Quarterly and Year-to-Date Highlights:

  • Fully diluted EPS of $0.89, an 85% increase over the same period in 2024
  • Return on assets rose 72 basis points to 1.40% from 3Q 2024.
  • Net interest margin increased 20 basis points vs. the prior quarter and 64 basis points over the prior year.
  • Loans grew at a 5.4% and 7.3% annualized rate during the third quarter and year-to-date, respectively.
  • Deposits grew year-to-date at an annualized rate of 15% while deposit costs fell 19 basis points since the 4 th quarter of 2024.
  • Capital continues to improve on increased earnings and lower accumulated other comprehensive income (AOCI) adjustment.

HONESDALE, Pa., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and nine months ended September 30, 2025.

Jim Donnelly, President and Chief Executive Officer, stated, “Our quarterly results continue to demonstrate the strength of our community banking franchise. We have been able to maintain solid growth, while improving profitability and efficiency.”

Mr. Donnelly continued, “Our disciplined approach to growth, improving margins, and credit quality have allowed us to deliver strong quarterly results for our shareholders. I am proud of the performance of the entire Norwood team as they remain focused on delivering the products and services that help our customers achieve their goals. We have improved our credit quality from already sound levels. This is a result of our well-managed and consistent approach to credit. We have also improved our fee income lines of business.”

“During the second quarter we launched our ‘Every Day Better’ brand to high acclaim from customers, employees, and community members. This full rebrand enabled us to articulate our values and mission, stand out from competitors, and unite and energize our company culture. Building on this great combination of a high-performing team and strong brand, I believe that we are on our way to creating a bright future for us, our customers, and our shareholders.”

Selected Financial Highlights (unaudited)

(dollars in thousands, except per share data) Year-Over Year Linked Quarter Year-to-Date
3 Months Ended 3 Months Ended 9 Months Ended
Sep-25 Sep-24 Change Jun-25 Change Sep-25 Sep-24 Change
Net interest income $ 20,458 $ 15,931 $ 4,527 $ 19,065 $ 1,393 $ 57,380 $ 45,566 $ 11,814
Net interest spread (fte) 1 2.94% 2.23% 71 bps 2.75% 19 bps 2.77% 2.12% 65 bps
Net interest margin (fte) 1 3.63% 2.99% 64 bps 3.43% 20 bps 3.46% 2.87% 59 bps
Pre Provision Net Revenue (PPNR) 1 $ 10,029 $ 6,195 $ 3,834 $ 8,782 $ 1,247 $ 26,956 $ 16,868 $ 10,088
Net income $ 8,334 $ 3,844 $ 4,490 $ 6,205 $ 2,129 $ 20,313 $ 12,491 $ 7,822
Diluted earnings per share $ 0.89 $ 0.48 $ 0.41 $ 0.67 $ 0.22 $ 2.22 $ 1.55 $ 0.67
Return on average assets 1.40% 0.68% 72 bps 1.06% 34 bps 1.16% 0.75% 41 bps
Return on average tangible equity 16.76% 9.58% 718 bps 12.83% 393 bps 14.04% 10.82% 322 bps
1 - Non GAAP ratio. See Non-GAAP Reconciliation
Excluding merger charges (see Non-GAAP reconciliations)
(dollars in thousands, except per share data) Year-Over Year Linked Quarter Year-to-Date
3 Months Ended 3 Months Ended 9 Months Ended
Sep-25 Sep-24 Change Jun-25 Change Sep-25 Sep-24 Change
Pre Provision Net Revenue (PPNR) $ 10,597 $ 6,195 $ 4,402 $ 8,932 $ 1,665 $ 27,674 $ 16,868 $ 10,806
Net income $ 8,783 $ 3,844 $ 4,939 $ 6,324 $ 2,460 $ 20,880 $ 12,491 $ 8,389
Diluted earnings per share $ 0.94 $ 0.48 $ 0.46 $ 0.69 $ 0.25 $ 2.28 $ 1.55 $ 0.73
Return on average assets 1.47% 0.68% 79 bps 1.08% 39 bps 1.19% 0.75% 44 bps
Return on average tangible equity 17.66% 9.58% 808 bps 13.08% 458 bps 14.43% 10.82% 361 bps


