Norwood Financial Corp announces Fourth Quarter and Full Year 2024 Results

Quarterly Highlights: Net interest margin increased 5 basis points vs. the prior quarter and 11 basis points over the prior year.Loans grew at an 9% annualized rate during the fourth quarter.Completed capital raise that supports our long-term strategy and repositions our investment portfolio to improve our yield on the portfolio.Capital continues to improve due to recent equity offering and lower AOCI adjustment. HONESDALE, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and fiscal year ended December 31, 2024. Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank, stated, “During the fourth quarter, we successfully completed a capital raise that enabled us to reposition our investment portfolio for improved yields on the portfolio in future periods. While we incurred a one-time $20 million loss as a result of this repositioning, we believe the portfolio is better positioned for the current and future interest rate environment. Excluding this loss, we performed well during the fourth quarter, delivering higher net interest income year-over-year for both the fourth quarter and the full year. As a result of these actions, we believe the Company is financially stronger and better protected from changes in interest rates and will enhance our future performance.” Selected Financial Highlights (dollars in thousands, except per share data)Three Months EndedTwelve Months EndedDecember 31, 2024December 31, 20242024 2023 Change2024 2023 ChangeNet interest income16,625 15,293 1,332 62,191 62,067 124 Net interest spread (fte)2.31% 2.23% 8 bps 2.17% 2.47% (30 bps)Net interest margin (fte)3.04% 2.93% 11 bps 2.91% 3.06% (15 bps)Net income (loss)(12,651)355 (13,006)(160)16,759 (16,919)Diluted earnings per share(1.54)0.04 (1.41)(0.02)2.07 (2.09)Return on average assets(2.19%)0.06% (225 bps)-0.01% 0.79% (80 bps)Return on tangible equity(30.77%)1.01% (3,178 bps)(0.10%)11.66% (1,167 bps)Discussion of financial results for the three months ended December 31, 2024: The Company has a net loss of $12.7 million for the three months ended December 31, 2024. This was $13 million lower than the same period last year due one-time $20 million loss incurred on the sale of securities during December.Net interest income was higher during the fourth quarter of 2024 than 2023 as increases in asset yields outpaced increases in yields on liabilities.Correspondingly, the net interest margin in the fourth quarter was 3.04% in 2024 compared to 2.93% in 2023. Discussion of financial results for the year ended December 31, 2024: The Company posted a had a net loss of $160 thousand, or -$0.02 per diluted share, for the full-fiscal year ended year December 31, 2024 compared to net income of $16.8 million, or $2.07 per diluted share, for the fiscal year ended December in31. 2023. This loss was primarily due to a one-time $20 million loss incurred on the sale of securities during December 2024.The full-year net interest margin was 2.91% in 2024 versus 3.06% in 2023. Deposit costs were higher in 2024, especially in the earlier part of the year, before the Federal Reserve began to cut rates.Total non-interest expenses for 2024 were $48.6 million compared to $43.5 million in 2023. The increase was generally due to higher compensation and data processing costs.Adjusted net income for the year was lower as higher net interest income and total other income was more than offset by an increase in total other expenses.As of December 31, 2024, total assets were $2.317 billion, compared to $2.201 billion at December 31, 2023. Loans receivable were $1.693 billion, total deposits were $1.859 billion, and stockholders’ equity was $213.5 million.Tangible Common Equity was 8.05% as of December 31, 2024, versus 6.98% at the end of 2023. The following non-GAAP financial measures exclude the one-time $20.0 million net realized loss incurred in the fourth quarter as a result of the repositioning of our investment portfolio. Please see “Non-GAAP Financial Measures” below for a reconciliation of all non-GAAP financial measures.(dollars in thousands, except per share data)Three Months EndedTwelve Months EndedDecember 31, 2024December 31, 20242024 2023 Change2024 2023 ChangeAdjusted net income3,119 355 2,764 15,610 16,759 (1,149)Adjusted diluted earnings per share0.38 0.04 0.34 1.93 2.07 (0.14)Adjusted return on average assets0.54% 0.06% 48 bps0.69% 0.79% (10 bps)Adjusted return on tangible equity7.59% 1.01% 654 bps9.97% 11.66% (169 bps) Norwood Financial Corp is the parent company of Wayne Bank, which operates from 16 offices throughout Northeastern Pennsylvania and 14 offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”. Non-GAAP Financial Measures This release references adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity, all of which are non-GAAP (Generally Accepted Accounting Principles) financial measures. Adjusted values were derived by reversing the effect of loss on sale of securities in 2024 along with the attendant tax effect. We believe the presentation of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity ensures comparability of these measures as the portfolio restructuring is not something the Company expects to be a recurring event. Adjusted Return on Average Assets (Dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net (loss) income$(12,651) $355 $(160) $16,759 Average assets 2,299,732 2,166,821 2,250,171 2,128,570 Return on average assets (annualized) -2.19% 0.06% -0.01% 0.79%Net (loss) income (12,651) 355 (160) 16,759 Net realized losses on sale of securities 19,962 0 19,962 0 Tax effect at 21% (4,192) 0 (4,192) 0 Adjusted Net Income (Non-GAAP) 3,119 355 15,610 16,759 Average assets 2,299,732 2,166,821 2,250,171 2,128,570 Adjusted return on average assets (annualized) (Non-GAAP) 0.54% 0.06% 0.69% 0.79% Adjusted Return on Average Tangible Shareholders' Equity (Dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net (loss) income$(12,651) $355 $(160) $16,759 Average shareholders' equity 192,981 168,317 185,952 173,273 Average intangible assets 29,424 29,495 29,449 29,526 Average tangible shareholders' equity 163,557 138,822 156,503 143,747 Return on average tangible shareholders' equity (annualized) -30.77% 1.01% -0.10% 11.66%Net (loss) income (12,651) 355 (160) 16,759 Net realized losses on sale of securities 19,962 0 19,962 0 Tax effect at 21% (4,192) 0 (4,192) 0 Adjusted Net Income (Non-GAAP) 3,119 355 15,610 16,759 Average tangible shareholders' equity 163,557 138,822 156,503 143,747 Adjusted return on average shareholders' equity (annualized) (Non-GAAP) 7.59% 1.01% 9.97% 11.66% Adjusted Earnings Per Share (Dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 GAAP-Based Earnings Per Share, Basic$(1.54) $0.04 $(0.02) $2.08 GAAP-Based Earnings Per Share, Diluted$(1.54) $0.04 $(0.02) $2.07 Net (Loss) Income (12,651) 355 (160) 16,759 Net realized losses on sale of securities 19,962 0 19,962 0 Tax effect at 21% (4,192) 0 (4,192) 0 Adjusted Net Income (Non-GAAP) 3,119 355 15,610 16,759 Adjusted Earnings per Share, Basic (Non-GAAP)$0.38 $0.04 $1.93 $2.08 Adjusted Earnings per