業績公告
即時報告
8-K
2026-07-22
諾伍德金融公司第二季創紀錄淨收入932.8萬美元 淨息差擴至3.90%
AI 繁中摘要
Norwood Financial Corp（NASDAQ: NWFL）公佈截至2026年6月30日第二季度業績（8-K申報）📊
季度亮點：創紀錄淨收入932.8萬美元（每股0.86美元），較去年同期620.5萬美元（每股0.67美元）增長50%；創紀錄淨利息收入2,683.9萬美元，同比增長40.8%；淨息差（FTE）擴至3.90%，按季升22基點，按年升47基點。總資產達29.08億美元，較去年同期的23.65億美元增長22.9%；貸款總額22.63億美元，按年增26.4%；存款總額25.14億美元，按年增25.8%。有形賬面價值每股22.96美元，已超越收購前的22.90美元水平。
成功完成Presence Bancshares整合，包括核心系統轉換及品牌統一。管理層表示專注於信貸質素、費用管控及長期股東價值。
信用質素方面：第二季度錄得淨撇賬約140萬美元，其中一筆涉事借款人於6月申請第11章破產保護，相關貸款組合總風險敞口約2,200萬美元（以商業房地產抵押），銀行已撇賬72.9萬美元並持續評估損失。不良貸款比率由去年0.45%升至1.21%，不良資產比率由0.34%升至0.97%，主要受上述個案影響。
調整後（剔除合併相關費用及BOLI重組費）第二季度淨收入為937萬美元（每股0.86美元），調整後PPNR為1,362.6萬美元。上半年調整後淨收入為1,718.1萬美元（每股1.59美元），調整後平均資產回報率1.20%、有形股本回報率13.88%。
投資者影響：儘管一次性費用及信用損失增加，但核心盈利能力（淨息差擴闊、營運效率提升）及收購協同效應顯現，為未來增長奠定基礎。需留意風險敞口後續發展及信貸成本變化。
展開英文正文
EX-99.1
2
nwfl-20260722xex99_1.htm
EX-99.1
Exhibit 991
FOR IMMEDIATE RELEASE
Norwood Financial Corp announces Second Quarter Financial Results
Quarterly Highlights:
·
Record net income of $9.3 million.
·
Record net interest income of $26.8 million.
·
Diluted earnings per share of $0.86.
·
Total assets of $2.908 billion.
·
Tangible book value per share increased to $22.96, surpassing the pre-acquisition value of $22.90.
·
Successfully completed Presence Bancshares integration, including core system conversion and brand convergence.
Honesdale, Pennsylvania – July 18, 2026 - Norwood Financial Corp (the “Company”) (Nasdaq Global Market-NWFL), the holding company of Wayne Bank, announced results for the second quarter and six months ended June 30, 2026.
Jim Donnelly, President and Chief Executive Officer, stated, “We are pleased to announce strong second quarter results, highlighted by record net interest income, improved profitability, and continued progress following the integration of Presence Bancshares. Net interest margin expanded on both a year-over-year and linked-quarter basis, reflecting disciplined balance sheet management and the benefit of our larger franchise. We remain focused on credit quality, expense management, and long-term value creation for our shareholders as our teams continue to execute.”
