Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2013

Norwood Financial Corp (Parent Company Only) Financial Information [Abstract]

NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION

NOTE 17 - NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION BALANCE SHEETS



	December 31,
	2013		2012
	(In Thousands)
ASSETS
Cash on deposit in bank subsidiary	$	1,205	$	1,120
Securities available for sale		328		319
Investment in bank subsidiary		87,589		88,412
Other assets		3,835		3,591
Total assets	$	92,957	$	93,442
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities	$	1,093	$	1,021
Stockholders’ equity		91,864		92,421
Total liabilities and stockholders' equity	$	92,957	$	93,442

STATEMENTS OF INCOME



	Years Ended December 31,
	2013		2012		2011
Income:	(In Thousands)
Dividends from bank subsidiary	$	4,216	$	3,971	$	16,496
Other interest income		9		6		9
Net realized gain on sales of securities		-		73		-
		4,225		4,050		16,505
Expenses		267		296		980
		3,958		3,754		15,525
Income tax benefit		(88)		(74)		(290)
		4,046		3,828		15,815
Equity in undistributed earnings of subsidiary		4,419		4,575		(8,459)
Net Income	$	8,465	$	8,403	$	7,356
Comprehensive Income	$	3,066	$	7,885	$	9,534

STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2013		2012		2011
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	8,465	$	8,403	$	7,356
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary		(4,419)		(4,575)		8,459
Net gains on sales of securities		-		(68)		--
Other, net		(247)		(181)		(506)
Net Cash Provided by Operating Activities		3,799		3,579		15,309

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of securities		-		114		-
Outlays for business acquisitions		-		-		(10,518)
Purchase of securities		-		(185		-
Net Cash Used in Investing Activities		-		(71)		(10,518)

CASH FLOWS FROM FINANCING ACTIVITIES
Stock options exercised		575		455		51
Tax benefit of stock options exercised		39		30		5
ESOP purchase of shares from treasury stock		146		149		153
Acquisition of treasury stock		(319)		(320)		(602)
Cash dividends paid		(4,155)		(3,932)		(3,514)
Net Cash Used in Financing Activities		(3,714)		(3,618)		(3,907)
Net Increase (Decrease) in Cash and Cash Equivalents		85		(110)		884

CASH AND CASH EQUIVALENTS - BEGINNING		1,120		1,230		346
CASH AND CASH EQUIVALENTS - ENDING	$	1,205	$	1,120	$	1,230

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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