 | ||||||||
PROVISION FOR CREDIT LOSSES | 1,345 | $ | 882 | $ | 1,069 | $ | (568 | ) | ||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 14,586 | 14,157 | 44,497 | 47,342 | ||||||||
OTHER INCOME | ||||||||||||
Service charges and fees | 1,517 | 1,527 | 4,364 | 4,192 | ||||||||
Income from fiduciary activities | 256 | 246 | 719 | 688 | ||||||||
Net realized (losses) gains on sales of securities | - | - | - | (209 | ) | |||||||
Gains on sales of loans, net | 103 | 18 | 145 | 27 | ||||||||
Gains on sales of foreclosed real estate owned | - | 13 | 32 | 13 | ||||||||
Earnings and proceeds on life insurance policies | 261 | 328 | 781 | 770 | ||||||||
Other | 158 | 174 | 467 | 520 | ||||||||
Total other income | 2,295 | 2,306 | 6,508 | 6,001 | ||||||||
OTHER EXPENSES | ||||||||||||
Salaries and employee benefits | 6,239 | 6,083 | 18,328 | 17,893 | ||||||||
Occupancy, furniture and equipment | 1,269 | 1,242 | 3,758 | 3,818 | ||||||||
Data processing and related operations | 1,162 | 876 | 3,208 | 2,465 | ||||||||
Taxes, other than income | 179 | 167 | 452 | 490 | ||||||||
Professional fees | 576 | 524 | 1,669 | 1,132 | ||||||||
FDIC Insurance assessment | 339 | 254 | 1,009 | 699 | ||||||||
Foreclosed real estate | 9 | 9 | 45 | 112 | ||||||||
Amortization of intangibles | 16 | 20 | 54 | 66 | ||||||||
Other | 2,242 | 2,101 | 6,683 | 5,974 | ||||||||
Total other expenses | 12,031 | 11,276 | 35,206 | 32,649 | ||||||||
INCOME BEFORE TAX | 4,850 | 5,187 | 15,799 | 20,694 | ||||||||
INCOME TAX EXPENSE | 1,006 | 1,068 | 3,308 | 4,289 | ||||||||
NET INCOME | $ | 3,844 | $ | 4,119 | $ | 12,491 | $ | 16,405 | ||||
Basic earnings per share | $ | 0.48 | $ | 0.51 | $ | 1.55 | $ | 2.03 | ||||
Diluted earnings per share | $ | 0.48 | $ | 0.51 | $ | 1.55 | $ | 2.03 |
NORWOOD FINANCIAL CORP Financial Highlights (Unaudited) (dollars in thousands, except per share data) | |||||||
For the Three Months Ended September 30 | 2024 | 2023 | |||||
Net interest income | $ | 15,931 | $ | 15,039 | |||
Net income | 3,844 | 4,119 | |||||
Net interest spread (fully taxable equivalent) | 2.23 | % | 2.26 | % | |||
Net interest margin (fully taxable equivalent) | 2.99 | % | 2.92 | % | |||
Return on average assets | 0.68 | % | 0.76 | % | |||
Return on average equity | 8.09 | % | 9.33 | % | |||
Return on average tangible equity | 9.58 | % | 11.22 | % | |||
Basic earnings per share | $ | 0.48 | $ | 0.51 | |||
Diluted earnings per share | $ | 0.48 | $ | 0.51 | |||
For the Nine Months Ended September 30 | 2024 | 2023 | |||||
Net interest income | $ | 45,566 | $ | 46,774 | |||
Net income | 12,491 | 16,405 | |||||
Net interest spread (fully taxable equivalent) | 2.12 | % | 2.56 | % | |||
Net interest margin (fully taxable equivalent) | 2.87 | % | 3.10 | % | |||
Return on average assets | 0.75 | % | 1.04 | % | |||
Return on average equity | 9.09 | % | 12.54 | % | |||
Return on average tangible equity | 10.82 | % | 15.08 | % | |||
Basic earnings per share | $ | 1.55 | $ | 2.03 | |||
Diluted earnings per share | $ | 1.55 | $ | 2.03 | |||
As of September 30 | 2024 | 2023 | |||||
Total assets | $ | 2,279,751 | $ | 2,179,998 | |||
Total loans receivable | 1,675,139 | 1,611,069 | |||||
Allowance for credit losses | 18,699 | 16,086 | |||||
Total deposits | 1,855,251 | 1,746,824 | |||||
Stockholders' equity | 195,654 | 164,702 | |||||
Trust assets under management | 209,857 | 185,913 | |||||
Book value per share | $ | 24.92 | $ | 21.15 | |||
Tangible book value per share | $ | 21.28 | $ | 17.49 | |||
Equity to total assets | 8.58 | % | 7.56 | % | |||
Allowance to total loans receivable | 1.12 | % | 1.00 | % | |||
Nonperforming loans to total loans | 0.47 | % | 0.65 | % | |||
Nonperforming assets to total assets | 0.35 | % | 0.50 | % |
NORWOOD FINANCIAL CORP Consolidated Balance Sheets (unaudited) (dollars in thousands) | |||||||||||||||
September 30 2024 | June 30 2024 | March 31 2024 | December 31 2023 | September 30 2023 | |||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 47,072 | $ | 29,903 | $ | 19,519 | $ | 28,533 | $ | 41,141 | |||||
Interest-bearing deposits with banks | 35,808 | 39,492 | 92,444 | 37,587 | 13,005 | ||||||||||
Cash and cash equivalents | 82,880 | 69,395 | 111,963 | 66,120 | 54,146 | ||||||||||
Securities available for sale | 396,891 | 397,578 | 398,374 | 406,259 | 380,499 | ||||||||||
Loans receivable | 1,675,139 | 1,641,356 | 1,621,448 | 1,603,618 | 1,611,069 | ||||||||||
Less: Allowance for credit losses | 18,699 | 17,807 | 18,020 | 18,968 | 16,086 | ||||||||||
Net loans receivable | 1,656,440 | 1,623,549 | 1,603,428 | 1,584,650 | 1,594,983 | ||||||||||
Regulatory stock, at cost | 6,329 | 6,443 | 6,545 | 7,318 | 8,843 | ||||||||||
Bank owned life insurance | 46,382 | 46,121 | 45,869 | 46,439 | 46,197 | ||||||||||
Bank premises and equipment, net | 18,503 | 18,264 | 18,057 | 17,838 | 17,254 | ||||||||||
Foreclosed real estate owned | 0 | 0 | 97 | 97 | 290 | ||||||||||
Goodwill and other intangibles | 29,433 | 29,449 | 29,468 | 29,487 | 29,506 | ||||||||||
Other assets | 42,893 | 44,517 | 46,622 | 42,871 | 48,280 | ||||||||||
TOTAL ASSETS | $ | 2,279,751 | $ | 2,235,316 | $ | 2,260,423 | $ | 2,201,079 | $ | 2,179,998 | |||||
LIABILITIES | |||||||||||||||
Deposits | |||||||||||||||
Non-interest bearing demand | $ | 420,967 | $ | 391,849 | $ | 383,362 | $ | 399,545 | $ | 430,242 | |||||
Interest-bearing deposits | 1,434,284 | 1,419,323 | 1,455,636 | 1,395,614 | 1,316,582 | ||||||||||
Total deposits | 1,855,251 | 1,811,172 | 1,838,998 | 1,795,159 | 1,746,824 | ||||||||||
Borrowings | 197,412 | 210,422 | 211,234 | 198,312 | 241,328 | ||||||||||
Other liabilities | 31,434 | 31,534 | 28,978 | 26,538 | 27,144 | ||||||||||
TOTAL LIABILITIES | 2,084,097 | 2,053,128 | 2,079,210 | 2,020,009 | 2,015,296 | ||||||||||
STOCKHOLDERS' EQUITY | 195,654 | 182,188 | 181,213 | 181,070 | 164,702 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,279,751 | $ | 2,235,316 | $ | 2,260,423 | $ | 2,201,079 | $ | 2,179,998 |
NORWOOD FINANCIAL CORP Consolidated Statements of Income (unaudited) (dollars in thousands, except per share data) | |||||||||||||||
September 30 2024 | June 30 2024 | March 31 2024 | December 31 2023 | September 30 2023 | |||||||||||
Three months ended | |||||||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable, including fees | $ | 25,464 | $ | 24,121 | $ | 23,681 | $ | 23,328 | $ | 22,021 | |||||
Securities | 2,526 | 2,584 | 2,526 | 2,504 | 2,433 | ||||||||||
Other | 497 | 966 | 731 | 253 | 54 | ||||||||||
Total interest income | 28,487 | 27,671 | 26,938 | 26,085 | 24,508 | ||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 10,553 | 10,687 | 10,110 | 8,910 | 7,017 | ||||||||||
