Lewis J. Critelli, President
and Chief Executive Officer of Norwood Financial Corp NWFL and its
subsidiary Wayne Bank today announced that the Board of Directors declared a
$.30 per share quarterly dividend payable February 3, 2014 to shareholders of
record as of January 15, 2014. The $.30 per share represents a $.02 per share
or 7.1% increase over the cash dividend declared in the fourth quarter of last
year, after giving retroactive effect to the 10% stock dividend declared in
the first quarter of 2013. This payment also reflects a $.01 increase over the
cash dividend declared last quarter.
Mr. Critelli commented, "The Board is extremely pleased to provide our
shareholders with this increase in the quarterly dividend. It reflects the
Company's financial strength and strong capital position, which has
contributed to a solid performance while operating in a very challenging
economic environment. We are also very proud that this marks the twenty-second
consecutive year of dividend increases for the Company."
Norwood Financial Corp, through its subsidiary, Wayne Bank operates sixteen
offices in Northeastern Pennsylvania. As of September 30, 2013, the Company
had total assets of $703.8 million, loans outstanding of $487.0 million, and
total stockholders' equity of $91.3 million. The Company's stock is traded on
the Nasdaq Global Market under the symbol "NWFL".
Forward-Looking Statements. The foregoing material may contain forward-looking
statements. We caution that such statements may be subject to a number of
uncertainties and actual results could differ materially and therefore readers
should not place undue reliance on any forward looking statements. Those risks
and uncertainties include risks related to our acquisition of North Penn
Bancorp, Inc., changes in federal and state laws, changes in the absolute and
relative levels of interest rates, the ability to control costs and expenses,
demand for real estate, general economic conditions and the effectiveness of
governmental responses thereto. Norwood Financial Corp. does not undertake and
specifically disclaims any obligation to publicly release the results of any
revisions that may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances after the
date of such statements.
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