Norwood Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for Three Months Ended December 31, 2017
January 25, 2018 at 08:15 am
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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.
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.
Norwood Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for Three Months Ended December 31, 2017