Norwood Financial Corp. (NWFL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Norwood Financial Corporation has a market cap of $92.2 million; its shares were traded at around $28.1 with a P/E ratio of 10.7 and P/S ratio of 2.8. The dividend yield of Norwood Financial Corporation stocks is 4.3%. Norwood Financial Corporation had an annual average earning growth of 4% over the past 10 years.
Interest income (fte) totaled $7,763,000 with a yield on average earning assets of 4.89% compared to $6,894,000 and 4.91% for the 2011 period. Average loans increased $94.3 million over the comparable period of last year which led to the improved interest income in spite of lower yields on loans and securities due to reinvestment at today s lower interest rates. A decreased level of low yield money market assets also contributed to the improved net interest margin. Average earning assets totaled $634.9 million for the three months ended June 30, 2012, an increase of $73.0 million over the average for the similar period in 2011. This increase in average earning assets helped offset the decline in asset yields.
Net interest income on a fully taxable equivalent basis (fte) for the six months ended June 30, 2012 totaled $13,070,000, an increase of $2,427,000 or 22.8% from the similar period in 2011. The increase in net interest income largely reflects the increase in interest-earning assets from the North Penn acquisition, as well as loan growth recorded during the period. The fte net interest spread and net interest margin were 3.97% and 4.16%, respectively, for the six months ended June 30, 2012 compared to 3.72% and 3.98%, respectively, for the similar period in 2011.
Interest income (fte) totaled $15,484,000 with a yield on average earning assets of 4.93% compared to $13,189,000 and 4.93% for the 2011 period. Residential mortgage rates have continued to decline causing a portion of the portfolio to refinance at lower rates. As a result, the fte yield on average loans in the current period was 5.44%, a decrease from 5.66% in the 2011 period. The yield on investment securities also declined 15 basis points reflecting the reinvestment of cash flow, maturities and calls at the current lower rate. Average earning assets totaled $628.6 million for the six months ended June 30, 2012 an increase of $93.5 million over the similar period in 2011. The growth in average earning assets helped offset the decline in loan and securities yields.
Other income totaled $2,497,000 for the six months ended June 30, 2012 compared to $2,201,000 for the similar period in 2011. The current period includes $60,000 in gains on the sale of $2.3 million of residential mortgage loans compared to $241,000 in similar gains on the sales of $6.5 million of mortgage loans in the 2011 period. Gains on the sale investment securities totaled $687,000 on sales of $18.3 million for the 2012 period compared to $224,000 of gains on sales of $10.3 million in the similar 2011 period. The proceeds from investment securities sales were reinvested to improve credit quality in the Company s bond portfolio as well as to fund new loan growth.
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Norwood Financial Corporation has a market cap of $92.2 million; its shares were traded at around $28.1 with a P/E ratio of 10.7 and P/S ratio of 2.8. The dividend yield of Norwood Financial Corporation stocks is 4.3%. Norwood Financial Corporation had an annual average earning growth of 4% over the past 10 years.
Highlight of Business Operations:
Net interest income on a fully taxable equivalent basis (fte) for the three months ended June 30, 2012 totaled $6,565,000, an increase of $972,000 or 17.4% from the similar period in 2011. The increase in net interest income largely reflects the increase in interest-earning assets from the North Penn acquisition, as well as loan growth recorded during the period. The fte net interest spread and net interest margin were 3.95% and 4.14%, respectively, for the three months ended June 30, 2012 compared to 3.75% and 3.98%, respectively, for the similar period in 2011.Interest income (fte) totaled $7,763,000 with a yield on average earning assets of 4.89% compared to $6,894,000 and 4.91% for the 2011 period. Average loans increased $94.3 million over the comparable period of last year which led to the improved interest income in spite of lower yields on loans and securities due to reinvestment at today s lower interest rates. A decreased level of low yield money market assets also contributed to the improved net interest margin. Average earning assets totaled $634.9 million for the three months ended June 30, 2012, an increase of $73.0 million over the average for the similar period in 2011. This increase in average earning assets helped offset the decline in asset yields.
Net interest income on a fully taxable equivalent basis (fte) for the six months ended June 30, 2012 totaled $13,070,000, an increase of $2,427,000 or 22.8% from the similar period in 2011. The increase in net interest income largely reflects the increase in interest-earning assets from the North Penn acquisition, as well as loan growth recorded during the period. The fte net interest spread and net interest margin were 3.97% and 4.16%, respectively, for the six months ended June 30, 2012 compared to 3.72% and 3.98%, respectively, for the similar period in 2011.
Interest income (fte) totaled $15,484,000 with a yield on average earning assets of 4.93% compared to $13,189,000 and 4.93% for the 2011 period. Residential mortgage rates have continued to decline causing a portion of the portfolio to refinance at lower rates. As a result, the fte yield on average loans in the current period was 5.44%, a decrease from 5.66% in the 2011 period. The yield on investment securities also declined 15 basis points reflecting the reinvestment of cash flow, maturities and calls at the current lower rate. Average earning assets totaled $628.6 million for the six months ended June 30, 2012 an increase of $93.5 million over the similar period in 2011. The growth in average earning assets helped offset the decline in loan and securities yields.
Other income totaled $2,497,000 for the six months ended June 30, 2012 compared to $2,201,000 for the similar period in 2011. The current period includes $60,000 in gains on the sale of $2.3 million of residential mortgage loans compared to $241,000 in similar gains on the sales of $6.5 million of mortgage loans in the 2011 period. Gains on the sale investment securities totaled $687,000 on sales of $18.3 million for the 2012 period compared to $224,000 of gains on sales of $10.3 million in the similar 2011 period. The proceeds from investment securities sales were reinvested to improve credit quality in the Company s bond portfolio as well as to fund new loan growth.
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