Norwood Financial Corp announces Second Quarter 2025 Results

(NasdaqGM:NWFL),

Quarterly and Year-to-Date Highlights:

  • Fully diluted EPS of $0.67, a 29% increase over the same period in 2024
  • Return on assets rose 31 basis points to 1.06% from 2Q 2024.
  • Net interest margin increased 13 basis points vs. the prior quarter and 63 basis points over the prior year.
  • Loans grew at a 4.4% and 8.2% annualized rate during the second quarter and year-to-date, respectively.
  • Deposits grew year-to-date at an annualized rate of 15% while deposit costs fell 20 basis points since the 4th quarter of 2024.
  • Capital continues to improve on increased earnings and lower accumulated other comprehensive income (AOCI) adjustment.

HONESDALE, Pa., July 22, 2025 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and six months ended June 30, 2025.

Jim Donnelly, President and Chief Executive Officer, stated, “Our company's performance continues to strengthen, due to increased yields coming out of our 2024 4th quarter repositioning, as well as improved results in all our business lines. In the first half of 2025 we achieved robust growth in both loans and deposits while improving yields as well. We enter the second half of 2025 on solid footing and with good momentum”

Mr. Donnelly continued, “I am proud of the performance from the entire Norwood team as they remain focused on delivering the products and services that help our customers achieve their goals. During the second quarter we launched our 'Every Day Better' campaign to high acclaim from customers, employees, and community members. This full rebrand enabled us to articulate our values and mission, stand out from competitors, and unite and energize our company culture. Building on this great combination of a high-performing team and strong brand, I am confident that we are on our way to creating a bright future for us, our customers, and our shareholders.”

Selected Financial Highlights (unaudited)

(dollars in thousands, except per share data) Year-Over Year Linked Quarter Year-to-Date
3 Months Ended 3 Months Ended 6 Months Ended
Jun-25 Jun-24 Change Mar-25 Change Jun-25 Jun-24 Change
Net interest income $ 19,065 $ 14,925 $ 4,140 $ 17,857 $ 1,208 $ 36,923 $ 29,635 $ 7,288
Net interest spread (fte) 2.75 % 2.06 % 69 bps 2.61 % 14 bps 2.68 % 2.07 % 30 bps
Net interest margin (fte) 3.43 % 2.80 % 63 bps 3.30 % 13 bps 3.37 % 2.80 % 26 bps
Net income $ 6,205 $ 4,213 $ 1,992 $ 5,773 $ 432 $ 11,978 $ 8,646 $ 3,332
Diluted earnings per share $ 0.67 $ 0.52 $ 0.15 $ 0.63 $ 0.04 $ 1.30 $ 1.07 $ 0.23
Return on average assets 1.06 % 0.75 % 31 bps 1.01 % 5 bps 1.03 % 0.78 % 25 bps
Return on tangible equity 12.83 % 9.44 % 339 bps 12.40 % 43 bps 12.62 % 11.49 % 113 bps

Discussion of financial results for the three months ended June 30, 2025:

  • The Company had net income of $6.2 million for the three months ended June 30, 2025, an increase of $2.0 million over the same period last year.
  • Net interest income increased during the second quarter of 2025 compared to the second quarter of 2024 due to increases in asset yields while yields on liabilities decreased.
  • Correspondingly, the net interest margin in the second quarter of 2025 was 3.43% compared to 2.80% in the second quarter of 2024.
  • Non-interest income in the first 6 months of 2025 increased $386 thousand or 9.2% over the same period in 2024.
  • The efficiency ratio for the second quarter of 2025 was 58.7% compared to 66.7% in the second quarter of 2024.
  • As of June 30, 2025, total assets were $2.365 billion, compared to $2.235 billion at June 30, 2024, an increase of 5.82%.
  • Loans receivable were $1.791 billion at June 30, 2025, compared to $1.641 billion at June 30, 2024, an increase of 9.1% .
  • Total deposits were $1.997 billion at June 30, 2025, compared to $1.811 billion at June 30, 2024, an increase of 10.3%.
  • Tangible Common Equity was 8.39% as of June 30, 2025, versus 6.92% at June 30, 2024.
  • Tangible Book Value per share increased $1.32 from $19.85 at December 31, 2024, to $21.17 at June 30, 2025.

