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home / news releases / NWFL - Norwood Financial Corp announces Third Quarter and Year-to-Date 2025 Results

NWFL - Norwood Financial Corp announces Third Quarter and Year-to-Date 2025 Results

Norwood Financial Corp.

Quarterly and Year-to-Date Highlights:

  • Fully diluted EPS of $0.89, an 85% increase over the same period in 2024
  • Return on assets rose 72 basis points to 1.40% from 3Q 2024.
  • Net interest margin increased 20 basis points vs. the prior quarter and 64 basis points over the prior year.
  • Loans grew at a 5.4% and 7.3% annualized rate during the third quarter and year-to-date, respectively.
  • Deposits grew year-to-date at an annualized rate of 15% while deposit costs fell 19 basis points since the 4 th quarter of 2024.
  • Capital continues to improve on increased earnings and lower accumulated other comprehensive income (AOCI) adjustment.

HONESDALE, Pa., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and nine months ended September 30, 2025.

Jim Donnelly, President and Chief Executive Officer, stated, “Our quarterly results continue to demonstrate the strength of our community banking franchise. We have been able to maintain solid growth, while improving profitability and efficiency.”

Mr. Donnelly continued, “Our disciplined approach to growth, improving margins, and credit quality have allowed us to deliver strong quarterly results for our shareholders. I am proud of the performance of the entire Norwood team as they remain focused on delivering the products and services that help our customers achieve their goals. We have improved our credit quality from already sound levels. This is a result of our well-managed and consistent approach to credit. We have also improved our fee income lines of business.”

“During the second quarter we launched our ‘Every Day Better’ brand to high acclaim from customers, employees, and community members. This full rebrand enabled us to articulate our values and mission, stand out from competitors, and unite and energize our company culture. Building on this great combination of a high-performing team and strong brand, I believe that we are on our way to creating a bright future for us, our customers, and our shareholders.”

Selected Financial Highlights (unaudited)

(dollars in thousands, except per share data)
Year-Over Year
Linked Quarter
Year-to-Date
3 Months Ended
3 Months Ended
9 Months Ended
Sep-25
Sep-24
Change
Jun-25
Change
Sep-25
Sep-24
Change
Net interest income
$
20,458
$
15,931
$
4,527
$
19,065
$
1,393
$
57,380
$
45,566
$
11,814
Net interest spread (fte) 1
2.94%
2.23%
71 bps
2.75%
19 bps
2.77%
2.12%
65 bps
Net interest margin (fte) 1
3.63%
2.99%
64 bps
3.43%
20 bps
3.46%
2.87%
59 bps
Pre Provision Net Revenue (PPNR) 1
$
10,029
$
6,195
$
3,834
$
8,782
$
1,247
$
26,956
$
16,868
$
10,088
Net income
$
8,334
$
3,844
$
4,490
$
6,205
$
2,129
$
20,313
$
12,491
$
7,822
Diluted earnings per share
$
0.89
$
0.48
$
0.41
$
0.67
$
0.22
$
2.22
$
1.55
$
0.67
Return on average assets
1.40%
0.68%
72 bps
1.06%
34 bps
1.16%
0.75%
41 bps
Return on average tangible equity
16.76%
9.58%
718 bps
12.83%
393 bps
14.04%
10.82%
322 bps
1 - Non GAAP ratio. See Non-GAAP Reconciliation
Excluding merger charges (see Non-GAAP reconciliations)
(dollars in thousands, except per share data)
Year-Over Year
Linked Quarter
Year-to-Date
3 Months Ended
3 Months Ended
9 Months Ended
Sep-25
Sep-24
Change
Jun-25
Change
Sep-25
Sep-24
Change
Pre Provision Net Revenue (PPNR)
$
10,597
$
6,195
$
4,402
$
8,932
$
1,665
$
27,674
$
16,868
$
10,806
Net income
$
8,783
$
3,844
$
4,939
$
6,324
$
2,460
$
20,880
$
12,491
$
8,389
Diluted earnings per share
$
0.94
$
0.48
$
0.46
$
0.69
$
0.25
$
2.28
$
1.55
$
0.73
Return on average assets
1.47%
0.68%
79 bps
1.08%
39 bps
1.19%
0.75%
44 bps
Return on average tangible equity
17.66%
9.58%
808 bps
13.08%
458 bps
14.43%
10.82%
361 bps


