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    Norwood Financial (NWFL)

    Market Price (11/6/2026): $35.79 | Market Cap: $390.6 MilSector: Financials | Industry: Regional Banks

    Norwood Financial (NWFL)

    Market Price (11/6/2026): $35.79
    Market Cap: $390.6 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 7.7%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%

    Low stock price volatility
    Vol 12M is 26%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -3.5%, Dist 3Y High is -3.5%

    Weak multi-year price returns
    2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -23%

    Key risks
    NWFL key risks include [1] integration challenges with its recent PB Bankshares acquisition and [2] deteriorating credit quality in its substantial commercial real estate portfolio.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 7.7%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%
    3 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%
    4 Low stock price volatility
    Vol 12M is 26%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    6 Trading close to highs
    Dist 52W High is -3.5%, Dist 3Y High is -3.5%
    7 Weak multi-year price returns
    2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -23%
    8 Key risks
    NWFL key risks include [1] integration challenges with its recent PB Bankshares acquisition and [2] deteriorating credit quality in its substantial commercial real estate portfolio.

    NWFL in ETFs

    Weight = NWFL's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    IWN0.03%
    AVUV0.02%
    VTWO0.01%
    DFAS0.01%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31NWFL [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$103.1 Mil—
    FY 2026 Sales$116.9 Mil—
    FY 2027 Sales$125.3 Mil—
    FY 2026 Sales Growth13.4%—
    FY 2027 Sales Growth7.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$28.8 Mil—
    FY 2026 Net Income (Non-GAAP)$32.6 Mil—
    FY 2027 Net Income (Non-GAAP)$35.9 Mil—
    FY 2027 Net Income Growth10.1%13.9%
    FY 2026 EPS (Non-GAAP)$3.56—
    FY 2027 EPS (Non-GAAP)$3.92—
    FY 2027 EPS Growth10.3%—
    VALUATION
    FY 2026 P/S3.31.7
    FY 2027 P/S3.1—
    FY 2026 P/E12.08.7
    FY 2027 P/E10.9—

    [1] NWFL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NWFLS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q37.8%8.9%
    Rev Chg LTM75.5%8.6%
    Rev Chg 3Y Avg17.6%6.3%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM32.0%21.5%
    Net Inc Mgn28.0%13.5%
    VALUATIONLOW
    P/S3.83.3
    P/CFO11.715.7
    P/FCF12.920.6
    P/E13.422.9

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Offices in Northeastern Pennsylvania159172025Link
    Number of Offices in New York149172025Link
    Allowance for Credit Losses to Total Loans1.16%12312024Link
    Non-performing Assets to Total Assets0.34%12312024Link
    Tier 1 Capital to Risk-Adjusted Assets12.35%12312024Link
    Total Capital to Risk-Adjusted Assets13.45%12312024Link
    Tangible Common Equity Ratio8.04%12312024Link
    Trust Assets Under Management151,224,00012312018Link
    Commercial Real Estate Loans as a Percentage of Total Loans41.7%12312024Link
    Residential Real Estate Loans as a Percentage of Total Loans14.3%12312024Link
    Consumer Loans as a Percentage of Total Loans43.5%12312024Link

    Price Chart

    Upcoming
    1/28/2027Earnings ReleaseRev: $30 Mil (E)
    EPS: $0.97 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Norwood Financial (NWFL) stock has gained about 5% since 7/31/2026 because of the following key factors:

    1. Record Fiscal Q3 2026 Earnings Outperformance: Norwood Financial reported record net income of $11.8 million, or $1.08 per diluted share, for fiscal Q3 2026 (ended September 30, 2026), significantly surpassing analyst consensus estimates of $0.95 per share by approximately 13.7%. Revenue of approximately $30.9 million also exceeded analyst expectations.

    2. Robust Net Interest Income Growth and Margin Expansion: The company achieved a 37% year-over-year increase in net interest income, reaching $28.0 million, coupled with an 11 basis point sequential expansion in its net interest margin (NIM) to 4.01% in fiscal Q3 2026. This was primarily driven by a larger balance sheet following an acquisition and improved funding costs.

    Show more
    Updated on 11/1/2026

    Norwood Financial (NWFL) stock has gained about 5% since 7/31/2026 because of the following key factors:

    1. Record Fiscal Q3 2026 Earnings Outperformance: Norwood Financial reported record net income of $11.8 million, or $1.08 per diluted share, for fiscal Q3 2026 (ended September 30, 2026), significantly surpassing analyst consensus estimates of $0.95 per share by approximately 13.7%. Revenue of approximately $30.9 million also exceeded analyst expectations.

    2. Robust Net Interest Income Growth and Margin Expansion: The company achieved a 37% year-over-year increase in net interest income, reaching $28.0 million, coupled with an 11 basis point sequential expansion in its net interest margin (NIM) to 4.01% in fiscal Q3 2026. This was primarily driven by a larger balance sheet following an acquisition and improved funding costs.

    3. Successful Presence Bank Acquisition Integration and Enhanced Balance Sheet: The successful integration of the Presence Bank acquisition, completed in January 2026, contributed to significant balance sheet expansion, with total assets growing to approximately $3 billion. This integration positively impacted the company's overall financial strength and performance.

    4. Significant Improvement in Credit Quality: Norwood Financial experienced a substantial reduction in its provision for credit losses, which decreased to $100,000 in fiscal Q3 2026 from $1.9 million in fiscal Q2 2026. This improvement was partly due to the favorable resolution of a borrower bankruptcy, which also led to the recovery of approximately $400,000 in previously unanticipated interest and fees.

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    Stock Movement Drivers

    Fundamental Drivers

    The 6.5% change in NWFL stock from 7/31/2026 to 11/5/2026 was primarily driven by a 8.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)33.6735.876.5%
    Change Contribution By: 
    Total Revenues ($ Mil)951038.5%
    Net Income Margin (%)27.1%28.0%3.4%
    P/E Multiple14.113.5-4.4%
    Shares Outstanding (Mil)1111-0.6%
    Cumulative Contribution6.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    NWFL6.5% 
    Market (SPY)-1.9%18.7%
    Sector (XLF)1.0%31.7%

    Fundamental Drivers

    The 25.0% change in NWFL stock from 4/30/2026 to 11/5/2026 was primarily driven by a 38.1% change in the company's P/E Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)28.7035.8725.0%
    Change Contribution By: 
    Total Revenues ($ Mil)8810317.2%
    Net Income Margin (%)31.6%28.0%-11.3%
    P/E Multiple9.813.538.1%
    Shares Outstanding (Mil)911-12.9%
    Cumulative Contribution25.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    NWFL25.0% 
    Market (SPY)2.3%1.9%
    Sector (XLF)10.7%31.6%

    Fundamental Drivers

    The 40.5% change in NWFL stock from 10/31/2025 to 11/5/2026 was primarily driven by a 418.1% change in the company's Net Income Margin (%).
    (LTM values as of)1031202511052026Change
    Stock Price ($)25.5335.8740.5%
    Change Contribution By: 
    Total Revenues ($ Mil)5910375.5%
    Net Income Margin (%)5.4%28.0%418.1%
    P/E Multiple74.113.5-81.8%
    Shares Outstanding (Mil)911-15.0%
    Cumulative Contribution40.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    NWFL40.5% 
    Market (SPY)8.4%11.8%
    Sector (XLF)11.1%33.5%

    Fundamental Drivers

    The 60.4% change in NWFL stock from 10/31/2023 to 11/5/2026 was primarily driven by a 106.0% change in the company's P/E Multiple.
    (LTM values as of)1031202311052026Change
    Stock Price ($)22.3635.8760.4%
    Change Contribution By: 
    Total Revenues ($ Mil)7510337.5%
    Net Income Margin (%)36.7%28.0%-23.8%
    P/E Multiple6.513.5106.0%
    Shares Outstanding (Mil)811-25.6%
    Cumulative Contribution60.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    NWFL60.4% 
    Market (SPY)81.3%27.8%
    Sector (XLF)85.5%39.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NWFL Return3%34%2%-14%8%33%77%
    Peers Return28%14%-4%10%6%47%140%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    NWFL Win Rate50%67%50%58%42%82% 
    Peers Win Rate52%42%50%48%52%71% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    NWFL Max Drawdown-15%-19%-30%-27%-19%-13% 
    Peers Max Drawdown-13%-18%-38%-25%-22%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: PFIS, CZFS, TMP, CHMG, STBA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventNWFLS&P 500
    2025 US Tariff Shock
      % Loss-15.5%-18.8%
      % Gain to Breakeven18.4%23.1%
      Time to Breakeven21 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-18.7%-9.5%
      % Gain to Breakeven22.9%10.5%
      Time to Breakeven42 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-29.0%-6.7%
      % Gain to Breakeven40.8%7.1%
      Time to Breakeven199 days31 days
    2020 COVID-19 Crash
      % Loss-34.4%-33.7%
      % Gain to Breakeven52.4%50.9%
      Time to Breakeven932 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.9%-19.2%
      % Gain to Breakeven28.0%23.8%
      Time to Breakeven367 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-10.6%-17.9%
      % Gain to Breakeven11.9%21.8%
      Time to Breakeven56 days123 days

