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Norwood Financial Corp. (NWFL)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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25.56+0.09 (+0.35%)
As of 1:02PM EDT. Market open.
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Neutralpattern detected
Previous Close25.47
Open25.61
Bid25.56 x 800
Ask25.84 x 900
Day's Range25.56 - 25.76
52 Week Range22.20 - 30.47
Volume4,672
Avg. Volume20,379
Market Cap217.457M
Beta (5Y Monthly)0.56
PE Ratio (TTM)11.24
EPS (TTM)2.27
Earnings DateJul 20, 2021 - Jul 26, 2021
Forward Dividend & Yield1.04 (4.02%)
Ex-Dividend DateApr 14, 2021
1y Target EstN/A
  • Norwood Financial Corp Announces Cash Dividend
    GlobeNewswire

    Norwood Financial Corp Announces Cash Dividend

    HONESDALE, Pa., June 11, 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 that the Board of Directors declared a $.26 per share cash dividend, which is payable August 2, 2021 to shareholders of record as of July 15, 2021. The $.26 per share equals the per share dividend declared in the prior quarter and represents a 4.0% increase over the cash dividend declared in the

  • Norwood Financial Corp Holds Annual Meeting of Stockholders
    GlobeNewswire

    Norwood Financial Corp Holds Annual Meeting of Stockholders

    HONESDALE, Pa., April 30, 2021 (GLOBE NEWSWIRE) -- The 150th Annual Meeting of Stockholders of Norwood Financial Corp (Nasdaq-NWFL), parent company of Wayne Bank, was held on Tuesday, April 27, 2021, in a virtual meeting format. Business conducted at the Annual Meeting included remarks by Chairman of the Board William W. Davis, Jr., who chaired the Annual Meeting. Matters presented to, and approved by, stockholders were the re-election of company directors Lewis J. Critelli, William W. Davis, Jr. and Meg L. Hungerford and the ratification of S.R. Snodgrass, P.C., as the Company’s independent auditors for the fiscal year ending December 31, 2021. The Annual Meeting also included presentations to stockholders from President and Chief Executive Officer, Lewis J. Critelli and Executive Vice President and Chief Financial Officer, William Lance. Chairman Davis welcomed stockholders and introduced the Directors and Executive Officers present at the meeting. He then turned the meeting over to Mr. Critelli, who conducted the formal business portion of the meeting. Mr. Lance provided stockholders with a detailed report of the Company’s financial results for the 2020 fiscal year. Among the highlights of the Company’s performance in 2020 cited by Mr. Lance were record earnings of $15.1 million, an increase in the allowance for loan losses, an increase in cash dividends paid to shareholders, the impact on the Company during 2020 from the COVID-19 pandemic and the Company’s acquisition of UpState New York Bancorp, Inc. (“UpState”) which closed on July 7, 2020. Mr. Critelli’s address included the results for the first quarter of 2021 and a summary of the Company’s participation in various economic stimulus programs. He also addressed how the Company implemented technology to assist customers and employees during the pandemic, and provided insights on the acquisition of UpState. Mr. Critelli noted first quarter earnings were a record level of $5.5 million and earnings per share (diluted) were $0.67 per share. As of March 31, 2021, the Company had total assets of $2.010, total loans outstanding of $1.422 billion, deposits of $1.685 billion, and stockholders’ equity of $195.1 million. Mr. Critelli noted that the Company has a stock repurchase program in place for up to 5% of the Company’s outstanding shares of common stock or approximately 400,000 shares. He also commented on the Company’s 150-year anniversary, which will be celebrated later this year. At the Company’s annual reorganization meeting, executive appointments for the ensuing year included: William W. Davis, Jr.-Chairman of the BoardDr. Andrew A. Forte.-Vice Chairman of the BoardLewis J. Critelli-President and Chief Executive OfficerWilliam S. Lance-Executive Vice President, Chief Financial Officer and Secretary Norwood Financial Corp, through its subsidiary Wayne Bank, operates fourteen offices in Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock is traded on the Nasdaq Market, under the symbol, “NWFL”. 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. Contact: William S. Lance Executive Vice President & Chief Financial Officer NORWOOD FINANCIAL CORP 570-253-8505 www.waynebank.com

