Earnings slip at Wayne parent
HONESDALE - A soured commercial loan took a bite out of fourth-quarter earnings at Wayne Bank parent Norwood Financial Corp., which reported earnings of $1.8 million, a decrease of 12 percent compared to the year-ago quarter. Earnings per share were 53 cents, down from 61 cents. For 2012, Norwood earnings were $8.4 million, up 14 percent from 2011, with earnings per share of $2.56.
The bank attributed an increase of nonperforming loans, from $7.8 million to $13.2 million, to a single commercial loan that was in delinquency.
Wayne Bank with assets of $672 million, operates 16 office in Wayne, Pike, Monroe and Lackawanna counties. Norwood stock is traded on Nasdaq under the symbol NWFL.