Share, Diluted (Non-GAAP)$0.38 $0.04 $1.93 $2.07 The following table reconciles average equity to average tangible equity: Tangible Book Value (Dollars in thousands) December 31, 2024 2023Total shareholders' equity 213,508 181,070 Adjustments: Goodwill (29,266) (29,266)Other intangible assets (152) (221)Tangible common equity (Non-GAAP) 184,090 151,583 Common shares outstanding 9,272,906 8,110,157 Book value per common share 23.02 22.33 Tangible book value per common share (Non-GAAP) 19.85 18.69 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” 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) December 31 2024 2023 ASSETS Cash and due from banks $27,562 $28,533 Interest-bearing deposits with banks 44,777 37,587 Cash and cash equivalents 72,339 66,120 Securities available for sale 397,846 406,259 Loans receivable 1,713,638 1,603,618 Less: Allowance for credit losses 19,843 18,968 Net loans receivable 1,693,795 1,584,650 Regulatory stock, at cost 13,366 7,318 Bank premises and equipment, net 19,657 17,838 Bank owned life insurance 46,657 46,439 Foreclosed real estate owned - 97 Accrued interest receivable 8,466 8,123 Deferred tax assets, net 17,696 21,353 Goodwill 29,266 29,266 Other intangible assets 152 221 Other assets 18,222 13,395 TOTAL ASSETS $2,317,462 $2,201,079 LIABILITIES Deposits: Non-interest bearing demand $381,479 $399,545 Interest-bearing 1,477,684 1,395,614 Total deposits 1,859,163 1,795,159 Short-term borrowings 113,069 74,076 Other borrowings 101,793 124,236 Accrued interest payable 12,615 10,510 Other liabilities 17,314 16,028 TOTAL LIABILITIES 2,103,954 2,020,009 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: 2024: 9,487,067 shares, 2023: 8,310,847 shares 949 831 Surplus 98,513 97,700 Retained earnings 152,964 135,284 Treasury stock, at cost: 2024: 214,161 shares, 2023: 200,690 shares(5,797) (5,397)Accumulated other comprehensive loss (33,121) (47,348)TOTAL STOCKHOLDERS' EQUITY 213,508 181,070 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,317,462 $2,201,079 NORWOOD FINANCIAL CORP Consolidated Statements of Income (dollars in thousands, except per share data) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 INTEREST INCOME Loans receivable, including fees$ 26,122 $ 23,328 $ 99,388 $ 85,209 Securities 2,789 2,504 10,424 9,922 Other 574 253 2,768 409 Total Interest income 29,485 26,085 112,580 95,540 INTEREST EXPENSE Deposits 10,984 8,910 42,334 26,029 Short-term borrowings 348 346 1,363 3,048 Other borrowings 1,528 1,536 6,692 4,396 Total Interest expense 12,860 10,792 50,389 33,473 NET INTEREST INCOME 16,625 15,293 62,191 62,067 PROVISION FOR CREDIT LOSSES $ 1,604 $6,116 $ 2,673 $5,548 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 15,021 9,177 59,518 56,519 OTHER INCOME Service charges and fees 1,595 1,421 5,959 5,613 Income from fiduciary activities 224 210 943 898 Net realized (losses) gains on sales of securities (19,962) - (19,962) (209)Gains on sales of loans, net 50 36 195 63 Gains on sales of foreclosed real estate owned - 66 32 80 Earnings and proceeds on life insurance policies 275 242 1,056 1,012 Other 159 148 626 667 Total other income (17,659) 2,123 (11,151) 8,124 OTHER EXPENSES Salaries and employee benefits 6,690 5,672 25,018 23,565 Occupancy, furniture and equipment 1,291 1,265 5,049 5,083 Data processing and related operations 1,312 877 4,520 3,342 Taxes, other than income 163 77 615 566 Professional fees 504 544 2,173 1,676 FDIC Insurance assessment 335 287 1,344 985 Foreclosed real estate 9 17 54 129 Amortization of intangibles 15 19 69 85 Other 