  • Norwood Financial Corp Announces First Quarter Earnings
    GlobeNewswire

    Norwood Financial Corp Announces First Quarter Earnings

    HONESDALE, Pa., April 23, 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 record earnings of $5,542,000 for the three months ended March 31, 2021, increasing 80% from the $3,079,000 recorded during the corresponding period of 2020. The increase reflects the benefits derived from the Company’s acquisition of UpState New York Bancorp, Inc. (“UpState”), which closed on July 7, 2020. Earnings per share on a fully diluted basis were $0.67 in the first quarter of 2021 compared to $0.49 in the first quarter of 2020. The annualized return on average assets was 1.18% in the first quarter of 2021 and the annualized return on average equity was 11.39%, compared to 1.01% and 8.79%, respectively, in the first quarter of 2020. Total assets were $2.010 billion as of March 31, 2021, an increase of $767.5 million compared to March 31, 2020. As of March 31, 2021, total loans increased $493.0 million compared to March 31, 2020, total deposits increased $695.0 million compared to March 31, 2020, and stockholders’ equity increased $52.9 million compared to March 31, 2020. The increases reflect the balances acquired from UpState and the impact from economic stimulus, including loans originated through the Payroll Protection Program (“PPP”). During the three months ended March 31, 2021, we originated 633 new PPP loans totaling $54.3 million, and had $30.0 million of loans forgiven that were originated in previous periods. As of March 31, 2021, the total of all PPP loans outstanding was $119.3 million. Net interest income (fully taxable equivalent, or fte) was $15,981,000 during the three months ended March 31, 2021, which is $6,078,000 higher than the comparable three-month period of 2020. A $491.3 million increase in average loans outstanding over the corresponding period in 2020 contributed to the increased interest income. During the three-months ended March 31, 2021, the fte yield on interest-earning assets decreased thirty-two basis points compared to the three months ended March 31, 2020, while the cost of funds decreased fifty-five basis points. As a result, the annualized net interest spread (fte) improved to 3.46% from 3.23% in the quarter ended March 31, 2021 compared to the corresponding three-month period in 2020. Other income totaled $1,989,000 for the three months ended March 31, 2021 compared to $1,654,000 during the corresponding period of last year. The increase is due primarily to an $184,000 increase in service charges due primarily to service charges and fees related to the acquisition of UpState. Earnings and proceeds on bank-owned life insurance policies also increased $166,000 over the first quarter of last year. All other categories of other income decreased $15,000, net. Operating expenses totaled $9,452,000 in the three months ended March 31, 2021 and were $2,393,000 higher than the $7,059,000 recorded in the same period of last year. The increase reflects the costs of operations acquired from UpState, including four new Community Offices. Mr. Critelli stated, “Our first quarter results reflect the revenue generated and the costs associated with our acquisition of UpState, as well as the continued impact of economic stimulus on our balance sheet. We remain committed to providing the financial resources that will help our customers emerge from the restrictions related to the COVID-19 pandemic, and continue to provide the resources to allow our employees the ability to perform their functions in a safe work environment. We look forward to continuing to serve our expanded 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 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. 