Discussion of financial results for the three months ended September 30, 2025:

  • The Company had net income of $8.3 million for the three months ended September 30, 2025, an increase of $4.5 million over the same period last year.
  • Net interest income increased during the third quarter of 2025 compared to the third quarter of 2024 due to increases in asset yields while interest costs of liabilities decreased.
  • Correspondingly, the net interest margin in the third quarter of 2025 was 3.63% compared to 2.99% in the third quarter of 2024.
  • Non-interest income in the first 9 months of 2025 increased $597 thousand or 9.2% over the same period in 2024.
  • The efficiency ratio for the third quarter of 2025 was 56.3% compared to 66.0% in the third quarter of 2024.
  • As of September 30, 2025, total assets were $2.412 billion, compared to $2.280 billion at September 30, 2024, an increase of 5.80%.
  • Loans receivable were $1.815 billion at September 30, 2025, compared to $1.675 billion at September 30, 2024, an increase of 8.3%.
  • Total deposits were $2.074 billion at September 30, 2025, compared to $1.855 billion at September 30, 2024, an increase of 11.8%.
  • Tangible Common Equity was 8.63% as of September 30, 2025, versus 7.57% at September 30, 2024.
  • Tangible Book Value per share increased $2.34 from $19.85 at December 31, 2024, to $22.19 at September 30, 2025.

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fifteen offices throughout Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance”, “solid footing,” “good momentum,” “bright future”, “robust growth” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact: John M. McCaffery
Executive Vice President & Chief Financial Officer
NORWOOD FINANCIAL CORP
272-304-3003
www.waynebank.com


NORWOOD FINANCIAL CORP
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
(unaudited)
September 30
2025 2024
ASSETS
Cash and due from banks $ 50,348 $ 47,072
Interest-bearing deposits with banks 24,382 35,808
Cash and cash equivalents 74,730 82,880
Securities available for sale 403,989 396,891
Loans receivable 1,814,682 1,675,139
Less: Allowance for credit losses 19,911 18,699
Net loans receivable 1,794,771 1,656,440
Regulatory stock, at cost 6,163 6,329
Bank premises and equipment, net 22,292 18,503
Bank owned life insurance 45,821 46,382
Foreclosed real estate owned - -
Accrued interest receivable 8,686 8,062
Deferred tax assets, net 16,528 18,818
Goodwill 29,266 29,266
Other intangible assets 109 167
Other assets 9,596 16,013
TOTAL ASSETS $ 2,411,951 $ 2,279,751
LIABILITIES
Deposits:
Non-interest bearing demand $ 424,027 $ 420,967
Interest-bearing 1,649,941 1,434,284
Total deposits 2,073,968 1,855,251
Short-term borrowings - 52,453
Other borrowings 72,071 144,959
Accrued interest payable 9,823 12,688
Other liabilities 21,184 18,746
TOTAL LIABILITIES 2,177,046 2,084,097
STOCKHOLDERS' EQUITY
Preferred Stock, no par value per share, authorized 5,000,000 shares - -
Common Stock, $.10 par value per share,
authorized: 20,000,000 shares,
issued: 2025: 9,491,558 shares, 2024: 8,311,851 shares 949 831
Surplus 127,190 98,330
Retained earnings 136,662 140,489
Treasury stock, at cost: 2025: 229,233 shares, 2024: 221,140 shares (6,188 ) (5,969 )
Accumulated other comprehensive loss (23,708 ) (38,027 )
TOTAL STOCKHOLDERS' EQUITY 234,905 195,654
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,411,951 $ 2,279,751


