From GlobeNewswire: 2024-07-26 08:15:00

James O. Donnelly, President and CEO of Norwood Financial Corp, announced a decrease in earnings for the three months ended June 30, 2024, compared to the same period last year. Earnings per share for the quarter were $0.52, down from $0.81 in 2023. Annualized return on assets was 0.75%, with total assets at $2.235 billion. Total interest income was $15,124,000 for the quarter, with a 57 basis points increase in tax-equivalent yield on interest-earning assets.

Net interest income on a fully taxable-equivalent basis was $15,124,000 for the three months ended June 30, 2024, down from the same period in 2023. Other income increased to $2,207,000 for the quarter. Operating expenses totaled $11,444,000, compared to $10,938,000 in 2023. Loan growth was 4.9%, and total deposits saw a decrease of $28 million from the first quarter of 2024.

Average tangible equity for the quarter was $150,037, a decrease from $156,575 in 2023. The Company’s net interest margin (fte) was stable at 2.79% for the first and second quarters of 2024. Other expenses for the six months ended June 30, 2024, totaled $23,175,000, up from $21,374,000 in the same period of 2023. Norwood Financial Corp’s stock trades on the Nasdaq Global Market under the symbol “NWFL.”



Read more at GlobeNewswire:: Norwood Financial Corp Announces Second Quarter Earnings