(dollars in thousands, except per share data)
Year-Over Year
Linked Quarter
Year-to-Date
3 Months Ended
3 Months Ended
6 Months Ended
Jun-26
Jun-25
Change
Mar-26
Change
Jun-26
Jun-25
Change
Net interest income
$26,839
$19,065
$7,774
$24,554
$2,285
$51,393
$36,923
$14,470
Net interest spread (fte) 1
3.27%
2.75%
52 bps
3.04%
23 bps
3.16%
2.68%
48 bps
Net interest margin (fte) 1
3.90%
3.43%
47 bps
3.68%
22 bps
3.79%
3.37%
42 bps
Pre Provision Net Revenue (PPNR) 1
$13,573
$8,782
$4,791
$6,279
$7,294
$19,852
$16,927
$2,925
Net income
$9,328
$6,205
$3,123
$3,730
$5,598
$13,058
$11,978
$1,080
Diluted earnings per share
$0.86
$0.67
$0.19
$0.35
$0.51
$1.21
$1.30
$(0.09)
Return on average assets
1.28%
1.06%
22 bps
0.53%
75 bps
0.91%
1.03%
(12 bps)
Return on tangible equity
15.04%
12.83%
221 bps
6.04%
900 bps
10.55%
12.62%
(207 bps)
Excluding merger-related expenses and 2026 BOLI Restructuring Fees (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
6 Months Ended
Jun-26
Jun-25
Change
Mar-26
Change
Jun-26
Jun-25
Change
Pre Provision Net Revenue (PPNR)
$13,626
$8,932
$4,694
$11,445
$2,181
$25,071
$8,932
$16,139
Net income
$9,370
$6,324
$3,046
$7,811
$1,559
$17,181
$12,097
$5,085
Diluted earnings per share
$0.86
$0.69
$0.17
$0.72
$0.14
$1.59
$1.31
$0.28
Return on average assets
1.29%
1.08%
21 bps
1.10%
19bps
1.20%
1.04%
16bps
Return on average tangible equity
15.11%
13.08%
203 bps
12.65%
246 bps
13.88%
12.75%
126 bps
Discussion of financial results for the three months ended June 30, 2026 (all comparisons are to second quarter 2025, unless otherwise noted):
·
Net income was $9.3 million, an increase of $3.1 million from $6.2 million. Diluted earnings per share were $0.86 compared to $0.67.
·
Net interest income was $26.8 million, an increase of $7.8 million from $19.1 million. On a linked-quarter basis, net interest income increased $2.3 million from $24.6 million.
·
Net interest margin (fully taxable equivalent) was 3.90% compared to 3.43%. On a linked-quarter basis, NIM increased 22 basis points from 3.68%.
·
Pre-provision net revenue (PPNR) was $13.6 million, compared to $8.8 million in the prior-year quarter and $6.3 million in the linked quarter.
·
Total assets were $2.908 billion, compared to $2.365 billion, an increase of 22.9%.
·
Loans receivable were $2.263 billion compared to $1.791 billion, an increase of 26.4%.
·
Total deposits were $2.514 billion compared to $1.998 billion, an increase of 25.8%.
·
Tangible book value per share was $22.96 compared to $21.17 at June 30, 2025, and increased $0.54 on a linked-quarter basis from $22.43.
·
Allowance for credit losses to total loans was 1.13%. Nonperforming loans to total loans were 1.23% and nonperforming assets to total assets were 0.98%.
Credit Quality
During the second quarter of 2026, the Company recorded net charge-offs of approximately $1.4 million, including a $729 thousand charge-off related to a previously disclosed borrower relationship that filed for Chapter 11 bankruptcy protection during June 2026. The relationship consists of five loans to four borrower entities with aggregate exposure of approximately $22 million to the Bank and is primarily secured by commercial real estate. The Company continues to evaluate the potential loss exposure associated with the relationship, monitor the bankruptcy proceedings, and assess underlying collateral values. Management believes the allowance for credit losses remains appropriate based on information currently available.
About Norwood Financial Corp
Norwood Financial Corp, through its subsidiary, Wayne Bank operates 33 Community Offices serving Wayne, Pike, Monroe, Lackawanna, Luzerne, Chester, Cumberland, and Lancaster Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York. The Company has total assets of $2.9 billion. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”. For more information, visit wayne.bank.
Forward-Looking Statements
In addition to historical information, this earnings release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describes the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. 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.
Non-GAAP Measures
In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules.
The Company has provided in this news release supplemental disclosures for the calculation of Return on Average Assets, Return on Average Tangible Shareholders’ Equity, Basic Earnings per Share, Diluted Earnings per Share, Tangible Book Value and Pre Provision Net Revenue. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies.
