Business
Norwood Financial Corp announces Fourth Quarter and Full Year 2024 Results
Quarterly Highlights: Net interest margin increased 5 basis points vs. the prior quarter and 11 basis points over the prior year.Loans grew at an 9%
About this update from Norwood Financial Corp.
[{"type":"text","content":"Quarterly Highlights: Net interest margin increased 5 basis points vs. the prior quarter and 11 basis points over the prior year.Loans grew at an 9% annualized rate during the fourth quarter.Completed capital raise that supports our long-term strategy and repositions our investment portfolio to improve our yield on the portfolio.Capital continues to improve due to recent equity offering and lower AOCI adjustment. HONESDALE, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and fiscal year ended December 31, 2024. Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank, stated, “During the fourth quarter, we successfully completed a capital raise that enabled us to reposition our investment portfolio for improved yields on the portfolio in future periods. While we incurred a one-time $20 million loss as a result of this repositioning, we believe the portfolio is better positioned for the current and future interest rate environment. Excluding this loss, we performed well during the fourth quarter, delivering higher net interest income year-over-year for both the fourth quarter and the full year. As a result of these actions, we believe the Company is financially stronger and better protected from changes in interest rates and will enhance our future performance.” Selected Financial Highlights (dollars in thousands, except per share data)Three Months EndedTwelve Months EndedDecember 31, 2024December 31, 20242024 2023 Change2024 2023 ChangeNet interest income16,625 15,293 1,332 62,191 62,067 124 Net interest spread (fte)2.31% 2.23% 8 bps 2.17% 2.47% (30 bps)Net interest margin (fte)3.04% 2.93% 11 bps 2.91% 3.06% (15 bps)Net income (loss)(12,651)355 (13,006)(160)16,759 (16,919)Diluted earnings per share(1.54)0.04 (1.41)(0.02)2.07 (2.09)Return on average assets(2.19%)0.06% (225 bps)-0.01% 0.79% (80 bps)Return on tangible equity(30.77%)1.01% (3,178 bps)(0.10%)11.66% (1,167 bps)Discussion of financial results for the three months ended December 31, 2024: The Company has a net loss of $12.7 million for the three months ended December 31, 2024. This was $13 million lower than the same period last year due one-time $20 million loss incurred on the sale of securities during December.Net interes...