In This Story
Norwood Financial Corp. (NWFL-1.43%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total consolidated assets of $2.317 billion, an increase from $2.201 billion at the end of 2023. Loans receivable increased to $1.714 billion from $1.604 billion in the previous year, with significant growth in consumer and commercial real estate loans.
Net interest income for the year was $62.191 million, slightly up from $62.067 million in 2023. The net interest margin decreased to 2.91% from 3.06% the previous year.
The company reported a net loss of $160,000 for 2024, compared to a net income of $16.759 million in 2023. The loss was primarily due to a $19.962 million loss on the sale of securities as part of a portfolio repositioning.
The allowance for credit losses increased to $19.843 million from $18.968 million in 2023. Net charge-offs totaled $1.671 million, down from $6.078 million the previous year.
Total deposits rose to $1.859 billion from $1.795 billion at the end of 2023. Non-interest bearing demand deposits decreased, while time deposits increased significantly.
The company completed a public offering of 1,150,000 shares of common stock at $26.00 per share, raising approximately $28 million in net proceeds.
Norwood Financial Corp. remains well-capitalized with a Tier 1 capital ratio of 12.35% and a total capital ratio of 13.45%.
The filing also details the company's focus on managing interest rate risk and maintaining liquidity, with total liquidity at 20.3% of total assets.
The company identified no material weaknesses in internal controls over financial reporting and continues to focus on maintaining compliance with regulatory capital requirements.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.