NORWOOD FINANCIAL CORP
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
INTEREST INCOME
Loans receivable, including fees $ 28,141 $ 25,464 $ 81,244 $ 73,266
Securities 3,907 2,526 11,648 7,635
Other 144 497 590 2,194
Total Interest income 32,192 28,487 93,482 83,095
INTEREST EXPENSE
Deposits 10,730 10,553 32,347 31,349
Short-term borrowings 105 323 774 1,015
Other borrowings 899 1,680 2,981 5,165
Total Interest expense 11,734 12,556 36,102 37,529
NET INTEREST INCOME 20,458 15,931 57,380 45,566
(RELEASE OF) PROVISION FOR CREDIT LOSSES (502 ) 1,345 1,305 1,069
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES 20,960 14,586 56,075 44,497
OTHER INCOME
Service charges and fees 1,660 1,517 4,687 4,364
Income from fiduciary activities 254 256 805 719
Gains on sales of loans, net 130 103 242 145
Gains on sales of foreclosed real estate owned - - - 32
Earnings and proceeds on life insurance policies 268 261 820 781
Other 193 158 551 467
Total other income 2,505 2,295 7,105 6,508
OTHER EXPENSES
Salaries and employee benefits 6,696 6,239 19,773 18,328
Occupancy, furniture and equipment 1,361 1,269 4,088 3,758
Data processing and related operations 1,087 1,162 3,361 3,208
Taxes, other than income 192 179 577 452
Professional fees 968 576 2,250 1,669
FDIC Insurance assessment 368 339 1,129 1,009
Foreclosed real estate 1 9 143 45
Amortization of intangibles 12 16 42 54
Other 2,249 2,242 6,166 6,683
Total other expenses 12,934 12,031 37,529 35,206
INCOME BEFORE TAX EXPENSE 10,531 4,850 25,651 15,799
INCOME TAX EXPENSE 2,197 1,006 5,338 3,308
NET INCOME $ 8,334 $ 3,844 $ 20,313 $ 12,491
Basic earnings per share $ 0.89 $ 0.48 $ 2.22 $ 1.55
Diluted earnings per share $ 0.89 $ 0.48 $ 2.22 $ 1.55


NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
For the Quarter Ended
September 30, 2025 June 30, 2025 September 30, 2024
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
(2)
(1)
(3)
(2)
(1)
(3)
(2)
(1)
(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 12,485 $ 144 4.58 % $ 19,085 $ 220 4.62 % $ 36,221 $ 497 5.46 %
Securities available for sale:
Taxable 399,090 3,661 3.64 404,428 3,624 3.59 392,168 2,161 2.19
Tax-exempt (1) 44,074 312 2.81 44,158 312 2.83 67,563 461 2.71
Total securities available for sale (1) 443,164 3,973 3.56 448,586 3,936 3.52 459,731 2,622 2.27
Loans receivable (1) (4) (5) 1,802,046 28,267 6.22 1,783,626 27,249 6.13 1,651,921 25,575 6.16
Total interest-earning assets 2,257,695 32,384 5.69 2,251,297 31,405 5.60 2,147,873 28,694 5.31
Non-interest earning assets:
Cash and due from banks 31,050 30,323 28,193
Allowance for credit losses (21,128 ) (20,733 ) (17,944 )
Other assets 96,142 94,922 78,344
Total non-interest earning assets 106,064 104,512 88,593
Total Assets $ 2,363,759 $ 2,355,809 $ 2,236,466
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market $ 579,145 $ 2,900 1.99 $ 573,904 $ 2,887 2.02 $ 461,897 $ 2,782 2.40
Savings 200,559 113 0.22 204,318 119 0.23 221,366 13 0.02
Time 822,491 7,717 3.72 821,725 7,863 3.84 734,235 7,758 4.20
Total interest-bearing deposits 1,602,195 10,730 2.66 1,599,947 10,869 2.72 1,417,498 10,553 2.96
Short-term borrowings 8,740 105 4.77 17,757 211 4.77 53,622 323 2.40
Other borrowings 81,125 899 4.40 95,792 1,061 4.44 146,357 1,680 4.57
Total interest-bearing liabilities 1,692,060 11,734 2.75 1,713,496 12,141 2.84 1,617,477 12,556 3.09
Non-interest bearing liabilities:
Demand deposits 416,150 389,323 400,314
Other liabilities 28,816 29,639 29,540
Total non-interest bearing liabilities 444,966 418,962 429,854
Stockholders' equity 226,733 223,351 189,135
Total Liabilities and Stockholders' Equity $ 2,363,759 $ 2,355,809 $ 2,236,466
Net interest income/spread (tax equivalent basis) 20,650 2.94 % 19,264 2.75 % 16,138 2.23 %
Tax-equivalent basis adjustment (192 ) (199 ) (207 )
Net interest income $ 20,458 $ 19,065 $ 15,931
Net interest margin (tax equivalent basis) 3.63 % 3.43 % 2.99 %
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.
NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
Year to Date
September 30, 2025 June 30, 2025 September 30, 2024
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
(2)
(1)
(3)
(2)
(1)
(3)
(2)
(1)
(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 17,427 $ 590 4.53 % $ 19,939 $ 446 4.51 % $ 53,046 $ 2,194 5.52 %
Securities available for sale:
Taxable 403,947 10,907 3.61 406,416 7,247 3.60 398,462 6,514 2.18
Tax-exempt (1) 44,157 938 2.84 44,199 626 2.86 68,852 1,419 2.75
Total securities available for sale (1) 448,104 11,845 3.53 450,615 7,873 3.52 467,314 7,933 2.27
Loans receivable (1) (4) (5) 1,776,629 81,636 6.14 1,763,710 53,369 6.10 1,631,179 73,569 6.02
Total interest-earning assets 2,242,160 94,071 5.61 2,234,264 61,688 5.57 2,151,539 83,696 5.20
Non-interest earning assets:
Cash and due from banks 30,035 29,519 26,409
Allowance for credit losses (20,675 ) (20,445 ) (18,353 )
Other assets 94,389 94,031 73,935
Total non-interest earning assets 103,749 103,105 81,991
Total Assets $ 2,345,909 $ 2,337,369 $ 2,233,530
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market $ 566,762 $ 8,588 2.03 $ 560,469 $ 5,688 2.05 $ 460,579 $ 7,489 2.17
Savings 205,552 374 0.24 208,090 261 0.25 223,825 549 0.33
Time 812,778 23,385 3.85 807,841 15,668 3.91 738,205 23,311 4.22
Total interest-bearing deposits 1,585,092 32,347 2.73 1,576,400 21,617 2.77 1,422,609 31,349 2.94
Short-term borrowings 23,468 774 4.41 30,954 669 4.36 57,754 1,015 2.35
Other borrowings 90,110 2,981 4.42 94,676 2,082 4.43 150,418 5,165 4.59
Total interest-bearing liabilities 1,698,670 36,102 2.84 1,702,030 24,368 2.89 1,630,781 37,529 3.07
Non-interest bearing liabilities:
Demand deposits 395,470 384,958 391,479
Other liabilities 28,978 29,594 27,677
Total non-interest bearing liabilities 424,448 414,552 419,156
Stockholders' equity 222,791 220,787 183,593
Total Liabilities and Stockholders' Equity $ 2,345,909 $ 2,337,369 $ 2,233,530
Net interest income/spread (tax equivalent basis) 57,969 2.77 % 37,320 2.68 % 46,167 2.12 %
Tax-equivalent basis adjustment (589 ) (397 ) (601 )
Net interest income $ 57,380 $ 36,923 $ 45,566
Net interest margin (tax equivalent basis) 3.46 % 3.37 % 2.87 %
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.