3,100 2,091 9,783 8,066 Total other expenses 13,419 10,849 48,625 43,497 INCOME BEFORE TAX (BENEFIT) EXPENSE (16,057) 451 (258) 21,146 INCOME TAX (BENEFIT) EXPENSE (3,406) 96 (98) 4,387 NET (LOSS) INCOME $ (12,651)$ 355 $ (160)$ 16,759 Basic (loss) earnings per share$ (1.54)$ 0.04 $ (0.02)$ 2.08 Diluted (loss) earnings per share$ (1.54)$ 0.04 $ (0.02)$ 2.07 NORWOOD FINANCIAL CORP NET INTEREST MARGIN ANALYSIS (dollars in thousands) For the Quarter Ended December 31, 2024September 30, 2024December 31, 2023 Average Average Average Average Average Average BalanceInterest Rate BalanceInterest Rate BalanceInterest Rate (2) (1) (3) (2) (1) (3) (2) (1) (3) Assets Interest-earning assets: Interest-bearing deposits with banks$46,629 $574 4.90%$36,221 $497 5.46%$18,282 $253 5.49%Securities available for sale: Taxable 404,777 2,434 2.39 392,168 2,161 2.19 403,044 2,126 2.09 Tax-exempt (1) 65,628 449 2.72 67,563 461 2.71 70,049 479 2.71 Total securities available for sale (1) 470,405 2,883 2.44 459,731 2,622 2.27 473,093 2,605 2.18 Loans receivable (1) (4) (5) 1,690,650 26,246 6.18 1,651,921 25,575 6.16 1,605,496 23,422 5.79 Total interest-earning assets 2,207,684 29,703 5.35 2,147,873 28,694 5.31 2,096,871 26,280 4.97 Non-interest earning assets: Cash and due from banks 27,283 28,193 27,791 Allowance for credit losses (18,741) (17,944) (16,728) Other assets 83,506 78,344 58,231 Total non-interest earning assets 92,048 88,593 69,294 Total Assets $2,299,732 $2,236,466 $2,166,165 Liabilities and Stockholders' Equity Interest-bearing liabilities: Interest-bearing demand and money market$528,330 $3,017 2.27 $461,897 $2,782 2.40 $463,792 $2,059 1.76 Savings 209,362 162 0.31 221,366 13 0.02 226,809 119 0.21 Time 764,819 7,805 4.06 734,235 7,758 4.20 679,587 6,732 3.93 Total interest-bearing deposits 1,502,511 10,984 2.91 1,417,498 10,553 2.96 1,370,188 8,910 2.58 Short-term borrowings 46,267 348 2.99 53,622 323 2.40 59,836 346 2.29 Other borrowings 133,620 1,528 4.55 146,357 1,680 4.57 131,071 1,536 4.65 Total interest-bearing liabilities 1,682,398 12,860 3.04 1,617,477 12,556 3.09 1,561,095 10,792 2.74 Non-interest bearing liabilities: Demand deposits 394,001 400,314 411,434 Other liabilities 30,352 29,540 25,316 Total non-interest bearing liabilities 424,353 429,854 436,750 Stockholders' equity 192,981 189,135 168,320 Total Liabilities and Stockholders' Equity $2,299,732 $2,236,466 $2,166,165 Net interest income/spread (tax equivalent basis) 16,843 2.31% 16,138 2.23% 15,488 2.23%Tax-equivalent basis adjustment (218) (207) (195) Net interest income $16,625 $15,931 $15,293 Net interest margin (tax equivalent basis) 3.04% 2.99% 2.93% (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. Year to Date December 31, 2024September 30, 2024December 31, 2023 Average Average Average Average Average Average BalanceInterest Rate BalanceInterest Rate BalanceInterest Rate (2) (1) (3) (2) (1) (3) (2) (1) (3) Assets Interest-earning assets: Interest-bearing deposits with banks$51,433 $2,768 5.38%$53,046 $2,194 5.52%$7,537 $409 5.43%Securities available for sale: Taxable 400,050 8,948 2.24 398,462 6,514 2.18 411,633 8,390 2.04 Tax-exempt (1) 68,041 1,868 2.75 68,852 1,419 2.75 70,598 1,940 2.75 Total securities available for sale (1) 468,091 10,816 2.31 467,314 7,933 2.27 482,231 10,330 2.14 Loans receivable (1) (4) (5) 1,646,128 99,815 6.06 1,631,179 73,569 6.02 1,565,665 85,550 5.46 Total interest-earning assets 2,165,652 113,399 5.24 2,151,539 83,696 5.20 2,055,433 96,289 4.68 Non-interest earning assets: Cash and due from banks 26,629 26,409 26,633 