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.
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.
On November 15, 2021, Norwood Financial Corp (NASDAQ: NWFL) announced that CEO Lewis J. Critelli will retire in the first half of 2022 following a successor search. Critelli has been with the company since 1995 and has led significant growth, increasing total assets from $529 million to over $2 billion as of September 30, 2021. The Board is collaborating with Kaplan Partners for a smooth leadership transition, expected to conclude by June 30, 2022. Critelli will remain a director until 2024.
Norwood Financial Corp. (NWFL) reported a strong financial performance for Q3 2021, with earnings of $6.98 million, up 39.6% from $5 million in Q3 2020, driven by a $1.7 million rise in net interest income. Fully diluted EPS increased to $0.85 from $0.62. Net income for the nine months ended September 30, 2021, surged 91.1% to $18.28 million, largely due to the acquisition of UpState New York Bancorp. Total assets rose to $2.054 billion, while loans decreased by $43.7 million. The company successfully managed expenses, reporting $9.59 million for Q3, with significant growth in deposits influenced by economic stimulus funding.
Norwood Financial Corp (NWFL) has declared a cash dividend of $.26 per share, payable on November 1, 2021, to shareholders of record as of October 15, 2021. This dividend matches the previous quarter's payment and represents a 4.0% increase from the same period in 2020. CEO Lewis J. Critelli emphasized the company's robust financial strength and capital position that supports this dividend.
As of June 30, 2021, Norwood's total assets stood at $2.0 billion, with loans outstanding at $1.4 billion and total deposits of $1.7 billion.
Norwood Financial Corp (NWFL) reported record earnings of $5,755,000 for Q2 2021, a substantial increase of 287% year-over-year, largely attributed to the acquisition of UpState New York Bancorp and PPP loan fees. Earnings per share rose to $0.70 from $0.24 in the previous year. For the first half of 2021, net income reached $11,296,000, up $6,729,000 from 2020. Total assets now stand at $2.026 billion, with notable increases in loans and deposits due to the acquisition and economic stimulus.