    Compare to PFIS, CZFS, TMP, CHMG, STBA

    In The Past

    Norwood Financial's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNWFLS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-29.0%-6.7%
      % Gain to Breakeven40.8%7.1%
      Time to Breakeven199 days31 days
    2020 COVID-19 Crash
      % Loss-34.4%-33.7%
      % Gain to Breakeven52.4%50.9%
      Time to Breakeven932 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.9%-19.2%
      % Gain to Breakeven28.0%23.8%
      Time to Breakeven367 days105 days
    2008-2009 Global Financial Crisis
      % Loss-21.4%-53.4%
      % Gain to Breakeven27.2%114.4%
      Time to Breakeven41 days1085 days

    Compare to PFIS, CZFS, TMP, CHMG, STBA

    In The Past

    Norwood Financial's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Norwood Financial (NWFL)

    Norwood Financial Corp. (NWFL) operates as the bank holding company for Wayne Bank, providing a comprehensive range of traditional banking products and services. The company's core business revolves around serving the financial needs of its communities through both deposit-taking and lending activities.

    Its main offerings include various deposit products such as checking, savings, money market accounts, and certificates of deposit. On the lending side, Norwood Financial provides an extensive portfolio of loans, including commercial loans (lines of credit, term loans, and mortgages), municipal finance, construction loans for both commercial and residential projects, consumer loans, and residential mortgage lending. Additionally, the company offers indirect dealer financing for automobiles, boats, and recreational vehicles. Beyond core banking, it provides investment securities services, trust and investment products, cash management solutions, and modern digital banking services like mobile and internet banking. The company also engages in annuity and mutual fund sales, discount brokerage, and insurance agency activities.

    Norwood Financial serves a diverse clientele that includes individual consumers, businesses, nonprofit organizations, and municipalities. Its market presence is concentrated regionally, with fourteen banking offices located throughout Northeastern Pennsylvania and an additional sixteen offices across specific counties in New York, including Delaware, Sullivan, Ontario, Otsego, and Yates Counties.

    AI Analysis | Feedback

    KeyBank for rural Pennsylvania and New York.

    Citizens Financial for specific communities in Northeastern Pennsylvania and New York.

    AI Analysis | Feedback

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    • Deposit Accounts: Offers a variety of interest-bearing and non-interest-bearing checking, savings, money market, and certificate of deposit accounts.
    • Loan Services: Provides diverse lending options including commercial, municipal, construction, land, consumer, mortgage, and indirect dealer financing.
    • Investment & Wealth Management Services: Delivers investment securities, trust and investment products, annuity and mutual fund sales, and discount brokerage services.
    • Digital & Business Banking Services: Features cash management, direct deposit, various mobile and online banking functionalities, and automated clearing house activities.
    • Insurance Services: Operates an insurance agency business.
    ```

    AI Analysis | Feedback

    Norwood Financial (NWFL) serves a diverse customer base, primarily providing banking products and services directly to various entities. Its major customer categories include:

    • Consumers: Individuals who utilize deposit accounts, various consumer and mortgage loans, investment services, and digital banking platforms.
    • Businesses: Commercial entities that leverage commercial loans (lines of credit, term loans, mortgages), construction loans, land loans, and cash management services.
    • Nonprofit Organizations and Municipalities: These entities utilize deposit services, municipal finance lending, and other banking solutions tailored to their operational needs.

