0001193125-22-269107.txt : 20221026 0001193125-22-269107.hdr.sgml : 20221026 20221026090203 ACCESSION NUMBER: 0001193125-22-269107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221026 DATE AS OF CHANGE: 20221026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORWOOD FINANCIAL CORP CENTRAL INDEX KEY: 0001013272 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232828306 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28364 FILM NUMBER: 221331276 BUSINESS ADDRESS: STREET 1: 717 MAIN ST STREET 2: PO BOX 269 CITY: HONESDALE STATE: PA ZIP: 18431 BUSINESS PHONE: 7172531455 MAIL ADDRESS: STREET 1: 717 MAIN ST STREET 2: PO BOX 269 CITY: HONESDALE STATE: PA ZIP: 18431 8-K 1 d392670d8k.htm 8-K 8-K
false 0001013272 0001013272 2022-10-26 2022-10-26

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 26, 2022

 

 

NORWOOD FINANCIAL CORP

(Exact name of registrant as specified in its charter)

 

 

 

Pennsylvania   0-28364   23-2828306

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

717 Main Street, Honesdale, Pennsylvania   18431
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (570) 253-1455

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.10 per share   NWFL   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


NORWOOD FINANCIAL CORP

INFORMATION TO BE INCLUDED IN THE REPORT

 

Item 2.02.

Results of Operations and Financial Condition

On October 26, 2022, Norwood Financial Corp (the “Company”) issued a press release announcing its earnings for the three and nine months ended September 30, 2022. A copy of the press release is furnished with this report as exhibit 99.1 hereto and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

 

Item 9.01.

Financial Statements and Exhibits

 

  (d)

Exhibits:

The following exhibits are being furnished with this report.

 

No.

  

Description

99.1    Press Release dated October 26, 2022.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    NORWOOD FINANCIAL CORP
Date: October 26, 2022     By:  

/s/ James O. Donnelly

      James O. Donnelly
     

President and Chief Executive Officer

(Duly Authorized Representative)

EX-99.1 2 d392670dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

NORWOOD FINANCIAL CORP

ANNOUNCES THIRD QUARTER EARNINGS

October 26, 2022 - Honesdale, Pennsylvania

James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp. (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2022 of $8,109,000, which represents an increase of $1,128,000, or 16.2%, over the $6,981,000 earned in the same three-month period of 2021. The increase in earnings was due to a $1.2 million increase in net interest income, and a $750,000 reduction in the provision for loan losses during the three-months ended September 30, 2022. Earnings per share (fully diluted) were $1.00 in the three-months ended September 30, 2022, which represents an increase from the $0.85 earned in the same period of 2021. The annualized returns on average assets and average tangible equity for the current three-month period were 1.57% and 21.48%, respectively, compared to 1.36% and 15.78% for the three-month period ended September 30, 2021. Net income for the nine months ended September 30, 2022, totaled $22,093,000, which is $3,816,000, or 20.9%, higher than the same period of 2021. The increase in net income includes a $2,347,000 increase in net interest income, a $3,150,000 reduction in the provision for loan losses, and a $1,671,000 increase in total other income during the nine months ended September 30, 2022. Earnings per share (fully diluted) for the nine months ended September 30, 2022, totaled $2.71 per share compared to $2.23 per share in the same 2021 period.

Total assets as of September 30, 2022 were $2.019 billion, with loans receivable of $1.432 billion, deposits of $1.769 billion and stockholders’ equity of $158.8 million.

 

1


For the three months ended September 30, 2022, net interest income, on a fully taxable equivalent basis (fte), totaled $18,369,000, which represents an increase of $1,183,000, compared to the same period in 2021. A $157.7 million increase in average securities contributed to the increased income. Net interest margin (fte) for the 2022 period was 3.74%, compared to 3.61% for the similar period in 2021. Net interest income (fte) for the nine months ended September 30, 2022 totaled $51,734,000, an increase of $2,305,000, compared to the same period in 2021, due primarily to a $174.6 million increase in average securities. The net interest margin (fte) for the nine months ended September 30, 2022 was 3.52%, compared to 3.54% for the same period of 2021.

