olivLaw · US equity research
Norwood Financial Corp NWFL
State Commercial Banks · SIC 6022
Norwood Financial Corp is the holding company of Wayne Bank, a community bank in northeastern Pennsylvania and southern New York that lends, takes deposits and runs trust services. After completing the Presence Bancshares integration, the company reported record second-quarter 2026 profit and total assets of 2.908 billion USD. Fast loan growth and a rising margin make it a regional banking case worth tracking.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Norwood Financial Corp (NWFL) stock was 36.59 USD (+1.81% on the day), with market capitalisation 398.9 m USD, P/E 12.7 on diluted EPS of 2.89 USD over the last 12 months, dividend yield 3.47%, beta 0.49, 52-week range 26.64–37.18 USD. Latest reported quarter (Q2 2026): revenue of 2.1 m USD (+12.5% YoY), net income of 9.3 m USD (+50.3% YoY), diluted EPS 0.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.7
- strong (55–70)
- Bollinger (20, 2)
- 32.39 – 37.01
- in the upper half of the band · %B 0.91 · band width 13.3%
- SMA 50 / 200
- 34.36 / 31.71
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.62 / 0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.4% | −1.1% | +9.5 pp | — |
| 3 months | +7.5% | −0.5% | +7.9 pp | — |
| 6 months | +21.3% | +4.4% | +16.9 pp | — |
| Year to date | +30.4% | +12.3% | +18.1 pp | — |
| 1 year | +39.1% | +13.5% | +25.6 pp | — |
| 3 years | +25.7% | +76.4% | −50.7 pp | — |
| 5 years | +33.4% | +63.7% | −30.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 m | 1.9 m | 2.0 m | 1.9 m | 2.0 m | 2.1 m | 2.3 m | 2.1 m |
| Pre-tax income | 4.9 m | -16.1 m | 7.3 m | 7.8 m | 10.5 m | 9.4 m | 4.8 m | 11.6 m |
| Income tax | 1.0 m | -3.4 m | 1.5 m | 1.6 m | 2.2 m | 1.9 m | 1.1 m | 2.3 m |
| Net income | 3.8 m | -12.7 m | 5.8 m | 6.2 m | 8.3 m | 7.4 m | 3.7 m | 9.3 m |
| Diluted EPS | 0.48 | -1.54 ≈ | 0.63 | 0.67 | 0.89 | 0.79 ≈ | 0.35 | 0.86 |
| Operating cash flow | 4.6 m ≈ | 4.8 m | 9.1 m | 6.8 m ≈ | 9.3 m ≈ | 8.8 m | 6.0 m | 8.9 m ≈ |
| Capex | 573.0 k ≈ | 1.5 m | 932.0 k | 1.7 m ≈ | 1.0 m ≈ | 1.1 m | 455.0 k | 498.0 k ≈ |
| Dividends paid | 2.4 m ≈ | 2.4 m | 2.9 m | 2.9 m ≈ | 2.9 m ≈ | 2.9 m | 3.5 m | 3.5 m ≈ |
| Share repurchases | 96.0 k ≈ | 27.0 k | 349.0 k | 0 ≈ | 0 ≈ | 12.0 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 39-quarter history (min 7.2, median 14.2, max 4,899.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.7 m | 5.4 m | 6.2 m | 7.0 m | 8.8 m | 7.1 m | 7.4 m | 8.0 m |
| Revenue YoY | unavailable | −3.8% | +14.0% | +13.1% | +24.8% | −18.5% | +3.7% | +8.1% |
| Net income | 13.7 m | 14.2 m | 15.1 m | 24.9 m | 29.2 m | 16.8 m | -160.0 k | 27.8 m |
| Net income YoY | +66.5% | +4.1% | +6.1% | +65.2% | +17.3% | −42.7% | −101.0% | unavailable |
| Diluted EPS | 2.17 | 2.25 | 2.09 | 3.04 | 3.58 | 2.07 | -0.02 | 3.01 |
| Diluted EPS YoY | +65.6% | +3.7% | −7.1% | +45.5% | +17.8% | −42.2% | −101.0% | unavailable |
| net % | 241.1% | 260.9% | 242.9% | 354.9% | 333.7% | 234.9% | -2.2% | 347.0% |
| Free cash flow | 16.4 m | 16.8 m | 13.0 m | 27.9 m | 28.6 m | 28.4 m | 19.7 m | 29.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 44.4 m USD
- Financial debt
- 14.7 m USD
- Net debt
- -29.7 m USD
- Equity
- 242.2 m USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.06x
- Current ratio
- unavailable
- ROE
- 12.2%
- ROA
- 1.2%
- FCF margin
- 365.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 50.5 m | 65.3 m | 68.4 m | 62.1 m | 62.2 m | 78.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Net fee income | 7.8 m | 8.4 m | 9.9 m | 8.1 m | -11.2 m | 9.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Non-interest expense | 34.4 m | 38.6 m | 41.0 m | 43.5 m | 48.6 m | 51.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 18.4 m | 30.9 m | 36.4 m | 21.1 m | -258.0 k | 35.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 15.1 m | 24.9 m | 29.2 m | 16.8 m | -160.0 k | 27.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 2.09 | 3.04 | 3.58 | 2.07 | -0.02 | 3.01 | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 1.01 | 1.06 | 1.17 | 1.17 | 1.21 | 1.25 | SEC (XBRL)· 13 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 111.7 m | 206.7 m | 31.9 m | 66.1 m | 72.3 m | 44.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Loans | 1.4 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 1.9 bn | 2.1 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 13 Mar 2026verified |
| Deposits | 1.5 bn | 1.8 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 63.3 m | 60.8 m | 93.2 m | 74.1 m | 113.1 m | 14.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 1.7 bn | 1.9 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 194.8 m † | 205.3 m † | 167.1 m † | 181.1 m † | 213.5 m † | 242.2 m † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 7.3 m | 8.5 m | 9.2 m | 9.4 m | 9.7 m | 11.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 108.0 k | 1.4 m | 2.5 m | 3.1 m | 703.0 k | 361.0 k | SEC (XBRL)· 13 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 398.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation31
- Balance sheet28
- Quality43
- Growth0
- Returns35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.43 – 39.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income27.09 – 28.31 (Mid 27.69)
- Justified P/B29.62 – 39.83 (Mid 33.98)
- Dividend discount (DDM)16.43 – 22.09 (Mid 18.84)
- Peers: P/Eunavailable · not enough peers
- Peers: P/Bunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 11.2% | 43 (on a fixed band) | 19% |
| ROA · Quality | 1.1% | 50 (on a fixed band) | 7% |
| Cost-to-income · Quality | 61.5% | 14 (on a fixed band) | 12% |
| Net interest margin · Quality | 3.5% | 81 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | -5.6% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -3.0% | 0 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 89.0% | 28 (on a fixed band) | 5% |
| P/B · Valuation | 1.4x | 48 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 12.7x | 15 (on a fixed band) | 12% |
| Dividend yield · Returns | 3.5% | 35 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial28/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality43/100 · 4/4 factors with a value
- Returns35/100 · 1/1 factors with a value
- Valuation31/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Norwood Financial Corp (NWFL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 78.3 m USD in 2025; YoY growth 8.1%; net margin 338.1%; ROE 11.2%.
The estimated value range is 27.09–28.31 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 27.69 USD, the price of 36.59 USD leaves a potential of -24.3% (value / price − 1) and a margin of safety of -32.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net interest margin: 3.5%
What contradicts it
- Cost-to-income: 61.5%
- EPS CAGR 3Y: -5.6%
- Revenue CAGR 3Y: -3.0%
- Loan-to-deposit: 89.0%
- P/E (TTM): 12.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.32 Total return -48% · Per year -48% | 32.51 Total return -8% · Per year -8% | 49.14 Total return 38% · Per year 38% |
| 3 years | 15.20 Total return -52% · Per year -22% | 30.60 Total return -7% · Per year -3% | 51.14 Total return 51% · Per year 15% |
| 5 years | 12.62 Total return -56% · Per year -15% | 28.79 Total return -7% · Per year -1% | 53.22 Total return 65% · Per year 11% |
- Exit P/E± 7.65
- Net margin± 5.35
- Annual revenue growth± 4.73
- Annual dilution± 0.45
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Norwood Financial Corp is the holding company of Wayne Bank, a community bank in northeastern Pennsylvania and southern New York that lends, takes deposits and runs trust services. After completing the Presence Bancshares integration, the company reported record second-quarter 2026 profit and total assets of 2.908 billion USD 3. Fast loan growth and a rising margin make it a regional banking case worth tracking 23.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Commercial credit riskhigh
A major commercial relationship that filed for bankruptcy in June 2026 could raise loan losses and reserve needs if collateral recoveries fall short 23.
