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Quarterly and Year-to-Date Highlights:
Fully diluted EPS of $0.89, an 85% increase over the same period in 2024
Return on assets rose 72 basis points to 1.40% from 3Q 2024.
Net interest margin increased 20 basis points vs. the prior quarter and 64 basis points over the prior year.
Loans grew at a 5.4% and 7.3% annualized rate during the third quarter and year-to-date, respectively.
Deposits grew year-to-date at an annualized rate of 15% while deposit costs fell 19 basis points since the 4th quarter of 2024.
Capital continues to improve on increased earnings and lower accumulated other comprehensive income (AOCI) adjustment.
HONESDALE, Pa., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and nine months ended September 30, 2025.
Jim Donnelly, President and Chief Executive Officer, stated, “Our quarterly results continue to demonstrate the strength of our community banking franchise. We have been able to maintain solid growth, while improving profitability and efficiency.”
Mr. Donnelly continued, “Our disciplined approach to growth, improving margins, and credit quality have allowed us to deliver strong quarterly results for our shareholders. I am proud of the performance of the entire Norwood team as they remain focused on delivering the products and services that help our customers achieve their goals. We have improved our credit quality from already sound levels. This is a result of our well-managed and consistent approach to credit. We have also improved our fee income lines of business.”
“During the second quarter we launched our ‘Every Day Better’ brand to high acclaim from customers, employees, and community members. This full rebrand enabled us to articulate our values and mission, stand out from competitors, and unite and energize our company culture. Building on this great combination of a high-performing team and strong brand, I believe that we are on our way to creating a bright future for us, our customers, and our shareholders.”
Selected Financial Highlights (unaudited)
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(dollars in thousands, except per share data) | Year-Over Year | Linked Quarter | Year-to-Date |
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3 Months Ended | 3 Months Ended | 9 Months Ended |
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Sep-25 | Sep-24 | Change | Jun-25 | Change | Sep-25 | Sep-24 | Change |
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Net interest income | $ | 20,458 |
| $ | 15,931 |
| $ | 4,527 | $ | 19,065 |
| $ | 1,393 | $ | 57,380 |
| $ | 45,566 |
| $ | 11,814 |
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Net interest spread (fte)1 |
| 2.94% |
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| 2.23% |
| 71 bps |
| 2.75% |
| 19 bps |
| 2.77% |
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| 2.12% |
| 65 bps |
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Net interest margin (fte)1 |
| 3.63% |
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| 2.99% |
| 64 bps |
| 3.43% |
| 20 bps |
| 3.46% |
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| 2.87% |
| 59 bps |
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Pre Provision Net Revenue (PPNR)1 | $ | 10,029 |
| $ | 6,195 |
| $ | 3,834 | $ | 8,782 |
| $ | 1,247 | $ | 26,956 |
| $ | 16,868 |
| $ | 10,088 |
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Net income | $ | 8,334 |
| $ | 3,844 |
| $ | 4,490 | $ | 6,205 |
| $ | 2,129 | $ | 20,313 |
| $ | 12,491 |
| $ | 7,822 |
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Diluted earnings per share | $ | 0.89 |
| $ | 0.48 |
| $ | 0.41 | $ | 0.67 |
| $ | 0.22 | $ | 2.22 |
| $ | 1.55 |
| $ | 0.67 |
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Return on average assets |
| 1.40% |
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| 0.68% |
| 72 bps |
| 1.06% |
| 34 bps |
| 1.16% |
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| 0.75% |
| 41 bps |
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Return on average tangible equity |
| 16.76% |
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| 9.58% |
| 718 bps |
| 12.83% |
| 393 bps |
| 14.04% |
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| 10.82% |
| 322 bps |
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1 - Non GAAP ratio. See Non-GAAP Reconciliation |
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Excluding merger charges (see Non-GAAP reconciliations) |
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(dollars in thousands, except per share data) | Year-Over Year | Linked Quarter | Year-to-Date |
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3 Months Ended | 3 Months Ended | 9 Months Ended |
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Sep-25 | Sep-24 | Change | Jun-25 | Change | Sep-25 | Sep-24 | Change |
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Pre Provision Net Revenue (PPNR) | $ | 10,597 |
| $ | 6,195 |
| $ | 4,402 | $ | 8,932 |
| $ | 1,665 | $ | 27,674 |
| $ | 16,868 |
| $ | 10,806 |
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Net income | $ | 8,783 |
| $ | 3,844 |
| $ | 4,939 | $ | 6,324 |
| $ | 2,460 | $ | 20,880 |
| $ | 12,491 |
| $ | 8,389 |
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Diluted earnings per share | $ | 0.94 |
| $ | 0.48 |
| $ | 0.46 | $ | 0.69 |
| $ | 0.25 | $ | 2.28 |
| $ | 1.55 |
| $ | 0.73 |
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Return on average assets |
| 1.47% |
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| 0.68% |
| 79 bps |
| 1.08% |
| 39 bps |
| 1.19% |
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| 0.75% |
| 44 bps |
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Return on average tangible equity |
| 17.66% |
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| 9.58% |
| 808 bps |
| 13.08% |
| 458 bps |
| 14.43% |
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| 10.82% |
| 361 bps |
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Discussion of financial results for the three months ended September 30, 2025:
The Company had net income of $8.3 million for the three months ended September 30, 2025, an increase of $4.5 million over the same period last year.
Net interest income increased during the third quarter of 2025 compared to the third quarter of 2024 due to increases in asset yields while interest costs of liabilities decreased.
Correspondingly, the net interest margin in the third quarter of 2025 was 3.63% compared to 2.99% in the third quarter of 2024.
Non-interest income in the first 9 months of 2025 increased $597 thousand or 9.2% over the same period in 2024.
The efficiency ratio for the third quarter of 2025 was 56.3% compared to 66.0% in the third quarter of 2024.
As of September 30, 2025, total assets were $2.412 billion, compared to $2.280 billion at September 30, 2024, an increase of 5.80%.
Loans receivable were $1.815 billion at September 30, 2025, compared to $1.675 billion at September 30, 2024, an increase of 8.3%.
Total deposits were $2.074 billion at September 30, 2025, compared to $1.855 billion at September 30, 2024, an increase of 11.8%.
Tangible Common Equity was 8.63% as of September 30, 2025, versus 7.57% at September 30, 2024.