Norwood Financial Corp is the parent company of Wayne Bank, which operates from sixteen offices throughout Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company's stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Non-GAAP Financial Measures (unaudited)

The following tables reconcile certain Non-GAAP financial measures references in this release:

Three months ended Six months ended
(dollars in thousands) June 30 June 30
2025 2024 2025 2024
Net Interest Income $ 19,065 $ 14,925 $ 36,923 $ 29,635
Taxable equivalent basis adjustment using 21% marginal tax rate 199 199 397 394
Net interest income on a fully taxable equivalent basis $ 19,264 $ 15,124 $ 37,320 $ 30,029
Three months ended Six months ended
(dollars in thousands) June 30 June 30
2025 2024 2025 2024
Average equity $ 223,351 $ 179,494 $ 220,787 $ 180,791
Average goodwill and other intangibles (29,394 ) (29,457 ) (29,402 ) (29,466 )
Average tangible equity $ 193,957 $ 150,037 $ 191,385 $ 151,325

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance”, “solid footing,” “good momentum,” “bright future” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact: John M. McCaffery
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
272-304-3003
www.waynebank.com

NORWOOD FINANCIAL CORP
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
(unaudited)
June 30
2025 2024
ASSETS
Cash and due from banks $ 32,052 $ 29,903
Interest-bearing deposits with banks 20,993 39,492
Cash and cash equivalents 53,045 69,395
Securities available for sale 402,460 397,578
Loans receivable 1,790,574 1,641,355
Less: Allowance for credit losses 20,908 17,806
Net loans receivable 1,769,666 1,623,549
Regulatory stock, at cost 7,538 6,443
Bank premises and equipment, net 21,608 18,265
Bank owned life insurance 46,099 46,121
Foreclosed real estate owned – –
Accrued interest receivable 8,642 8,329
Deferred tax assets, net 17,693 21,707
Goodwill 29,266 29,266
Other intangible assets 121 183
Other assets 9,212 14,480
TOTAL ASSETS $ 2,365,350 $ 2,235,316
LIABILITIES
Deposits:
Non-interest bearing demand $ 406,358 $ 391,849
Interest-bearing 1,591,476 1,419,323
Total deposits 1,997,834 1,811,172
Short-term borrowings 26,500 62,335
Other borrowings 85,350 148,087
Accrued interest payable 10,975 13,329
Other liabilities 19,266 18,206
TOTAL LIABILITIES 2,139,925 2,053,129
STOCKHOLDERS' EQUITY
Preferred Stock, no par value per share, authorized 5,000,000 shares – –
Common Stock, $.10 par value per share,
authorized: 20,000,000 shares,
issued: 2025: 9,490,505 shares, 2024: 8,311,851 shares 949 831
Surplus 126,990 98,082
Retained earnings 131,199 139,070
Treasury stock, at cost: 2025: 229,983 shares, 2024: 221,540 shares (6,208 ) (5,977 )
Accumulated other comprehensive loss (27,505 ) (49,819 )
TOTAL STOCKHOLDERS' EQUITY 225,425 182,187
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,365,350 $ 2,235,316

NORWOOD FINANCIAL CORP
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
INTEREST INCOME
Loans receivable, including fees $ 27,115 $ 24,121 $ 53,103 $ 47,802
Securities 3,871 2,584 7,742 5,109
Other 220 966 446 1,697
Total Interest income 31,206 27,671 61,291 54,608
INTEREST EXPENSE
Deposits 10,869 10,687 21,617 20,796
Short-term borrowings 211 356 669 692
Other borrowings 1,061 1,703 2,082 3,485
Total Interest expense 12,141 12,746 24,368 24,973
NET INTEREST INCOME 19,065 14,925 36,923 29,635
PROVISION FOR (RELEASE OF) CREDIT LOSSES 950 347 1,807 (276 )
NET INTEREST INCOME AFTER PROVISION FOR (RELEASE OF) CREDIT LOSSES 18,115 14,578 35,116 29,911
OTHER INCOME
Service charges and fees 1,514 1,504 3,027 2,847
Income from fiduciary activities 226 225 551 463
Gains on sales of loans, net 65 36 112 42
Earnings and proceeds on life insurance policies 266 253 552 520
Other 177 189 357 341
Total other income 2,248 2,207 4,599 4,213
OTHER EXPENSES
Salaries and employee benefits 6,605 5,954 13,077 12,090
Occupancy, furniture and equipment 1,349 1,229 2,727 2,489
Data processing and related operations 1,189 1,024 2,274 2,046
Taxes, other than income 192 179 385 272
Professional fees 623 508 1,282 1,092
FDIC Insurance assessment 355 309 761 670
Foreclosed real estate 137 15 141 36
Amortization of intangibles 15 19 30 38
Other 2,066 2,207 3,918 4,442
Total other expenses 12,531 11,444 24,595 23,175
INCOME BEFORE TAX EXPENSE 7,832 5,341 15,120 10,949
INCOME TAX EXPENSE 1,627 1,128 3,142 2,303
NET INCOME $ 6,205 $ 4,213 $ 11,978 $ 8,646
Basic earnings per share $ 0.67 $ 0.52 $ 1.30 $ 1.07
Diluted earnings per share $ 0.67 $ 0.52 $ 1.30 $ 1.07