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    James O. Donnelly - President and Chief Executive Officer

    James O. Donnelly was appointed President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank in May 2022. He possesses over 30 years of banking experience, having previously served as Executive Vice President and Chief Commercial Officer at Bangor Savings Bank. His career in banking began in 1991 at KeyBank, and he also held a position at Machias Savings Bank. Beyond his banking career, Mr. Donnelly has a background in public service, having served in the 115th to 118th Maine Legislatures, where he was noted as the youngest member elected to the 115th Legislature and the youngest legislative leader in the country as House minority leader in the 118th Legislature. He holds an M.B.A. from Post University and a B.A. from the University of Maine at Presque Isle.

    John M. McCaffery - Executive Vice President and Chief Financial Officer

    John M. McCaffery was appointed Executive Vice President and Chief Financial Officer for Norwood Financial Corp and Wayne Bank, effective June 24, 2024. He brings over three decades of leadership and finance expertise from various financial institutions. His prior roles include Senior Vice President and Treasurer at Metropolitan Commercial Bank, and Executive Vice President and Chief Financial Officer for Newtek Bank, N.A. and Bridge Bancorp. Following the merger of Bridge Bancorp and Dime Community Bancorp, Mr. McCaffery became Senior Executive Vice President and Chief Risk Officer. His experience encompasses capital raising, M&A transactions and integrations, growth and restructuring, and regulatory compliance. Mr. McCaffery earned a Bachelor of Business Administration in Banking & Finance from Hofstra University.

    Janak Amin - Executive Vice President and Chief Operating Officer

    Janak Amin serves as the Executive Vice President and Chief Operating Officer of Norwood Financial Corp and Wayne Bank.

    Vincent G. O'Bell - Executive Vice President and Chief Lending Officer

    Vincent G. O'Bell is the Executive Vice President and Chief Lending Officer for Norwood Financial Corp and Wayne Bank.

    John F. Carmody - Executive Vice President and Chief Credit Officer

    John F. Carmody holds the position of Executive Vice President and Chief Credit Officer at Norwood Financial Corp and Wayne Bank.

    AI Analysis | Feedback

    Key Risks to Norwood Financial (NWFL):

    1. Interest Rate Risk: As a financial institution, Norwood Financial is significantly exposed to fluctuations in interest rates. Changes in interest rates directly impact the company's net interest income and overall profitability. For example, a 200-basis point increase in rates could decrease net interest income by 5.1% in the first year. Higher interest expenses due to rising rates have already affected profitability.
    2. Credit Risk: The company faces ongoing credit risk, particularly within its commercial real estate and consumer loan portfolios. Deterioration in credit quality in these areas could lead to increased loan loss provisions and negatively impact earnings. The acquisition of PB BancShares introduced a loan portfolio heavily weighted toward commercial real estate, which presents integration and concentration risks.
    3. Market Competition: Norwood Financial operates in a highly competitive banking environment, facing competition from other insured financial institutions, online banks, and various investment products. This intense competition could hinder the company's ability to attract and retain customers and maintain market share.

    AI Analysis | Feedback

    • Digital-First Banks and Neobanks: These entities, operating without physical branches, offer superior digital experiences, competitive rates, and often lower fees, directly threatening Norwood Financial's deposit acquisition and retention across transaction, savings, and money market accounts.
    • Online Lending Platforms: Specialized fintech companies and established online lenders for consumer, mortgage, and small business loans (including indirect dealer financing) offer streamlined application processes, faster approvals, and potentially more competitive rates, eroding Norwood Financial's market share in its various lending segments.
    • Big Tech Companies Entering Financial Services: Large technology companies leveraging their massive user bases, data analytics, and strong brands to offer payment solutions, credit cards, and potentially savings and lending products (either directly or through partnerships) pose a significant threat by controlling the customer interface and siphoning off financial activity.
    • Robo-advisors and Digital Investment Platforms: These platforms offer automated, low-cost, and accessible investment management, directly competing with Norwood Financial's traditional trust, investment products, annuity, mutual fund sales, and discount brokerage activities.