Tangible Book Value per share increased $2.34 from $19.85 at December 31, 2024, to $22.19 at September 30, 2025.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from fifteen offices throughout Northeastern Pennsylvania and fourteen 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”, “bode”, “future performance”, “solid footing,” “good momentum,” “bright future”, “robust growth” 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, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, 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: | John M. McCaffery |
| Executive Vice President & Chief Financial Officer |
| NORWOOD FINANCIAL CORP |
| 272-304-3003 |
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NORWOOD FINANCIAL CORP |
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Consolidated Balance Sheets |
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(dollars in thousands, except share and per share data) |
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(unaudited) |
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| September 30 | ||||
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| 2025 |
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| 2024 |
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ASSETS |
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Cash and due from banks | $ | 50,348 |
| $ | 47,072 |
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Interest-bearing deposits with banks |
| 24,382 |
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| 35,808 |
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Cash and cash equivalents |
| 74,730 |
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| 82,880 |
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Securities available for sale |
| 403,989 |
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| 396,891 |
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Loans receivable |
| 1,814,682 |
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| 1,675,139 |
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Less: Allowance for credit losses |
| 19,911 |
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| 18,699 |
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Net loans receivable |
| 1,794,771 |
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| 1,656,440 |
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Regulatory stock, at cost |
| 6,163 |
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| 6,329 |
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Bank premises and equipment, net |
| 22,292 |
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| 18,503 |
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Bank owned life insurance |
| 45,821 |
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| 46,382 |
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Foreclosed real estate owned |
| - |
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| - |
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Accrued interest receivable |
| 8,686 |
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| 8,062 |
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Deferred tax assets, net |
| 16,528 |
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| 18,818 |
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Goodwill |
| 29,266 |
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| 29,266 |
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Other intangible assets |
| 109 |
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| 167 |
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Other assets |
| 9,596 |
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| 16,013 |
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TOTAL ASSETS | $ | 2,411,951 |
| $ | 2,279,751 |
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand | $ | 424,027 |
| $ | 420,967 |
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Interest-bearing |
| 1,649,941 |
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| 1,434,284 |
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Total deposits |
| 2,073,968 |
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| 1,855,251 |
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Short-term borrowings |
| - |
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| 52,453 |
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Other borrowings |
| 72,071 |
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| 144,959 |
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Accrued interest payable |
| 9,823 |
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| 12,688 |
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Other liabilities |
| 21,184 |
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| 18,746 |
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TOTAL LIABILITIES |
| 2,177,046 |
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| 2,084,097 |
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STOCKHOLDERS' EQUITY |
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Preferred Stock, no par value per share, authorized 5,000,000 shares |
| - |
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| - |
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Common Stock, $.10 par value per share, |
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authorized: 20,000,000 shares, |
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issued: 2025: 9,491,558 shares, 2024: 8,311,851 shares | 949 |
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| 831 |
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Surplus |
| 127,190 |
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| 98,330 |
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Retained earnings |
| 136,662 |
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| 140,489 |
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Treasury stock, at cost: 2025: 229,233 shares, 2024: 221,140 shares |
| (6,188 | ) |
| (5,969 | ) |
Accumulated other comprehensive loss |
| (23,708 | ) |
| (38,027 | ) |
TOTAL STOCKHOLDERS' EQUITY |
| 234,905 |
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| 195,654 |
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TOTAL LIABILITIES AND |
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STOCKHOLDERS' EQUITY | $ | 2,411,951 |
| $ | 2,279,751 |
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NORWOOD FINANCIAL CORP |
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Consolidated Statements of Income |
