Norwood Financial Corp holds annual meeting of shareholders
News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.
HONESDALE, Pa., April 29, 2022 (GLOBE NEWSWIRE) — The 151st annual meeting of shareholders of Norwood Financial Corp (Nasdaq-NWFL), parent company of Wayne Bank, was held on Tuesday, April 26, 2022, in a virtual room form of meeting.
Issues presented and approved by shareholders were re-election of company directors Dr. Andrew A. Forte, Ralph A. Matergia, Susan Campfield and Alexandra Nolan, approval of an amendment to the stock incentive plan of Norwood Financial Corp 2014, and the ratification of SR Snodgrass, PC, as the company’s independent auditors for the year ending December 31, 2022. The annual meeting also included shareholder presentations from the President and CEO management, Lewis J. Critelli and executive vice president and chief financial officer, Guillaume Lance.
Vice Chairman Dr. Andrew A. Forte welcomed shareholders and introduced the directors present at the meeting. He then turned the meeting over to Mr. Critelli, who conducted the official business portion of the meeting.
Mr. Lance provided shareholders with a detailed report of the Company’s financial results for fiscal year 2021. Among the highlights of the company’s 2021 performance cited by Mr. Lance are record earnings of $24.9 million , an increase in the provision for loan losses, an increase in cash dividends paid to shareholders and the impact on society in 2021 of the economic stimulus. programs.
Mr. Critelli’s keynote included first quarter 2022 results and a summary of growth opportunities in many of the Company’s markets. Mr. Critelli noted that first-quarter earnings were at a record high of $7.1 million and earnings per share (diluted) were $0.87 per share. As of March 31, 2022, the Company had total assets of $2.1 billion, total loans outstanding of $1.4 billion, deposits of $1.8 billion and shareholders’ equity of 186.8 millions of dollars. Mr. Critelli noted that the Company has implemented a share buyback program of up to 5% of the Company’s outstanding common shares, or approximately 400,000 shares. He also commented on the Society’s 150th anniversary, which will be celebrated throughout the year.
Norwood Financial Corp, through its subsidiary Wayne Bank, operates fourteen offices in northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates counties, New York. The Company’s shares are traded on the Nasdaq market, under the symbol “NWFL”.
The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions relating to forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “intends”, “expects” and similar expressions are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. These risks and uncertainties include changes in federal and state laws, changes in interest rates, the risks and uncertainty posed by, and the effect and impact of the COVID-19 pandemic on the economy. and the Company’s results of operations and financial condition, ability to control costs and expenses, demand for real estate, government tax and business policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publish the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
Contact: William S. Lance Executive Vice President and Chief Financial Officer NORWOOD FINANCIAL CORP 570-253-8505 www.waynebank.com
Source: Norwood Financial Corp.