Core Insights - Norwood Financial Corp reported a net income of $3.8 million for the three months ended September 30, 2024, which is a decrease of $275 thousand compared to the same period last year [2] - The annualized return on average assets was 0.68% and the return on average tangible equity was 9.58% for the same period [2] - Total assets increased to $2.280 billion as of September 30, 2024, compared to $2.180 billion a year earlier [4] Financial Performance - Net interest income for the three months ended September 30, 2024, was $16.1 million, an increase of $914 thousand from the same period in 2023 [5] - The net interest margin (fully taxable equivalent) for the quarter was 2.99%, up from 2.92% in the prior year [5] - For the nine months ended September 30, 2024, net income was $12.5 million, down $3.9 million from the same period in 2023 [3] Loan and Deposit Growth - Loans grew at an annualized rate of 8% during the third quarter [1] - Total deposits reached $1.855 billion as of September 30, 2024, compared to $1.747 billion a year earlier [4][19] - The allowance for credit losses was $18.7 million, up from $16.1 million in the previous year [19] Operating Expenses - Other expenses for the three months ended September 30, 2024, totaled $12.0 million, an increase of $755 thousand from the same period in 2023 [8] - The increase in operating expenses was primarily due to higher salaries and benefits, professional fees, and data processing costs [8] Capital and Credit Quality - The capital base remains above "Well-Capitalized" targets, with stockholders' equity at $195.7 million as of September 30, 2024 [4][19] - Credit quality metrics remained strong, with nonperforming loans to total loans at 0.47% [17]
Norwood Financial Corp Announces Third Quarter 2024 Results