Norwood Financial Corp (NWFL) has reported 26.65 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.38 million, or $0.57 a share in the quarter, compared with $1.88 million, or $0.51 a share for the same period last year. Revenue during the quarter surged 40.46 percent to $9.54 million from $6.79 million in the previous year period. Net interest income for the quarter rose 37.60 percent over the prior year period to $8.50 million. Non-interest income for the quarter rose 53.98 percent over the last year period to $1.64 million.
Norwood Financial Corp has made provision of $0.60 million for loan losses during the quarter, up 33.33 percent from $0.45 million in the same period last year.
Net interest margin contracted 19 basis points to 3.51 percent in the quarter from 3.70 percent in the last year period.
Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp. (Nasdaq Global Market ��" NWFL) and its subsidiary, Wayne Bank, announced earnings of $2,376,000 for the three months ended March 31, 2017 which represents a $500,000, or 26.6%, increase from the $1,876,000 recorded during the same three-month period of last year. The increase was principally due to a higher level of net interest income and other income resulting from the acquisition of Delaware Bancshares, Inc. in the third quarter of 2016. Earnings per share on a fully diluted basis were $0.57 in the first quarter of this year compared to $0.51 in the first quarter of 2016. The annualized return on average assets was 0.87% in the first quarter of 2017 and the annualized return on average equity was 8.54%, compared to 1.00% and 7.33%, respectively, in the first quarter of 2016.
Investments stood at $295.80 million as on Mar. 31, 2017. Shareholders equity was at $112.95 million as on Mar. 31, 2017.
Return on average assets moved down 13 basis points to 0.87 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity increased 121 basis points to 8.54 percent in the quarter from 7.33 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.60 percent in the quarter, down from 1.28 percent in the last year period.
Equity to assets ratio was 10.16 percent for the quarter, down from 13.51 percent for the previous year quarter. Book value per share was $27.09 for the quarter, down 2.83 percent or $0.79 compared to $27.88 for the same period last year.
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