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    Expected Drivers of Future Revenue Growth for Norwood Financial (NWFL)

    • Strategic Acquisitions and Market Expansion: Norwood Financial's acquisition of Presence Bank, completed in January 2026, expanded its geographic footprint and increased its asset base by 20%. The company has also identified mergers and acquisitions as a strategic priority for 2026, indicating potential for further expansion into new markets or through additional acquisitions in the next 2-3 years.

    • Strong Loan and Deposit Growth: The company demonstrated strong organic growth in 2025, with loans increasing by 8.2% and total deposits growing by 11.8% year-over-year. This momentum in loan and deposit growth is expected to continue contributing to a more robust balance sheet and higher quality earnings, thereby driving revenue growth in the coming years.

    • Net Interest Income and Margin Expansion: Norwood Financial experienced a significant increase in net interest income and an expansion of its net interest margin in 2025. This improvement was largely due to a strategic repositioning of its bond portfolio to higher-yielding investments in late 2024, as well as increasing asset yields and decreasing liability costs. This positive trend in net interest income and margin is anticipated to continue supporting revenue growth.

    • Enhanced Operational Efficiency and Technology Adoption: The integration of advanced AI tools is a strategic initiative aimed at enhancing operational efficiency. By improving efficiency, the company can potentially reduce costs and optimize service delivery, which can indirectly contribute to revenue growth by freeing up resources for growth initiatives and improving customer satisfaction.

    ```

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    Share Repurchases

    • Norwood Financial Corp. authorized a stock repurchase program on March 30, 2021, allowing for the repurchase of up to 5% of its outstanding common stock, or approximately 400,000 shares.
    • Significant share repurchases include $2.91 million on June 30, 2023.
    • Other repurchases were noted across 2021, 2022, 2024 and 2025 in varying quarterly amounts.

    Share Issuance

    • In 2024, Norwood Financial completed a common stock offering of 1.15 million shares, generating approximately $28 million in net proceeds.

    Outbound Investments

    • Norwood Financial Corp. completed the acquisition of PB Bankshares, Inc. and its wholly-owned subsidiary, Presence Bank, around January 5, 2026.
    • The PB Bankshares acquisition was valued at approximately $55 million to $58 million, increasing Norwood Financial's total assets by roughly 20%.
    • Management repositioned approximately $175 million of securities in late 2024, which involved realizing a $20 million loss but reinvesting around $155 million at a 5.17% yield.

    Peer Outperformance in Regional Banks

    NWFL has outperformed 63% of its 262 Regional Banks peers over 5Y. Among the peers that beat it is FCNCA. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that NWFL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    70%
    of 281 industry peers · 39.9% return
    3Y
    16%
    of 273 industry peers · 48.0% return
    5Y
    63%
    of 262 industry peers · 62.5% return
    Regional Banks peers with revenue growth within 4pp of NWFL's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    NWFL Norwood Financial 17.6% 13.5x 39.9%48.0%62.5% —
    FCNCA First Citizens BancShares 18.0% 11.3x 28.5%63.3%175.5% +113pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is NWFL's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ULHUniversal Logistics0.869.2%97.6%
    CRCTCricut1.949.7%95.1%
    ARRYArray Technologies0.848.9%-42.5%
    DNUTKrispy Kreme0.843.7%14.4%
    GDYNGrid Dynamics1.142.6%49.9%
    APPAppLovin119.639.7%-47.2%
    EVEREverQuote1.133.0%12.3%
    AGLAgilon Health1.932.4%560.8%
    CPRICapri2.331.6%-13.4%
    GPKGraphic Packaging3.431.0%-20.8%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    VCYTVeracyte1.9-54.0%-43.0%
    MNTNMNTN0.3-52.2%-60.6%
    FRMIFermi1.0-46.5%-80.9%
    NRIXNurix Therapeutics1.7-45.3%-21.8%
    LITELumentum43.5-44.6%38.3%
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    OFRMOnce Upon a Farm PBC0.4-42.7%-56.5%
    AESIAtlas Energy Solutions0.7-42.5%-43.5%

