The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Norwood in Pa. cleans up securities portfolio after raising capital

Norwood Financial in Honesdale, Pa., which raised $30 million in December, reported a net loss in the fourth quarter after selling underwater securities.

The $2.3 billion-asset company said in a press release that it lost $12.7 million in the quarter. The results included a $20 million hit from repositioning its securities portfolio. The move allowed Norward to focus on improved yields in future quarters.

“We believe the portfolio is better positioned for the current and future interest rate environment,” Jim Donnelly, Norwood’s president and CEO, said in the release. “We believe the company is financially stronger and better protected from changes in interest rates and will enhance our future performance.”

 

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