NORWOOD FINANCIAL CORP
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
For the Quarter Ended
June 30, 2025 March 31, 2025 June 30, 2024
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
(2) (1) (3) (2) (1) (3) (2) (1) (3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 19,085 $ 220 4.62 % $ 20,802 $ 226 4.41 % $ 69,173 $ 967 5.62 %
Securities available for sale:
Taxable 404,428 3,624 3.59 408,427 3,623 3.60 401,014 2,206 2.21
Tax-exempt (1) 44,158 312 2.83 44,242 312 2.86 69,126 477 2.78
Total securities available for sale (1) 448,586 3,936 3.52 452,669 3,935 3.53 470,140 2,683 2.30
Loans receivable (1) (4) (5) 1,783,626 27,249 6.13 1,743,572 26,120 6.08 1,629,283 24,220 5.98
Total interest-earning assets 2,251,297 31,405 5.60 2,217,043 30,281 5.54 2,168,596 27,870 5.17
Non-interest earning assets:
Cash and due from banks 30,323 28,705 26,422
Allowance for credit losses (20,733 ) (20,154 ) (18,023 )
Other assets 94,922 93,131 69,718
Total non-interest earning assets 104,512 101,682 78,117
Total Assets $ 2,355,809 $ 2,318,725 $ 2,246,713
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market $ 573,904 $ 2,887 2.02 $ 546,884 $ 2,801 2.08 $ 450,918 $ 2,397 2.14
Savings 204,318 119 0.23 211,905 142 0.27 233,676 286 0.49
Time 821,725 7,863 3.84 793,803 7,805 3.99 755,224 8,004 4.26
Total interest-bearing deposits 1,599,947 10,869 2.72 1,552,592 10,748 2.81 1,439,818 10,687 2.99
Short-term borrowings 17,757 211 4.77 44,297 458 4.19 61,689 356 2.32
Other borrowings 95,792 1,061 4.44 93,549 1,021 4.43 149,442 1,703 4.58
Total interest-bearing liabilities 1,713,496 12,141 2.84 1,690,438 12,227 2.93 1,650,949 12,746 3.11
Non-interest bearing liabilities:
Demand deposits 389,323 380,544 387,962
Other liabilities 29,639 29,549 28,308
Total non-interest bearing liabilities 418,962 410,093 416,270
Stockholders' equity 223,351 218,194 179,494
Total Liabilities and Stockholders' Equity $ 2,355,809 $ 2,318,725 $ 2,246,713
Net interest income/spread (tax equivalent basis) 19,264 2.75 % 18,054 2.61 % 15,124 2.06 %
Tax-equivalent basis adjustment (199 ) (197 ) (199 )
Net interest income $ 19,065 $ 17,857 $ 14,925
Net interest margin (tax equivalent basis) 3.43 % 3.30 % 2.80 %
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.
Year to Date
June 30, 2025 March 31, 2025 June 30, 2024
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
(2) (1) (3) (2) (1) (3) (2) (1) (3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 19,939 $ 446 4.51 % $ 20,802 $ 226 4.41 % $ 61,551 $ 1,697 5.54 %
Securities available for sale:
Taxable 406,416 7,247 3.60 408,427 3,623 3.60 401,645 4,353 2.18
Tax-exempt (1) 44,199 626 2.86 44,242 312 2.86 69,503 958 2.77
Total securities available for sale (1) 450,615 7,873 3.52 452,669 3,935 3.53 471,148 5,311 2.27
Loans receivable (1) (4) (5) 1,763,710 53,369 6.10 1,743,572 26,120 6.08 1,620,694 47,994 5.96
Total interest-earning assets 2,234,264 61,688 5.57 2,217,043 30,281 5.54 2,153,393 55,002 5.14
