Norwood Financial Q3 net income rises 41% on one-time gain
NWFL•Norwood Financial reported record third-quarter net income and net interest income, with diluted EPS rising to $1.08 from $0.89 a year earlier. A bankruptcy loan resolution provided a one-time boost to net interest income and margin.
1. Quarterly results
Norwood Financial said third-quarter diluted EPS rose to $1.08 from $0.89 a year earlier, while net interest income reached $28 million and net interest margin was 4.01%. The company said net income and net interest income reached record levels.
2. One-time boost
The quarter benefited from the resolution of a borrower bankruptcy, including payment of past-due interest and fees, which provided a one-time boost to net interest income and margin. Norwood also attributed margin expansion to disciplined balance sheet management and said the Presence Bank acquisition supported results. It provided no specific financial guidance for future quarters or full-year results.
