Mr. Donnelly’s address included the results for the first quarter of 2023 and a summary of the growth opportunities in many of the Company’s markets. Mr. Donnelly noted first quarter earnings were $5.8 million, earnings per share (diluted) were $0.71 per share, total deposits increased 6.6% annualized, and the net interest margin was 3.25%. As of March 31, 2023, the Company had total assets of $2.1 billion, total loans outstanding of $1.5 billion, deposits of $1.8 billion, and stockholders’ equity of $176.4 million.
Norwood Financial Corp, through its subsidiary Wayne Bank, operates fourteen offices in Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock is traded on the Nasdaq 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” 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 changes in federal and state laws, changes in interest rates, the risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs,