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(dollars in thousands, except per share data) |
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(unaudited) |
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| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||
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| 2025 |
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| 2024 |
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| 2025 |
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| 2024 |
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INTEREST INCOME |
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Loans receivable, including fees | $ | 28,141 |
| $ | 25,464 |
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| $ | 81,244 |
| $ | 73,266 |
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Securities |
| 3,907 |
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| 2,526 |
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| 11,648 |
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| 7,635 |
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Other |
| 144 |
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| 497 |
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| 590 |
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| 2,194 |
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Total Interest income |
| 32,192 |
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| 28,487 |
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| 93,482 |
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| 83,095 |
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INTEREST EXPENSE |
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Deposits |
| 10,730 |
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| 10,553 |
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| 32,347 |
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| 31,349 |
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Short-term borrowings |
| 105 |
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| 323 |
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| 774 |
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| 1,015 |
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Other borrowings |
| 899 |
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| 1,680 |
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| 2,981 |
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| 5,165 |
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Total Interest expense |
| 11,734 |
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| 12,556 |
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| 36,102 |
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| 37,529 |
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NET INTEREST INCOME |
| 20,458 |
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| 15,931 |
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| 57,380 |
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| 45,566 |
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(RELEASE OF) PROVISION FOR CREDIT LOSSES | (502 | ) |
| 1,345 |
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| 1,305 |
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| 1,069 |
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NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES |
| 20,960 |
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| 14,586 |
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| 56,075 |
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| 44,497 |
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OTHER INCOME |
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Service charges and fees |
| 1,660 |
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| 1,517 |
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| 4,687 |
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| 4,364 |
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Income from fiduciary activities |
| 254 |
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| 256 |
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| 805 |
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| 719 |
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Gains on sales of loans, net |
| 130 |
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| 103 |
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| 242 |
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| 145 |
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Gains on sales of foreclosed real estate owned | - |
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| - |
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| - |
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| 32 |
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Earnings and proceeds on life insurance policies | 268 |
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| 261 |
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| 820 |
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| 781 |
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Other |
| 193 |
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| 158 |
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| 551 |
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| 467 |
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Total other income |
| 2,505 |
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| 2,295 |
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| 7,105 |
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| 6,508 |
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OTHER EXPENSES |
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Salaries and employee benefits |
| 6,696 |
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| 6,239 |
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| 19,773 |
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| 18,328 |
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Occupancy, furniture and equipment |
| 1,361 |
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| 1,269 |
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| 4,088 |
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| 3,758 |
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Data processing and related operations |
| 1,087 |
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| 1,162 |
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| 3,361 |
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| 3,208 |
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Taxes, other than income |
| 192 |
