Wayne Bank reports drop in net income

Robert Tomkavage, The Times-Tribune, Scranton, Pa.
·1 min read

Jul. 27—Norwood Financial Corp. and its subsidiary, Wayne Bank, reported net income of $12,285,000 for the second quarter of 2023, a decrease of $1,698,000, or 12%, from the same period last year.

The bank reported fully diluted earnings of $1.51 per share for the second quarter, down 20 cents from the same period last year.

"Our second-quarter income decreased from the 2022 level due to one-time gains recognized in 2022 and the rising cost of deposits and borrowed funds," said James O. Donnelly, president and CEO of Norwood Financial Corp.

— ROBERT TOMKAVAGE