Norwood Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs
January 28, 2017 at 12:00 am IST
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Norwood Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company announced total interest income of $9,456,000 compared to $6,936,000 for the same period a year ago. Net interest income was $8,001,000 compared to $6,112,000 for the same period a year ago. Income before tax was $2,923,000 compared to loss before tax of $166,000 for the same period a year ago. Net income was $2,346,000 compared to $128,000 for the same period a year ago. Diluted earnings per share were $0.56 compared to $0.4 for the same period a year ago. The return on average assets was 0.83% with a return on average equity of 8.17% compared to 0.07% and 0.50%, respectively, in 2015.
For the full year, the company announced total interest income of $32,244,000 compared to $27,779,000 for the same period a year ago. Net interest income was $28,590,000 compared to $24,521,000 for the same period a year ago. Income before tax was $8,595,000 compared to $7,540,000 for the same period a year ago. Net income was $6,711,000 compared to $5,908,000 for the same period a year ago. Diluted earnings per share were $1.73 compared to $1.60 for the same period a year ago. The return on average assets for the year was 0.74% with a return on average equity of 6.17% compared to 0.80% and 5.83%, respectively, in 2015. Book value per share at the end of the period was $26.15 compared to $27.39 for the same period a year ago.
For the three months ended December 31, 2016, net charge-offs totaled $151,000 compared to $1,268,000 for the corresponding period in 2015.
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, 2016; Announces Net Charge-Offs