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| 179 |
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| 577 |
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| 452 |
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Professional fees |
| 968 |
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| 576 |
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| 2,250 |
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| 1,669 |
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FDIC Insurance assessment |
| 368 |
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| 339 |
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| 1,129 |
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| 1,009 |
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Foreclosed real estate |
| 1 |
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| 9 |
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| 143 |
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| 45 |
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Amortization of intangibles |
| 12 |
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| 16 |
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| 42 |
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| 54 |
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Other |
| 2,249 |
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| 2,242 |
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| 6,166 |
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| 6,683 |
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Total other expenses |
| 12,934 |
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| 12,031 |
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| 37,529 |
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| 35,206 |
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INCOME BEFORE TAX EXPENSE |
| 10,531 |
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| 4,850 |
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| 25,651 |
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| 15,799 |
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INCOME TAX EXPENSE |
| 2,197 |
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| 1,006 |
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| 5,338 |
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| 3,308 |
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NET INCOME | $ | 8,334 |
| $ | 3,844 |
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| $ | 20,313 |
| $ | 12,491 |
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Basic earnings per share | $ | 0.89 |
| $ | 0.48 |
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| $ | 2.22 |
| $ | 1.55 |
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Diluted earnings per share | $ | 0.89 |
| $ | 0.48 |
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| $ | 2.22 |
| $ | 1.55 |
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NORWOOD FINANCIAL CORP |
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NET INTEREST MARGIN ANALYSIS |
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(dollars in thousands) |
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| For the Quarter Ended | ||||||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||||||||||
| Average |
| Average |
| Average |
| Average |
| Average |
| Average |
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| Balance | Interest | Rate |
| Balance | Interest | Rate |
| Balance | Interest | Rate |
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| (2) | (1) | (3) |
| (2) | (1) | (3) |
| (2) | (1) | (3) |
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Assets |
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Interest-earning assets: |
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Interest-bearing deposits with banks | $ | 12,485 |
| $ | 144 |
| 4.58 |
| % | $ | 19,085 |
| $ | 220 |
| 4.62 |
| % | $ | 36,221 |
| $ | 497 |
| 5.46 |
| % |
Securities available for sale: |
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Taxable |
| 399,090 |
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| 3,661 |
| 3.64 |
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| 404,428 |
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| 3,624 |
| 3.59 |
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| 392,168 |
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| 2,161 |
| 2.19 |
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Tax-exempt (1) |
| 44,074 |
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| 312 |
| 2.81 |
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| 44,158 |
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| 312 |
| 2.83 |
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| 67,563 |
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| 461 |
| 2.71 |
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Total securities available for sale (1) |
| 443,164 |
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| 3,973 |
| 3.56 |
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| 448,586 |
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| 3,936 |
| 3.52 |
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| 459,731 |
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| 2,622 |
| 2.27 |
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Loans receivable (1) (4) (5) |
| 1,802,046 |
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| 28,267 |
| 6.22 |
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| 1,783,626 |
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| 27,249 |
| 6.13 |
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| 1,651,921 |
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| 25,575 |
| 6.16 |
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Total interest-earning assets |
| 2,257,695 |
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| 32,384 |
| 5.69 |
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| 2,251,297 |
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| 31,405 |
| 5.60 |
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| 2,147,873 |
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| 28,694 |
| 5.31 |
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Non-interest earning assets: |
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Cash and due from banks |
| 31,050 |
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| 30,323 |
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| 28,193 |
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Allowance for credit losses |