Discussion of financial results for the three months ended September 30, 2025:

  • The Company had net income of $8.3 million for the three months ended September 30, 2025, an increase of $4.5 million over the same period last year.
  • Net interest income increased during the third quarter of 2025 compared to the third quarter of 2024 due to increases in asset yields while interest costs of liabilities decreased.
  • Correspondingly, the net interest margin in the third quarter of 2025 was 3.63% compared to 2.99% in the third quarter of 2024.
  • Non-interest income in the first 9 months of 2025 increased $597 thousand or 9.2% over the same period in 2024.
  • The efficiency ratio for the third quarter of 2025 was 56.3% compared to 66.0% in the third quarter of 2024.
  • As of September 30, 2025, total assets were $2.412 billion, compared to $2.280 billion at September 30, 2024, an increase of 5.80%.
  • Loans receivable were $1.815 billion at September 30, 2025, compared to $1.675 billion at September 30, 2024, an increase of 8.3%.
  • Total deposits were $2.074 billion at September 30, 2025, compared to $1.855 billion at September 30, 2024, an increase of 11.8%.
  • Tangible Common Equity was 8.63% as of September 30, 2025, versus 7.57% at September 30, 2024.
  • Tangible Book Value per share increased $2.34 from $19.85 at December 31, 2024, to $22.19 at September 30, 2025.

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fifteen offices throughout Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance”, “solid footing,” “good momentum,” “bright future”, “robust growth” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:
John M. McCaffery
Executive Vice President & Chief Financial Officer
NORWOOD FINANCIAL CORP
272-304-3003
www.waynebank.com


NORWOOD FINANCIAL CORP
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
(unaudited)
September 30
2025
2024
ASSETS
Cash and due from banks
$
50,348
$
47,072
Interest-bearing deposits with banks
24,382
35,808
Cash and cash equivalents
74,730
82,880
Securities available for sale
403,989
396,891
Loans receivable
1,814,682
1,675,139
Less: Allowance for credit losses
19,911
18,699
Net loans receivable
1,794,771
1,656,440
Regulatory stock, at cost
6,163
6,329
Bank premises and equipment, net
22,292
18,503
Bank owned life insurance
45,821
46,382
Foreclosed real estate owned
-
-
Accrued interest receivable
8,686
8,062
Deferred tax assets, net
16,528
18,818
Goodwill
29,266
29,266
Other intangible assets
109
167
Other assets
9,596
16,013
TOTAL ASSETS
$
2,411,951
$
2,279,751
LIABILITIES
Deposits:
Non-interest bearing demand
$
424,027
$
420,967
Interest-bearing
1,649,941
1,434,284
Total deposits
2,073,968
1,855,251
Short-term borrowings
-
52,453
Other borrowings
72,071
144,959
Accrued interest payable
9,823
12,688
Other liabilities
21,184
18,746
TOTAL LIABILITIES
2,177,046
2,084,097
STOCKHOLDERS' EQUITY
Preferred Stock, no par value per share, authorized 5,000,000 shares
-
-
Common Stock, $.10 par value per share,
authorized: 20,000,000 shares,
issued: 2025: 9,491,558 shares, 2024: 8,311,851 shares
949
831
Surplus
127,190
98,330
Retained earnings
136,662
140,489
Treasury stock, at cost: 2025: 229,233 shares, 2024: 221,140 shares
(6,188
)
(5,969
)
Accumulated other comprehensive loss
(23,708
)
(38,027
)
TOTAL STOCKHOLDERS' EQUITY
234,905
195,654
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,411,951
$
2,279,751