Non-interest earning assets:
Cash and due from banks 29,519 28,705 25,508
Allowance for credit losses (20,445 ) (20,154 ) (18,559 )
Other assets 94,031 93,131 71,705
Total non-interest earning assets 103,105 101,682 78,654
Total Assets $ 2,337,369 $ 2,318,725 $ 2,232,047
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing demand and money market $ 560,469 $ 5,688 2.05 $ 546,884 $ 2,801 2.08 $ 450,372 $ 4,707 2.10
Savings 208,090 261 0.25 211,905 142 0.27 234,611 536 0.46
Time 807,841 15,668 3.91 793,803 7,805 3.99 740,211 15,553 4.23
Total interest-bearing deposits 1,576,400 21,617 2.77 1,552,592 10,748 2.81 1,425,194 20,796 2.93
Short-term borrowings 30,954 669 4.36 44,297 458 4.19 59,843 692 2.33
Other borrowings 94,676 2,082 4.43 93,549 1,021 4.43 152,470 3,485 4.60
Total interest-bearing liabilities 1,702,030 24,368 2.89 1,690,438 12,227 2.93 1,637,507 24,973 3.07
Non-interest bearing liabilities:
Demand deposits 384,958 380,544 387,014
Other liabilities 29,594 29,549 26,735
Total non-interest bearing liabilities 414,552 410,093 413,749
Stockholders' equity 220,787 218,194 180,791
Total Liabilities and Stockholders' Equity $ 2,337,369 $ 2,318,725 $ 2,232,047
Net interest income/spread (tax equivalent basis) 37,320 2.68 % 18,054 2.61 % 30,029 2.07 %
Tax-equivalent basis adjustment (397 ) (197 ) (394 )
Net interest income $ 36,923 $ 17,857 $ 29,635
Net interest margin (tax equivalent basis) 3.37 % 3.30 % 2.80 %
(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.
NORWOOD FINANCIAL CORP
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended June 30 2025 2024
Net interest income $ 19,065 $ 14,925
Net income 6,205 4,213
Net interest spread (fully taxable equivalent) 2.75 % 2.06 %
Net interest margin (fully taxable equivalent) 3.43 % 2.80 %
Return on average assets 1.06 % 0.75 %
Return on average equity 11.14 % 9.44 %
Return on average tangible equity 12.83 % 11.29 %
Basic earnings per share $ 0.67 $ 0.52
Diluted earnings per share $ 0.67 $ 0.52
For the Six Months Ended June 30 2025 2024
Net interest income 36,923 29,635
Net income 11,978 8,646
Net interest spread (fully taxable equivalent) 2.68 % 2.07 %
Net interest margin (fully taxable equivalent) 3.37 % 2.80 %
Return on average assets 1.03 % 0.78 %
Return on average equity 10.94 % 9.62 %
Return on average tangible equity 12.62 % 11.49 %
Basic earnings per share 1.30 1.07
Diluted earnings per share 1.30 1.07
As of June 30 2025 2024
Total assets $ 2,365,350 $ 2,235,316
Total loans receivable 1,790,574 1,641,355
Allowance for credit losses 20,908 17,806
Total deposits 1,997,834 1,811,172
Stockholders' equity 225,425 182,187
Trust assets under management 207,402 201,079
Book value per share $ 24.34 $ 22.52
Tangible book value per share $ 21.17 $ 18.88
Equity to total assets 9.53 % 8.15 %
Allowance to total loans receivable 1.17 % 1.08 %
Nonperforming loans to total loans 0.45 % 0.47 %
Nonperforming assets to total assets 0.34 % 0.34 %

