Welcome to our dedicated page for Norwood Financial news (Ticker: NWFL), a resource for investors and traders seeking the latest updates and insights on Norwood Financial stock.
Norwood Financial Corp (NASDAQ: NWFL) is a prominent U.S.-based bank holding company founded in 1871 in Honesdale, Pennsylvania. The company operates through its primary subsidiary, Wayne Bank, which services customers with a network of 26 community offices spread across Wayne, Pike, Monroe, and Lackawanna counties in Pennsylvania, as well as Delaware and Sullivan counties in New York State.
Wayne Bank offers a comprehensive range of financial services, including personal and business credit services, trust and investment products, and real estate settlement services. It also manages automated teller machines (ATMs) at various branch locations, ensuring convenient access to banking services for its customers.
Norwood Financial Corp has consistently demonstrated robust financial performance. As of June 30, 2023, the company reported total assets of $2.142 billion, loans receivable of $1.578 billion, total deposits of $1.732 billion, and stockholders’ equity of $173.4 million. Despite the challenges posed by increasing borrowing costs and reduced net interest income, Norwood Financial Corp has maintained solid growth and financial stability.
Under the leadership of Mr. Donnelly, the company has seen notable loan growth, with a 10.9% annual increase during the second quarter of 2023. However, total deposits decreased by $27.2 million due to significant reductions in municipal account balances. The company’s operating expenses remain well-controlled, and it continues to maintain a strong capital base that exceeds 'Well-Capitalized' targets.
Norwood Financial Corp also emphasizes excellent credit quality metrics, which have remained strong and are expected to benefit future performance. The company is committed to serving its customers and stockholders, with continuous efforts to identify new opportunities and enhance customer service across Wayne Bank locations, including the Bank of the Finger Lakes and Bank of Cooperstown.
As a publicly traded company on the NASDAQ Global Market under the symbol NWFL, Norwood Financial Corp remains a significant player in the regional banking sector. The company’s forward-looking statements, as stipulated by the Private Securities Litigation Reform Act of 1995, highlight its focus on adapting to changing economic conditions, maintaining strong credit quality, and managing core operating expenses.
Norwood Financial Corp (NWFL) reported a significant increase in earnings for Q4 2020, totaling $5,513,000, up from $3,596,000 in Q4 2019. For the year, net income rose to $15,080,000, reflecting a $865,000 increase over 2019. This performance was bolstered by the acquisition of UpState New York Bancorp, completed in July 2020. However, the company faced a $4,200,000 rise in loan loss provisions and $2,049,000 in merger-related expenses. EPS decreased from $2.25 in 2019 to $2.09 for 2020.
Norwood Financial Corp (NASDAQ: NWFL) announced a quarterly dividend of $0.26 per share, payable on February 1, 2021, to shareholders of record as of January 15, 2021. This marks a 4.0% increase from the previous quarter's dividend and is part of the company’s commitment to consistent returns, being the 29th consecutive year of dividend increases. In 2020, total cash dividends declared reached $1.01 per share, up from $0.97 in 2019. As of September 30, 2020, Norwood had total assets of $1.842 billion.
Norwood Financial Corp. (NWFL) reported Q3 2020 earnings of $4,999,000, a 28% increase from $3,907,000 in Q3 2019, largely due to the acquisition of UpState New York Bancorp. EPS remained stable at $0.62. For the first nine months, net income was $9,567,000, down from $10,619,000 in 2019, influenced by a $2.8 million loan loss provision and merger expenses. Total assets reached $1.842 billion, with substantial increases in loans and deposits attributed to the UpState acquisition and government stimulus initiatives. Non-performing assets rose to 0.74% of total assets.
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.
Norwood Financial Corp (NWFL) reported earnings of $1.488 million for Q2 2020, down $2.034 million from last year, primarily due to increased loan loss provisions and $1.597 million in merger expenses from acquiring UpState New York Bancorp. EPS for the quarter decreased to $0.24 from $0.56. Total assets reached $1.355 billion with loans receivable increasing by $101 million. The net interest margin decreased to 3.25%. Non-performing assets rose to $3.9 million, representing 0.29% of total assets. CEO Critelli noted the merger completion and the company's commitment to customer support during the pandemic.
Norwood Financial Corp (NASDAQ: NWFL) announced the completion of its acquisition of UpState New York Bancorp and USNY Bank, effective July 7, 2020. UpState shareholders can choose between $33.33 cash or 0.9390 shares of Norwood common stock, plus an additional $0.67 cash per share. Approximately 48.2% of shareholders opted for cash. The merger expands Norwood's presence in three New York counties, growing total assets to over $1.8 billion with 31 branches. This strategic acquisition aims to enhance customer service and operational efficiencies.
Norwood Financial Corp (NASDAQ: NWFL) announced a delay in the acquisition of UpState New York Bancorp, Inc., now expected to close around July 7, 2020, pending customary closing conditions. Norwood operates Wayne Bank in Pennsylvania and New York, while UpState is the holding company for USNY Bank, which has offices in New York. The PR also includes forward-looking statements regarding potential risks related to the merger, including integration challenges and impacts from the COVID-19 pandemic.
Lewis J. Critelli, President and CEO of Norwood Financial Corp (NASDAQ: NWFL), announced a $0.25 per share cash dividend payable on August 3, 2020, to shareholders of record as of July 17, 2020. This dividend reflects a 4.2% increase from the previous year's second quarter. Norwood Financial Corp, through its subsidiary Wayne Bank, has total assets of $1.2 billion, loans of $928.6 million, and total deposits of $990.2 million as of March 31, 2020.
Norwood Financial Corp (NASDAQ: NWFL) received final regulatory approvals for its acquisition of UpState New York Bancorp, Inc. and its subsidiary, USNY Bank. The deal is expected to close around July 1, 2020, pending customary conditions. President Lewis J. Critelli stated that both organizations are integrating to enhance product offerings in their market areas. This acquisition aims to welcome UpState's stockholders and customers, expanding Norwood's presence across Northeastern Pennsylvania and New York.
Norwood Financial Corp (NASDAQ: NWFL) announced the extension of the Election Deadline for UpState stockholders to submit merger election materials due to COVID-19 delays. The new deadline is June 22, 2020. Previously, the deadline was May 26, 2020. This merger, under an agreement signed on January 8, 2020, will result in Norwood acquiring UpState, with UpState's stock being exchanged for Norwood's shares or cash. Shareholders can choose a cash or stock option with a total of 10% in cash and 90% in stock. Both companies have received shareholder approvals for the merger as of May 27, 2020.
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