NORWOOD FINANCIAL CORP
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
INTEREST INCOME
Loans receivable, including fees
$
28,141
$
25,464
$
81,244
$
73,266
Securities
3,907
2,526
11,648
7,635
Other
144
497
590
2,194
Total Interest income
32,192
28,487
93,482
83,095
INTEREST EXPENSE
Deposits
10,730
10,553
32,347
31,349
Short-term borrowings
105
323
774
1,015
Other borrowings
899
1,680
2,981
5,165
Total Interest expense
11,734
12,556
36,102
37,529
NET INTEREST INCOME
20,458
15,931
57,380
45,566
(RELEASE OF) PROVISION FOR CREDIT LOSSES
(502
)
1,345
1,305
1,069
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES
20,960
14,586
56,075
44,497
OTHER INCOME
Service charges and fees
1,660
1,517
4,687
4,364
Income from fiduciary activities
254
256
805
719
Gains on sales of loans, net
130
103
242
145
Gains on sales of foreclosed real estate owned
-
-
-
32
Earnings and proceeds on life insurance policies
268
261
820
781
Other
193
158
551
467
Total other income
2,505
2,295
7,105
6,508
OTHER EXPENSES
Salaries and employee benefits
6,696
6,239
19,773
18,328
Occupancy, furniture and equipment
1,361
1,269
4,088
3,758
Data processing and related operations
1,087
1,162
3,361
3,208
Taxes, other than income
192
179
577
452
Professional fees
968
576
2,250
1,669
FDIC Insurance assessment
368
339
1,129
1,009
Foreclosed real estate
1
9
143
45
Amortization of intangibles
12
16
42
54
Other
2,249
2,242
6,166
6,683
Total other expenses
12,934
12,031
37,529
35,206
INCOME BEFORE TAX EXPENSE
10,531
4,850
25,651
15,799
INCOME TAX EXPENSE
2,197
1,006
5,338
3,308
NET INCOME
$
8,334
$
3,844
$
20,313
$
12,491
Basic earnings per share
$
0.89
$
0.48
$
2.22
$
1.55
Diluted earnings per share
$
0.89
$
0.48
$
2.22
$
1.55


NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
For the Quarter Ended
September 30, 2025
June 30, 2025
September 30, 2024
Average
Average
Average
Average
Average
Average
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
(2)
(1)
(3)
(2)
(1)
(3)
(2)
(1)
(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks
$
12,485
$
144
4.58
%
$
19,085
$
220
4.62
%
$
36,221
$
497
5.46
%
Securities available for sale:
Taxable
399,090
3,661
3.64
404,428
3,624
3.59
392,168
2,161
2.19
Tax-exempt (1)
44,074
312
2.81
44,158
312
2.83
67,563
461
2.71
Total securities available for sale (1)
443,164
3,973
3.56
448,586
3,936
3.52
459,731
2,622
2.27
Loans receivable (1) (4) (5)
1,802,046
28,267
6.22
1,783,626
27,249
6.13
1,651,921
25,575
6.16
Total interest-earning assets
2,257,695
32,384
5.69
2,251,297
31,405
5.60
2,147,873
28,694
5.31
Non-interest earning assets:
Cash and due from banks
31,050
30,323
28,193
Allowance for credit losses
(21,128
)
(20,733
)
(17,944
)
Other assets
96,142
94,922
78,344
Total non-interest earning assets
106,064
104,512
88,593
Total Assets
$
2,363,759
$
2,355,809
$
2,236,466
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market
$
579,145
$
2,900
1.99
$
573,904
$
2,887
2.02
$
461,897
$
2,782
2.40
Savings
200,559
113
0.22
204,318
119
0.23
221,366
13
0.02
Time
822,491
7,717
3.72
821,725
7,863
3.84
734,235
7,758
4.20
Total interest-bearing deposits
1,602,195
10,730
2.66
1,599,947
10,869
2.72
1,417,498
10,553
2.96
Short-term borrowings
8,740
105
4.77
17,757
211
4.77
53,622
323
2.40
Other borrowings
81,125
899
4.40
95,792
1,061
4.44
146,357
1,680
4.57
Total interest-bearing liabilities
1,692,060
11,734
2.75
1,713,496
12,141
2.84
1,617,477
12,556
3.09
Non-interest bearing liabilities:
Demand deposits
416,150
389,323
400,314
Other liabilities
28,816
29,639
29,540
Total non-interest bearing liabilities
444,966
418,962
429,854
Stockholders' equity
226,733
223,351
189,135
Total Liabilities and Stockholders' Equity
$
2,363,759
$
2,355,809
$
2,236,466
Net interest income/spread (tax equivalent basis)
20,650
2.94
%
19,264
2.75
%
16,138
2.23
%
Tax-equivalent basis adjustment
(192
)
(199
)
(207
)
Net interest income
$
20,458
$
19,065
$
15,931
Net interest margin (tax equivalent basis)
3.63
%
3.43
%
2.99
%
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.
NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
Year to Date
September 30, 2025
June 30, 2025
September 30, 2024
Average
Average
Average
Average
Average
Average
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
(2)
(1)
(3)
(2)
(1)
(3)
(2)
(1)
(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks
$
17,427
$
590
4.53
%
$
19,939
$
446
4.51
%
$
53,046
$
2,194
5.52
%
Securities available for sale:
Taxable
403,947
10,907
3.61
406,416
7,247
3.60
398,462
6,514
2.18
Tax-exempt (1)
44,157
938
2.84
44,199
626
2.86
68,852
1,419
2.75
Total securities available for sale (1)
448,104
11,845
3.53
450,615
7,873
3.52
467,314
7,933
2.27
Loans receivable (1) (4) (5)
1,776,629
81,636
6.14
1,763,710
53,369
6.10
1,631,179
73,569
6.02
Total interest-earning assets
2,242,160
94,071
5.61
2,234,264
61,688
5.57
2,151,539
83,696
5.20
Non-interest earning assets:
Cash and due from banks
30,035
29,519
26,409
Allowance for credit losses
(20,675
)
(20,445
)
(18,353
)
Other assets
94,389
94,031
73,935
Total non-interest earning assets
103,749
103,105
81,991
Total Assets
$
2,345,909
$
2,337,369
$
2,233,530
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market
$
566,762
$
8,588
2.03
$
560,469
$
5,688
2.05
$
460,579
$
7,489
2.17
Savings
205,552
374
0.24
208,090
261
0.25
223,825
549
0.33
Time
812,778
23,385
3.85
807,841
15,668
3.91
738,205
23,311
4.22
Total interest-bearing deposits
1,585,092
32,347
2.73
1,576,400
21,617
2.77
1,422,609
31,349
2.94
Short-term borrowings
23,468
774
4.41
30,954
669
4.36
57,754
1,015
2.35
Other borrowings
90,110
2,981
4.42
94,676
2,082
4.43
150,418
5,165
4.59
Total interest-bearing liabilities
1,698,670
36,102
2.84
1,702,030
24,368
2.89
1,630,781
37,529
3.07
Non-interest bearing liabilities:
Demand deposits
395,470
384,958
391,479
Other liabilities
28,978
29,594
27,677
Total non-interest bearing liabilities
424,448
414,552
419,156
Stockholders' equity
222,791
220,787
183,593
Total Liabilities and Stockholders' Equity
$
2,345,909
$
2,337,369
$
2,233,530
Net interest income/spread (tax equivalent basis)
57,969
2.77
%
37,320
2.68
%
46,167
2.12
%
Tax-equivalent basis adjustment
(589
)
(397
)
(601
)
Net interest income
$
57,380
$
36,923
$
45,566
Net interest margin (tax equivalent basis)
3.46
%
3.37
%
2.87
%
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.