NORWOOD FINANCIAL CORP
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
June 30 March 31 December 31 September 30 June 30
2025 2025 2024 2024 2024
ASSETS
Cash and due from banks $ 32,052 $ 31,729 $ 27,562 $ 47,072 $ 29,903
Interest-bearing deposits with banks 20,993 43,678 44,777 35,808 39,492
Cash and cash equivalents 53,045 75,407 72,339 82,880 69,395
Securities available for sale 402,460 408,742 397,846 396,891 397,578
Loans receivable 1,790,574 1,771,269 1,713,638 1,675,139 1,641,356
Less: Allowance for credit losses 20,908 20,442 19,843 18,699 17,807
Net loans receivable 1,769,666 1,750,827 1,693,795 1,656,440 1,623,549
Regulatory stock, at cost 7,538 7,616 13,366 6,329 6,443
Bank owned life insurance 46,099 46,914 46,657 46,382 46,121
Bank premises and equipment, net 21,608 20,273 19,657 18,503 18,264
Foreclosed real estate owned – – – – –
Goodwill and other intangibles 29,387 29,402 29,418 29,433 29,449
Other assets 35,547 36,863 44,384 42,893 44,517
TOTAL ASSETS $ 2,365,350 $ 2,376,044 $ 2,317,462 $ 2,279,751 $ 2,235,316
LIABILITIES
Deposits:
Non-interest bearing demand $ 406,358 $ 391,377 $ 381,479 $ 420,967 $ 391,849
Interest-bearing deposits 1,591,476 1,613,071 1,477,684 1,434,284 1,419,323
Total deposits 1,997,834 2,004,448 1,859,163 1,855,251 1,811,172
Borrowings 111,850 118,590 214,862 197,412 210,422
Other liabilities 30,241 32,299 29,929 31,434 31,534
TOTAL LIABILITIES 2,139,925 2,155,337 2,103,954 2,084,097 2,053,128
STOCKHOLDERS' EQUITY 225,425 220,707 213,508 195,654 182,188
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,365,350 $ 2,376,044 $ 2,317,462 $ 2,279,751 $ 2,235,316
NORWOOD FINANCIAL CORP
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
June 30 March 31 December 31 September 30 June 30
Three months ended 2025 2025 2024 2024 2024
INTEREST INCOME
Loans receivable, including fees $ 27,115 $ 25,988 $ 26,122 $ 25,464 $ 24,121
Securities 3,871 3,870 2,789 2,526 2,584
Other 220 226 574 497 966
Total interest income 31,206 30,084 29,485 28,487 27,671
INTEREST EXPENSE
Deposits 10,869 10,748 10,984 10,553 10,687
Borrowings 1,272 1,479 1,876 2,003 2,059
Total interest expense 12,141 12,227 12,860 12,556 12,746
NET INTEREST INCOME 19,065 17,857 16,625 15,931 14,925
PROVISION FOR (RELEASE OF) CREDIT LOSSES 950 857 1,604 1,345 347
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION
FOR CREDIT LOSSES 18,115 17,000 15,021 14,586 14,578
OTHER INCOME
Service charges and fees 1,514 1,513 1,595 1,517 1,504
Income from fiduciary activities 226 325 224 256 225
Net realized (losses) gains on sales of securities – – (19,962 ) – –
Gains on sales of loans, net 65 47 50 103 36
Gains on sales of foreclosed real estate owned – – – – 32
Earnings and proceeds on life insurance policies 266 286 275 261 253
Other 177 180 159 158 157
Total other income 2,248 2,351 (17,659 ) 2,295 2,207
OTHER EXPENSES
Salaries and employee benefits 6,605 6,472 6,690 6,239 5,954
Occupancy, furniture and equipment, net 2,538 1,378 1,291 1,269 1,229
Foreclosed real estate 137 4 9 9 15
FDIC insurance assessment 355 406 335 339 309
Other 2,896 3,804 5,094 4,175 3,937
Total other expenses 12,531 12,064 13,419 12,031 11,444
INCOME BEFORE TAX (BENEFIT) EXPENSE 7,832 7,287 (16,057 ) 4,850 5,341
INCOME TAX (BENEFIT) EXPENSE 1,627 1,514 (3,406 ) 1,006 1,128
NET (LOSS) INCOME $ 6,205 $ 5,773 $ (12,651 ) $ 3,844 $ 4,213
Basic (loss) earnings per share $ 0.67 $ 0.63 $ (1.54 ) $ 0.48 $ 0.52
Diluted (loss) earnings per share $ 0.67 $ 0.63 $ (1.54 ) $ 0.48 $ 0.52
Book Value per share $ 24.34 $ 23.84 $ 23.02 $ 24.18 $ 22.52
Tangible Book Value per share 21.17 20.66 19.85 20.54 18.88
Return on average assets (annualized) 1.06 % 1.01 % -2.19 % 0.68 % 0.75 %
Return on average equity (annualized) 11.14 % 10.73 % -26.08 % 8.09 % 9.44 %
Return on average tangible equity (annualized) 12.83 % 12.40 % -30.77 % 9.58 % 11.29 %
Net interest spread (fte) 2.75 % 2.61 % 2.31 % 2.23 % 2.06 %
Net interest margin (fte) 3.43 % 3.30 % 3.04 % 2.99 % 2.80 %
Allowance for credit losses to total loans 1.17 % 1.15 % 1.16 % 1.12 % 1.08 %
Net charge-offs to average loans (annualized) 0.08 % 0.07 % 0.12 % 0.08 % 0.13 %
Nonperforming loans to total loans 0.45 % 0.45 % 0.46 % 0.47 % 0.47 %
Nonperforming assets to total assets 0.34 % 0.33 % 0.34 % 0.35 % 0.34 %


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