Norwood Financial posts FY 2022 net income $29.2M, EPS $3.58; dividend up 3.6%

NORWOOD FINANCIAL CORP

2022-FY EPS reported $3.58 revenue$8,761,000

Full-year net income $29,233K vs $24,915K in 2021 (17% increase); diluted EPS $3.58 vs $3.05.
Q4 net income $7,140K vs $6,638K; diluted EPS $0.88 vs $0.81.
Total assets $2.047B; loans grew 8.8% to $1.474B; deposits $1.728B.
Return on average assets 1.43%, return on average equity 16.11% for 2022.
Quarterly cash dividend raised to $0.29/share, up 3.6% from prior year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORWOOD FINANCIAL CORP reported three months ended December 31, 2022 results: net income $7,140,000, EPS $0.88.

Period: three months ended December 31, 2022
Net income: $7,140,000
EPS: $0.88
Result: reported results

Exact text from the filing

announced net income for the three months ended December 31, 2022 of $7,140,000 compared to the net income of $6,638,000 earned in the three months ended December 31, 2021. The increase in net income was due primarily to a $736,000 increase in net interest income. For the year ended December 31, 2022, net income totaled $29,233,000, an increase of $4,318,000 from net income of $24,915,000 earned in year ended December 31, 2021. The increase includes a $3,084,000 increase in net interest income and a $3,300,000 reduction in the provision for loan losses. Earnings per share (fully diluted) were $0.88 and $0.81 for the three-month periods ended December 31, 2022 and 2021, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORWOOD FINANCIAL CORP reported year ended December 31, 2022 results: net income $29,233,000, EPS $3.58.

Period: year ended December 31, 2022
Net income: $29,233,000
EPS: $3.58
Result: reported results

Exact text from the filing

For the year ended December 31, 2022, net income totaled $29,233,000, an increase of $4,318,000 from net income of $24,915,000 earned in year ended December 31, 2021. The increase includes a $3,084,000 increase in net interest income and a $3,300,000 reduction in the provision for loan losses. Earnings per share (fully diluted) were $0.88 and $0.81 for the three-month periods ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, earnings per share on a fully diluted basis were $3.58, compared to $3.05 for the year ended December 31, 2021.

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Source: SEC EDGAR

accession 0001193125-23-016954

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