HONESDALE, Pa., April 26, 2024 (Globe Newswire) — The 153rd Annual Meeting of Stockholders of Norwood Financial Corp. (NASDAQ-NWFL), parent company of Wayne Bank, will be held on April 23, 2024. It was held in person on Tuesday at the following venues: 6th & River, Honesdale, Pennsylvania.
Matters submitted to and approved by shareholders included the re-election of Directors Louis J. Critelli, James O. Donnelly and Meg L. Hungerford, and the independence of SR Snodgrass of PC for the current fiscal year. It was ratification as an auditor. Ending December 31, 2024, his 2024 Equity Incentive Plan of Norwood Financial Corp. has been approved. The annual meeting also included presentations to shareholders by James O. Donnelly, President and Chief Executive Officer, and William S. Lance, Executive Vice President and Chief Financial Officer.
Chairman Louis J. Critelli welcomed shareholders and introduced the directors who attended the meeting. He then handed over the meeting to Mr Donnelly, who conducted the formal business part of the meeting.
Mr. Lance provided shareholders with a detailed report of the Company's financial results for fiscal year 2023. Lance cited highlights of the company's performance in 2023, including an 8.8% increase in loans, a 3.9% increase in deposits, and an increase in cash dividends paid to shareholders.
Mr. Donnelly's presentation included an overview of our first quarter 2024 results and opportunities in our many markets. Mr. Donnelly reported first-quarter profits of $4.4 million, diluted earnings per share of $0.55, total loans up 4.5% annually, total deposits up 9.8% annually, and net interest margin of 2.79%. He pointed out. As of March 31, 2024, the company had total assets of $2.3 billion, total loans outstanding of $1.6 billion, deposits of $1.8 billion, and stockholders' equity of $181.2 million.
Norwood Financial Corp., through its subsidiary Wayne Bank, operates 14 offices in northeastern Pennsylvania and 15 offices in Delaware, Sullivan County, Ontario, Otsego County, and Yates County, New York. Masu. Our stock trades on the Nasdaq Market under the symbol “NWFL.”
Forward-looking statements
The Private Securities Litigation Reform Act of 1995 includes safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes,” “anticipates,” “considers,” “anticipates,” “forecast,” “future performance” and similar expressions , is intended to identify forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to maintain future operating results, our ability to manage core operating expenses and costs, real estate demand, and government finances. trade policy, cybersecurity, general economic conditions, etc. The Company undertakes no obligation to publicly update any revisions to forward-looking statements that may be made to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. I am not responsible.
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William S. Lance |
