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Acquisition of Delaware Bancshares, Inc. (Tables)

9 Months Ended

Sep. 30, 2016

Acquisition of Delaware Bancshares, Inc. [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]


Purchase Price Consideration in Common Stock

Delaware Bancshares, Inc. common shares settled for stock	694,114
Exchange Ratio	0.6221
Norwood Financial Corp. shares issued	431,605
Value assigned to Norwood Financial Corp. common share	$28.15
Purchase price assigned to Delaware Bancshares, Inc. common shares exchanged for Norwood Financial Corp.		$12,150

Purchase Price Consideration – Cash for Common Stock
Delaware Bancshares, Inc. shares exchanged for cash	231,385
Purchase price paid to each Delaware Bancshares, Inc. common shares exchanged for cash	$16.68
Purchase price assigned to Delaware Bancshares, Inc. common shares exchanged for cash		$3,860
Purchase price consideration-Cash in Lieu of Fractional Shares		6
Total Purchase Price		$16,016

Net Assets Acquired:

Delaware Bancshares, Inc. shareholders’ equity	19,357
Delaware Bancshares, Inc. goodwill and intangibles	(7,640)
Total tangible equity	11,717
Adjustments to reflect assets acquired at fair value:
Investments	219
Loans
  Interest rate	1,486
  General credit	(1,614)
  Specific credit- non-amortizing	(260)
  Specific credit – amortizing	(239)
Core deposit intangible	449
Deferred loan fees	(296)
Premises and equipment	3,053
Allowance for loan and lease losses	1,651
Deferred tax assets	(1,417)
Other	(445)

Adjustments to reflect liabilities acquired at fair value:
Time deposits	(252)
		14,052
Goodwill resulting from merger		$1,964




The following condensed statement reflects the values assigned to Delaware Bancshares, Inc. net assets as of acquisition date:



(In Thousands)


Total purchase price		$16,016

Net assets acquired:
Cash	$14,977
Securities available for sale	208,488
Loans	116,674
Premises and equipment, net	7,292
Regulatory stock	279
Accrued interest receivable	1,626
Bank-owned life insurance	14,762
Core deposit intangible	449
Deferred tax assets	3,034
Other assets	2,934
Time deposits	(71,342)
Deposits other than time deposits	(255,921)
Borrowings	(21,232)
Accrued interest payable	(95)
Other liabilities	(7,873)

		14,052
Goodwill resulting from Delaware Bancshares, Inc.
  Merger		$1,964



Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2016							$	13
2017								30
2018								30
2019								30
2020								30
After five years								316
							$	449




Business Acquisition, Pro Forma Information [Table Text Block]

	Actual From Acquisition Date	Pro Forma Nine Months Ended September 30
(In Thousands, Except Per Share Data)	Through September 30, 2016	2016	2015

Net interest income	$1,560	$25,377	$26,340
Non-interest income	357	4,715	5,179
Net income	300	1,243	6,050
Pro forma earnings per share:
  Basic	$0.08	$0.33	$1.60
  Diluted	$0.08	$0.33	$1.60




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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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-Name Accounting Standards Codification
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