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)
June 30
2026
2025
ASSETS
Cash and due from banks
$
30,902
$
32,052
Interest-bearing deposits with banks
29,387
20,993
Fed funds sold
0
0
Cash and cash equivalents
60,289
53,045
Securities available for sale
438,967
402,460
Loans receivable
2,262,813
1,790,574
Less: Allowance for credit losses
25,632
20,908
Net loans receivable
2,237,181
1,769,666
Regulatory stock, at cost
6,399
7,538
Bank premises and equipment, net
25,262
21,608
Bank owned life insurance
55,404
46,099
Foreclosed real estate owned
771
-
Accrued interest receivable
10,568
8,642
Deferred tax assets, net
19,979
17,693
Goodwill
36,375
29,266
Other intangible assets
3,153
121
Other assets
13,566
9,212
TOTAL ASSETS
$
2,907,914
$
2,365,350
LIABILITIES
Deposits:
Non-interest bearing demand
$
500,383
$
406,358
Interest-bearing
2,013,914
1,591,476
Total deposits
2,514,297
1,997,834
Short-term borrowings
-
26,500
Other borrowings
65,513
85,350
Accrued interest payable
8,668
10,975
Other liabilities
29,796
19,266
TOTAL LIABILITIES
2,618,274
2,139,925
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: 2026: 11,182,591 shares, 2025: 9,490,505 shares
1,118
949
Surplus
174,337
126,990
Retained earnings
146,685
131,199
Treasury stock, at cost: 2026: 290,841 shares, 2025: 229,983 shares
(7,957)
(6,208)
Accumulated other comprehensive loss
(24,543)
(27,505)
TOTAL STOCKHOLDERS' EQUITY
289,640
225,425
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,907,914
$
2,365,350
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
INTEREST INCOME
Loans receivable, including fees
$
35,585
$
27,115
$
69,458
$
53,103
Securities
4,495
3,871
8,605
7,742
Other
377
220
777
446
Total Interest income
40,457
31,206
78,840
61,291
INTEREST EXPENSE
Deposits
12,899
10,869
25,686
21,617
Short-term borrowings
32
211
92
669
Other borrowings
687
1,061
1,669
2,082
Total Interest expense
13,618
12,141
27,447
24,368
NET INTEREST INCOME
26,839
19,065
51,393
36,923
PROVISION FOR CREDIT LOSSES
1,944
950
3,403
1,807
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
24,895
18,115
47,990
35,116
OTHER INCOME
Service charges and fees
1,666
1,514
3,421
3,027
Income from fiduciary activities
248
226
486
551
Gains on sales of loans, net
54
65
131
112
Earnings and proceeds on life insurance policies
326
266
640
552
Other
232
177
564
357
Total other income
2,526
2,248
5,242
4,599
OTHER EXPENSES
Salaries and employee benefits
8,674
6,605
17,223
13,077
Occupancy, furniture and equipment
1,569
1,349
3,294
2,727
Data processing and related operations
1,576
1,189
3,010
2,274
Taxes, other than income
174
192
376
385
Professional fees
596
473
1,422
1,132
FDIC Insurance assessment
428
355
935
761
Foreclosed real estate
31
137
67
141
Amortization of intangibles
165
15
331
30
Merger
53
150
4,994
150
Other
2,526
2,066
5,131
3,918
Total other expenses
15,792
12,531
36,783
24,595
INCOME BEFORE TAX EXPENSE
11,629
7,832
16,449
15,120
INCOME TAX EXPENSE
2,301
1,627
3,391
3,142
NET INCOME
$
9,328
$
6,205
$
13,058
$
11,978
Basic earnings per share
$
0.86
$
0.67
$
1.21
$
1.30
Diluted earnings per share
$
0.86
$
0.67
$
1.21
$
1.30
NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS (unaudited)
(dollars in thousands)
For the Quarter Ended
June 30, 2026
March 31, 2026
June 30, 2025
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:
Fed funds sold
$
1,511
14