Borrowings | 2,003 | 2,059 | 2,118 | 1,882 | 2,452 | ||||||||||
Total interest expense | 12,556 | 12,746 | 12,228 | 10,792 | 9,469 | ||||||||||
NET INTEREST INCOME | 15,931 | 14,925 | 14,710 | 15,293 | 15,039 | ||||||||||
(RELEASE OF) PROVISION FOR CREDIT LOSSES | 1,345 | 347 | (624 | ) | 6,116 | 882 | |||||||||
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES | |||||||||||||||
14,586 | 14,578 | 15,334 | 9,177 | 14,157 | |||||||||||
OTHER INCOME | |||||||||||||||
Service charges and fees | 1,517 | 1,504 | 1,343 | 1,421 | 1,527 | ||||||||||
Income from fiduciary activities | 256 | 225 | 238 | 210 | 246 | ||||||||||
Net realized (losses) gains on sales of securities | - | - | - | - | - | ||||||||||
Gains on sales of loans, net | 103 | 36 | 6 | 36 | 18 | ||||||||||
Gains on sales of foreclosed real estate owned | - | 32 | - | 66 | 13 | ||||||||||
Earnings and proceeds on life insurance policies | 261 | 253 | 268 | 242 | 328 | ||||||||||
Other | 158 | 157 | 151 | 148 | 174 | ||||||||||
Total other income | 2,295 | 2,207 | 2,006 | 2,123 | 2,306 | ||||||||||
OTHER EXPENSES | |||||||||||||||
Salaries and employee benefits | 6,239 | 5,954 | 6,135 | 5,672 | 6,083 | ||||||||||
Occupancy, furniture and equipment, net | 1,269 | 1,229 | 1,261 | 1,265 | 1,242 | ||||||||||
Foreclosed real estate | 9 | 15 | 21 | 17 | 9 | ||||||||||
FDIC insurance assessment | 339 | 309 | 361 | 287 | 254 | ||||||||||
Other | 4,175 | 3,937 | 3,954 | 3,608 | 3,688 | ||||||||||
Total other expenses | 12,031 | 11,444 | 11,732 | 10,849 | 11,276 | ||||||||||
INCOME BEFORE TAX | 4,850 | 5,341 | 5,608 | 451 | 5,187 | ||||||||||
INCOME TAX EXPENSE | 1,006 | 1,128 | 1,175 | 96 | 1,068 | ||||||||||
NET INCOME | $ | 3,844 | $ | 4,213 | $ | 4,433 | $ | 355 | $ | 4,119 | |||||
Basic earnings per share | $ | 0.48 | $ | 0.52 | $ | 0.55 | $ | 0.04 | $ | 0.51 | |||||
Diluted earnings per share | $ | 0.48 | $ | 0.52 | $ | 0.55 | $ | 0.04 | $ | 0.51 | |||||
Book Value per share | $ | 24.92 | $ | 23.26 | $ | 23.01 | $ | 22.99 | $ | 21.15 | |||||
Tangible Book Value per share | 21.28 | 19.62 | 19.38 | 19.36 | 17.49 | ||||||||||
Return on average assets (annualized) | 0.68 | % | 0.75 | % | 0.80 | % | 0.06 | % | 0.76 | % | |||||
Return on average equity (annualized) | 8.09 | % | 9.41 | % | 9.79 | % | 0.84 | % | 9.33 | % | |||||
Return on average tangible equity (annualized) | 9.58 | % | 11.26 | % | 11.68 | % | 1.01 | % | 11.22 | % | |||||
Net interest spread (fte) | 2.23 | % | 2.05 | % | 2.07 | % | 2.24 | % | 2.28 | % | |||||
Net interest margin (fte) | 2.99 | % | 2.79 | % | 2.79 | % | 2.95 | % | 2.94 | % | |||||
Allowance for credit losses to total loans | 1.12 | % | 1.08 | % | 1.11 | % | 1.18 | % | 1.00 | % | |||||
Net charge-offs to average loans (annualized) | 0.08 | % | 0.13 | % | 0.08 | % | 0.79 | % | 0.59 | % | |||||
Nonperforming loans to total loans | 0.47 | % | 0.47 | % | 0.23 | % | 0.48 | % | 0.65 | % | |||||
Nonperforming assets to total assets | 0.35 | % | 0.34 | % | 0.17 | % | 0.35 | % | 0.50 | % |
NORWOOD FINANCIAL CORP NET INTEREST MARGIN ANALYSIS (dollars in thousands) | ||||||||||||||||||||||||
For the Quarter Ended | ||||||||||||||||||||||||
September 30, 2024 | For the Quarter Ended June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||