NORWOOD FINANCIAL CORP
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended September 30 2025 2024
Net interest income $ 20,458 $ 15,931
Net income 8,334 3,844
Net interest spread (fully taxable equivalent) 2.94 % 2.23%
Net interest margin (fully taxable equivalent) 3.63 % 2.99%
Return on average assets 1.40 % 0.68%
Return on average equity 14.58 % 8.09%
Return on average tangible equity 16.76 % 9.58%
Basic earnings per share $ 0.89 $ 0.48
Diluted earnings per share $ 0.89 $ 0.48
For the Nine Months Ended September 30 2025 2024
Net interest income 57,380 45,566
Net income 20,313 12,491
Net interest spread (fully taxable equivalent) 2.77 % 2.12%
Net interest margin (fully taxable equivalent) 3.46 % 2.87%
Return on average assets 1.16 % 0.75%
Return on average equity 12.19 % 9.09%
Return on average tangible equity 14.04 % 10.82%
Basic earnings per share 2.22 1.55
Diluted earnings per share 2.22 1.55
As of September 30 2025 2024
Total assets $ 2,411,951 $ 2,279,751
Total loans receivable 1,814,682 1,675,139
Allowance for credit losses 19,911 18,699
Total deposits 2,073,968 1,855,251
Stockholders' equity 234,905 195,654
Trust assets under management 211,563 209,857
Book value per share $ 25.36 $ 24.18
Tangible book value per share $ 22.19 $ 20.54
Equity to total assets 9.74 % 8.58%
Allowance to total loans receivable 1.10 % 1.12%
Nonperforming loans to total loans 0.36 % 0.47%
Nonperforming assets to total assets 0.31 % 0.35%


NORWOOD FINANCIAL CORP
Historical Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
September 30 June 30 March 31 December 31 September 30
Three months ended 2025
2025
2025
2024
2024
INTEREST INCOME
Loans receivable, including fees $ 28,141 $ 27,115 $ 25,988 $ 26,122 $ 25,464
Securities 3,907 3,871 3,870 2,789 2,526
Other 144 220 226 574 497
Total interest income 32,192 31,206 30,084 29,485 28,487
INTEREST EXPENSE
Deposits 10,730 10,869 10,748 10,984 10,553
Borrowings 1,004 1,272 1,479 1,876 2,003
Total interest expense 11,734 12,141 12,227 12,860 12,556
NET INTEREST INCOME 20,458 19,065 17,857 16,625 15,931
PROVISION FOR (RELEASE OF) CREDIT LOSSES (502 ) 950 857 1,604 1,345
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION
FOR CREDIT LOSSES 20,960 18,115 17,000 15,021 14,586
OTHER INCOME
Service charges and fees 1,660 1,514 1,513 1,595 1,517
Income from fiduciary activities 254 226 325 224 256
Net realized (losses) gains on sales of securities - - - (19,962 ) -
Gains on sales of loans, net 130 65 47 50 103
Gains on sales of foreclosed real estate owned - - - - -
Earnings and proceeds on life insurance policies 268 266 286 275 261
Other 193 177 180 159 158
Total other income 2,505 2,248 2,351 (17,659 ) 2,295
OTHER EXPENSES
Salaries and employee benefits 6,696 6,605 6,472 6,690 6,239
Occupancy, furniture and equipment, net 1,361 2,538 1,378 1,291 1,269
Foreclosed real estate 1 137 4 9 9
FDIC insurance assessment 368 355 406 335 339
Other 4,508 2,896 3,804 5,094 4,175
Total other expenses 12,934 12,531 12,064 13,419 12,031
INCOME BEFORE TAX (BENEFIT) EXPENSE 10,531 7,832 7,287 (16,057 ) 4,850
INCOME TAX (BENEFIT) EXPENSE 2,197 1,627 1,514 (3,406 ) 1,006
NET (LOSS) INCOME $ 8,334 $ 6,205 $ 5,773 $ (12,651 ) $ 3,844
Basic (loss) earnings per share $ 0.89 $ 0.67 $ 0.63 $ (1.54 ) $ 0.48
Diluted (loss) earnings per share $ 0.89 $ 0.67 $ 0.63 $ (1.54 ) $ 0.48
Return on average assets (annualized) 1.40% 1.06% 1.01% -2.19 % 0.68%
Return on average equity (annualized) 14.58% 11.14% 10.73% -26.08 % 8.09%
Return on average tangible equity (annualized) 16.76% 12.83% 12.40% -30.77 % 9.58%
Net interest spread (fte) 2.94% 2.75% 2.61% 2.31% 2.23%
Net interest margin (fte) 3.63% 3.43% 3.30% 3.04% 2.99%


