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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.