Norwood Financial Corporation (NWFL) has reported a 65.56 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.61 million, or $0.15 a share in the quarter, compared with $1.78 million, or $0.48 a share for the same period last year.
Revenue during the quarter surged 33.03 percent to $8.52 million from $6.40 million in the previous year period. Net interest income for the quarter rose 25.06 percent over the prior year period to $7.57 million. Non-interest income for the quarter rose 30.63 percent over the last year period to $1.40 million.
Norwood Financial Corporation has made provision of $0.45 million for loan losses during the quarter, down 37.50 percent from $0.72 million in the same period last year.
Net interest margin contracted 18 basis points to 3.50 percent in the quarter from 3.68 percent in the last year period.
Liabilities outpace assets growth
Total assets stood at $1,125.06 million as on Sep. 30, 2016, up 50.14 percent compared with $749.33 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,009.36 million as on Sep. 30, 2016, up 55.91 percent from $647.39 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $700.04 million as on Sep. 30, 2016, up 30.17 percent compared with $537.79 million on Sep. 30, 2015. Deposits stood at $922.24 million as on Sep. 30, 2016, up 61.41 percent compared with $571.35 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $200.48 million or 21.74 percent of total deposits on Sep. 30, 2016, compared with $115.31 million or 20.18 percent of total deposits on Sep. 30, 2015.
Investments stood at $310.13 million as on Sep. 30, 2016, up 102.29 percent or $156.82 million from year-ago. Shareholders equity stood at $115.70 million as on Sep. 30, 2016, up 13.50 percent or $13.76 million from year-ago.
Return on average assets moved down 71 basis points to 0.24 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity decreased 482 basis points to 2.13 percent in the quarter from 6.95 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.68 percent in the quarter, down from 1.40 percent in the last year period.
Equity to assets ratio was 10.28 percent for the quarter, down from 13.60 percent for the previous year quarter. Book value per share was $25.94 for the quarter, down 5.40 percent or $1.48 compared to $27.42 for the same period last year.
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