- Integration riskmedium
Integrating systems and the brand after the acquisition could bring unexpected costs or customer attrition 3.
- Interest rate riskmedium
Rate changes could affect net margin, especially if deposit costs rise faster than loan income 2.
- Geographic concentrationmedium
Operations are concentrated in northeastern Pennsylvania and New York counties, exposing the bank to local economic conditions 1.
- Regulatory risklow
As a bank holding company, the firm is supervised by the Federal Reserve and the FDIC, and regulatory changes could have a material impact 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Rapid acquisition growth could bring integration and acquired-portfolio quality risks 23.
- The bankruptcy of a large commercial relationship shows that commercial real estate exposure can produce unexpected losses 23.
- Competition from online banks and credit unions could limit deposit growth and margins 1.
What to watch
- Trend in non-performing assets and losses from the bankrupt commercial relationshipQ3 2026
- Presence Bancshares integration and its effect on operating costsQ3 2026
- Net interest margin trend after the second-quarter 2026 increaseQ4 2026
- Next annual 10-K and any changes to guidance2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
Norwood Financial Corp is a Pennsylvania holding company that controls Wayne Bank, an independent community bank headquartered in Honesdale 1. At the end of 2025 consolidated assets were 2.425 billion USD, deposits 2.183 billion USD and stockholders' equity 242.2 million USD 1. The bank operates fifteen offices in northeastern Pennsylvania and fourteen in five New York counties 1.
Activities span personal and business lending, trust and investment management, and brokerage through subsidiary Norwood Investment Corp 1. Growth has come through acquisitions, including UpState New York Bancorp in 2020 and Presence Bancshares, integrated in the second half of 2026 13. Listed on the Nasdaq Global Market as NWFL, the company reported deposits of 2.514 billion USD and loans of 2.263 billion USD at June 30, 2026 23.
Segments
Lending
The loan book includes residential mortgages, commercial real estate, construction loans and consumer loans, including indirect auto financing through dealers 1. Loans reached 2.263 billion USD at June 30, 2026, with the 409.4 million USD increase in the first six months driven mostly by the acquired portfolio 2.
Market context
The bank competes in northeastern Pennsylvania and five New York counties against commercial banks, thrifts, credit unions and online banks 1. Its FDIC-insured deposit share was 22.50% in Wayne County and 31.39% in Delaware County, New York, as of June 30, 2025 1. The July 2026 release also references Lancaster, Chester and Cumberland counties in the footprint 3.
FDIC market-share figures exclude deposits held at credit unions, so the bank's true position in its markets could differ 1.
Trends
- Rising net interest margintailwind
The net interest margin rose to 3.90% in the second quarter of 2026 from 3.43% a year earlier, pointing to benefits from the balance sheet mix 3. If deposit cost pressure builds, that advantage could narrow.
- Expansion through acquisitionmixed
The Presence Bancshares integration added a much larger loan and deposit base, but operational complexity and integration risk remain relevant 23.
- Credit quality under watchheadwind
Non-performing loans rose to 1.21% of total loans at June 30, 2026, after a large commercial real estate relationship filed for chapter 11 in June 2026 23. If losses widen, the impact could become visible in results.
- Interest rate environmentmixed
Rates, inflation and Federal Reserve policy can influence funding costs and margins, depending on economic developments 2.
Competitive position
Deposit competition comes from commercial banks, thrifts, credit unions, multi-state regional banks and online banks, and loan competition from the same groups plus mortgage bankers 1. The bank holds local leadership positions in several counties, giving it a proximity advantage 1.
The northeastern Pennsylvania and southern New York market is fragmented, and the bank's position depends on maintaining local relationships and responding to digital competition 1.
- Commercial and multi-state regional banks
Compete for deposits and loans in the bank's market area, per the annual report 1.
- Thrift institutions
Active in local mortgage lending and deposit gathering 1.
- Credit unions
Compete for deposits, and their holdings are not reflected in FDIC share data 1.
- Online banks
Offer deposits through digital channels beyond the bank's geographic footprint 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Sept 2026Other events · Financial statements and exhibits
- Current report28 Aug 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report27 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Other events · Financial statements and exhibits
- Current report18 Jun 2026Regulation FD disclosure
- Quarterly report08 May 2026
- Current report04 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Norwood Financial Corp · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Norwood Financial Corp · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Norwood Financial Corp · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.