Total other income for the three months ended September 30, 2022 was $2,178,000, compared to $2,159,000 for the same period in 2021. For the nine months ended September 30, 2022, total other income was $8,006,000, compared to $6,335,000 in the same period of 2021. The increase was due primarily to income recognized on previously acquired purchased impaired loans that were carried at a discount.

Total other expenses were $10,139,000 for the three months ended September 30, 2022, compared to $9,623,000 in the same period of 2021. For the nine months ended September 30, 2022, total other expenses were $30,768,000, compared to $28,567,000 for the same period in 2021. The increase was due primarily to a $1,208,000 increase in salaries and employee benefit costs during the nine months ended September 30, 2022.

Mr. Donnelly commented, “Our results for the first nine months of 2022 reflect increasing net interest spreads due to rising interest rates, the higher level of interest earning assets, and reduced loan loss provisions related to our improved credit quality metrics. Our return on average assets for the nine months ended September 30, 2022 was 1.44%, our fully-diluted earnings per share improved 21.5% compared to the same nine-month period of last year, and our credit quality metrics remain strong, which should bode well for future performance. We appreciate the opportunity to serve our expanded base of stockholders and customers.”

 

2


Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in interest rates, the risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, the ability to control costs and expenses, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

3


Non-GAAP Financial Measures

This release references tax-equivalent net interest income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Tax-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a tax-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

The following reconciles net interest income to net interest income on a fully taxable-equivalent basis:

 

(dollars in thousands)    Three months ended
September 30
     Nine months ended
September 30
 
   2022      2021      2022      2021  

Net interest income

   $ 18,170      $ 16,989      $ 51,164      $ 48,817  

Tax equivalent basis adjustment using 21% marginal tax rate

     199        197        570        612  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income on a fully taxable equivalent basis

   $ 18,369      $ 17,186      $ 51,734      $ 49,429  
  

 

 

    

 

 

    

 

 

    

 

 

 

This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

 

4


The following reconciles average equity to average tangible equity:

 

     Three months ended
September 30
     Nine months ended
September 30
 
(dollars in thousands)    2022      2021      2022      2021  

Average equity

   $ 179,398      $ 205,848      $ 187,183      $ 201,102  

Average goodwill and other intangibles

     (29,605      (29,712      (29,630      (29,757
  

 

 

    

 

 

    

 

 

    

 

 

 

Average tangible equity

   $ 149,793      $ 176,136      $ 157,553      $ 171,345  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Contact:

William S. Lance

Executive Vice President &

Chief Financial Officer

NORWOOD FINANCIAL CORP

570-253-8505

www.waynebank.com

 

5


NORWOOD FINANCIAL CORP.

Consolidated Balance Sheets

(dollars in thousands, except share and per share data)

(unaudited)

 

     September 30  
     2022     2021  

ASSETS

    

Cash and due from banks

   $ 23,092     $ 28,353  

Interest-bearing deposits with banks

     17,785       191,580  
  

 

 

   

 

 

 

Cash and cash equivalents

     40,877       219,933  

Securities available for sale

     427,287       361,988  

Loans receivable

     1,432,288       1,371,002  

Less: Allowance for loan losses

     16,931       16,103  
  

 

 

   

 

 

 

Net loans receivable

     1,415,357       1,354,899  

Regulatory stock, at cost

     2,220       3,898  

Bank premises and equipment, net

     17,427       17,364  

Bank owned life insurance

     43,169       39,864  

Foreclosed real estate owned

     346       1,876  

Accrued interest receivable

     6,303       6,049  

Goodwill

     29,266       29,266  

Other intangible assets

     329       434  

Other assets

     36,289       18,120  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 2,018,870     $ 2,053,691  
  

 

 

   

 

 

 

