Norwood Financial posts $9.3 million quarterly net income

• Norwood Financial achieved $9.3 million in second-quarter net income with a diluted EPS of $0.86.
• The bank expanded its balance sheet as total assets grew 22.9 percent year over year to $2.908 billion.
• Management successfully integrated Presence Bancshares to support its ongoing regional operations and deposit growth.

Norwood Financial (NASDAQ:NWFL) reported second-quarter net income of $9.3 million alongside a diluted earnings per share of $0.86.

This financial performance was supported by a record net interest income of $26.8 million and an expanded 3.90 percent margin.

The regional bank expanded its credit portfolio as total loans increased 26.4 percent year over year to $2.263 billion.

Pre-provision net revenue reached $13.6 million, and tangible book value per share rose above pre-acquisition levels to $22.96.

Following the announcement, Norwood Financial's share price was down at $30.96.

The financial institution maintained its credit quality with nonperforming assets representing 0.98 percent of total assets for the period.

Management noted that the company successfully completed its integration of Presence Bancshares to support its ongoing deposit growth.