Financial Performance - Net income for Q3 2024 was $3.8 million, a decrease of $275 thousand compared to Q3 2023[2] - Net income for the three months ended September 30, 2024, was $3,844,000, down from $4,119,000 in the same period of 2023, indicating a decrease of 6.7%[16] - Basic earnings per share for the three months ended September 30, 2024, were $0.48, down from $0.51 in the same period of 2023[17] - Basic earnings per share decreased to $0.48 from $0.51 a year ago, reflecting a decline of 5.88%[19] Asset Growth - Total assets as of September 30, 2024, were $2.280 billion, up from $2.180 billion a year earlier[4] - Total assets increased to $2,279,751 thousand as of September 30, 2024, up from $2,201,079 thousand a year earlier, representing a growth of 3.55%[18] - Total assets amounted to $2,236,466, a slight decrease from $2,246,713[21] Loan Performance - Loans grew at an annualized rate of 8% during Q3 2024, with loans receivable totaling $1.675 billion[4] - Total loans receivable increased to $1,675,139,000 as of September 30, 2024, from $1,610,069,000 a year earlier[17] - Net loans receivable rose to $1,656,440 thousand, compared to $1,594,983 thousand in the same quarter last year, reflecting an increase of 3.86%[18] - Non-performing loans to total loans ratio was 0.47% as of September 30, 2024, down from 0.65% a year earlier[17] - Non-performing loans to total loans remained stable at 0.47%[20] Income and Interest Metrics - Net interest margin (fully taxable equivalent) increased to 2.99% in Q3 2024 from 2.92% in Q3 2023[5] - Net interest income for the three months ended September 30, 2024, was $15,931,000, compared to $15,039,000 for the same period in 2023, reflecting an increase of 5.9%[16] - Total interest income increased to $28,487,000 for the three months ended September 30, 2024, from $24,508,000 in the same period of 2023, representing a growth of 16.1%[16] - Total interest income for the quarter was $28,487 thousand, up from $24,508 thousand in the same quarter last year, marking a year-over-year increase of 16.06%[19] - Net interest margin (FTE) improved to 2.99% from 2.80%[21] Expenses and Allowances - Operating expenses increased to $12.0 million in Q3 2024, up $755 thousand from Q3 2023[8] - Total other expenses increased to $12,031 thousand from $11,276 thousand a year ago, reflecting a rise of 6.69%[19] - The allowance for credit losses was $18,699,000 as of September 30, 2024, compared to $16,086,000 as of September 30, 2023[17] - The allowance for credit losses was $18,699 thousand, slightly up from $16,086 thousand a year ago, indicating a year-over-year increase of 16.27%[18] - Allowance for credit losses to total loans was 1.12%, slightly up from 1.11%[20] Equity and Capital - The capital base remains above "Well-Capitalized" targets, with stockholders' equity at $195.7 million[4] - Total stockholders' equity increased to $189,135 from $179,494[21] Returns - The annualized return on average assets for the nine months ended September 30, 2024, was 0.75%[3] - The return on average assets for the three months ended September 30, 2024, was 0.68%, compared to 0.76% for the same period in 2023[17] - Return on average assets (annualized) was 0.68%, down from 0.80%[20] - The annualized return on average tangible equity for the nine months ended September 30, 2024, was 10.82%[3] - Return on average equity (annualized) decreased to 8.09% from 9.79%[20] Other Income - Other income for Q3 2024 remained stable at $2.3 million, compared to the same period in 2023[7] - Other income totaled $2,295 thousand, compared to $2,306 thousand in the same quarter last year, showing a slight decrease of 0.48%[19] - The company reported a release of provision for credit losses of $1,345 thousand, compared to a provision of $882 thousand in the same quarter last year, indicating improved credit quality[19]
Norwood Financial (NWFL) - 2024 Q3 - Quarterly Results