Allowance for credit losses (18,450) (18,353) (18,122) Other assets 76,340 73,935 64,626 Total non-interest earning assets 84,519 81,991 73,137 Total Assets $2,250,171 $2,233,530 $2,128,570 Liabilities and Stockholders' Equity Interest-bearing liabilities: Interest-bearing demand and money market$476,106 $10,506 2.21 $460,579 $7,489 2.17 $466,329 $5,824 1.25 Savings 220,190 711 0.32 223,825 549 0.33 248,629 378 0.15 Time 744,895 31,117 4.18 738,205 23,311 4.22 610,726 19,827 3.25 Total interest-bearing deposits 1,441,191 42,334 2.94 1,422,609 31,349 2.94 1,325,684 26,029 1.96 Short-term borrowings 54,867 1,363 2.48 57,754 1,015 2.35 93,455 3,048 3.26 Other borrowings 146,195 6,692 4.58 150,418 5,165 4.59 94,931 4,396 4.63 Total interest-bearing liabilities 1,642,253 50,389 3.07 1,630,781 37,529 3.07 1,514,070 33,473 2.21 Non-interest bearing liabilities: Demand deposits 393,616 391,479 418,631 Other liabilities 28,350 27,677 22,595 Total non-interest bearing liabilities 421,966 419,156 441,226 Stockholders' equity 185,952 183,593 173,274 Total Liabilities and Stockholders' Equity $2,250,171 $2,233,530 $2,128,570 Net interest income/spread (tax equivalent basis) 63,010 2.17% 46,167 2.12% 62,816 2.47%Tax-equivalent basis adjustment (819) (601) (749) Net interest income $62,191 $45,566 $62,067 Net interest margin (tax equivalent basis) 2.91% 2.87% 3.06% (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 December 31 2024 2023 Net interest income$16,625 $15,293 Net (loss) income (12,651) 355 Net interest spread (fully taxable equivalent) 2.31% 2.23% Net interest margin (fully taxable equivalent) 3.04% 2.93% Return on average assets -2.19% 0.06% Return on average equity -26.08% 0.84% Return on average tangible equity -30.77% 1.01% Basic (loss) earnings per share$(1.54) $0.04 Diluted (loss) earnings per share$(1.54) $0.04 For the Twelve Months Ended December 31 2024 2023 Net interest income$62,191 $62,067 Net (loss) income (160) 16,759 Net interest spread (fully taxable equivalent) 2.17% 2.47% Net interest margin (fully taxable equivalent) 2.91% 3.06% Return on average assets -0.01% 0.79% Return on average equity -0.09% 9.67% Return on average tangible equity -0.10% 11.66% Basic (loss) earnings per share$(0.02) $2.08 Diluted (loss) earnings per share$(0.02) $2.07 As of December 31 2024 2023 Total assets$2,317,462 $2,201,079 Total loans receivable 1,713,638 1,603,618 Allowance for credit losses 19,843 18,968 Total deposits 1,859,163 1,795,159 Stockholders' equity 213,508 181,070 Trust assets under management 205,097 192,374 Book value per share$23.02 $22.33 Tangible book value per share$19.85 $18.69 Equity to total assets 9.21% 8.23% Allowance to total loans receivable 1.16% 1.18% Nonperforming loans to total loans 0.46% 0.48% Nonperforming assets to total assets 0.34% 0.35% NORWOOD FINANCIAL CORP Consolidated Balance Sheets (unaudited) (dollars in thousands) December 31 September 30June 30 March 31 December 31 2024 2024 2024 2024 2023 ASSETS Cash and due from banks$27,562 $47,072 $29,903 $19,519 $28,533 Interest-bearing deposits with banks 44,777 35,808 39,492 92,444 37,587 Cash and cash equivalents 72,339 82,880 69,395 111,963 66,120 Securities available for sale 397,846 396,891 397,578 398,374 406,259 Loans receivable 1,713,638 1,675,139 1,641,356 1,621,448 1,603,618 Less: Allowance for credit losses 19,843 18,699 17,807 18,020 18,968 Net loans receivable 1,693,795 1,656,440 1,623,549 1,603,428 1,584,650 Regulatory stock, at cost 13,366 6,329 6,443 6,545 7,318 Bank owned life insurance 46,657 46,382 46,121 45,869 46,439 