Norwood Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 22, 2014 at 01:00 pm
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Norwood Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $7.0 million, net interest income of $6.1 million, income before tax of $2.96 million and net income of $2.2 million or $0.60 per diluted share compared to total interest income of $7.2 million, net interest income of $6.1 million, income before tax of $2.3 million and net income of $1.8 million or $0.48 per diluted share reported in the same period last year. Return on average assets was 1.23% against 1.02% and return on average equity was 9.33% against 7.54% reported last year. Book value per share at the end of the period was $25.43 against $25.49 reported a year ago.
For the year, the company reported total interest income of $28.3 million, net interest income of $24.7 million, income before tax of $11.2 million and net income of $8.5 million or $2.33 per diluted share compared to total interest income of $29.4 million, net interest income of $24.8 million, income before tax of $11.4 million and net income of $8.4 million or $2.33 per diluted share reported in the same period last year. Return on average assets was 1.23% against 1.23% and return on average equity was 9.13% against 9.22% reported last year.
Norwood Financial Corp is a holding company for Wayne Bank (the Bank). The Bank is an independent community bank with about 15 offices in Northeastern Pennsylvania and 14 offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Bank offers a variety of personal and business credit services and trust and investment products and real estate settlement services to the consumers, businesses, nonprofit organizations, and municipalities in each of the communities that the Bank serves. The Bank serves the northeastern Pennsylvania counties of Wayne, Pike, Monroe, Lackawanna and Luzerne and, to a much lesser extent, Susquehanna County in addition to the New York counties of Delaware, Sullivan, Ontario, Otsego and Yates. The Bank operates automated teller machines at twenty-nine branch facilities plus one machine at an off-site location. The Bank operates a Wealth Management/Trust Department which provides estate planning, investment management and financial planning.