HONESDALE, Pa., Jan. 25, 2013 (GLOBE NEWSWIRE) -- Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq:NWFL) and its subsidiary Wayne Bank announced earnings today for the three months ended December 31, 2012 of $1,759,000. This represents a decrease of $238,000 from the $1,997,000 earned in the comparable period of 2011 due primarily to increased loan loss provisions. Earnings per share (fully diluted) were $.53 and $.61 for the three-month periods, respectively. Net interest income before the provision for loan losses declined $147,000 over the same period of last year, while other income increased $88,000. The provision for loan losses was $800,000 in the current three-month period compared to $500,000 in the same period of last year, while operating expenses increased $64,000. Annualized return on average assets for the current quarter was 1.02% with an annualized return on equity of 7.54%. For the year ended December 31, 2012 net income totaled a record level of $8,403,000, an increase of $1,047,000 over the $7,356,000 earned in the prior year as an increase in net interest income and securities gains offset higher loan loss provisions and increased operating expenses. Earnings per share on a fully diluted basis were $2.56 for 2012, compared to $2.39 in 2011. The return on average assets for the year was 1.23% with a return on average equity of 9.22% compared to 1.18% and 9.26%, respectively, in 2011.
Norwood Financial Corp Announces Earnings For The Fourth Quarter And Year
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