Norwood Financial (US:NWFL) Globenewswireยท2025-04-17 12:15Core Insights - Norwood Financial Corp and its subsidiary Wayne Bank reported strong financial results for the first quarter of 2025, highlighting improved capital and earnings due to strategic actions taken in December 2024 [2][4]. Financial Performance - Net interest income for the three months ended March 31, 2025, was $17.857 million, an increase of $3.147 million (21.4%) compared to $14.710 million in the same period of 2024 [20]. - The net interest margin improved to 3.30% from 2.80% year-over-year, reflecting a 50 basis points increase [20]. - Net income for the quarter was $5.773 million, up $1.340 million (30.2%) from $4.433 million in the prior year [20]. - Fully diluted earnings per share rose to $0.63, a 14.5% increase from $0.55 in the same quarter of 2024 [3][20]. Asset and Loan Growth - Total assets increased to $2.376 billion as of March 31, 2025, up 5.07% from $2.260 billion a year earlier [4][20]. - Loans receivable grew to $1.771 billion, representing a 9.24% increase from $1.621 billion in the same period of 2024 [4][20]. - Total deposits reached $2.004 billion, a 9.00% increase from $1.839 billion year-over-year [10][20]. Capital and Efficiency - The efficiency ratio improved to 59.7% in the first quarter of 2025, down from 70.6% in the same quarter of 2024, indicating better operational efficiency [4]. - Return on average assets increased to 1.01%, up 21 basis points from 0.80% in the prior year [20]. - Return on tangible equity rose to 12.40%, an increase of 75 basis points from 11.65% year-over-year [20]. Strategic Actions - The company undertook a portfolio repositioning in December 2024, which has positively impacted net interest margins and overall financial performance [2][3]. - Management emphasized a cautious approach to assessing opportunities amid global economic uncertainties, focusing on customer engagement to mitigate potential risks [2].