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 is 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 March 31, 2021 2020Net interest income$15,776$9,665Tax equivalent basis adjustment using 21% marginal tax rate 205 238Net interest income on a fully taxable equivalent basis$15,981$9,903 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: (dollars in thousands) Three months ended March 31, 2021 2020 Average equity$197,243 $140,962 Average goodwill and other intangibles (29,798) (11,552)Average tangible equity$167,445 $129,410 Contact: William S. Lance Executive Vice President & Chief Financial Officer Norwood Financial Corp 570-253-8505 www.waynebank.com NORWOOD FINANCIAL CORP. Consolidated Balance Sheets (dollars in thousands, except share and per share data) (unaudited) March 31 2021 2020 ASSETS Cash and due from banks $20,364 $14,712 Interest-bearing deposits with banks 190,135 23,706 Cash and cash equivalents 210,499 38,418 Securities available for sale 275,224 196,998 Loans receivable 1,421,568 928,565 Less: Allowance for loan losses 14,509 9,088 Net loans receivable 1,407,059 919,477 Regulatory stock, at cost 4,043 3,770 Bank premises and equipment, net 17,648 14,071 Bank owned life insurance 39,471 38,971 Foreclosed real estate owned 844 1,077 Accrued interest receivable 6,317 3,669 Goodwill 29,290 11,331 Other intangible assets 495 212 Other assets 18,946 14,297 TOTAL ASSETS $2,009,836 $1,242,291 LIABILITIES Deposits: Non-interest bearing demand $415,395 $213,359 Interest-bearing 1,269,793 776,801 Total deposits 1,685,188 990,160 Short-term borrowings 72,917 40,656 Other borrowings 39,366 51,350 Accrued interest payable 1,370 2,895 Other liabilities 15,888 15,043 TOTAL LIABILITIES 1,814,729 1,100,104 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: 2021: 8,240,081 shares, 2020: 6,342,568 shares 824 634 Surplus 95,717 49,644 Retained earnings 97,201 88,032 Treasury stock, at cost: 2021: 21,568 shares, 2020: 12,007 shares (656) (400) Accumulated other comprehensive income 2,021 4,277 TOTAL STOCKHOLDERS' EQUITY 195,107 142,187 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,009,836 $1,242,291 NORWOOD FINANCIAL CORP. Consolidated Statements of Income (dollars in thousands, except per share data) (unaudited) Three Months Ended March 31, 2021 2020 INTEREST INCOME Loans receivable, including fees$16,146 $10,683 Securities 1,112 1,179 Other 43 6 Total Interest income 17,301 11,868 INTEREST EXPENSE Deposits 1,255 1,790 Short-term borrowings 69 111 Other borrowings 201 302 Total Interest expense 1,525 2,203 NET INTEREST INCOME 15,776 9,665 PROVISION FOR LOAN LOSSES 1,500 700 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,276 8,965 OTHER INCOME Service charges and fees 1,247 1,063 Income from fiduciary activities 160 153 Net realized gains on sales of securities 21 38 Gains on sales of loans, net 29 56 Earnings and proceeds on life insurance policies 374 208 Other 158 136 Total other income 1,989 1,654 OTHER EXPENSES Salaries and employee benefits 4,953 3,777 Occupancy, furniture and equipment 1,220 968 Data processing and related operations 603 437 Taxes, other than income 305 214 Professional fees 540 218 FDIC Insurance assessment 181 0 Foreclosed real estate 30 16 Amortization of intangibles 35 22 Other 1,585 1,407 Total other expenses 9,452 7,059 INCOME BEFORE TAX 6,813 3,560 INCOME TAX EXPENSE 1,271 481 NET INCOME $5,542 $3,079 Basic earnings per share$0.68 $0.49 Diluted earnings per share$0.67 $0.49 NORWOOD FINANCIAL CORP. Financial Highlights (Unaudited) (dollars in thousands, except per share data) For the Three Months Ended March 31 2021 2020 Net interest income$15,776 $9,665 Net income 5,542 3,079 Net interest spread (fully taxable equivalent) 3.46% 3.23% Net interest margin (fully taxable equivalent) 3.59% 3.48% Return on average assets 1.18% 1.01% Return on average equity 11.39% 8.79% Return on average tangible equity 13.42% 9.57% Basic earnings per share$0.68 $0.49 Diluted earnings per share$0.67 $0.49 As of March 31 2021 2020 Total assets$2,009,836 $1,242,291 Total loans receivable 1,421,568 928,565 Allowance for loan losses 14,509 9,088 Total deposits 1,685,188 990,160 Stockholders' equity 195,107 142,187 Trust assets under management 173,263 137,059 Book value per share$23.82 $22.52 Tangible book value per share$20.20 $20.70 Equity to total assets 9.71% 11.45% Allowance to total loans receivable 1.02% 0.98% Nonperforming