Bank premises and equipment, net 19,657 18,503 18,264 18,057 17,838 Foreclosed real estate owned 0 0 0 97 97 Goodwill and other intangibles 29,418 29,433 29,449 29,468 29,487 Other assets 44,384 42,893 44,517 46,622 42,871 TOTAL ASSETS$2,317,462 $2,279,751 $2,235,316 $2,260,423 $2,201,079 LIABILITIES Deposits: Non-interest bearing demand$381,479 $420,967 $391,849 $383,362 $399,545 Interest-bearing deposits 1,477,684 1,434,284 1,419,323 1,455,636 1,395,614 Total deposits 1,859,163 1,855,251 1,811,172 1,838,998 1,795,159 Borrowings 214,862 197,412 210,422 211,234 198,312 Other liabilities 29,929 31,434 31,534 28,978 26,538 TOTAL LIABILITIES 2,103,954 2,084,097 2,053,128 2,079,210 2,020,009 STOCKHOLDERS' EQUITY 213,508 195,654 182,188 181,213 181,070 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,317,462 $2,279,751 $2,235,316 $2,260,423 $2,201,079 NORWOOD FINANCIAL CORP Consolidated Statements of Income (unaudited) (dollars in thousands, except per share data) December 31 September 30June 30 March 31 December 31Three months ended 2024 2024 2024 2024 2023 INTEREST INCOME Loans receivable, including fees$26,122 $25,464 $24,121 $23,681 $23,328 Securities 2,789 2,526 2,584 2,526 2,504 Other 574 497 966 731 253 Total interest income 29,485 28,487 27,671 26,938 26,085 INTEREST EXPENSE Deposits 10,984 10,553 10,687 10,110 8,910 Borrowings 1,876 2,003 2,059 2,118 1,882 Total interest expense 12,860 12,556 12,746 12,228 10,792 NET INTEREST INCOME 16,625 15,931 14,925 14,710 15,293 PROVISION FOR (RELEASE OF) CREDIT LOSSES 1,604 1,345 347 (624) 6,116 NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES 15,021 14,586 14,578 15,334 9,177 OTHER INCOME Service charges and fees 1,595 1,517 1,504 1,343 1,421 Income from fiduciary activities 224 256 225 238 210 Net realized (losses) gains on sales of securities (19,962) - - - - Gains on sales of loans, net 50 103 36 6 36 Gains on sales of foreclosed real estate owned - - 32 - 66 Earnings and proceeds on life insurance policies 275 261 253 268 242 Other 159 158 157 151 148 Total other income (17,659) 2,295 2,207 2,006 2,123 OTHER EXPENSES Salaries and employee benefits 6,690 6,239 5,954 6,135 5,672 Occupancy, furniture and equipment, net 1,291 1,269 1,229 1,261 1,265 Foreclosed real estate 9 9 15 21 17 FDIC insurance assessment 335 339 309 361 287 Other 5,094 4,175 3,937 3,954 3,608 Total other expenses 13,419 12,031 11,444 11,732 10,849 INCOME BEFORE TAX (BENEFIT) EXPENSE (16,057) 4,850 5,341 5,608 451 INCOME TAX (BENEFIT) EXPENSE (3,406) 1,006 1,128 1,175 96 NET (LOSS) INCOME$(12,651)$3,844 $4,213 $4,433 $355 Basic (loss) earnings per share$(1.54)$0.48 $0.52 $0.55 $0.04 Diluted (loss) earnings per share$(1.54)$0.48 $0.52 $0.55 $0.04 Book Value per share$23.02 $24.92 $23.26 $23.01 $22.99 Tangible Book Value per share 19.85 21.28 19.62 19.38 19.36 Return on average assets (annualized) -2.19% 0.68% 0.75% 0.80% 0.06% Return on average equity (annualized) -26.08% 8.09% 9.41% 9.79% 0.84% Return on average tangible equity (annualized) -30.77% 9.58% 11.26% 11.68% 1.01% Net interest spread (fte) 2.31% 2.23% 2.06% 2.06% 2.23% Net interest margin (fte) 3.04% 2.99% 2.80% 2.79% 2.93% Allowance for credit losses to total loans 1.16% 1.12% 1.08% 1.11% 1.18% Net charge-offs to average loans (annualized) 0.12% 0.08% 0.13% 0.08% 0.79% Nonperforming loans to total loans 0.46% 0.47% 0.47% 0.23% 0.48% Nonperforming assets to total assets 0.34% 0.35% 0.34% 0.17% 0.35%

Norwood Financial Corp announces Fourth Quarter and Full Year 2024 Results

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