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Norwood Financial Corp. (NWFL)

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Previous Close27.54
Open27.75
Bid22.00 x 1000
Ask38.13 x 900
Day's Range27.75 - 28.74
52 Week Range21.20 - 30.47
Volume17,468
Avg. Volume12,339
Market Cap233.538M
Beta (5Y Monthly)0.55
PE Ratio (TTM)13.58
EPS (TTM)2.09
Earnings DateApr 21, 2021 - Apr 26, 2021
Forward Dividend & Yield1.04 (3.66%)
Ex-Dividend DateJan 14, 2021
1y Target EstN/A
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  • GlobeNewswire

    Norwood Financial Corp Announces Earnings for the Fourth Quarter and Year

    HONESDALE, Pa., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Lewis J. Critelli, 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 December 31, 2020 of $5,513,000 compared to $3,596,000 earned in the corresponding period of 2019. The increase in earnings reflects the benefits derived from the Company’s acquisition of UpState New York Bancorp, Inc. (“UpState”), which closed on July 7, 2020. For the year ended December 31, 2020 net income totaled $15,080,000, an increase of $865,000 from the $14,215,000 earned in the prior year. The increase reflects the benefits derived from the acquisition of UpState, which offset a $4,200,000 increase in the provision for loan losses and $2,049,000 of merger related expenses. Earnings per share (fully diluted) were $0.67 and $0.57 for the three-month period ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, earnings per share on a fully diluted basis were $2.09, compared to $2.25 for the year ended December 31, 2019. For the year ended December 31, 2020, the return on average assets was 0.97%, and the return on average equity was 9.06%, compared to 1.18% and 10.83%, respectively, for the year ended December 31, 2019. Total assets were $1.852 billion as of December 31, 2020. Loans receivable totaled $1.411 billion as of December 31, 2020, with total deposits of $1.535 billion and stockholders’ equity of $194.8 million as of December 31, 2020. Loans receivable increased $486.2 million from the prior year-end due primarily to the $420 million of loan balances acquired from UpState and $66 million of Paycheck Protection Program (“PPP”) loans originated during the year ended December 31, 2020. For the three months and year ended December 31, 2020, net charge-offs totaled $125,000 and $809,000, respectively, compared to $96,000 and $1,194,000, respectively, for the corresponding periods in 2019. Net interest income, on a fully taxable equivalent basis (fte), totaled $15,821,000 for the three months ended December 31, 2020, an increase of $5,755,000 compared to the same period in 2019. For the year ended December 31, 2020, net interest income (fte) totaled $51,359,000, an increase of $11,747,000 compared to 2019 due primarily to the higher volume of earning assets, including a $292.0 million increase in average loans outstanding. Other income for the three months ended December 31, 2020 totaled $2,661,000 compared to $1,696,000 for the similar period in 2019. Gains on the sale of loans and securities increased $176,000, while all other items of other income increased $789,000 in the aggregate due primarily to service charges and fees related to the acquisition of UpState. Other income for the year ended December 31, 2020 totaled $7,780,000 compared to $6,778,000 in 2019, an increase of $1,002,000 due primarily to a $665,000 increase in service charges and fees. Gains on the sale of loans and investment securities increased $175,000 in the aggregate, while all other items of other income increased $165,000, net. Other expenses totaled $9,909,000 for the three months ended December 31, 2020, compared to $7,088,000 in the similar period of 2019. The $2,821,000 increase reflects the costs of the operations acquired from UpState. For the year ended December 31, 2020, other expenses totaled $34,440,000 compared to $27,311,000 for 2019, an increase of $7,129,000. The increase reflects the costs of operations acquired from UpState, including four new Community Offices, and $2,049,000 of merger related expenses. Mr. Critelli commented, “Our results for the 2020 year have been significantly impacted by our efforts to assist our customers during the COVID-19 pandemic, restrictions on business activity, and the costs associated with and the revenue generated by our acquisition of UpState New York Bancorp, Inc. Our balance sheet reflects the full impact of the UpState acquisition, resulting in a Company with over $1.8 billion of total assets, $1.4 billion of loans and $1.5 billion of deposits. Our cash dividend of $0.26 per share declared in the fourth quarter of 2020 represents a 4.0% increase over the same period of last year. We appreciate the opportunity to serve our Wayne Bank customers and our new customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to search out opportunities available to us as we service our growing base of stockholders and customers.” Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock is traded 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. Non-GAAP Financial Measures This release references tax-equivalent interest income and net interest income, which are non-GAAP (Generally Accepted Accounting Principles) financial measures. Tax-equivalent net interest income is derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of interest income on a tax–equivalent basis ensures comparability of interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. The following table reconciles net interest income to net interest income on a fully tax-equivalent basis: (dollars in thousands) Three months ended December 31 Year ended December 31 2020 2019 2020 2019Net interest income $15,614 $9,833 $50,476 $38,606Tax equivalent basis adjustment using 21% marginal tax rate 207 233 883 1,006Net interest income on a fully taxable equivalent basis $15,821 $10,066 $51,359 $39,612 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. The following reconciles average equity to average tangible equity: Three months ended Year ended December 31, December 31,(dollars in thousands) 2020 2019 2020 2019 Average equity $193,740 $136,920 $166,427 $131,271Average goodwill and other Intangibles (30,747) (11,575) (17,942) (11,611)Average tangible equity $162,993 $125,345 $148,485 $119,660 Contact:William S. LanceExecutive Vice President &Chief Financial OfficerNORWOOD FINANCIAL CORP570-253-8505www.waynebank.com NORWOOD FINANCIAL CORP. Consolidated Balance Sheets (dollars in thousands, except share and per share data) (unaudited) December 31 2020 2019 ASSETS Cash and due from banks $19,445 $15,038 Interest-bearing deposits with banks 92,248 377 Cash and cash equivalents 111,693 15,415 Securities available for sale 226,586 210,205 Loans receivable 1,410,732 924,581 Less: Allowance for loan losses 13,150 8,509 Net loans receivable 1,397,582 916,072 Regulatory stock, at cost 3,981 4,844 Bank premises and equipment, net 17,814 14,228 Bank owned life insurance 39,608 38,763 Foreclosed real estate owned 965 1,556 Accrued interest receivable 6,232 3,719 Goodwill 29,290 11,331 Other intangible assets 530 235 Other assets 17,583 14,242 TOTAL ASSETS $1,851,864 $1,230,610 LIABILITIES Deposits: Non-interest bearing demand $359,559 $207,299 Interest-bearing 1,175,826 750,230 Total deposits 1,535,385 957,529 Short-term borrowings 63,303 62,256 Other borrowings 42,459 56,438 Accrued interest payable 1,601 2,432 Other liabilities 14,331 14,527 TOTAL LIABILITIES 1,657,079 1,093,182 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: 2020: 8,236,331 shares, 2019: 6,340,563 shares 824 634 Surplus 95,388 49,471 Retained earnings 93,796 86,536 Treasury stock, at cost: 2020: 10,263 shares, 2019: 12,007 shares (342) (400) Accumulated other comprehensive income 5,119 1,187 TOTAL STOCKHOLDERS' EQUITY 194,785 137,428 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,851,864 $1,230,610 NORWOOD FINANCIAL CORP. Consolidated Statements of Income (dollars in thousands, except per share data) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 INTEREST INCOME Loans receivable, including fees$16,336 $10,815 $54,046 $41,889 Securities 1,064 1,159 4,337 5,314 Other 29 11 72 81 Total Interest income 17,429 11,985 58,455 47,284 INTEREST EXPENSE Deposits 1,514 1,784 6,610 7,139 Short-term borrowings 81 124 325 468 Other borrowings 220 244 1,044 1,071 Total Interest expense 1,815 2,152 7,979 8,678 NET INTEREST INCOME 15,614 9,833 50,476 38,606 PROVISION FOR LOAN LOSSES 1,600 200 5,450 1,250 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES14,014 9,633 45,026 37,356 OTHER INCOME Service charges and fees 1,913 1,168 5,115 4,450 Income from fiduciary activities 150 156 682 610 Net realized gains on sales of securities - 21 71 254 Gains on sales of loans, net 241 44 527 169 Earnings and proceeds on life insurance policies 208 200 845 830 Other 149 107 540 465 Total other income 2,661 1,696 7,780 6,778 OTHER EXPENSES Salaries and employee benefits 5,243 3,740 17,121 14,655 Occupancy, furniture and equipment 1,165 938 4,148 3,719 Data processing and related operations 808 469 2,457 1,869 Taxes, other than income 356 232 997 751 Professional fees 328 362 1,062 1,113 FDIC Insurance assessment 213 3 399 153 Foreclosed real estate 8 9 53 45 Amortization of intangibles 35 22 114 101 Merger related 66 - 2,049 - Other 1,687 1,313 6,040 4,905 Total other expenses 9,909 7,088 34,440 27,311 INCOME BEFORE TAX 6,766 4,241 18,366 16,823 INCOME TAX EXPENSE 1,253 645 3,286 2,608 NET INCOME $5,513 $3,596 $15,080 $14,215 Basic earnings per share$0.67 $0.57 $2.09 $2.27 Diluted earnings per share$0.67 $0.57 $2.09 $2.25 NORWOOD FINANCIAL CORP. Financial Highlights (Unaudited) (dollars in thousands, except per share data) For the Three Months Ended December 31 2020 2019 Net interest income$15,614 $9,833 Net income 5,513 3,596 Net interest spread (fully taxable equivalent) 3.50% 3.33% Net interest margin (fully taxable equivalent) 3.65% 3.59% Return on average assets 1.18% 1.18% Return on average equity 11.32% 10.42% Return on average