| (21,128 | ) |
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| (20,733 | ) |
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| (17,944 | ) |
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Other assets |
| 96,142 |
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| 94,922 |
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| 78,344 |
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Total non-interest earning assets |
| 106,064 |
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| 104,512 |
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| 88,593 |
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Total Assets | $ | 2,363,759 |
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| $ | 2,355,809 |
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| $ | 2,236,466 |
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Liabilities and Stockholders' Equity |
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Interest-bearing liabilities: |
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Interest-bearing demand and money market | $ | 579,145 |
| $ | 2,900 |
| 1.99 |
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| $ | 573,904 |
| $ | 2,887 |
| 2.02 |
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| $ | 461,897 |
| $ | 2,782 |
| 2.40 |
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|
Savings |
| 200,559 |
|
| 113 |
| 0.22 |
|
|
| 204,318 |
|
| 119 |
| 0.23 |
|
|
| 221,366 |
|
| 13 |
| 0.02 |
|
|
Time |
| 822,491 |
|
| 7,717 |
| 3.72 |
|
|
| 821,725 |
|
| 7,863 |
| 3.84 |
|
|
| 734,235 |
|
| 7,758 |
| 4.20 |
|
|
Total interest-bearing deposits |
| 1,602,195 |
|
| 10,730 |
| 2.66 |
|
|
| 1,599,947 |
|
| 10,869 |
| 2.72 |
|
|
| 1,417,498 |
|
| 10,553 |
| 2.96 |
|
|
Short-term borrowings |
| 8,740 |
|
| 105 |
| 4.77 |
|
|
| 17,757 |
|
| 211 |
| 4.77 |
|
|
| 53,622 |
|
| 323 |
| 2.40 |
|
|
Other borrowings |
| 81,125 |
|
| 899 |
| 4.40 |
|
|
| 95,792 |
|
| 1,061 |
| 4.44 |
|
|
| 146,357 |
|
| 1,680 |
| 4.57 |
|
|
Total interest-bearing liabilities |
| 1,692,060 |
|
| 11,734 |
| 2.75 |
|
|
| 1,713,496 |
|
| 12,141 |
| 2.84 |
|
|
| 1,617,477 |
|
| 12,556 |
| 3.09 |
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Demand deposits |
| 416,150 |
|
|
|
|
|
| 389,323 |
|
|
|
|
|
| 400,314 |
|
|
|
|
| ||||||
Other liabilities |
| 28,816 |
|
|
|
|
|
| 29,639 |
|
|
|
|
|
| 29,540 |
|
|
|
|
| ||||||
Total non-interest bearing liabilities |
| 444,966 |
|
|
|
|
|
| 418,962 |
|
|
|
|
|
| 429,854 |
|
|
|
|
| ||||||
Stockholders' equity |
| 226,733 |
|
|
|
|
|
| 223,351 |
|
|
|
|
|
| 189,135 |
|
|
|
|
| ||||||
Total Liabilities and Stockholders' Equity | $ | 2,363,759 |
|
|
|
|
| $ | 2,355,809 |
|
|
|
|
| $ | 2,236,466 |
|
|
|
|
| ||||||
Net interest income/spread (tax equivalent basis) |
|
|
| 20,650 |
| 2.94 |
| % |
|
|
| 19,264 |
| 2.75 |
| % |
|
|
| 16,138 |
| 2.23 |
| % | |||
Tax-equivalent basis adjustment |
|
|
| (192 | ) |
|
|
|
|
| (199 | ) |
|
|
|
|
| (207 | ) |
|
| ||||||
Net interest income |
|
| $ | 20,458 |
|
|
|
|
| $ | 19,065 |
|
|
|
|
| $ | 15,931 |
|
|
| ||||||
Net interest margin (tax equivalent basis) |
|
|
|
| 3.63 |
| % |
|
|
|
| 3.43 |
| % |
|
|
|
| 2.99 |
| % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%. |
| ||||||||||||||||||||||||||
(2) Average balances have been calculated based on daily balances. |
|
| |||||||||||||||||||||||||
(3) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
(4) Loan balances include non-accrual loans and are net of unearned income. |
|
| |||||||||||||||||||||||||
(5) Loan yields include the effect of amortization of deferred fees, net of costs. |
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
NORWOOD FINANCIAL CORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
NET INTEREST MARGIN ANALYSIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Year to Date | ||||||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||||||||||
| Average |
| Average |
| Average |
| Average |
| Average |
| Average |
| |||||||||||||||
| Balance | Interest | Rate |
| Balance | Interest | Rate |
| Balance | Interest | Rate |
| |||||||||||||||
| (2) | (1) | (3) |
| (2) | (1) | (3) |
| (2) | (1) | (3) |
| |||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest-bearing deposits with banks | $ | 17,427 |
| $ | 590 |
| 4.53 |
| % | $ | 19,939 |
| $ | 446 |
| 4.51 |
| % | $ | 53,046 |
| $ | 2,194 |
| 5.52 |
| % |
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Taxable |
| 403,947 |
|
| 10,907 |
| 3.61 |
|
|
| 406,416 |
|
| 7,247 |
| 3.60 |
|
|
| 398,462 |
|
| 6,514 |
| 2.18 |
|
|
Tax-exempt (1) |
| 44,157 |
|
| 938 |
| 2.84 |
|
|
| 44,199 |
|
| 626 |
| 2.86 |
|
|
| 68,852 |
|
| 1,419 |
| 2.75 |
|
|
Total securities available for sale (1) |
| 448,104 |
|
| 11,845 |
| 3.53 |
|
|
| 450,615 |
|
| 7,873 |
| 3.52 |
|
|
| 467,314 |
|
| 7,933 |
| 2.27 |
|
|
Loans receivable (1) (4) (5) |
| 1,776,629 |
|
| 81,636 |
| 6.14 |
|
|
| 1,763,710 |
|
| 53,369 |
| 6.10 |
|
|
| 1,631,179 |
|
| 73,569 |
| 6.02 |
|
|
Total interest-earning assets |
| 2,242,160 |
|
| 94,071 |
| 5.61 |
|
|
| 2,234,264 |
|
| 61,688 |
| 5.57 |
|
|
| 2,151,539 |
|
| 83,696 |
| 5.20 |
|
|
Non-interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Cash and due from banks |
| 30,035 |
|
|
|
|
|
| 29,519 |
|
|
|
|
|
| 26,409 |
|
|
|
|
| ||||||
Allowance for credit losses |
| (20,675 | ) |
|
|
|
|
| (20,445 | ) |
|
|
|
|
| (18,353 | ) |
|
|
|
| ||||||
Other assets |
| 94,389 |
|
|
|
|
|
| 94,031 |
|
|
|
|
|
| 73,935 |
|
|
|
|
| ||||||
Total non-interest earning assets |
| 103,749 |
|
|
|
|
|
| 103,105 |
|
|
|
|
|
| 81,991 |
|
|
|
|
| ||||||
Total Assets | $ | 2,345,909 |
|
|
|
|
| $ | 2,337,369 |
|
|
|
|
| $ | 2,233,530 |
|
|
|
|
| ||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest-bearing demand and money market | $ | 566,762 |
| $ | 8,588 |
| 2.03 |
|
| $ | 560,469 |
| $ | 5,688 |
| 2.05 |
|
| $ | 460,579 |
| $ | 7,489 |
| 2.17 |
|
|
Savings |
| 205,552 |
|
| 374 |
| 0.24 |
|
|
| 208,090 |
|
| 261 |
| 0.25 |
|
|
| 223,825 |
|
| 549 |
| 0.33 |
|
|
Time |
| 812,778 |
|
| 23,385 |
| 3.85 |
|
|
| 807,841 |
|
| 15,668 |
| 3.91 |
|
|
| 738,205 |
|
| 23,311 |
| 4.22 |
|
|
Total interest-bearing deposits |
| 1,585,092 |
|
| 32,347 |
| 2.73 |
|
|
| 1,576,400 |
|
| 21,617 |
| 2.77 |
|
|
| 1,422,609 |
|
| 31,349 |
| 2.94 |
|
|
Short-term borrowings |
| 23,468 |
|
| 774 |
| 4.41 |
|
|
| 30,954 |
|
| 669 |
| 4.36 |
|
|
| 57,754 |
|
| 1,015 |
| 2.35 |
|
|
Other borrowings |
| 90,110 |
|
| 2,981 |
| 4.42 |
|
|
| 94,676 |
|
| 2,082 |
| 4.43 |
|
|
| 150,418 |
|
| 5,165 |
| 4.59 |
|
|
Total interest-bearing liabilities |
| 1,698,670 |
|
| 36,102 |
| 2.84 |
|
|
| 1,702,030 |
|
| 24,368 |
| 2.89 |
|
|
| 1,630,781 |
|
| 37,529 |
| 3.07 |
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Demand deposits |
| 395,470 |
|
|
|
|
|
| 384,958 |
|
|
|
|
|
| 391,479 |
|
|
|
|
| ||||||
Other liabilities |
| 28,978 |
|
|
|
|
|
| 29,594 |
|
|
|
|
|
| 27,677 |
|
|
|
|
| ||||||
Total non-interest bearing liabilities |
| 424,448 |
|
|
|
|
|
| 414,552 |
|
|
|
|
|
| 419,156 |
|
|
|
|
| ||||||
Stockholders' equity |
| 222,791 |
|
|
|
|
|
| 220,787 |
|
|
|
|
|
| 183,593 |
|
|
|
|
| ||||||
Total Liabilities and Stockholders' Equity | $ | 2,345,909 |
|
|
|
|
| $ | 2,337,369 |
|
|
|
|
| $ | 2,233,530 |
|
|
|
|
| ||||||
Net interest income/spread (tax equivalent basis) |
|
|
| 57,969 |
| 2.77 |
| % |
|
|
| 37,320 |
| 2.68 |
| % |
|
|
| 46,167 |
| 2.12 |
| % | |||
Tax-equivalent basis adjustment |
|
|
| (589 | ) |
|
|
|
|
| (397 | ) |
|
|
|
|
| (601 | ) |
|
| ||||||
Net interest income |
|
| $ | 57,380 |
|
|
|
|
| $ | 36,923 |
|
|
|
|
| $ | 45,566 |
|
|
| ||||||
Net interest margin (tax equivalent basis) |
|
|
|
| 3.46 |
| % |
|
|
|
| 3.37 |
| % |
|
|
|
| 2.87 |
| % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%. |
|
| |||||||||||||||||||||||||
(2) Average balances have been calculated based on daily balances. |
|
| |||||||||||||||||||||||||
(3) Annualized |
|
| |||||||||||||||||||||||||
(4) Loan balances include non-accrual loans and are net of unearned income. |
|
| |||||||||||||||||||||||||
(5) Loan yields include the effect of amortization of deferred fees, net of costs. |
|
| |||||||||||||||||||||||||
|
|
|
|
| ||
NORWOOD FINANCIAL CORP |
|
|
|
| ||
Financial Highlights (Unaudited) |
|
|
|
| ||
(dollars in thousands, except per share data) |
|
|
|
| ||
|
|
|
|
| ||
For the Three Months Ended September 30 |
| 2025 |
|
| 2024 |
|
|
|
|
|
| ||
Net interest income | $ | 20,458 |
| $ | 15,931 |
|
Net income |
| 8,334 |
|
| 3,844 |
|
|
|
|
|
| ||
Net interest spread (fully taxable equivalent) |
| 2.94% |
|
| 2.23% |
|
Net interest margin (fully taxable equivalent) |
| 3.63% |
|
| 2.99% |
|
Return on average assets |
| 1.40% |
|
| 0.68% |
|
Return on average equity |
| 14.58% |
|
| 8.09% |
|
Return on average tangible equity |
| 16.76% |
|
| 9.58% |
|
Basic earnings per share | $ | 0.89 |
| $ | 0.48 |
|
Diluted earnings per share | $ | 0.89 |
| $ | 0.48 |
|
|
|
|
|
| ||
For the Nine Months Ended September 30 |
| 2025 |
|
| 2024 |
|
|
|
|
|
| ||
Net interest income |
| 57,380 |
|
| 45,566 |
|
Net income |
| 20,313 |
|
| 12,491 |
|
|
|
|
|
| ||
Net interest spread (fully taxable equivalent) |
| 2.77% |
|
| 2.12% |
|
Net interest margin (fully taxable equivalent) |
| 3.46% |
|
| 2.87% |
|
Return on average assets |
| 1.16% |
|
| 0.75% |
|
Return on average equity |
| 12.19% |
|
| 9.09% |
|
Return on average tangible equity |
| 14.04% |
|
| 10.82% |
|
Basic earnings per share |
| 2.22 |
|
| 1.55 |
|
Diluted earnings per share |
| 2.22 |
|
| 1.55 |
|
|
|
|
|
| ||
|
|
|
|
| ||
|
|
|
|
| ||
As of September 30 |
| 2025 |
|
| 2024 |
|
|
|
|
|
| ||
Total assets | $ | 2,411,951 |
| $ | 2,279,751 |
|
Total loans receivable |
| 1,814,682 |
|
| 1,675,139 |
|
Allowance for credit losses |
| 19,911 |
|
| 18,699 |
|
Total deposits |
| 2,073,968 |
|
| 1,855,251 |
|
Stockholders' equity |
| 234,905 |
|
| 195,654 |
|
Trust assets under management |
| 211,563 |
|
| 209,857 |
|
|
|
|
|
| ||
Book value per share | $ | 25.36 |
| $ | 24.18 |
|
Tangible book value per share | $ | 22.19 |
| $ | 20.54 |
|
Equity to total assets |
| 9.74% |
|
| 8.58% |
|
Allowance to total loans receivable |
| 1.10% |
|
| 1.12% |
|
Nonperforming loans to total loans |
| 0.36% |
|
| 0.47% |
|
Nonperforming assets to total assets |
| 0.31% |
|
| 0.35% |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||||
NORWOOD FINANCIAL CORP |
|
|
|
|
|
|
|
|
|
|
| |||||
Historical 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 |
| 2025 |
| 2025 |
| 2025 |
| 2024 |
| 2024 |
| |||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
| |||||
Loans receivable, including fees | $ | 28,141 |
| $ | 27,115 |
| $ | 25,988 |
| $ | 26,122 |
| $ | 25,464 |
|
|
Securities |
| 3,907 |
|
| 3,871 |
|
| 3,870 |
|
| 2,789 |
|
| 2,526 |
|
|
Other |
| 144 |
|
| 220 |
|
| 226 |
|
| 574 |
|
| 497 |
|
|
Total interest income |
| 32,192 |
|
| 31,206 |
|
| 30,084 |
|
| 29,485 |
|
| 28,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
| |||||
Deposits |
| 10,730 |
|
| 10,869 |
|
| 10,748 |
|
| 10,984 |
|
| 10,553 |
|
|
Borrowings |
| 1,004 |
|
| 1,272 |
|
| 1,479 |
|
| 1,876 |
|
| 2,003 |
|
|
Total interest expense |
| 11,734 |
|
| 12,141 |
|
| 12,227 |
|
| 12,860 |
|
| 12,556 |
|
|
NET INTEREST INCOME |
| 20,458 |
|
| 19,065 |
|
| 17,857 |
|
| 16,625 |
|
| 15,931 |
|
|
PROVISION FOR (RELEASE OF) CREDIT LOSSES |
| (502 | ) |
| 950 |
|
| 857 |
|
| 1,604 |
|
| 1,345 |
|
|
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION |
|
|
|
|
|
|
|
|
| |||||||
FOR CREDIT LOSSES |
| 20,960 |
|
| 18,115 |
|
| 17,000 |
|
| 15,021 |
|
| 14,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|
| |||||
Service charges and fees |
| 1,660 |
|
| 1,514 |
|
| 1,513 |
|
| 1,595 |
|
| 1,517 |
|
|
Income from fiduciary activities |
| 254 |
|
| 226 |
|
| 325 |
|
| 224 |
|
| 256 |
|
|
Net realized (losses) gains on sales of securities |
| - |
|
| - |
|
| - |
|
| (19,962 | ) |
| - |
|
|
Gains on sales of loans, net |
| 130 |
|
| 65 |
|
| 47 |
|
| 50 |
|
| 103 |
|
|
Gains on sales of foreclosed real estate owned |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
Earnings and proceeds on life insurance policies |
| 268 |
|
| 266 |
|
| 286 |
|
| 275 |
|
| 261 |
|
|
Other |
| 193 |
|
| 177 |
|
| 180 |
|
| 159 |
|
| 158 |
|
|
Total other income |
| 2,505 |
|
| 2,248 |
|
| 2,351 |
|
| (17,659 | ) |
| 2,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
|
| |||||
Salaries and employee benefits |
| 6,696 |
|
| 6,605 |
|
| 6,472 |
|
| 6,690 |
|
| 6,239 |
|
|
Occupancy, furniture and equipment, net |
| 1,361 |
|
| 2,538 |
|
| 1,378 |
|
| 1,291 |
|
| 1,269 |
|
|
Foreclosed real estate |
| 1 |
|
| 137 |
|
| 4 |
|
| 9 |
|
| 9 |
|
|
FDIC insurance assessment |
| 368 |
|
| 355 |
|
| 406 |
|
| 335 |
|
| 339 |
|
|
Other |
| 4,508 |
|
| 2,896 |
|
| 3,804 |
|
| 5,094 |
|
| 4,175 |
|
|
Total other expenses |
| 12,934 |
|
| 12,531 |
|
| 12,064 |
|
| 13,419 |
|
| 12,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
INCOME BEFORE TAX (BENEFIT) EXPENSE |
| 10,531 |
|
| 7,832 |
|
| 7,287 |
|
| (16,057 | ) |
| 4,850 |
|
|
INCOME TAX (BENEFIT) EXPENSE |
| 2,197 |
|
| 1,627 |
|
| 1,514 |
|
| (3,406 | ) |
