Norwood Financial Q2 EPS $0.52 vs $0.81 YoY; net interest margin down to 2.79%

NORWOOD FINANCIAL CORP

2024-Q2 EPS reported $1.07 revenue$3,592,000

Net income $4.213M for Q2 2024, down $2.290M from Q2 2023 due to higher provision for credit losses (+$2.097M).
Net interest margin (fte) fell to 2.79% from 3.09% a year ago; cost of interest-bearing liabilities rose 108 bps.
Loan growth annualized 4.9% linked quarter; total deposits declined $28M driven by seasonal municipal outflow of $53M.
Other expenses increased $506K to $11.444M; core operating expenses held at 2% of average assets.
Six-month EPS $1.07 vs $1.51; annualized ROA 0.78%, ROATCE 11.46%.

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