Norwood Financial Corp. in Honesdale, Pa., said late Wednesday that its pending acquisition of North Penn Bancorp Inc. reduced its profitability.
The $530.9 million-asset company's earnings fell 8.2% from the fourth quarter and 7.6% from a year earlier, to $1.7 million. Norwood said it had about $176,000 in expenses during the first quarter associates with the acquisition.
The loan-loss provision fell 18.5% from the fourth quarter and 33% from a year earlier, to $220,000. Nonperforming assets to total assets were 1.57% at March 31, compared with 0.83% a year earlier.
Norwood said it expects to complete its purchase of North Penn, in Scranton, Pa., in the second quarter.