| 1,006 |
|
|
NET (LOSS) INCOME | $ | 8,334 |
| $ | 6,205 |
| $ | 5,773 |
| $ | (12,651 | ) | $ | 3,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic (loss) earnings per share | $ | 0.89 |
| $ | 0.67 |
| $ | 0.63 |
| $ | (1.54 | ) | $ | 0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Diluted (loss) earnings per share | $ | 0.89 |
| $ | 0.67 |
| $ | 0.63 |
| $ | (1.54 | ) | $ | 0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets (annualized) |
| 1.40% |
|
| 1.06% |
|
| 1.01% |
|
| -2.19 | % |
| 0.68% |
|
|
Return on average equity (annualized) |
| 14.58% |
|
| 11.14% |
|
| 10.73% |
|
| -26.08 | % |
| 8.09% |
|
|
Return on average tangible equity (annualized) |
| 16.76% |
|
| 12.83% |
|
| 12.40% |
|
| -30.77 | % |
| 9.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net interest spread (fte) |
| 2.94% |
|
| 2.75% |
|
| 2.61% |
|
| 2.31% |
|
| 2.23% |
|
|
Net interest margin (fte) |
| 3.63% |
|
| 3.43% |
|
| 3.30% |
|
| 3.04% |
|
| 2.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NORWOOD FINANCIAL CORP |
|
|
|
|
|
|
|
|
|
|
| |||||
Historical Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
| |||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
| September 30 |
| June 30 |
| March 31 |
| December 31 |
| September 30 |
| |||||
|
| 2025 |
| 2025 |
| 2025 |
| 2024 |
| 2024 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks | $ | 50,348 |
| $ | 32,052 |
| $ | 31,729 |
| $ | 27,562 |
| $ | 47,072 |
|
|
Interest-bearing deposits with banks |
| 24,382 |
|
| 20,993 |
|
| 43,678 |
|
| 44,777 |
|
| 35,808 |
|
|
Cash and cash equivalents |
| 74,730 |
|
| 53,045 |
|
| 75,407 |
|
| 72,339 |
|
| 82,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Securities available for sale |
| 403,989 |
|
| 402,460 |
|
| 408,742 |
|
| 397,846 |
|
| 396,891 |
|
|
Loans receivable |
| 1,814,682 |
|
| 1,790,574 |
|
| 1,771,269 |
|
| 1,713,638 |
|
| 1,675,139 |
|
|
Less: Allowance for credit losses |
| 19,911 |
|
| 20,908 |
|
| 20,442 |
|
| 19,843 |
|
| 18,699 |
|
|
Net loans receivable |
| 1,794,771 |
|
| 1,769,666 |
|
| 1,750,827 |
|
| 1,693,795 |
|
| 1,656,440 |
|
|
Regulatory stock, at cost |
| 6,163 |
|
| 7,538 |
|
| 7,616 |
|
| 13,366 |
|
| 6,329 |
|
|
Bank owned life insurance |
| 45,821 |
|
| 46,099 |
|
| 46,914 |
|
| 46,657 |
|
| 46,382 |
|
|
Bank premises and equipment, net |
| 22,292 |
|
| 21,608 |
|
| 20,273 |
|
| 19,657 |
|
| 18,503 |
|
|
Foreclosed real estate owned |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
Goodwill and other intangibles |
| 29,375 |
|
| 29,387 |
|
| 29,402 |
|
| 29,418 |
|
| 29,433 |
|
|
Other assets |
| 34,810 |
|
| 35,547 |
|
| 36,863 |
|
| 44,384 |
|
| 42,893 |
|
|
TOTAL ASSETS | $ | 2,411,951 |
| $ | 2,365,350 |
| $ | 2,376,044 |
| $ | 2,317,462 |
| $ | 2,279,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest bearing demand | $ | 424,027 |
| $ | 406,358 |
| $ | 391,377 |
| $ | 381,479 |
| $ | 420,967 |
|
|
Interest-bearing deposits |
| 1,649,941 |
|
| 1,591,476 |
|
| 1,613,071 |
|
| 1,477,684 |
|
| 1,434,284 |
|
|
Total deposits |
| 2,073,968 |
|
| 1,997,834 |
|
| 2,004,448 |
|
| 1,859,163 |
|
| 1,855,251 |
|
|
Borrowings |
| 72,071 |
|
| 111,850 |
|
| 118,590 |
|
| 214,862 |
|
| 197,412 |
|
|
Other liabilities |
| 31,007 |
|
| 30,241 |
|
| 32,299 |
|
| 29,929 |
|
| 31,434 |
|
|
TOTAL LIABILITIES |
| 2,177,046 |
|
| 2,139,925 |
|
| 2,155,337 |
|
| 2,103,954 |
|
| 2,084,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
STOCKHOLDERS' EQUITY |
| 234,905 |
|
| 225,425 |
|
| 220,707 |
|
| 213,508 |
|
| 195,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
| |||||
STOCKHOLDERS' EQUITY | $ | 2,411,951 |
| $ | 2,365,350 |
| $ | 2,376,044 |
| $ | 2,317,462 |
| $ | 2,279,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Book Value per share | $ | 25.36 |
| $ | 24.34 |
| $ | 23.84 |
| $ | 23.02 |
| $ | 24.18 |
|
|
Tangible Book Value per share |
| 22.19 |
|
| 21.17 |
|
| 20.66 |
|
| 19.85 |
|
| 20.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for credit losses to total loans |
| 1.10% |
|
| 1.17% |
|
| 1.15% |
|
| 1.16% |
|
| 1.12% |
|
|
Net charge-offs to average loans (annualized) |
| 0.13% |
|
| 0.08% |
|
| 0.07% |
|
| 0.12% |
|
| 0.08% |
|
|
Nonperforming loans to total loans |
| 0.36% |
|
| 0.45% |
|
| 0.45% |
|
| 0.46% |
|
| 0.47% |
|
|
Nonperforming assets to total assets |
| 0.31% |
|
| 0.34% |
|
| 0.33% |
|
| 0.34% |
|
| 0.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-GAAP Financial Measures (unaudited)
The following tables reconcile certain Non-GAAP financial measures references in this release:
Adjusted Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
|
| Three Months Ended | ||||||||||||||||
|
| 2025 |
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
|
|
| June 30, 2025 | |||||||
Net (loss) income | $ | 8,334 |
|
| $ | 3,844 |
|
|
|
| $ | 20,313 |
|
| $ | 12,491 |
|
|
|
| $ | 6,205 |
|
|
Average assets |
| 2,363,759 |
|
|
| 2,236,466 |
|
|
|
|
| 2,345,909 |
|
|
| 2,233,530 |
|
|
|
|
| 2,355,809 |
|
|
Return on average assets (annualized) |
| 1.40 |
| % |
| 0.68 |
| % |
|
|
| 1.16 |
| % |
| 0.75 |
| % |
|
|
| 1.06 |
| % |
Net (loss) income |
| 8,334 |
|
|
| 3,844 |
|
|
|
|
| 20,313 |
|
|
| 12,491 |
|
|
|
|
| 6,205 |
|
|
Merger Expenses |
| 568 |
|
|
| 0 |
|
|
|
|
| 718 |
|
|
| 0 |
|
|
|
|
| 150 |
|
|
Tax effect at 21% |
| (119 | ) |
|
| 0 |
|
|
|
|
| (151 | ) |
|
| 0 |
|
|
|
|
| (32 | ) |
|
Adjusted Net Income (Non-GAAP) |
| 8,783 |
|
|
| 3,844 |
|
|
|
|
| 20,880 |
|
|
| 12,491 |
|
|
|
|
| 6,324 |
|
|
Average assets |
| 2,363,759 |
|
|
| 2,236,466 |
|
|
|
|
| 2,345,909 |
|
|
| 2,233,530 |
|
|
|
|
| 2,355,809 |
|
|
Adjusted return on average assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Non-GAAP) |
| 1.47 |
| % |
| 0.68 |
| % |
|
|
| 1.19 |
| % |
| 0.75 |
| % |
|
|
| 1.08 |
| % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Return on Average Tangible Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
|
| Three Months Ended | ||||||||||||||||
|
| 2025 |
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
|
|
| June 30, 2025 |
| ||||||
Net (loss) income | $ | 8,334 |
|
| $ | 3,844 |
|
|
|
| $ | 20,313 |
|
| $ | 12,491 |
|
|
|
| $ | 6,205 |
|
|
Average shareholders' equity |
| 226,733 |
|
|
| 189,135 |
|
|
|
|
| 222,791 |
|
|
| 183,593 |
|
|
|
|
| 223,351 |
|
|
Average intangible assets |
| 29,380 |
|
|
| 29,440 |
|
|
|
|
| 29,394 |
|
|
| 29,457 |
|
|
|
|
| 29,394 |
|
|
Average tangible shareholders' equity |
| 197,353 |
|
|
| 159,695 |
|
|
|
|
| 193,397 |
|
|
| 154,136 |
|
|
|
|
| 193,957 |
|
|
Return on average tangible shareholders' equity (annualized) |
