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Norwood Financial Corp (NWFL-0.64%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $2.280 billion from $2.201 billion as of December 31, 2023, primarily due to a $71.5 million increase in gross loans outstanding.
The company reported a net income of $3,844,000 for the three months ended September 30, 2024, compared to $4,119,000 for the same period in 2023. Earnings per share were $0.48, down from $0.51 in the previous year.
Net interest income on a fully taxable equivalent basis was $16,138,000, an increase from $15,224,000 in the previous year, with the net interest margin slightly increasing to 2.99% from 2.92%.
The provision for credit losses increased to $1,345,000 from $882,000 in the same quarter of the previous year. The allowance for credit losses was 1.12% of total loans, with non-performing loans totaling $7,888,000.
Total deposits increased by $60.1 million during the nine-month period ended September 30, 2024, with a notable increase in interest-bearing demand and certificates of deposit.
Short-term borrowings decreased to $52.4 million, while other borrowings increased to $145.0 million, primarily due to changes in Federal Reserve Bank borrowings.
Total stockholders’ equity was $195.7 million as of September 30, 2024, up from $181.1 million at the end of 2023. This increase was driven by net income and changes in the fair value of securities.
The company continues to monitor interest rate risk, with simulations indicating potential changes in net interest income under various interest rate scenarios.
Norwood Financial Corp is involved in ongoing legal proceedings related to a data security incident but does not anticipate a material adverse effect on its business or financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Norwood Financial Corp. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.