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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BMBLBumble0.8139.2%67.5%
    GDYNGrid Dynamics1.176.5%49.9%
    ULHUniversal Logistics0.872.3%97.6%
    TDOCTeladoc Health1.769.2%34.4%
    SGRYSurgery Partners3.069.0%50.0%
    LQDALiquidia4.066.8%29.0%
    ENOVEnovis1.662.5%7.4%
    BRZEBraze5.161.0%33.6%
    UPBDUpbound1.559.3%51.6%
    COAGHemab Therapeutics1.458.8%34.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CIFRCipher Digital2.3-61.9%-62.4%
    AAOIApplied Optoelectronics3.8-61.7%34.5%
    FRMIFermi1.0-61.5%-80.9%
    MXLMaxLinear4.0-58.7%154.2%
    AESIAtlas Energy Solutions0.7-57.3%-43.5%
    FPSForgent Power Solutions4.7-55.2%-37.2%
    STRLSterling Infrastructure7.5-54.3%-20.2%
    LITELumentum43.5-54.1%38.3%
    AXTIAXT2.2-54.0%124.6%
    ICHRIchor1.0-54.0%52.1%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    NWFLPFISCZFSTMPCHMGSTBAMedian
    NameNorwood .Peoples .Citizens.Tompkins.Chemung .S&T Banc. 
    Mkt Price35.7972.8186.99100.0585.3950.8679.10
    Mkt Cap0.40.70.41.40.41.80.6
    Rev LTM103196121263119416158
    Op Inc LTM-------
    FCF LTM304539504514345
    FCF 3Y Avg253535763415135
    CFO LTM335340594714750
    CFO 3Y Avg284236833615539

    Growth & Margins

    NWFLPFISCZFSTMPCHMGSTBAMedian
    NameNorwood .Peoples .Citizens.Tompkins.Chemung .S&T Banc. 
    Rev Chg LTM75.5%7.1%10.8%-19.0%40.5%8.1%9.4%
    Rev Chg 3Y Avg17.6%30.1%11.1%8.3%8.7%0.8%9.9%
    Rev Chg Q37.8%7.1%8.9%2.8%213.2%5.2%8.0%
    QoQ Delta Rev Chg LTM8.5%1.8%2.2%0.9%21.3%1.3%2.0%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM32.0%27.3%33.1%22.4%39.4%35.3%32.6%
    CFO/Rev 3Y Avg38.1%26.1%33.3%28.0%35.4%39.0%34.3%
    FCF/Rev LTM29.1%22.9%32.5%18.9%38.1%34.4%30.8%
    FCF/Rev 3Y Avg33.4%22.0%32.2%25.7%33.3%38.0%32.8%

    Valuation

    NWFLPFISCZFSTMPCHMGSTBAMedian
    NameNorwood .Peoples .Citizens.Tompkins.Chemung .S&T Banc. 
    Mkt Cap0.40.70.41.40.41.80.6
    P/S3.83.73.55.43.44.43.7
    P/Op Inc-------
    P/EBIT-------
    P/E13.412.89.77.912.112.912.5
    P/CFO11.713.610.524.18.712.412.1
    Total Yield10.7%11.2%12.8%15.5%9.9%10.7%10.9%
    Dividend Yield3.3%3.4%2.4%2.7%1.6%2.9%2.8%
    FCF Yield 3Y Avg9.8%7.1%11.2%8.0%11.7%10.4%10.1%
    D/E0.20.51.20.30.30.20.3
    Net D/E-0.4-0.21.0-0.5-0.4-0.5-0.4