loans to total loans 0.83% 0.30% Nonperforming assets to total assets 0.63% 0.31% NORWOOD FINANCIAL CORP. Consolidated Balance Sheets (unaudited) (dollars in thousands) March December 31 September 30 June 30 March 31 2021 2020 2020 2020 2020ASSETS Cash and due from banks$20,364 $19,445 $23,874 $15,387 $14,712 Interest-bearing deposits with banks 190,135 92,248 100,566 67,989 23,706 Cash and cash equivalents 210,499 111,693 124,440 83,376 38,418 Securities available for sale 275,224 226,586 197,436 196,735 196,998 Loans receivable 1,421,568 1,410,732 1,414,662 988,679 928,565 Less: Allowance for loan losses 14,509 13,150 11,674 10,312 9,088 Net loans receivable 1,407,059 1,397,582 1,402,988 978,367 919,477 Regulatory stock, at cost 4,043 3,981 3,876 3,677 3,770 Bank owned life insurance 39,471 39,608 39,400 39,183 38,971 Bank premises and equipment, net 17,648 17,814 18,124 14,040 14,071 Foreclosed real estate owned 844 965 965 965 1,077 Goodwill and other intangibles 29,785 29,820 30,778 11,522 11,543 Other assets 25,263 23,815 24,100 26,676 17,966 TOTAL ASSETS$2,009,836 $1,851,864 $1,842,107 $1,354,541 $1,242,291 LIABILITIES Deposits: Non-interest bearing demand$415,395 $359,559 $372,237 $284,754 $213,359 Interest-bearing deposits 1,269,793 1,175,826 1,143,685 801,484 776,801 Total deposits 1,685,188 1,535,385 1,515,922 1,086,238 990,160 Borrowings 112,283 105,762 115,732 106,027 92,006 Other liabilities 17,258 15,932 19,906 19,612 17,938 TOTAL LIABILITIES 1,814,729 1,657,079 1,651,560 1,211,877 1,100,104 STOCKHOLDERS' EQUITY 195,107 194,785 190,547 142,664 142,187 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,009,836 $1,851,864 $1,842,107 $1,354,541 $1,242,291 NORWOOD FINANCIAL CORP. Consolidated Statements of Income (unaudited) (dollars in thousands, except per share data) March 31 December 31 September 30 June 30 March 31Three months ended 2021 2020 2020 2020 2020 INTEREST INCOME Loans receivable, including fees$16,146 $16,336 $16,260 $10,767 $10,683 Securities 1,112 1,064 1,031 1,063 1,179 Other 43 29 18 19 6 Total interest income 17,301 17,429 17,309 11,849 11,868 INTEREST EXPENSE Deposits 1,255 1,514 1,676 1,630 1,790 Borrowings 270 301 303 352 413 Total interest expense 1,525 1,815 1,979 1,982 2,203 NET INTEREST INCOME 15,776 15,614 15,330 9,867 9,665 PROVISION FOR LOAN LOSSES 1,500 1,600 1,850 1,300 700 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,276 14,014 13,480 8,567 8,965 OTHER INCOME Service charges and fees 1,247 1,913 1,301 837 1,063 Income from fiduciary activities 160 150 205 175 153 Net realized gains on sales of securities 21 - 33 - 38 Gains on sales of loans, net 29 241 164 65 56 Earnings and proceeds on life insurance policies 374 208 217 212 208 Other 158 149 152 103 136 Total other income 1,989 2,661 2,072 1,392 1,654 OTHER EXPENSES Salaries and employee benefits 4,953 5,243 4,812 3,289 3,777 Occupancy, furniture and equipment, net 1,220 1,165 1,109 906 968 Foreclosed real estate 30 8 31 (2) 16 FDIC insurance assessment 181 213 144 42 - Merger related 22 66 386 1,597 - Other 3,046 3,214 2,898 2,260 2,298 Total other expenses 9,452 9,909 9,380 8,092 7,059 INCOME BEFORE TAX 6,813 6,766 6,172 1,867 3,560 INCOME TAX EXPENSE 1,271 1,253 1,173 379 481 NET INCOME$5,542 $5,513 $4,999 $1,488 $3,079 Basic earnings per share$0.68 $0.67 $0.62 $0.24 $0.49 Diluted earnings per share$0.67 $0.67 $0.62 $0.24 $0.49 Book Value per share$23.82 $23.72 $23.30 $22.62 $22.52 Tangible Book Value per share 20.20 20.10 19.55 20.80 20.70 Return on average assets (annualized) 1.18% 1.18% 1.11% 0.45% 1.01%Return on average equity (annualized) 11.39% 11.32% 10.64% 4.17% 8.79%Return on average tangible equity (annualized) 13.42% 13.46% 11.75% 4.54% 9.57% Net interest spread (fte) 3.46% 3.50% 3.55% 3.03% 3.23%Net interest margin (fte) 3.59% 3.65% 3.73% 3.25% 3.48% Allowance for loan losses to total loans 1.02% 0.93% 0.83% 1.04% 0.98%Net charge-offs to average loans (annualized) 0.04% 0.04% 0.14% 0.03% 0.05%Nonperforming loans to total loans 0.83% 0.85% 0.89% 0.30% 0.30%Nonperforming assets to total assets 0.63% 0.70% 0.74% 0.29% 0.31%