NORWOOD FINANCIAL CORP
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended September 30
2025
2024
Net interest income
$
20,458
$
15,931
Net income
8,334
3,844
Net interest spread (fully taxable equivalent)
2.94 %
2.23%
Net interest margin (fully taxable equivalent)
3.63 %
2.99%
Return on average assets
1.40 %
0.68%
Return on average equity
14.58 %
8.09%
Return on average tangible equity
16.76 %
9.58%
Basic earnings per share
$
0.89
$
0.48
Diluted earnings per share
$
0.89
$
0.48
For the Nine Months Ended September 30
2025
2024
Net interest income
57,380
45,566
Net income
20,313
12,491
Net interest spread (fully taxable equivalent)
2.77 %
2.12%
Net interest margin (fully taxable equivalent)
3.46 %
2.87%
Return on average assets
1.16 %
0.75%
Return on average equity
12.19 %
9.09%
Return on average tangible equity
14.04 %
10.82%
Basic earnings per share
2.22
1.55
Diluted earnings per share
2.22
1.55
As of September 30
2025
2024
Total assets
$
2,411,951
$
2,279,751
Total loans receivable
1,814,682
1,675,139
Allowance for credit losses
19,911
18,699
Total deposits
2,073,968
1,855,251
Stockholders' equity
234,905
195,654
Trust assets under management
211,563
209,857
Book value per share
$
25.36
$
24.18
Tangible book value per share
$
22.19
$
20.54
Equity to total assets
9.74 %
8.58%
Allowance to total loans receivable
1.10 %
1.12%
Nonperforming loans to total loans
0.36 %
0.47%
Nonperforming assets to total assets
0.31 %
0.35%


NORWOOD FINANCIAL CORP
Historical Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
September 30
June 30
March 31
December 31
September 30
Three months ended
2025
2025
2025
2024
2024
INTEREST INCOME
Loans receivable, including fees
$
28,141
$
27,115
$
25,988
$
26,122
$
25,464
Securities
3,907
3,871
3,870
2,789
2,526
Other
144
220
226
574
497
Total interest income
32,192
31,206
30,084
29,485
28,487
INTEREST EXPENSE
Deposits
10,730
10,869
10,748
10,984
10,553
Borrowings
1,004
1,272
1,479
1,876
2,003
Total interest expense
11,734
12,141
12,227
12,860
12,556
NET INTEREST INCOME
20,458
19,065
17,857
16,625
15,931
PROVISION FOR (RELEASE OF) CREDIT LOSSES
(502
)
950
857
1,604
1,345
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION
FOR CREDIT LOSSES
20,960
18,115
17,000
15,021
14,586
OTHER INCOME
Service charges and fees
1,660
1,514
1,513
1,595
1,517
Income from fiduciary activities
254
226
325
224
256
Net realized (losses) gains on sales of securities
-
-
-
(19,962
)
-
Gains on sales of loans, net
130
65
47
50
103
Gains on sales of foreclosed real estate owned
-
-
-
-
-
Earnings and proceeds on life insurance policies
268
266
286
275
261
Other
193
177
180
159
158
Total other income
2,505
2,248
2,351
(17,659
)
2,295
OTHER EXPENSES
Salaries and employee benefits
6,696
6,605
6,472
6,690
6,239
Occupancy, furniture and equipment, net
1,361
2,538
1,378
1,291
1,269
Foreclosed real estate
1
137
4
9
9
FDIC insurance assessment
368
355
406
335
339
Other
4,508
2,896
3,804
5,094
4,175
Total other expenses
12,934
12,531
12,064
13,419
12,031
INCOME BEFORE TAX (BENEFIT) EXPENSE
10,531
7,832
7,287
(16,057
)
4,850
INCOME TAX (BENEFIT) EXPENSE
2,197
1,627
1,514
(3,406
)
1,006
NET (LOSS) INCOME
$
8,334
$
6,205
$
5,773
$
(12,651
)
$
3,844
Basic (loss) earnings per share
$
0.89
$
0.67
$
0.63
$
(1.54
)
$
0.48
Diluted (loss) earnings per share
$
0.89
$
0.67
$
0.63
$
(1.54
)
$
0.48
Return on average assets (annualized)
1.40%
1.06%
1.01%
-2.19
%
0.68%
Return on average equity (annualized)
14.58%
11.14%
10.73%
-26.08
%
8.09%
Return on average tangible equity (annualized)
16.76%
12.83%
12.40%
-30.77
%
9.58%
Net interest spread (fte)
2.94%
2.75%
2.61%
2.31%
2.23%
Net interest margin (fte)
3.63%
3.43%
3.30%
3.04%
2.99%