LIABILITIES

    

Deposits:

    

Non-interest bearing demand

   $ 453,560     $ 442,534  

Interest-bearing

     1,315,236       1,279,988  
  

 

 

   

 

 

 

Total deposits

     1,768,796       1,722,522  

Short-term borrowings

     71,754       78,246  

Other borrowings

     —         33,136  

Accrued interest payable

     1,425       1,341  

Other liabilities

     18,046       15,838  
  

 

 

   

 

 

 

TOTAL LIABILITIES

     1,860,021       1,851,083  

STOCKHOLDERS’ EQUITY

    

Preferred Stock, no par value per share, authorized 5,000,000 shares

     —         —    

Common Stock, $.10 par value per share,
authorized: 20,000,000 shares,
issued: 2022: 8,275,901 shares, 2021: 8,245,951 shares

     828       825  

Surplus

     96,785       96,100  

Retained earnings

     125,243       105,668  

Treasury stock, at cost: 2022: 130,046 shares, 2021: 51,568 shares

     (3,442     (1,423

Accumulated other comprehensive (loss) income

     (60,565     1,438  
  

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     158,849       202,608  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 2,018,870     $ 2,053,691  
  

 

 

   

 

 

 

 

6


NORWOOD FINANCIAL CORP.

Consolidated Statements of Income

(dollars in thousands, except per share data)

(unaudited)

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
           2022                  2021                  2022                  2021        

INTEREST INCOME

           

Loans receivable, including fees

   $ 17,114      $ 16,859      $ 48,203      $ 49,107  

Securities

     2,473        1,468        6,564        3,936  

Other

     245        72        504        174  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Interest income

     19,832        18,399        55,271        53,217  

INTEREST EXPENSE

           

Deposits

     1,557        1,167        3,699        3,627  

Short-term borrowings

     88        71        196        214  

Other borrowings

     17        172        212        559  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Interest expense

     1,662        1,410        4,107        4,400  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME

     18,170        16,989        51,164        48,817  

PROVISION FOR LOAN LOSSES

   $ —          750        600        3,750  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

     18,170        16,239        50,564        45,067  

OTHER INCOME

           

Service charges and fees

     1,346        1,485        4,292        4,268  

Income from fiduciary activities

     219        209        634        550  

Net realized gains on sales of securities

     —          35        —          56  

Gains on sales of loans, net

     1        39        1        177  

Gains on sales of foreclosed real estate owned

     —          31        427        31  

Earnings and proceeds on life insurance policies

     267        200        892        767  

Other

     345        160        1,760        486  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other income

     2,178        2,159        8,006        6,335  

OTHER EXPENSES

           

Salaries and employee benefits

     5,553        5,491        16,824        15,616  

Occupancy, furniture and equipment

     1,191        1,163        3,704        3,568  

Data processing and related operations

     736        594        2,031        1,760  

Taxes, other than income

     240        229        773        763  

Professional fees

     354        189        1,336        1,072  

FDIC Insurance assessment

     143        177        468        512  

Foreclosed real estate

     4        16        66        58  

Amortization of intangibles

     24        28        78        96  

Other

     1,894        1,736        5,488        5,122  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other expenses

     10,139        9,623        30,768        28,567  

INCOME BEFORE TAX

     10,209        8,775        27,802        22,835  

INCOME TAX EXPENSE

     2,100        1,794        5,709        4,558  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET INCOME

   $ 8,109      $ 6,981      $ 22,093      $ 18,277  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 1.00      $ 0.85      $ 2.71      $ 2.23  
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share

   $ 1.00      $ 0.85      $ 2.71      $ 2.23  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

7


NORWOOD FINANCIAL CORP.

