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 (NASDAQ - NWFL) announced a quarterly cash dividend of $0.29 per share, payable on May 1, 2023, to shareholders of record as of April 14, 2023. This dividend marks a 3.6% increase from the same period last year. CEO James O. Donnelly emphasized the dividend reflects the company’s financial strength and solid performance. As of December 31, 2022, Norwood reported total assets of $2.047 billion, loans of $1.474 billion, and total deposits of $1.728 billion, maintaining strong capital position.
Norwood Financial Corp (NWFL) reported net income of $7.14 million for Q4 2022, up from $6.64 million in Q4 2021, driven by a $736,000 rise in net interest income. For the full year 2022, net income reached $29.23 million, an increase of $4.32 million compared to $24.92 million in 2021, with earnings per share (EPS) rising to $3.58 from $3.05. Total assets were $2.047 billion, and loans receivable rose by $119 million. A decrease in stockholders' equity by $38.2 million is attributed to lower securities value due to rising interest rates. Other expenses increased 6.3% year-over-year.
Norwood Financial Corp (NASDAQ: NWFL) announced a quarterly dividend of $0.29 per share, marking a 3.6% increase from the previous quarter's dividend. This dividend, payable on February 1, 2023, will benefit shareholders of record as of January 13, 2023. In 2022, total cash dividends declared reached $1.13 per share, higher than $1.06 in 2021, reflecting the company's strong financial performance. Notably, 2022 celebrates the thirty-first consecutive year of dividend increases for Norwood.
Norwood Financial Corp. (NWFL) reported third-quarter earnings of $8,109,000, a 16.2% increase from $6,981,000 in 2021, driven by a $1.2 million rise in net interest income and a $750,000 drop in loan loss provisions. Earnings per share rose to $1.00 from $0.85. For the first nine months, net income reached $22,093,000, up 20.9%, with a 3.74% net interest margin for Q3. Total assets were $2.019 billion.
Mr. Donnelly highlighted improved credit metrics and strong performance indicators, supporting future growth prospects.
Norwood Financial Corp (NASDAQ - NWFL) announced a quarterly cash dividend of $0.28 per share, payable on November 1, 2022 to shareholders of record by October 14, 2022. This dividend remains consistent with the previous quarter, marking a 7.7% increase from the same quarter in 2021. President James O. Donnelly emphasized that the dividend reflects the company’s financial strength and strong capital position, supported by total assets of $2.066 billion and total capital of $173.8 million as of June 30, 2022.
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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.