Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2014

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

NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION

NOTE 16 - NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION BALANCE SHEETS



	December 31,
	2014		2013
	(In Thousands)
ASSETS
Cash on deposit in bank subsidiary	$	1,846	$	1,205
Securities available for sale		398		328
Investment in bank subsidiary		94,268		87,589
Other assets		3,900		3,835
Total assets	$	100,412	$	92,957
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities	$	1,371	$	1,093
Stockholders’ equity		99,041		91,864
Total liabilities and stockholders' equity	$	100,412	$	92,957

STATEMENTS OF INCOME



	Years Ended December 31,
	2014		2013		2012
Income:	(In Thousands)
Dividends from bank subsidiary	$	4,377	$	4,216	$	3,971
Other interest income		10		9		6
Net realized gain on sales of securities		-		-		73
		4,387		4,225		4,050
Expenses		346		267		296
		4,041		3,958		3,754
Income tax benefit		(114)		(88)		(74)
		4,155		4,046		3,828
Equity in undistributed earnings of subsidiary		3,502		4,419		4,575
Net Income	$	7,657	$	8,465	$	8,403
Comprehensive Income	$	10,721	$	3,066	$	7,885

STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2014		2013		2012
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	7,657	$	8,465	$	8,403
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary		(3,502)		(4,419)		(4,575)
Net gains on sales of securities		-		-		(68)
Other, net		177		(247)		(181)
Net Cash Provided by Operating Activities		4,332		3,799		3,579

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of securities		-		-		114
Purchase of securities		-		-		(185
Net Cash Used in Investing Activities		-		-		(71)

CASH FLOWS FROM FINANCING ACTIVITIES
Stock options exercised		691		575		455
Tax benefit of stock options exercised		17		39		30
ESOP purchase of shares from treasury stock		150		146		149
Acquisition of treasury stock		(179)		(319)		(320)
Cash dividends paid		(4,370)		(4,155)		(3,932)
Net Cash Used in Financing Activities		(3,691)		(3,714)		(3,618)
Net Increase (Decrease) in Cash and Cash Equivalents		641		85		(110)

CASH AND CASH EQUIVALENTS - BEGINNING		1,205		1,120		1,230
CASH AND CASH EQUIVALENTS - ENDING	$	1,846	$	1,205	$	1,120

- 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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