NORWOOD FINANCIAL CORP
Historical Consolidated Balance Sheets (unaudited)
(dollars in thousands)
September 30
June 30
March 31
December 31
September 30
2025
2025
2025
2024
2024
ASSETS
Cash and due from banks
$
50,348
$
32,052
$
31,729
$
27,562
$
47,072
Interest-bearing deposits with banks
24,382
20,993
43,678
44,777
35,808
Cash and cash equivalents
74,730
53,045
75,407
72,339
82,880
Securities available for sale
403,989
402,460
408,742
397,846
396,891
Loans receivable
1,814,682
1,790,574
1,771,269
1,713,638
1,675,139
Less: Allowance for credit losses
19,911
20,908
20,442
19,843
18,699
Net loans receivable
1,794,771
1,769,666
1,750,827
1,693,795
1,656,440
Regulatory stock, at cost
6,163
7,538
7,616
13,366
6,329
Bank owned life insurance
45,821
46,099
46,914
46,657
46,382
Bank premises and equipment, net
22,292
21,608
20,273
19,657
18,503
Foreclosed real estate owned
-
-
-
-
-
Goodwill and other intangibles
29,375
29,387
29,402
29,418
29,433
Other assets
34,810
35,547
36,863
44,384
42,893
TOTAL ASSETS
$
2,411,951
$
2,365,350
$
2,376,044
$
2,317,462
$
2,279,751
LIABILITIES
Deposits:
Non-interest bearing demand
$
424,027
$
406,358
$
391,377
$
381,479
$
420,967
Interest-bearing deposits
1,649,941
1,591,476
1,613,071
1,477,684
1,434,284
Total deposits
2,073,968
1,997,834
2,004,448
1,859,163
1,855,251
Borrowings
72,071
111,850
118,590
214,862
197,412
Other liabilities
31,007
30,241
32,299
29,929
31,434
TOTAL LIABILITIES
2,177,046
2,139,925
2,155,337
2,103,954
2,084,097
STOCKHOLDERS' EQUITY
234,905
225,425
220,707
213,508
195,654
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,411,951
$
2,365,350
$
2,376,044
$
2,317,462
$
2,279,751
Book Value per share
$
25.36
$
24.34
$
23.84
$
23.02
$
24.18
Tangible Book Value per share
22.19
21.17
20.66
19.85
20.54
Allowance for credit losses to total loans
1.10%
1.17%
1.15%
1.16%
1.12%
Net charge-offs to average loans (annualized)
0.13%
0.08%
0.07%
0.12%
0.08%
Nonperforming loans to total loans
0.36%
0.45%
0.45%
0.46%
0.47%
Nonperforming assets to total assets
0.31%
0.34%
0.33%
0.34%
0.35%

Non-GAAP Financial Measures (unaudited)

The following tables reconcile certain Non-GAAP financial measures references in this release:

Adjusted Return on Average Assets
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
Net (loss) income
$
8,334
$
3,844
$
20,313
$
12,491
$
6,205
Average assets
2,363,759
2,236,466
2,345,909
2,233,530
2,355,809
Return on average assets (annualized)
1.40
%
0.68
%
1.16
%
0.75
%
1.06
%
Net (loss) income
8,334
3,844
20,313
12,491
6,205
Merger Expenses
568
0
718
0
150
Tax effect at 21%
(119
)
0
(151
)
0
(32
)
Adjusted Net Income (Non-GAAP)
8,783
3,844
20,880
12,491
6,324
Average assets
2,363,759
2,236,466
2,345,909
2,233,530
2,355,809
Adjusted return on average assets (annualized)
(Non-GAAP)
1.47
%
0.68
%
1.19
%
0.75
%
1.08
%
Adjusted Return on Average Tangible Shareholders' Equity
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
Net (loss) income
$
8,334
$
3,844
$
20,313
$
12,491
$
6,205
Average shareholders' equity
226,733
189,135
222,791
183,593
223,351
Average intangible assets
29,380
29,440
29,394
29,457
29,394
Average tangible shareholders' equity
197,353
159,695
193,397
154,136
193,957
Return on average tangible shareholders' equity (annualized)
16.76
%
9.58
%
14.04
%
10.82
%
12.83
%
Net (loss) income
8,334
3,844
20,313
12,491
6,205
Merger Expenses
568
0
718
0
150
Tax effect at 21%
(119
)
0
(151
)
0
(32
)
Adjusted Net Income (Non-GAAP)
8,783
3,844
20,880
12,491
6,324
Average tangible shareholders' equity
197,353
159,695
193,397
154,136
193,957
Adjusted return on average shareholders' equity (annualized)
(Non-GAAP)
17.66
%
9.58
%
14.43
%
10.82
%
13.08
%
Adjusted Earnings Per Share
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
GAAP-Based Earnings Per Share, Basic
$
0.89
$
0.48
$
2.22
$
1.55
$
0.67
GAAP-Based Earnings Per Share, Diluted
$
0.89
$
0.48
$
2.22
$
1.55
$
0.67
Net (Loss) Income
8,334
3,844
20,313
12,491
6,205
Merger Expenses
568
0
718
0
150
Tax effect at 21%
(119
)
0
(151
)
0
(32
)
Adjusted Net Income (Non-GAAP)
8,783
3,844
20,880
12,491
6,324
Adjusted Earnings per Share, Basic (Non-GAAP)
$
0.94
$
0.48
$
2.28
$
1.55
$
0.69
Adjusted Earnings per Share, Diluted (Non-GAAP)
$
0.94
$
0.48
$
2.28
$
1.55
$
0.69
Pre Provision Net Revenue
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
Income before tax expense (GAAP)
$
10,531
$
4,850
$
25,651
$
15,799
$
7,832
Provision for (release of) credit losses
(502
)
1,345
1,305
1,069
950
Pre provision net revenue (PPNR) (Non-GAAP)
10,029
6,195
26,956
16,868
8,782
Merger expenses
568
0
718
0
150
PPNR adjusted for merger expenses (Non-GAAP)
$
10,597
$
6,195
$
27,674
$
16,868
$
8,932
Net interest income on a fully taxable equivalent basis
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
Net Interest Income
$
20,458
$
15,931
$
57,380
$
45,566
$
19,065
Taxable equivalent basis adjustment using 21% marginal tax rate
192
207
589
601
199
Net interest income on a fully taxable equivalent basis
$
20,650
$
16,138
$
57,969
$
46,167
$
19,264
Average tangible equity
(Dollars in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Three Months Ended
2025
2024
2025
2024
June 30, 2025
Average equity
$
226,733
$
189,135
$
222,791
$
183,593
$
223,351
Average goodwill and other intangibles
(29,380
)
(29,440
)
(29,394
)
(29,457
)
(29,394
)
Average tangible equity
$
197,353
$
159,695
$
193,397
$
154,136
$
193,957
Tangible Book Value
(Dollars in thousands)
at September 30,
at June 30,
2025
2024
2025
Total shareholders' equity
234,905
195,654
225,425
Adjustments:
Goodwill
(29,266
)
(29,266
)
(29,266
)
Other intangible assets
(109
)
(167
)
(121
)
Tangible common equity (Non-GAAP)
205,530
166,221
196,038
Common shares outstanding
9,262,325
8,090,711
9,260,522
Book value per common share
25.36
24.18
24.34
Tangible book value per common share (Non-GAAP)
22.19
20.54
21.17



Stock Information
Company Name: Norwood Financial Corp.
Stock Symbol: NWFL
Market: NASDAQ
Website: wayne.bank
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