Financial Highlights (Unaudited)

(dollars in thousands, except per share data)

 

For the Three Months Ended September 30

   2022     2021  

Net interest income

   $ 18,170     $ 16,989  

Net income

     8,109       6,981  

Net interest spread (fully taxable equivalent)

     3.61     3.49

Net interest margin (fully taxable equivalent)

     3.74     3.61

Return on average assets

     1.57     1.36

Return on average equity

     17.93     13.50

Return on average tangible equity

     21.48     15.78

Basic earnings per share

   $ 1.00     $ 0.85  

Diluted earnings per share

   $ 1.00     $ 0.85  

For the Nine Months Ended September 30

   2022     2021  

Net interest income

   $ 51,164     $ 48,817  

Net income

     22,093       18,277  

Net interest spread (fully taxable equivalent)

     3.41     3.43

Net interest margin (fully taxable equivalent)

     3.52     3.54

Return on average assets

     1.44     1.23

Return on average equity

     15.73     12.19

Return on average tangible equity

     18.67     14.31

Basic earnings per share

   $ 2.71     $ 2.23  

Diluted earnings per share

   $ 2.71     $ 2.23  

As of September 30

   2022     2021  

Total assets

   $ 2,018,870     $ 2,053,691  

Total loans receivable

     1,432,288       1,371,002  

Allowance for loan losses

     16,931       16,103  

Total deposits

     1,768,796       1,722,522  

Stockholders’ equity

     158,849       202,608  

Trust assets under management

     172,037       187,689  

Book value per share

   $ 19.92     $ 24.90  

Tangible book value per share

   $ 16.29     $ 21.27  

Equity to total assets

     7.87     9.87

Allowance to total loans receivable

     1.18     1.17

Nonperforming loans to total loans

     0.04     0.14

Nonperforming assets to total assets

     0.05     0.18

 

8


NORWOOD FINANCIAL CORP.

Consolidated Balance Sheets (unaudited)

(dollars in thousands)

 

     September 30      June 30      March 31      December 31      September 30  
     2022      2022      2022      2021      2021  

ASSETS

              

Cash and due from banks

   $ 23,092      $ 29,931      $ 22,394      $ 21,073      $ 28,353  

Interest-bearing deposits with banks

     17,785        79,735        143,632        185,608        191,580  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents

     40,877        109,666        166,026        206,681        219,933  

Securities available for sale

     427,287        440,877        434,924        406,782        361,988  

Loans receivable

     1,432,288        1,404,317        1,371,645        1,354,931        1,371,002  

Less: Allowance for loan losses

     16,931        17,017        16,660        16,442        16,103  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net loans receivable

     1,415,357        1,387,300        1,354,985        1,338,489        1,354,899  

Regulatory stock, at cost

     2,220        2,396        3,423        3,927        3,898  

Bank owned life insurance

     43,169        43,167        40,215        40,038        39,864  

Bank premises and equipment, net

     17,427        17,032        17,022        17,289        17,364  

Foreclosed real estate owned

     346        346        590        1,742        1,876  

Goodwill and other intangibles

     29,595        29,619        29,646        29,673        29,700  

Other assets

     42,592        35,981        30,867        23,883        24,169  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

   $ 2,018,870      $ 2,066,384      $ 2,077,698      $ 2,068,504      $ 2,053,691  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

              

Deposits:

              

Non-interest bearing demand

   $ 453,560      $ 442,991      $ 438,979      $ 440,652      $ 442,534  

Interest-bearing deposits

     1,315,236        1,356,839        1,342,798        1,316,141        1,279,988  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total deposits

     1,768,796        1,799,830        1,781,777        1,756,793        1,722,522  

Borrowings

     71,754        74,839        90,466        90,820        111,382  

Other liabilities

     19,471        17,884        18,649        15,629        17,179  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     1,860,021        1,892,553        1,890,892        1,863,242        1,851,083  

STOCKHOLDERS’ EQUITY

     158,849        173,831        186,806        205,262        202,608  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 2,018,870      $ 2,066,384      $ 2,077,698      $ 2,068,504      $ 2,053,691  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

9


NORWOOD FINANCIAL CORP.