Average Balance (2) | Interest (1) | Average Rate (3) | Average Balance (2) | Interest (1) | Average Rate (3) | Average Balance (2) | Interest (1) | Average Rate (3) | ||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 36,221 | $ | 497 | 5.46 | % | $ | 69,173 | $ | 967 | 5.62 | % | $ | 3,675 | $ | 54 | 5.83 | % | ||||||
Securities available for sale: | ||||||||||||||||||||||||
Taxable | 392,168 | 2,161 | 2.19 | 401,014 | 2,206 | 2.21 | 406,962 | 2,052 | 2.00 | |||||||||||||||
Tax-exempt (1) | 67,563 | 461 | 2.71 | 69,126 | 477 | 2.78 | 70,219 | 483 | 2.73 | |||||||||||||||
Total securities available for sale (1) | 459,731 | 2,622 | 2.27 | 470,140 | 2,683 | 2.30 | 477,181 | 2,535 | 2.11 | |||||||||||||||
Loans receivable (1) (4) (5) | 1,651,921 | 25,575 | 6.16 | 1,629,283 | 24,220 | 5.98 | 1,589,474 | 22,104 | 5.52 | |||||||||||||||
Total interest-earning assets | 2,147,873 | 28,694 | 5.31 | 2,168,596 | 27,870 | 5.17 | 2,070,330 | 24,693 | 4.73 | |||||||||||||||
Non-interest earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 28,193 | 26,422 | 27,910 | |||||||||||||||||||||
Allowance for credit losses | (17,944 | ) | (18,023 | ) | (17,262 | ) | ||||||||||||||||||
Other assets | 78,344 | 69,718 | 65,863 | |||||||||||||||||||||
Total non-interest earning assets | 88,593 | 78,117 | 76,511 | |||||||||||||||||||||
Total Assets | $ | 2,236,466 | $ | 2,246,713 | $ | 2,146,841 | ||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand and money market | $ | 461,897 | $ | 2,782 | 2.40 | $ | 450,918 | $ | 2,397 | 2.14 | $ | 439,255 | $ | 1,647 | 1.49 | |||||||||
Savings | 221,366 | 13 | 0.02 | 233,676 | 286 | 0.49 | 238,493 | 77 | 0.13 | |||||||||||||||
Time | 734,235 | 7,758 | 4.20 | 755,224 | 8,004 | 4.26 | 611,607 | 5,293 | 3.43 | |||||||||||||||
Total interest-bearing deposits | 1,417,498 | 10,553 | 2.96 | 1,439,818 | 10,687 | 2.99 | 1,289,355 | 7,017 | 2.16 | |||||||||||||||
Short-term borrowings | 53,622 | 323 | 2.40 | 61,689 | 356 | 2.32 | 116,470 | 1,126 | 3.84 | |||||||||||||||
Other borrowings | 146,357 | 1,680 | 4.57 | 149,442 | 1,703 | 4.58 | 116,700 | 1,326 | 4.51 | |||||||||||||||
Total interest-bearing liabilities | 1,617,477 | 12,556 | 3.09 | 1,650,949 | 12,746 | 3.11 | 1,522,525 | 9,469 | 2.47 | |||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 400,314 | 387,962 | 425,216 | |||||||||||||||||||||
Other liabilities | 29,540 | 28,308 | 23,876 | |||||||||||||||||||||
Total non-interest bearing liabilities | 429,854 | 416,270 | 449,092 | |||||||||||||||||||||
Stockholders' equity | 189,135 | 179,494 | 175,224 | |||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,236,466 | $ | 2,246,713 | $ | 2,146,841 | ||||||||||||||||||
Net interest income/spread (tax equivalent basis) | 16,138 | 2.23 | % | 15,124 | 2.06 | % | 15,224 | 2.26 | % | |||||||||||||||
Tax-equivalent basis adjustment | (207 | ) | (199 | ) | (185 | ) | ||||||||||||||||||
Net interest income | $ | 15,931 | $ | 14,925 | $ | 15,039 | ||||||||||||||||||
Net interest margin (tax equivalent basis) | 2.99 | % | 2.80 | % | 2.92 | % | ||||||||||||||||||
(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.
FAQ
What was Norwood Financial Corp's (NWFL) earnings per share in Q3 2024?
How much did NWFL's net interest margin increase in Q3 2024?
What was NWFL's total asset value as of September 30, 2024?