    Returns

    NWFLPFISCZFSTMPCHMGSTBAMedian
    NameNorwood .Peoples .Citizens.Tompkins.Chemung .S&T Banc. 
    1M Rtn6.1%5.1%9.2%2.3%4.6%4.2%4.9%
    3M Rtn6.2%2.7%6.4%0.9%3.5%-0.8%3.1%
    6M Rtn19.0%25.9%33.8%18.4%25.1%16.0%22.0%
    12M Rtn39.6%64.2%59.0%51.6%70.0%38.6%55.3%
    3Y Rtn47.6%106.1%78.4%108.1%110.5%100.0%103.0%
    1M Excs Rtn8.6%8.0%11.7%4.8%7.4%6.6%7.7%
    3M Excs Rtn7.7%4.9%9.8%2.2%6.5%1.6%5.7%
    6M Excs Rtn14.2%21.1%29.0%13.6%20.2%11.2%17.2%
    12M Excs Rtn28.3%55.5%48.5%45.0%59.0%27.8%46.8%
    3Y Excs Rtn-23.1%29.3%10.5%40.7%39.1%36.8%33.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/7/20265/8/20263/13/202611/7/20258/8/20255/9/20253/14/202511/7/20248/8/20245/9/20243/14/202411/14/2023
    Key Financials Quarterly            
    Total Revenue292723232120-11817171717
    Net Income947866-1344404
    EPS0.860.350.810.890.670.63-1.540.480.520.550.040.51
    Key Financials TTM            
    Total Revenue TTM1039588635955516969697072
    Net Income TTM292628831-01313151724
    Growth Rates Quarterly            
    Total Revenue Growth37.8%34.9%2368.5%26.0%24.4%20.9%-105.9%5.1%-1.7%-7.2%-9.1%-14.8%
    Net Income Growth50.3%-35.4%158.8%116.8%47.3%30.2%-3673.7%-6.7%-35.2%-23.3%-95.0%-49.2%
    Margins Quarterly            
    Net Income Margin31.8%13.7%31.7%36.3%29.1%28.6%-21.1%24.6%26.5%2.0%23.7%
    Cash & Debt            
    Total Cash222229324216351379470480467510472435
    Total Debt66887472112119159137150211114241
    Net Debt / (Cash)-156-140-250-144-239-260-312-342-317-299-358-193
    Cash Flows Quarterly            
    FCF from Operations969979559477
    Cash Flows TTM            
    FCF from Operations TTM333134302528232527243029
    Returns to Shareholders Quarterly            
    Dividends343333222222
    Share Repurchases0-00-0-00001-00-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community Banking885170  
    Single Segment   7874
    Total8851707874


    Price Behavior

    Price Behavior
    Market Price$35.87 
    Market Cap ($ Bil)0.4 
    First Trading Date03/04/1998 
    Distance from 52W High-3.5% 
       50 Days200 Days
    DMA Price$34.20$31.25
    DMA Trendupup
    Distance from DMA4.9%14.8%
     3M1YR
    Volatility22.4%26.3%
    Downside Capture-5.9910.29
    Upside Capture48.2852.57
    Correlation (S&P 500)11.3%10.3%
    NWFL Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.200.270.14-0.120.190.65
    Up Beta2.50-0.490.14-0.440.030.58
    Down Beta-0.23-0.29-0.24-0.48-0.080.55
    Up Capture103%72%34%25%42%46%
    Bmk +ve Days12182862130427
    Stock +ve Days13243369134371
    Down Capture-32%29%7%-15%20%90%
    Bmk -ve Days10253664121325
    Stock -ve Days9182955114376

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NWFL
    NWFL42.4%26.3%1.30-
    Sector ETF (XLF)11.1%15.2%0.4733.7%
    Equity (SPY)9.5%13.6%0.4111.4%
    Gold (GLD)3.6%28.7%0.11-11.6%
    Commodities (DBC)37.7%21.2%1.40-29.4%
    Real Estate (VNQ)12.0%14.2%0.5530.9%
    Bitcoin (BTCUSD)-20.8%43.3%-0.421.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NWFL
    NWFL11.7%33.0%0.39-
    Sector ETF (XLF)9.1%18.4%0.3632.4%
    Equity (SPY)11.3%17.3%0.4821.9%
    Gold (GLD)17.5%19.1%0.74-1.9%
    Commodities (DBC)8.0%19.6%0.291.8%
    Real Estate (VNQ)1.2%18.9%-0.0528.9%
    Bitcoin (BTCUSD)5.9%51.5%0.298.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NWFL
    NWFL15.2%40.7%0.47-
    Sector ETF (XLF)13.3%22.1%0.5440.7%
    Equity (SPY)14.9%18.0%0.7031.0%
    Gold (GLD)12.0%16.5%0.59-4.6%
    Commodities (DBC)7.6%18.1%0.3310.5%
    Real Estate (VNQ)5.7%20.7%0.2332.3%
    Bitcoin (BTCUSD)61.3%66.2%1.019.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.2 Mil
    Short Interest: % Change Since 93020263.2%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest4.7 days
    Basic Shares Quantity10.8 Mil
    Short % of Basic Shares1.4%

