Exhibit 99.1
FOR IMMEDIATE RELEASE
NORWOOD
FINANCIAL CORP ANNOUNCES EARNINGS FOR THE FOURTH
QUARTER AND 2023 FISCAL YEAR
January 29, 2024 Honesdale, Pennsylvania
James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market NWFL), and its subsidiary
Wayne Bank, announced net income for the three months ended December 31, 2023 of $355,000 compared to the net income of $7,140,000 earned in the three months ended December 31, 2022. The decrease in net income was due primarily to a
$1,939,000 decrease in net interest income, and a $5,816,000 increase in the provision for credit losses. For the year ended December 31, 2023, net income totaled $16,759,000, a decrease of $12,474,000 from net income of $29,233,000 earned in
year ended December 31, 2022. The decrease includes a $6,330,000 decrease in net interest income and a $4,648,000 increase in the provision for credit losses.
Earnings per share (fully diluted) were $0.04 and $0.88 for the three-month periods ended December 31, 2023 and 2022, respectively. For
the year ended December 31, 2023, earnings per share on a fully diluted basis were $2.07, compared to $3.58 for the year ended December 31, 2022. For the year ended December 31, 2023, the return on average assets was 0.79%, and the
return on average equity was 9.67%, compared to 1.43% and 16.11%, respectively, for the year ended December 31, 2022.
Total assets were $2.201 billion as of December 31, 2023. As of December 31, 2023, loans receivable were $1.604 billion,
total deposits were $1.795 billion and stockholders equity was $181.1 million.