3.72
%
$
933
11
4.78
%
$
%
Interest-bearing deposits with banks
43,467
$
364
3.36
72,896
$
389
2.16
19,085
$
220
4.62
Securities available for sale:
Taxable
435,004
4,246
3.92
415,567
3,859
3.77
404,428
3,624
3.59
Tax-exempt (1)
44,269
315
2.85
44,634
318
2.89
44,158
312
2.83
Total securities available for sale (1)
479,273
4,561
3.82
460,201
4,177
3.68
448,586
3,936
3.52
Loans receivable (1) (4) (5)
2,253,991
35,700
6.35
2,195,033
33,999
6.28
1,783,626
27,249
6.13
Total interest-earning assets
2,778,242
40,639
5.87
2,729,063
38,576
5.73
2,251,297
31,405
5.60
Non-interest earning assets:
Cash and due from banks
30,147
30,663
30,323
Allowance for credit losses
(24,556)
(23,391)
(20,733)
Other assets
129,320
131,739
94,922
Total non-interest earning assets
134,911
139,011
104,512
Total Assets
$
2,913,153
$
2,868,074
$
2,355,809
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market
$
727,580
$
3,460
1.91
$
723,966
$
3,462
1.94
$
573,904
$
2,887
2.02
Savings
231,852
200
0.35
218,829
137
0.25
204,318
119
0.23
Time
1,071,210
9,239
3.46
1,040,656
9,188
3.58
821,725
7,863
3.84
Total interest-bearing deposits
2,030,642
12,899
2.55
1,983,451
12,787
2.61
1,599,947
10,869
2.72
Short-term borrowings
3,233
32
3.97
6,358
60
3.83
17,757
211
4.77
Other borrowings
67,802
687
4.06
95,152
982
4.19
95,792
1,061
4.44
Total interest-bearing liabilities
2,101,677
13,618
2.60
2,084,961
13,829
2.69
1,713,496
12,141
2.84
Non-interest bearing liabilities:
Demand deposits
486,557
458,126
389,323
Other liabilities
36,585
35,188
29,639
Total non-interest bearing liabilities
523,142
493,314
418,962
Stockholders' equity
288,334
289,799
223,351
Total Liabilities and Stockholders' Equity
$
2,913,153
$
2,868,074
$
2,355,809
Net interest income/spread (tax equivalent basis)
27,021
3.27
%
24,747
3.04
%
19,264
2.75
%
Tax-equivalent basis adjustment
(182)
(193)
(199)
Net interest income
$
26,839
$
24,554
$
19,065
Net interest margin (tax equivalent basis)
3.90
%
3.68
%
3.43
%
(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 (unaudited)
(dollars in thousands)
Year to Date
June 30, 2026
#
Average
Average
Average
Average
Balance
Interest
Rate
Balance
Interest
Rate
(2)
(1)
(3)
(2)
(1)
(3)
Assets
Interest-earning assets:
Fed funds sold
$
1,226
25
4.11
%
$
%
Interest-bearing deposits with banks
58,074
$
753
2.61
19,939
$
446
4.51
Securities available for sale:
Taxable
425,350
8,104
3.84
406,416
7,247
3.60
Tax-exempt (1)
44,451
633
2.87
44,199
626
2.86
Total securities available for sale (1)
469,801
8,737
3.75
450,615
7,873
3.52
Loans receivable (1) (4) (5)
2,224,699
69,700
6.32
1,763,710
53,369
6.10
Total interest-earning assets
2,75,800
79,215
5.80
2,234,264
61,688
5.57
Non-interest earning assets:
Cash and due from banks
30,409
29,519
Allowance for credit losses
(23,976)
(20,445)
Other assets
130,526
94,031
Total non-interest earning assets
136,959
103,105
Total Assets
$
2890,759
$
2,337,369
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market
$
725,787
$
6,922
1.92
$
560,469
$
5,688
2.05
Savings
225,380
337
0.30
208,090
261
0.25
Time
1,056,053
18,427
3.52
807,841
15,668
3.91
Total interest-bearing deposits
2,00,220
25,686
2.58
1,576,400
21,617
2.77
Short-term borrowings
4,782
92
3.88
30,954
669
4.36
Other borrowings
81,395
1,669
4.13
94,676
2,082
4.43
Total interest-bearing liabilities
2,093,397
27,447
2.64
1,702,030
24,368
2.89
