HONESDALE, Pa. - Norwood Financial Corp (NASDAQ:NWFL) and its subsidiary Wayne Bank have announced an increase in their quarterly cash dividend. The Board of Directors declared a dividend of $0.30 per share, payable on May 1, 2024, to shareholders of record as of April 15, 2024. This represents a 3.5% increase from the dividend declared in the first quarter of the previous year.
James O. Donnelly, President and CEO of Norwood Financial Corp, stated that the dividend increase is a reflection of the company's financial strength and robust capital position, which has contributed to its solid performance. As of December 31, 2023, Norwood Financial Corp reported total assets of $2.201 billion, loans outstanding of $1.604 billion, total deposits of $1.795 billion, and total stockholders' equity of $181.1 million.
The company, which operates 14 offices in Northeastern Pennsylvania and 15 offices across several counties in New York, has emphasized its commitment to rewarding shareholders while maintaining a strong financial standing. The stock of Norwood Financial Corp is traded on the Nasdaq Global Market under the ticker NWFL.
In the announcement, Norwood Financial Corp also included a cautionary note regarding forward-looking statements, advising that such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
Factors that may influence future outcomes include changes in federal and state laws, interest rate levels, the ability to control costs and expenses, demand for real estate, cybercrime costs, general economic conditions, and the effectiveness of government responses to these conditions.
The increase in dividend is part of the company's strategy to provide value to its shareholders and reflects its confidence in the company’s continued financial health. This information is based on a press release statement from Norwood Financial Corp.
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