Norwood Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 25, 2013 at 09:30 pm IST
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Norwood Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. Total interest income was $7,157,000 against $7,470,000 for the same period of last year. Income before tax was $2,342,000 against $2,765,000 for the same period of last year. Net income was $1,759,000 against $1,997,000 for the same period of last year. Diluted earnings per share was $0.53 against $0.61 for the same period of last year. Return on average assets was 1.02% against 1.18% for the same period of last year. Return on average equity was 7.54% against 9.03% for the same period of last year. For the quarter, the company reported earnings represents a decrease of $238,000 from the $1,997,000 earned in the comparable period of 2011 due primarily to increased loan loss provisions. Earnings per share (fully diluted) were $0.53 and $0.61 for the three-month periods, respectively. Net interest income before the provision for loan losses declined $147,000 over the same period of last year, while other income increased $88,000. Net interest income (fully taxable equivalent) totaled $6,377,000 for the three months ended December 31, 2012, a decrease of $171,000 compared to the same period in 2011.
For the year ended December 31, 2012, earnings per share on a fully diluted basis were $2.56 for 2012, compared to $2.39 in 2011. For the year, net interest income (fte) totaled $26,006,000, an increase of $2,242,000 or 9.43% over 2011. Total interest income was $29,414,000 against $27,770,000 for the same period of last year. Income before tax was $11,439,000 against $9,935,000 for the same period of last year. Net income was $8,403,000 against $7,356,000 for the same period of last year. Return on average assets was 1.23% against 1.18% for the same period of last year. Return on average equity was 9.22% against 9.26% for the same period of last year.
The company reported net charge-offs for the fourth quarter ended December 31, 2012. For the quarter, the company's net charge-offs totaled $639,000 compared to $387,000 a year ago.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
NORWOOD FINANCIAL CORP. 
