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Norwood Financial Q3 net income rises 41% on one-time gain

By Reuters News


Overview

  • U.S. community bank's Q3 net income and net interest income reached record levels

  • Diluted EPS for Q3 rose to $1.08 from $0.89 a year earlier

  • Quarter benefited from one-time gain tied to bankruptcy loan resolution


Outlook

  • Company did not provide specific financial guidance for future quarters or full-year results


Result Drivers

  • BANKRUPTCY LOAN RESOLUTION - Co said resolution of a borrower bankruptcy, including payment of past due interest and fees, provided a one-time boost to net interest income and margin

  • DISCIPLINED BALANCE SHEET MANAGEMENT - Co attributed margin expansion to disciplined balance sheet management

  • PRESENCE BANK ACQUISITION - Co said contribution from Presence Bank acquisition supported results


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$1.08

Q3 Net Interest Income

$28 mln

Q3 Net Interest Margin

4.01%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for Norwood Financial Corp is $36.50, about 4.6% above its October 26 closing price of $34.88

  • The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago


Reuters Recommended Reads

  • Oct 26 - Lakeland Financial Q3 net income rises on commercial loan growth

  • Oct 26 - Park National Q3 net income rises on loan growth

  • Oct 26 - First Farmers Q3 net income rises on strong loan growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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