Norwood Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced total interest income of $10,075,000 compared to $9,456,000 for the same period a year ago. Net interest income was $8,884,000 compared to $8,451,000 for the same period a year ago. Income before tax was $4,352,000 compared to $2,923,000 for the same period a year ago. Net income was $157,000 compared to $2,346,000 for the same period a year ago. Diluted earnings per share were $0.03 compared to $0.37 for the same period a year ago. The return on average assets was 0.05% with a return on average equity of 0.52% compared to 0.83% and 8.17%, respectively, in 2016. The decrease in earnings is due to the $3,060,000 of non-recurring additional tax expense attributable to the revaluation of the company's net deferred tax asset as a result of the Tax Cuts and Jobs Act.

For the full year, the company announced total interest income of $38,988,000 compared to $32,244,000 for the same period a year ago. Net interest income was $34,908,000 compared to $28,590,000 for the same period a year ago. Income before tax was $14,749,000 compared to $8,595,000 for the same period a year ago. Net income was $8,198,000 compared to $6,711,000 for the same period a year ago. Diluted earnings per share were $1.31 compared to $1.15 for the same period a year ago. The return on average assets for the year was 0.73% with a return on average equity of 7.04% compared to 0.74% and 6.17%, respectively, in 2016. Book value per share at December 31, 2017 was $18.61 compared to $17.43 as at December 31, 2016. Tangible book value per share as on December 31, 2017 was $16.71 against $15.67 as on December 31, 2016.

For the three months ended December 31, 2017, net charge-offs totaled $527,000 compared to $151,000 for the corresponding periods in 2016.