    Returns Analyses

    Earnings Returns History

    Updated 11/5/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/27/20266.6%3.6% 
    7/22/2026-2.0%10.0%8.5%
    4/27/2026-5.3%0.0%-0.5%
    1/22/2026-2.0%-3.3%6.4%
    10/22/20256.8%8.5%9.0%
    7/23/20251.2%-0.1%2.2%
    4/17/20252.5%10.0%17.0%
    1/28/2025-1.2%1.4%-2.6%
    ...
    SUMMARY STATS   
    # Positive141615
    # Negative1088
    Median Positive1.5%3.5%6.1%
    Median Negative-2.0%-2.6%-7.8%
    Max Positive6.8%10.0%17.0%
    Max Negative-5.3%-5.4%-10.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/27/20266.6%3.6% 
    7/22/2026-2.0%10.0%8.5%
    4/27/2026-5.3%0.0%-0.5%
    1/22/2026-2.0%-3.3%6.4%
    10/22/20256.8%8.5%9.0%
    7/23/20251.2%-0.1%2.2%
    4/17/20252.5%10.0%17.0%
    1/28/2025-1.2%1.4%-2.6%
    10/28/20241.0%9.5%15.5%
    7/26/20240.0%-5.4%-8.5%
    4/22/20241.3%0.3%2.0%
    1/29/2024-5.0%-2.2%-10.4%
    10/24/2023-3.9%-3.5%6.6%
    7/26/20230.7%9.3%-10.4%
    4/21/2023-0.6%-0.5%-7.1%
    1/27/2023-0.4%-0.2%-0.5%
    10/26/20221.4%5.7%14.8%
    7/22/20223.9%3.3%6.1%
    4/18/2022-1.4%1.7%-9.7%
    1/28/20220.6%3.2%2.6%
    10/26/20212.2%5.0%5.5%
    7/23/20211.5%2.1%2.4%
    4/23/20211.6%3.2%0.9%
    1/27/2021-2.5%-3.0%2.0%
    SUMMARY STATS   
    # Positive141615
    # Negative1088
    Median Positive1.5%3.5%6.1%
    Median Negative-2.0%-2.6%-7.8%
    Max Positive6.8%10.0%17.0%
    Max Negative-5.3%-5.4%-10.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/13/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/14/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/14/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/17/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/13/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/14/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/14/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/17/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/06/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/09/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/08/202010-Q
    12/31/201903/13/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 10/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1O'Bell, VincentEVP & Chief Lending OfficerDirectSell904202634.523,000103,569151,625Form
    2Shook, James DirectBuy730202634.553,100107,105434,846Form
    3Schmalzle, Ronald R IRABuy527202630.1970021,133820,202Form
    4Forte, Andrew IRABuy513202629.582707,987225,518Form
    5Carroll, Joseph W DirectBuy506202629.451002,9451,228,005Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1O'Bell, VincentEVP & Chief Lending OfficerDirectSell904202634.523,000103,569151,625Form
    2Shook, James DirectBuy730202634.553,100107,105434,846Form
    3Schmalzle, Ronald R IRABuy527202630.1970021,133820,202Form
    4Forte, Andrew IRABuy513202629.582707,987225,518Form
    5Carroll, Joseph W DirectBuy506202629.451002,9451,228,005Form
    6Carroll, Joseph W IRABuy506202629.451965,77232,395Form
    7Carroll, Joseph W Sposue IRABuy506202629.4537611,07332,394Form
    8Carroll, Joseph W IRABuy504202629.611805,33026,767Form
    9Shook, James DirectBuy501202629.0637510,898271,798Form
    10McCaffery, John Martin JREVP & CFOIRABuy430202629.441,00029,440117,760Form
    11Donnelly, James OPresident & CEOIRABuy430202629.061002,9068,718Form
    12Shook, James DirectBuy128202628.803,500100,800239,904Form
    13Carroll, Joseph W DirectBuy128202627.912,00055,8201,046,709Form
    14Donnelly, James OPresident & CEOIRABuy128202628.152005,6305,630Form
    15Phillips, Kenneth A DirectBuy1104202526.501002,650383,985Form
    16Phillips, Kenneth A DirectBuy1104202526.30501,315379,772Form
    17Shook, James DirectBuy1028202526.713,800101,484128,991Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 11/5/2026