Norwood Financial Corporation (NWFL) has reported 1,732.81 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.35 million, or $0.56 a share in the quarter, compared with $0.13 million, or $0.04 a share for the same period last year. Revenue during the quarter surged 110.54 percent to $9.49 million from $4.51 million in the previous year period. Net interest income for the quarter rose 38.27 percent over the prior year period to $8.45 million. Non-interest income for the quarter rose 22.53 percent over the last year period to $1.49 million.
Norwood Financial Corp has made provision of $0.45 million for loan losses during the quarter, down 84.04 percent from $2.82 million in the same period last year.
Net interest margin contracted 24 basis points to 3.49 percent in the quarter from 3.73 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 for the three months ended December 31, 2016 of $2,346,000. This represents an increase of $2,218,000 from the $128,000 earned in the comparable period of 2015 due primarily to a $2,370,000 decrease in the provision for loan losses and the benefits realized from the acquisition of Delaware Bancshares, Inc. ("Delaware") on July 31, 2016. Earnings per share (fully diluted) were $.56 and $.04 for the three-month periods ended December 31, 2016 and 2015, respectively.
Liabilities outpace assets growthTotal assets stood at $1,111.18 million as on Dec. 31, 2016, up 48.06 percent compared with $750.50 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,000.10 million as on Dec. 31, 2016, up 53.98 percent from $649.51 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $707.43 million as on Dec. 31, 2016, up 28.01 percent compared with $552.63 million on Dec. 31, 2015. Deposits stood at $925.38 million as on Dec. 31, 2016, up 67.97 percent compared with $550.91 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $191.44 million or 20.69 percent of total deposits on Dec. 31, 2016, compared with $107.81 million or 19.57 percent of total deposits on Dec. 31, 2015.
Investments stood at $302.56 million as on Dec. 31, 2016, up 117.91 percent or $163.71 million from year-ago. Shareholders equity stood at $111.08 million as on Dec. 31, 2016, up 9.98 percent or $10.08 million from year-ago.
Return on average assets moved up 76 basis points to 0.83 percent in the quarter from 0.07 percent in the last year period. At the same time, return on average equity increased 767 basis points to 8.17 percent in the quarter from 0.50 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.64 percent in the quarter, down from 1.33 percent in the last year period.
Equity to assets ratio was 10 percent for the quarter, down from 13.46 percent for the previous year quarter. Book value per share was $26.15 for the quarter, down 4.53 percent or $1.24 compared to $27.39 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