| 16.76 |
| % |
| 9.58 |
| % |
|
|
| 14.04 |
| % |
| 10.82 |
| % |
|
|
| 12.83 |
| % |
Net (loss) income |
| 8,334 |
|
|
| 3,844 |
|
|
|
|
| 20,313 |
|
|
| 12,491 |
|
|
|
|
| 6,205 |
|
|
Merger Expenses |
| 568 |
|
|
| 0 |
|
|
|
|
| 718 |
|
|
| 0 |
|
|
|
|
| 150 |
|
|
Tax effect at 21% |
| (119 | ) |
|
| 0 |
|
|
|
|
| (151 | ) |
|
| 0 |
|
|
|
|
| (32 | ) |
|
Adjusted Net Income (Non-GAAP) |
| 8,783 |
|
|
| 3,844 |
|
|
|
|
| 20,880 |
|
|
| 12,491 |
|
|
|
|
| 6,324 |
|
|
Average tangible shareholders' equity |
| 197,353 |
|
|
| 159,695 |
|
|
|
|
| 193,397 |
|
|
| 154,136 |
|
|
|
|
| 193,957 |
|
|
Adjusted return on average shareholders' equity (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Non-GAAP) |
| 17.66 |
| % |
| 9.58 |
| % |
|
|
| 14.43 |
| % |
| 10.82 |
| % |
|
|
| 13.08 |
| % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
|
| Three Months Ended | ||||||||||||||||
|
| 2025 |
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
|
|
| June 30, 2025 | |||||||
GAAP-Based Earnings Per Share, Basic | $ | 0.89 |
|
| $ | 0.48 |
|
|
|
| $ | 2.22 |
|
| $ | 1.55 |
|
|
|
| $ | 0.67 |
|
|
GAAP-Based Earnings Per Share, Diluted | $ | 0.89 |
|
| $ | 0.48 |
|
|
|
| $ | 2.22 |
|
| $ | 1.55 |
|
|
|
| $ | 0.67 |
|
|
Net (Loss) Income |
| 8,334 |
|
|
| 3,844 |
|
|
|
|
| 20,313 |
|
|
| 12,491 |
|
|
|
|
| 6,205 |
|
|
Merger Expenses |
| 568 |
|
|
| 0 |
|
|
|
|
| 718 |
|
|
| 0 |
|
|
|
|
| 150 |
|
|
Tax effect at 21% |
| (119 | ) |
|
| 0 |
|
|
|
|
| (151 | ) |
|
| 0 |
|
|
|
|
| (32 | ) |
|
Adjusted Net Income (Non-GAAP) |
| 8,783 |
|
|
| 3,844 |
|
|
|
|
| 20,880 |
|
|
| 12,491 |
|
|
|
|
| 6,324 |
|
|
Adjusted Earnings per Share, Basic (Non-GAAP) | $ | 0.94 |
|
| $ | 0.48 |
|
|
|
| $ | 2.28 |
|
| $ | 1.55 |
|
|
|
| $ | 0.69 |
|
|
Adjusted Earnings per Share, Diluted (Non-GAAP) | $ | 0.94 |
|
| $ | 0.48 |
|
|
|
| $ | 2.28 |
|
| $ | 1.55 |
|
|
|
| $ | 0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Pre Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
|
| Three Months Ended | ||||||||||||||||
|
| 2025 |
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
|
|
| June 30, 2025 | |||||||
Income before tax expense (GAAP) | $ | 10,531 |
|
| $ | 4,850 |
|
|
|
| $ | 25,651 |
|
| $ | 15,799 |
|
|
|
| $ | 7,832 |
|
|
Provision for (release of) credit losses |
| (502 | ) |
|
| 1,345 |
|
|
|
|
| 1,305 |
|
|
| 1,069 |
|
|
|
|
| 950 |
|
|
Pre provision net revenue (PPNR) (Non-GAAP) |
| 10,029 |
|
|
| 6,195 |
|
|
|
|
| 26,956 |
|
|
| 16,868 |
|
|
|
|
| 8,782 |
|
|
Merger expenses |
| 568 |
|
|
| 0 |
|
|
|
|
| 718 |
|
|
| 0 |
|
|
|
|
| 150 |
|
|
PPNR adjusted for merger expenses (Non-GAAP) | $ | 10,597 |
|
| $ | 6,195 |
|
|
|
| $ | 27,674 |
|
| $ | 16,868 |
|
|
|
| $ | 8,932 |
|
|
|
|
|
|
|
|
|
|
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Net interest income on a fully taxable equivalent basis |
|
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(Dollars in thousands) |
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| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
|
| Three Months Ended | ||||||||||||||||
|
| 2025 |
| 2024 |
|
|
| 2025 |
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|
| 2024 |
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|
|
| June 30, 2025 | |||||||
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Net Interest Income | $ | 20,458 |
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| $ | 15,931 |
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| $ | 57,380 |
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| $ | 45,566 |
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|
|
| $ | 19,065 |
|
|
Taxable equivalent basis adjustment using 21% marginal tax rate |
| 192 |
|
|
| 207 |
|
|
|
|
| 589 |
|
|
| 601 |
|
|
|
|
| 199 |
|
|
Net interest income on a fully taxable equivalent basis | $ | 20,650 |
|
| $ | 16,138 |
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|
|
| $ | 57,969 |
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| $ | 46,167 |
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|
|
| $ | 19,264 |
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Average tangible equity |
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(Dollars in thousands) |
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| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
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|
| Three Months Ended | ||||||||||||||||
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| 2025 |
| 2024 |
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| 2025 |
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| 2024 |
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|
| June 30, 2025 | |||||||
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Average equity | $ | 226,733 |
|
| $ | 189,135 |
|
|
|
| $ | 222,791 |
|
| $ | 183,593 |
|
|
|
| $ | 223,351 |
|
|
Average goodwill and other intangibles |
| (29,380 | ) |
|
| (29,440 | ) |
|
|
|
| (29,394 | ) |
|
| (29,457 | ) |
|
|
|
| (29,394 | ) |
|
Average tangible equity | $ | 197,353 |
|
| $ | 159,695 |
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|
|
| $ | 193,397 |
|
| $ | 154,136 |
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|
| $ | 193,957 |
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Tangible Book Value |
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(Dollars in thousands) |
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| |||||
| at September 30, |
|
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|
|
| at June 30, |
| |||||||||||||||
|
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
|
| 2025 |
|
| |||||||
Total shareholders' equity |
| 234,905 |
|
|
| 195,654 |
|
|
|
|
|
|
|
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|
|
|
| 225,425 |
|
| ||
Adjustments: |
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| |||||
Goodwill |
| (29,266 | ) |
|
| (29,266 | ) |
|
|
|
|
|
|
|
|
|
|
|
| (29,266 | ) |
| ||
Other intangible assets |
| (109 | ) |
|
| (167 | ) |
|
|
|
|
|
|
|
|
|
|
|
| (121 | ) |
| ||
Tangible common equity (Non-GAAP) |
| 205,530 |
|
|
| 166,221 |
|
|
|
|
|
|
|
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|
|
|
|
| 196,038 |
|
| ||
Common shares outstanding |
| 9,262,325 |
|
|
| 8,090,711 |
|
|
|
|
|
|
|
|
|
|
|
|
| 9,260,522 |
|
| ||
Book value per common share |
| 25.36 |
|
|
| 24.18 |
|
|
|
|
|
|
|
|
|
|
|
|
| 24.34 |
|
| ||
Tangible book value per common share (Non-GAAP) |
| 22.19 |
|
|
| 20.54 |
|
|
|
|
|
|
|
|
|
|
|
|
| 21.17 |
|
| ||
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| |||||