tangible equity 13.46% 11.38% Basic earnings per share$0.67 $0.57 Diluted earnings per share$0.67 $0.57 For the Twelve Months Ended December 31 2020 2019 Net interest income$50,476 $38,606 Net income 15,080 14,215 Net interest spread (fully taxable equivalent) 3.36% 3.28% Net interest margin (fully taxable equivalent) 3.55% 3.53% Return on average assets 0.97% 1.18% Return on average equity 9.06% 10.83% Return on average tangible equity 10.16% 11.88% Basic earnings per share$2.09 $2.27 Diluted earnings per share$2.09 $2.25 As of December 31 2020 2019 Total assets$1,851,864 $1,230,610 Total loans receivable 1,410,732 924,581 Allowance for loan losses 13,150 8,509 Total deposits 1,535,385 957,529 Stockholders' equity 194,785 137,428 Trust assets under management 168,085 170,685 Book value per share$23.72 $21.67 Tangible book value per share$20.10 $19.84 Equity to total assets 10.52% 11.17% Allowance to total loans receivable 0.93% 0.92% Nonperforming loans to total loans 0.85% 0.09% Nonperforming assets to total assets 0.70% 0.19% NORWOOD FINANCIAL CORP. Consolidated Balance Sheets (unaudited) (dollars in thousands) December 31 September 30 June 30 March 31 December 31 2020 2020 2020 2020 2019 ASSETS Cash and due from banks$19,445 $23,874 $15,387 $14,712 $15,038 Interest-bearing deposits with banks 92,248 100,566 67,989 23,706 377 Cash and cash equivalents 111,693 124,440 83,376 38,418 15,415 Securities available for sale 226,586 197,436 196,735 196,998 210,205 Loans receivable 1,410,732 1,414,662 988,679 928,565 924,581 Less: Allowance for loan losses 13,150 11,674 10,312 9,088 8,509 Net loans receivable 1,397,582 1,402,988 978,367 919,477 916,072 Regulatory stock, at cost 3,981 3,876 3,677 3,770 4,844 Bank owned life insurance 39,608 39,400 39,183 38,971 38,763 Bank premises and equipment, net 17,814 18,124 14,040 14,071 14,228 Foreclosed real estate owned 965 965 965 1,077 1,556 Goodwill and other intangibles 29,820 30,778 11,522 11,543 11,566 Other assets 23,815 24,100 26,676 17,966 17,961 TOTAL ASSETS$1,851,864 $1,842,107 $1,354,541 $1,242,291 $1,230,610 LIABILITIES Deposits: Non-interest bearing demand$359,559 $372,237 $284,754 $213,359 $207,299 Interest-bearing deposits 1,175,826 1,143,685 801,484 776,801 750,230 Total deposits 1,535,385 1,515,922 1,086,238 990,160 957,529 Borrowings 105,762 115,732 106,027 92,006 118,694 Other liabilities 15,932 19,906 19,612 17,938 16,959 TOTAL LIABILITIES 1,657,079 1,651,560 1,211,877 1,100,104 1,093,182 STOCKHOLDERS' EQUITY 194,785 190,547 142,664 142,187 137,428 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,851,864 $1,842,107 $1,354,541 $1,242,291 $1,230,610 NORWOOD FINANCIAL CORP. Consolidated Statements of Income (unaudited) (dollars in thousands, except per share data) December 31 September 30 June 30 March 31 December 31Three months ended 2020 2020 2020 2020 2019 INTEREST INCOME Loans receivable, including fees$16,336 $16,260 $10,767 $10,683 $10,815 Securities 1,064 1,031 1,063 1,179 1,159 Other 29 18 19 6 11 Total interest income 17,429 17,309 11,849 11,868 11,985 INTEREST EXPENSE Deposits 1,514 1,676 1,630 1,790 1,784 Borrowings 301 303 352 413 368 Total interest expense 1,815 1,979 1,982 2,203 2,152 NET INTEREST INCOME 15,614 15,330 9,867 9,665 9,833 PROVISION FOR LOAN LOSSES 1,600 1,850 1,300 700 200 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,014 13,480 8,567 8,965 9,633 OTHER INCOME Service charges and fees 1,913 1,301 837 1,063 1,168 Income from fiduciary activities 150 205 175 153 156 Net realized gains on sales of securities - 33 - 38 21 Gains on sales of loans, net 241 164 65 56 44 Earnings and proceeds on life insurance policies 208 217 212 208 200 Other 149 152 103 136 107 Total other income 2,661 2,072 1,392 1,654 1,696 OTHER EXPENSES Salaries and employee benefits 5,243 4,812 3,289 3,777 3,740 Occupancy, furniture and equipment, net 1,165 1,109 906 968 938 Foreclosed real estate 8 31 (2) 16 9 FDIC insurance assessment 213 144 42 - 3 Merger related 66 386 1,597 - - Other 3,214 2,898 2,260 2,298 2,398 Total other expenses 9,909 9,380 8,092 7,059 7,088 INCOME BEFORE TAX 6,766 6,172 1,867 3,560 4,241 INCOME TAX EXPENSE 1,253 1,173 379 481 645 NET INCOME$5,513 $4,999 $1,488 $3,079 $3,596 Basic earnings per share$0.67 $0.62 $0.24 $0.49 $0.57 Diluted earnings per share$0.67 $0.62 $0.24 $0.49 $0.57 Book Value per share$23.72 $23.30 $22.62 $22.52 $21.67 Tangible Book Value per share 20.10 19.55 20.80 20.70 19.84 Return on average assets (annualized) 1.18% 1.11% 0.45% 1.01% 1.18%Return on average equity (annualized) 11.32% 10.64% 4.17% 8.79% 10.42%Return on average tangible equity (annualized) 13.46% 11.75% 4.54% 9.57% 11.38% Net interest spread (fte) 3.50% 3.55% 3.03% 3.23% 3.33%Net interest margin (fte) 3.65% 3.73% 3.25% 3.48% 3.59% Allowance for loan losses to total loans 0.93% 0.83% 1.04% 0.98% 0.92%Net charge-offs to average loans (annualized) 0.04% 0.14% 0.03% 0.05% 0.04%Nonperforming loans to total loans 0.85% 0.89% 0.30% 0.30% 0.09%Nonperforming assets to total assets 0.70% 0.74% 0.29% 0.31% 0.19%

