Positive: Norwood Financial Corp reported strong financial results for the first quarter of 2025.
From GlobeNewswire: 2025-04-17 08:15:00
Norwood Financial Corp reported a 14.5% increase in fully diluted EPS to $0.63 and a return on assets of over 1.00%. Net interest margin rose by 30 basis points from the prior quarter and 11 basis points year-over-year. Loans grew at a 13.5% annualized rate, and capital improved due to increased earnings. Total assets reached $2.376 billion as of March 31, 2025, with loans receivable at $1.771 billion and total deposits at $2.004 billion. Tangible Common Equity stood at 8.16% as of March 31, 2025.
President and CEO Jim Donnelly highlighted the positive start to 2025, attributing it to actions taken in December 2024 to strengthen capital and earnings. The company’s net interest margin improved due to portfolio repositioning, leading to strong annualized growth in loans and deposits. The raised capital has bolstered the balance sheet, positioning the company to weather global economic uncertainty.
Financial results for the first quarter of 2025 show net income of $5.8 million, an increase of $1.3 million from the same period in 2024. Net interest income rose due to higher asset yields, resulting in a net interest margin of 3.30%. Total assets increased to $2.376 billion, with loans receivable at $1.771 billion and total deposits at $2.004 billion. Tangible Book Value per share increased from $19.85 to $20.66.
Norwood Financial Corp, parent company of Wayne Bank, operates from sixteen offices in Northeastern Pennsylvania and fourteen offices in New York. The company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”. Adjusted financial measures were provided to ensure comparability, excluding the one-time $20.0 million net realized loss incurred in the fourth quarter of 2024.
Non-GAAP financial measures were used to present adjusted net income, diluted earnings per share, return on average assets, and return on tangible equity, reversing the effect of loss on sale of securities in December 2024. The company believes these adjusted values ensure comparability as the portfolio restructuring is not expected to recur. The company also provided forward-looking statements, acknowledging potential risks and uncertainties that could impact results.
Key financial highlights for the first quarter of 2025 include net interest income of $17.857 million, net income of $5.773 million, and a return on average assets of 1.01%. The net interest margin stood at 3.30%, with basic earnings per share at $0.63 and diluted earnings per share at $0.63. Key metrics such as book value per share, tangible book value per share, and nonperforming asset ratios were also provided.
Read more at GlobeNewswire:: Norwood Financial Corp announces First Quarter 2025