Norwood Financial reports Q3 EPS 62c vs. 58c last year
The annualized returns on average assets and average equity for the current three-month period were 1.27% and 11.56%, respectively, compared to 1.28% and 12.55% for the three-month period ended September 30, 2018. CEO Lewis Critelli commented, "Our earnings in 2019 have improved over the first nine months of last year. Our annualized loan growth exceeds 8% in 2019, operating expenses remain well controlled with an efficiency ratio of 58.4%, and our capital base remains above regulatory 'Well Capitalized' targets. The Bank also expanded its market area into Luzerne County, Pennsylvania with the opening of our Hanover Township Office in April, 2019 and has received approval to open an office in Exeter later this year. We continue to search out opportunities available to us and we look forward to serving our growing base of stockholders and customers."