NORWOOD FINANCIAL CORP
Historical Consolidated Balance Sheets (unaudited)
(dollars in thousands)
September 30 June 30 March 31 December 31 September 30
2025
2025
2025
2024
2024
ASSETS
Cash and due from banks $ 50,348 $ 32,052 $ 31,729 $ 27,562 $ 47,072
Interest-bearing deposits with banks 24,382 20,993 43,678 44,777 35,808
Cash and cash equivalents 74,730 53,045 75,407 72,339 82,880
Securities available for sale 403,989 402,460 408,742 397,846 396,891
Loans receivable 1,814,682 1,790,574 1,771,269 1,713,638 1,675,139
Less: Allowance for credit losses 19,911 20,908 20,442 19,843 18,699
Net loans receivable 1,794,771 1,769,666 1,750,827 1,693,795 1,656,440
Regulatory stock, at cost 6,163 7,538 7,616 13,366 6,329
Bank owned life insurance 45,821 46,099 46,914 46,657 46,382
Bank premises and equipment, net 22,292 21,608 20,273 19,657 18,503
Foreclosed real estate owned - - - - -
Goodwill and other intangibles 29,375 29,387 29,402 29,418 29,433
Other assets 34,810 35,547 36,863 44,384 42,893
TOTAL ASSETS $ 2,411,951 $ 2,365,350 $ 2,376,044 $ 2,317,462 $ 2,279,751
LIABILITIES
Deposits:
Non-interest bearing demand $ 424,027 $ 406,358 $ 391,377 $ 381,479 $ 420,967
Interest-bearing deposits 1,649,941 1,591,476 1,613,071 1,477,684 1,434,284
Total deposits 2,073,968 1,997,834 2,004,448 1,859,163 1,855,251
Borrowings 72,071 111,850 118,590 214,862 197,412
Other liabilities 31,007 30,241 32,299 29,929 31,434
TOTAL LIABILITIES 2,177,046 2,139,925 2,155,337 2,103,954 2,084,097
STOCKHOLDERS' EQUITY 234,905 225,425 220,707 213,508 195,654
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,411,951 $ 2,365,350 $ 2,376,044 $ 2,317,462 $ 2,279,751
Book Value per share $ 25.36 $ 24.34 $ 23.84 $ 23.02 $ 24.18
Tangible Book Value per share 22.19 21.17 20.66 19.85 20.54
Allowance for credit losses to total loans 1.10% 1.17% 1.15% 1.16% 1.12%
Net charge-offs to average loans (annualized) 0.13% 0.08% 0.07% 0.12% 0.08%
Nonperforming loans to total loans 0.36% 0.45% 0.45% 0.46% 0.47%
Nonperforming assets to total assets 0.31% 0.34% 0.33% 0.34% 0.35%

Non-GAAP Financial Measures (unaudited)

The following tables reconcile certain Non-GAAP financial measures references in this release:

