Total other income for the three months ended September 30, 2023 was $2,306,000,
compared to $2,178,000 for the three months ended September 30, 2022. For the nine months ended September 30, 2023, total other income was $6,001,000, compared to $8,006,000 in the same period of 2022. The decrease was due primarily to
income recognized in 2022 on previously acquired purchased impaired loans that were carried at a discount.
Total other expenses were
$11,276,000 for the three months ended September 30, 2023, compared to $10,139,000 for the three months ended September 30, 2022. For the nine months ended September 30, 2023, total other expenses were $32,649,000, compared to
$30,768,000 for the nine months ended September 30, 2022. The increase was due primarily to a $1,069,000 increase in salaries and employee benefit costs during the nine months ended September 30, 2023.
Mr. Donnelly commented, Our results for the first nine months of 2023 reflect decreasing net interest spreads due to rising
interest rates, which have impacted our cost of interest-bearing liabilities more than the increase in yield earned on interest-earning assets. We continue to compare favorably to peer banks who have also reported a reduction in their financial
performance. We will continue to search out opportunities to maintain our position as a premier community bank, and to serve our local communities with their financial needs. We appreciate the opportunity to serve our expanded base of stockholders
and customers.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout
Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Companys stock trades on the Nasdaq Global Market under the symbol NWFL.
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