Welcome to our dedicated page for Norwood Finl news (Ticker: NWFL), a resource for investors and traders seeking the latest updates and insights on Norwood Finl stock.
Norwood Financial Corp reports recurring developments for its role as the bank holding company for Wayne Bank. Company news centers on operating and financial results, net interest income and margin trends, loan and deposit growth, cash dividends, and updates tied to its community banking franchise in Northeastern Pennsylvania and the Southern Tier of New York.
Recent corporate updates also include the completed acquisition of PB Bankshares and the merger of Presence Bank into Wayne Bank, along with integration items such as systems conversion. Norwood’s news flow reflects a regional bank model built around personal and business credit services, trust and investment products, real estate settlement services, and branch-based banking operations.
Norwood Financial Corp (NWFL) reported a 19.1% increase in earnings for Q2 2022, totaling $6,855,000, boosted by a $841,000 increase in net interest income and a $1,200,000 decrease in loan loss provisions. Earnings per share rose to $0.84, up from $0.70 year-over-year. For H1 2022, net income reached $13,983,000, a $2,687,000 increase from 2021. Total assets were $2.066 billion, with an annualized return on average assets at 1.37%.
Norwood Financial Corp (NWFL) announced a cash dividend of $.28 per share, payable on August 1, 2022, to shareholders of record by July 15, 2022. This dividend remains consistent with the previous quarter's payout but marks a 7.7% increase from the same period in 2021. CEO James O. Donnelly expressed confidence in the company's financial strength and capital position as contributing factors to this decision. As of March 31, 2022, Norwood's total assets were $2.078 billion, with loans of $1.372 billion and deposits totaling $1.782 billion.
Norwood Financial Corp (NASDAQ: NWFL) announced the appointment of Lewis J. Critelli as Chairman of the Board, effective May 9, 2022. Critelli, who will retire as President and CEO after over 40 years in banking, has led the company since 2010, overseeing three acquisitions and significant asset growth from $529 million to over $2.1 billion.
Critelli's community involvement includes various leadership roles with local organizations. The company operates 14 offices in Pennsylvania and 16 in New York.
Norwood Financial Corp (Nasdaq-NWFL) held its 151st Annual Meeting of Stockholders on April 26, 2022, in a virtual format. Key approvals included the re-election of directors and the ratification of independent auditors for the 2022 fiscal year. The meeting featured financial highlights from 2021, with record earnings of $24.9 million and first-quarter 2022 earnings of $7.1 million. The company's total assets reached $2.1 billion, with loans and deposits of $1.4 billion and $1.8 billion, respectively. Additionally, a stock repurchase program for up to 5% of outstanding shares was announced.
William W. Davis, Jr. will retire from the Board of Directors of Norwood Financial Corp (Nasdaq: NWFL) and its subsidiary, Wayne Bank, effective April 26, 2022. With a 60-year banking career, he plans to spend more time with his family. Davis's banking journey began in 1962, leading to various leadership roles, culminating in his position as Chairman of the Board. He expressed gratitude to colleagues and customers for their support throughout his career. Norwood Financial operates numerous offices in Pennsylvania and New York, with stock trading under NWFL.
Norwood Financial Corp (NWFL) reported record earnings of $7,128,000 for Q1 2022, a 28.6% increase from $5,542,000 in Q1 2021. Earnings per share rose to $0.87 from $0.67, with a 1.39% return on average assets and 14.22% return on average equity. Total assets grew to $2.078 billion, and loans increased by 7.7% annually. However, net interest spread decreased to 3.22% from 3.46%.
Other income surged to $3,338,000 due to gains from impaired loans and property sales. Operating expenses rose 7.5% to $10,157,000.
Norwood Financial Corp announced that James O. Donnelly will become President and CEO effective early May 2022, succeeding Lewis J. Critelli, who will retire after a successor search. Donnelly brings over 30 years of banking experience, previously serving as Executive VP and Chief Commercial Officer at Bangor Savings Bank. He holds an MBA and has extensive leadership skills in commercial lending and financial management. The company operates numerous offices across Pennsylvania and New York, with its stock trading under the symbol NWFL.
Norwood Financial Corp (NASDAQ: NWFL) has declared a quarterly cash dividend of $0.28 per share, reflecting a 7.7% increase over the prior year's first quarter dividend. The dividend is payable on May 2, 2022, to stockholders of record as of April 14, 2022. CEO Lewis J. Critelli highlighted the company's financial strength and solid performance as driving factors for this distribution. As of December 31, 2021, Norwood had total assets of $2.069 billion and total stockholders' equity of $205.3 million.
Norwood Financial Corp (NWFL) reported strong earnings for Q4 2021, with a net income of $6,638,000, up from $5,513,000 in Q4 2020. Annual net income totaled $24,915,000, an increase of $9,835,000 year-over-year, boosted by the acquisition of UpState New York Bancorp and over $4.5 million from PPP loans. Earnings per share rose to $0.81 for Q4 and $3.04 for the year. The company also declared a $0.28 dividend per share, reflecting a 7.7% increase. Total assets reached $2.069 billion, with a return on average assets of 1.24% for the year.
Norwood Financial Corp (NASDAQ: NWFL) announced a quarterly dividend of $0.28 per share, payable on February 1, 2022, to shareholders of record as of January 14, 2022. This marks a 7.7% increase from previous dividends and reflects the company’s financial strength and solid performance. In total, Norwood declared $1.06 in cash dividends for 2021, up from $1.01 in 2020. The announcement celebrates the company’s 30th consecutive year of dividend increases, emphasizing its robust capital position and operational resilience.