Non-interest bearing liabilities:
Demand deposits
472,412
384,958
Other liabilities
35,886
29,594
Total non-interest bearing liabilities
508,297
414,552
Stockholders' equity
289,064
220,787
Total Liabilities and Stockholders' Equity
$
2,890,759
$
2,337,369
Net interest income/spread (tax equivalent basis)
51,768
3.16
%
37,320
2.68
%
Tax-equivalent basis adjustment
(375)
(397)
Net interest income
$
51,393
$
36,923
Net interest margin (tax equivalent basis)
3.79
%
3.37
%
(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 June 30
2026
2025
Net interest income
$
26,839
$
19,065
Net income
9,328
6,205
Net interest spread (fully taxable equivalent)
3.27%
2.75%
Net interest margin (fully taxable equivalent)
3.90%
3.43%
Return on average assets
1.28%
1.06%
Return on average equity
12.98%
11.14%
Return on average tangible equity
15.04%
12.83%
Basic earnings per share
$
0.86
$
0.67
Diluted earnings per share
$
0.86
$
0.67
For the Six Months Ended June 30
2026
2025
Net interest income
51,393
36,923
Net income
13,058
11,978
Net interest spread (fully taxable equivalent)
3.16%
2.68%
Net interest margin (fully taxable equivalent)
3.79%
3.37%
Return on average assets
0.91%
1.03%
Return on average equity
9.11%
10.94%
Return on average tangible equity
10.55%
12.62%
Basic earnings per share
1.21
1.30
Diluted earnings per share
1.21
1.30
As of June 30
2026
2025
Total assets
$
2,907,914
$
2,365,350
Total loans receivable
2,262,813
1,790,574
Allowance for credit losses
25,632
20,908
Total deposits
2514297
1,997,834
Stockholders' equity
289,640
225,425
Trust assets under management
242,164
207,402
Book value per share
$
26.59
$
24.34
Tangible book value per share
$
22.96
$
21.17
Equity to total assets
9.96%
9.53%
Allowance to total loans receivable
1.13%
1.17%
Nonperforming loans to total loans
1.21%
0.45%
Nonperforming assets to total assets
0.97%
0.34%
NORWOOD FINANCIAL CORP
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
2026
2026
2025
2025
2025
ASSETS
Cash and due from banks
$
30,902
$
25,480
$
32,118
$
50,348
$
32,052
Interest-bearing deposits with banks
29,387
75,258
12,318
24,382
20,993
Fed funds sold
0
1,835
Cash and cash equivalents
60,289
102,573
44,436
74,730
53,045
Securities available for sale
438,967
431,204
408,782
403,989
402,460
Loans receivable
2,262,813
2,238,657
1,853,422
1,814,682
1,790,574
Less: Allowance for credit losses
25,632
24,350
19,882
19,911
20,908
Net loans receivable
2,237,181
2,214,307
1,833,540
1,794,771
1,769,666
Regulatory stock, at cost
6,399
7,161
6,623
6,163
7,538
Bank owned life insurance
55,404
55,078
46,089
45,821
46,099
Bank premises and equipment, net
25,262
25,299
22,971
22,292
21,608
Foreclosed real estate owned
771
771
771
-
-
Goodwill and other intangibles
39,528
39,693
29,364
29,375
29,387
Other assets
44,113
41,168
32,266
34,810
35,547
TOTAL ASSETS
$
2,907,914
$
2,917,254
$
2,424,842
$
2,411,951
$
2,365,350
LIABILITIES
Deposits:
Non-interest bearing demand
$
500,383
$
470,706
$
419,597
$
424,027
$
406,358
Interest-bearing deposits
2,013,914
2,035,992
1,659,048
1,649,941
1,591,476
Total deposits
2,514,297
2,506,698
2,078,645
2,073,968
1,997,834
Borrowings
65,513
88,268
74,133
72,071
111,850
Other liabilities
38,464
38,350
29,907
31,007
30,241
TOTAL LIABILITIES
2,618,274
2,633,316
2,182,685
2,177,046
2,139,925
STOCKHOLDERS' EQUITY
289,640
283,938
242,157
234,905
225,425
TOTAL LIABILITIES AND