Consolidated Statements of Income (unaudited)

(dollars in thousands, except per share data)

 

     September 30     June 30     March 31     December 31     September 30  
Three months ended    2022     2022     2022     2021     2021  

INTEREST INCOME

          

Loans receivable, including fees

   $ 17,114     $ 15,714     $ 15,375     $ 16,149     $ 16,859  

Securities

     2,473       2,197       1,894       1,612       1,468  

Other

     245       182       78       92       72  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest income

     19,832       18,093       17,347       17,853       18,399  

INTEREST EXPENSE

          

Deposits

     1,557       1,083       1,059       1,130       1,167  

Borrowings

     105       116       187       227       243  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     1,662       1,199       1,246       1,357       1,410  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET INTEREST INCOME

     18,170       16,894       16,101       16,496       16,989  

PROVISION FOR LOAN LOSSES

     —         300       300       450       750  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES

     18,170       16,594       15,801       16,046       16,239  

OTHER INCOME

          

Service charges and fees

     1,346       1,475       1,470       1,425       1,485  

Income from fiduciary activities

     219       214       202       198       209  

Net realized gains on sales of securities

     —         —         —         36       35  

Gains on sales of loans, net

     1       —         —         —         39  

Gains on sales of foreclosed real estate owned

     —         —         427       —         31  

Earnings and proceeds on life insurance policies

     267       449       176       174       200  

Other

     345       351       1,063       188       160  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     2,178       2,489       3,338       2,021       2,159  

OTHER EXPENSES

          

Salaries and employee benefits

     5,553       5,840       5,431       4,992       5,491  

Occupancy, furniture and equipment, net

     1,191       1,206       1,307       1,254       1,163  

Foreclosed real estate

     4       10       53       88       16  

FDIC insurance assessment

     143       142       183       169       177  

Other

     3,248       3,274       3,183       3,539       2,776  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other expenses

     10,139       10,472       10,157       10,042       9,623  

INCOME BEFORE TAX

     10,209       8,611       8,982       8,025       8,775  

INCOME TAX EXPENSE

     2,100       1,756       1,854       1,387       1,794  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 8,109     $ 6,855     $ 7,128     $ 6,638     $ 6,981  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 1.00     $ 0.84     $ 0.87     $ 0.81     $ 0.85  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 1.00     $ 0.84     $ 0.87     $ 0.81     $ 0.85  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Book Value per share

   $ 19.92     $ 21.65     $ 22.99     $ 25.24     $ 24.90  

Tangible Book Value per share

     16.29       18.02       19.37       21.63       21.27  

Return on average assets (annualized)

     1.57     1.35     1.39     1.26     1.36

Return on average equity (annualized)

     17.93     15.19     14.22     12.84     13.50

Return on average tangible equity (annualized)

     21.48     18.16     16.65     15.02     15.78

Net interest spread (fte)

     3.61     3.40     3.22     3.29     3.49

Net interest margin (fte)

     3.74     3.49     3.32     3.39     3.61

Allowance for loan losses to total loans

     1.18     1.21     1.21     1.21     1.17

Net charge-offs to average loans (annualized)

     0.02     -0.02     0.02     0.03     0.00

Nonperforming loans to total loans

     0.04     0.04     0.05     0.05     0.20

Nonperforming assets to total assets

     0.05     0.05     0.06     0.12     0.22

 

10

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Document and Entity Information
Oct. 26, 2022
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Entity Central Index Key 0001013272
Document Type 8-K
Document Period End Date Oct. 26, 2022
Entity Registrant Name NORWOOD FINANCIAL CORP
Entity Incorporation State Country Code PA
Entity File Number 0-28364
Entity Tax Identification Number 23-2828306
Entity Address, Address Line One 717 Main Street
Entity Address, City or Town Honesdale
Entity Address, State or Province PA
Entity Address, Postal Zip Code 18431
City Area Code (570)
Local Phone Number 253-1455
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.10 per share
Trading Symbol NWFL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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