Adjusted Return on Average Assets
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
Net (loss) income $ 8,334 $ 3,844 $ 20,313 $ 12,491 $ 6,205
Average assets 2,363,759 2,236,466 2,345,909 2,233,530 2,355,809
Return on average assets (annualized) 1.40 % 0.68 % 1.16 % 0.75 % 1.06 %
Net (loss) income 8,334 3,844 20,313 12,491 6,205
Merger Expenses 568 0 718 0 150
Tax effect at 21% (119 ) 0 (151 ) 0 (32 )
Adjusted Net Income (Non-GAAP) 8,783 3,844 20,880 12,491 6,324
Average assets 2,363,759 2,236,466 2,345,909 2,233,530 2,355,809
Adjusted return on average assets (annualized)
(Non-GAAP) 1.47 % 0.68 % 1.19 % 0.75 % 1.08 %
Adjusted Return on Average Tangible Shareholders' Equity
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
Net (loss) income $ 8,334 $ 3,844 $ 20,313 $ 12,491 $ 6,205
Average shareholders' equity 226,733 189,135 222,791 183,593 223,351
Average intangible assets 29,380 29,440 29,394 29,457 29,394
Average tangible shareholders' equity 197,353 159,695 193,397 154,136 193,957
Return on average tangible shareholders' equity (annualized) 16.76 % 9.58 % 14.04 % 10.82 % 12.83 %
Net (loss) income 8,334 3,844 20,313 12,491 6,205
Merger Expenses 568 0 718 0 150
Tax effect at 21% (119 ) 0 (151 ) 0 (32 )
Adjusted Net Income (Non-GAAP) 8,783 3,844 20,880 12,491 6,324
Average tangible shareholders' equity 197,353 159,695 193,397 154,136 193,957
Adjusted return on average shareholders' equity (annualized)
(Non-GAAP) 17.66 % 9.58 % 14.43 % 10.82 % 13.08 %
Adjusted Earnings Per Share
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
GAAP-Based Earnings Per Share, Basic $ 0.89 $ 0.48 $ 2.22 $ 1.55 $ 0.67
GAAP-Based Earnings Per Share, Diluted $ 0.89 $ 0.48 $ 2.22 $ 1.55 $ 0.67
Net (Loss) Income 8,334 3,844 20,313 12,491 6,205
Merger Expenses 568 0 718 0 150
Tax effect at 21% (119 ) 0 (151 ) 0 (32 )
Adjusted Net Income (Non-GAAP) 8,783 3,844 20,880 12,491 6,324
Adjusted Earnings per Share, Basic (Non-GAAP) $ 0.94 $ 0.48 $ 2.28 $ 1.55 $ 0.69
Adjusted Earnings per Share, Diluted (Non-GAAP) $ 0.94 $ 0.48 $ 2.28 $ 1.55 $ 0.69
Pre Provision Net Revenue
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
Income before tax expense (GAAP) $ 10,531 $ 4,850 $ 25,651 $ 15,799 $ 7,832
Provision for (release of) credit losses (502 ) 1,345 1,305 1,069 950
Pre provision net revenue (PPNR) (Non-GAAP) 10,029 6,195 26,956 16,868 8,782
Merger expenses 568 0 718 0 150
PPNR adjusted for merger expenses (Non-GAAP) $ 10,597 $ 6,195 $ 27,674 $ 16,868 $ 8,932
Net interest income on a fully taxable equivalent basis
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
Net Interest Income $ 20,458 $ 15,931 $ 57,380 $ 45,566 $ 19,065
Taxable equivalent basis adjustment using 21% marginal tax rate 192 207 589 601 199
Net interest income on a fully taxable equivalent basis $ 20,650 $ 16,138 $ 57,969 $ 46,167 $ 19,264
Average tangible equity
(Dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended
2025 2024 2025 2024 June 30, 2025
Average equity $ 226,733 $ 189,135 $ 222,791 $ 183,593 $ 223,351
Average goodwill and other intangibles (29,380 ) (29,440 ) (29,394 ) (29,457 ) (29,394 )
Average tangible equity $ 197,353 $ 159,695 $ 193,397 $ 154,136 $ 193,957
Tangible Book Value
(Dollars in thousands)
at September 30, at June 30,
2025 2024 2025
Total shareholders' equity 234,905 195,654 225,425
Adjustments:
Goodwill (29,266 ) (29,266 ) (29,266 )
Other intangible assets (109 ) (167 ) (121 )
Tangible common equity (Non-GAAP) 205,530 166,221 196,038
Common shares outstanding 9,262,325 8,090,711 9,260,522
Book value per common share 25.36 24.18 24.34
Tangible book value per common share (Non-GAAP) 22.19 20.54 21.17