Norwood Financial Q4 earnings collapse on $6.1M provision; EPS $0.04, down from $0.88

NORWOOD FINANCIAL CORP

2023-FY EPS reported $2.07 revenue$7,136,000

Net income Q4 2023 $355K vs $7.14M in Q4 2022; full year $16.8M vs $29.2M.
EPS (diluted) Q4 $0.04 vs $0.88; full year $2.07 vs $3.58.
Provision for credit losses Q4 $6.1M vs $300K; FY $5.5M vs $900K, driven by $4.8M charge-offs on one credit.
Net interest income (fte) Q4 $15.5M (-$1.9M YoY); FY $62.8M (-$6.3M YoY) from rising funding costs.
Loans grew 8.8% to $1.60B; deposits up 3.9% to $1.80B; dividend raised 3.5% to $0.30/share.

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 0.98

NORWOOD FINANCIAL CORP reported year ended December 31, 2023 results: net income $16,759,000, EPS $2.07.

Period: year ended December 31, 2023
Net income: $16,759,000
EPS: $2.07
Result: reported results

Exact text from the filing

For the year ended December 31, 2023, net income totaled $16,759,000

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

NORWOOD FINANCIAL CORP reported three months ended December 31, 2023 results: net income $355,000, EPS $0.04.

Period: three months ended December 31, 2023
Net income: $355,000
EPS: $0.04
Result: reported results

Exact text from the filing

net income for the three months ended December 31, 2023 of $355,000

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

NORWOOD FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-017546

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