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    Only Four Days Left To Cash In On Norwood Financial's (NASDAQ:NWFL) Dividend

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  • Norwood Financial Corp Increases Cash Dividend
    GlobeNewswire

    Norwood Financial Corp Increases Cash Dividend

    HONESDALE, Pa., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market - NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors declared a $0.26 per share quarterly dividend payable February 1, 2021 to shareholders of record as of January 15, 2021. The $0.26 per share represents an increase of 4.0% over the cash dividend declared in the prior quarter of this year and the fourth quarter of last year. During 2020, total cash dividends declared were $1.01 per share, compared to the $0.97 declared in 2019.Mr. Critelli commented, “The Board is extremely pleased to provide our shareholders with this 4.0% increase in their quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance. We are also very proud that 2020 marks the twenty-ninth consecutive year of dividend increases for the Company.”Norwood Financial Corp, through its subsidiary, Wayne Bank, operates fifteen offices in Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of September 30, 2020, the Company had total assets of $1.842 billion, loans outstanding of $1.415 billion, total deposits of $1.516 billion and total stockholders’ equity of $190.5 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.Forward-Looking Statements. The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of risks and uncertainties which may cause actual results to differ materially from those currently anticipated, and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include, but are not limited to, our ability to pay or increase cash dividends in the future, the continued financial strength, solid performance and strong capital position of the Company, changes in federal and state laws, changes in the absolute and relative levels of interest rates, the potential adverse impact the COVID-19 pandemic may have on Norwood’s financial condition and results of operations, the ability to control costs and expenses, demand for real estate, costs associated with cybercrime, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp. does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.CONTACT: William Lance   Executive Vice President and Chief Financial Officer   NORWOOD FINANCIAL CORP   (570) 253-8505   www.waynebank.com