Norwood Financial (NWFL) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $4,433,000, a decrease of $1,349,000 from $5,782,000 in Q1 2023, primarily due to a $1,383,000 decrease in net interest income[2] - Earnings per share on a fully diluted basis were $0.55 for Q1 2024, compared to $0.71 in Q1 2023[2] - Net income for Q1 2024 was $4,433,000, compared to $5,782,000 in Q1 2023, reflecting a decrease of about 23.3%[16] - Basic and diluted earnings per share for Q1 2024 were both $0.55, down from $0.71 in Q1 2023, reflecting a decline of approximately 22.5%[16] - Return on average assets was 0.80% for Q1 2024, down from 1.13% in Q1 2023, indicating a decrease of about 29.2%[16] - Return on average equity was 9.79% for Q1 2024, compared to 13.61% in Q1 2023, representing a decline of approximately 28.5%[16] - Net income for Q1 2024 reached $4,433,000, compared to $355,000 in Q4 2023, marking a substantial increase[18] - Basic earnings per share for Q1 2024 were $0.55, up from $0.04 in Q4 2023[18] Assets and Liabilities - Total assets increased to $2.260 billion as of March 31, 2024, up by $156.1 million from the previous year[3] - Total assets increased to $2,260,423,000 as of March 31, 2024, up from $2,201,079,000 at the end of 2023, marking a growth of approximately 2.7%[17] - Loans receivable were $1.621 billion, and total deposits were $1.839 billion as of March 31, 2024[3] - Net loans receivable rose to $1,603,428,000, compared to $1,584,650,000 in Q1 2023, indicating an increase of about 1.2%[17] - Total deposits reached $1,838,998,000, an increase from $1,795,159,000 in Q1 2023, representing a growth of approximately 2.4%[17] - Total deposits increased by 9.8% annually during the first quarter of 2024, while loans grew by 4.5%[8] Income and Expenses - Net interest income on a fully taxable equivalent basis was $14,905,000 in Q1 2024, down from $16,275,000 in Q1 2023[4] - Net interest income for Q1 2024 was $14,710,000, a decrease from $16,093,000 in Q1 2023, representing a decline of approximately 8.6%[16] - Total other income increased to $2,006,000 in Q1 2024, compared to $1,912,000 in Q1 2023[5] - Total other income for Q1 2024 was $2,006,000, a decrease from $2,123,000 in Q4 2023[18] - Operating expenses rose to $11,732,000 in Q1 2024, an increase of $1,296,000 from $10,436,000 in Q1 2023[6] - Total other expenses increased to $11,732,000 in Q1 2024 from $10,849,000 in Q4 2023[18] Credit Quality - The provision for credit losses decreased by $924,000 in Q1 2024, attributed to improved credit quality metrics[7] - The allowance for credit losses was $18,020,000, slightly down from $18,968,000 in Q1 2023, showing a decrease of about 5%[17] - Nonperforming loans to total loans decreased to 0.23% in Q1 2024 from 0.48% in Q4 2023, indicating improved asset quality[18] Interest Metrics - The annualized net interest spread (fte) decreased to 2.07% from 2.83% year-over-year[4] - The net interest margin (fte) for Q1 2024 was 2.79%, down from 2.95% in Q4 2023[18] - Total interest income for Q1 2024 was $26,938,000, an increase of 3.3% from $26,085,000 in Q4 2023[18] Equity - Stockholders' equity increased to $181,213,000 as of March 31, 2024, compared to $181,070,000 at the end of 2023, showing a slight increase of about 0.08%[17] - Book value per share rose to $23.01 in Q1 2024, compared to $22.99 in Q4 2023[18]