Total assets as of June 30, 2020 were $1.3 billion and five billion, with loans of $988.7 million, deposits of $1.086 billion and equity of $142.7 million. Loan receivables have increased through $101.0 million since June 30, 2019, while general deposits have increased across $10 million to five million. The loan provision includes $67.3 million in repayment check policy (PPP) loans, while the deposit arrangement also includes a significant stimulus budget from the PPP and careS Act.
Non-active assets, which come with non-active loans and contracted assets, totaled $3.nine million and accounted for 0.2nine% of total assets as of June 30, 2020 compared directly to $3.0 million, or 0.25% of total assets, as of June 30, 2019. The debt loss directly totaled $10312,000 as of June 30, 2020 and accounted for 1.04% of total external loans, directly compared to $8228,000 and 0.nine3%, respectively, as of June 30, 201nine.
During the 3 months ended June 30, 2020, the net interest source of coins on a currently taxable equivalent basis (FTE) totaled $10088,000, a $210,000 design over the similar period consisting of 201nine. A $101.2 million design in average low-rate loans contributed to the design in currencies. Net interest margin (fte) for the 2020 consistent period was 3.25%, directly compared to 3.4nine% for the 201nine coherent period. The equivalent tax transfer on interest-based assets was reduced to a minimum of 38 basis elements to 3.8% during the previous year, while the price tag of interest-generating holders was kept to a minimum through 16 basis elements to 0.86%. The net source of interest for the coins in (fte) for the six months ended June 30, 2020 was $1ninennenine, 000,1000, $578,000 above what was the same similar consistency period in 201nine due to the higher volume of productive assets. Net interest margin (fte) was 3.36% for the 2020 and 3.46% consist of the first six months of 201nine. The minimization in net interest margin (fte) reflects the expansion of PPP loans and the relief in the net interest margin gained due to the interest rate of 1.00% of those loans.
Other expenses totaled $80nine2,000 for the 3 months ended June 30, 2020, a $1307,000 design from $6785,000 reported in 201n9 is the biggest friend due to 15nine7000 merger costs. For the six months ending June 30, 2020, other expenses totaled $15,152,000 compared to $13,433,000 for a similar era in 201nine. The design includes $1,5nine7,000 in merger-like expenses.
Mr. Critelli commented: “Our effects for the first component of 2020 have been particularly affected by our efforts to help our consumers with the COVID-1 pandemic, trade restrictions and applicable costs with our acquisition of UpState New York Bancorp, Inc. Our balance sheet reflects our wise way of offering loans to small businesses and other economic incentives that delight in them.” Mr. Critelli added: “We are pleased to announce the final touch of the merger on July 7 and welcome Upstate shareholders in Norwood and Wayne Bank staff. We are ahead of ourselves to serve consumers at Finger Lakes and Bank of Coopers banks. We continue to look for opportunities while serving our next shareholder and consumer base.”
Norwood Financial Corp. it is the parent company of Wayne Bank, which operates from five offices in northeastern Pennsylvania and twelve offices in the Southern New York component. Compabig Apple shares are traded on the Nasdaq global market under the symbol “NWFL”.
Forward-looking statements The Private Securities Litigation Reform Act of 1nineninefive includes safe harbor provisions related to forward-looking statements. When used in this discussion, the words “believe,” “anticipate,” “consider,” “expect,” and similar expressions are intended to detect forward search statements. Such statements are subject to linked dangers and disunities, which may cause genuine effects that differ to the most important friends from those projected. These dangers and mismatches come with changes in federal and state laws, changes in interest rates, hazards and mismatches raised through them, and the effect and characteristic of the COVID-1 pandemic on the economy and the scoring effects and economic economy of the apple. position, the strength to adjust costs and expenses, demand for genuine goods, government taxes and industrial policies, cybersecurity and general economic conditions. Compabig Apple undertakes no obligation to publicly publish the outcome of the revisions of the large apple to such forward-looking statements that are also made to reflect the parts or times after the practical date or to reflect the occurrence of unforeseen parties.
The following t brings the net interest source of the currencies and the net interest source of the coins in combination on the basis of the current tax: