Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2016

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,
	2016		2015
	(In Thousands)
ASSETS
Cash on deposit in bank subsidiary	$	3,005	$	2,151
Securities available for sale		397		384
Investment in bank subsidiary		105,138		95,895
Other assets		4,539		4,113
Total assets	$	113,079	$	102,543
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities	$	2,000	$	1,545
Stockholders’ equity		111,079		100,998
Total liabilities and stockholders' equity	$	113,079	$	102,543

STATEMENTS OF INCOME



	Years Ended December 31,
	2016		2015		2014
Income:	(In Thousands)
Dividends from bank subsidiary	$	28,598	$	4,574	$	4,377
Other interest income		12		11		10
		28,610		4,585		4,387
Expenses		1,347		313		346
		27,263		4,272		4,041
Income tax benefit		(225)		(103)		(114)
		27,488		4,375		4,155
Equity in undistributed earnings of subsidiary		(20,777)		1,533		3,502
Net Income	$	6,711	$	5,908	$	7,657
Comprehensive Income	$	2,104	$	5,934	$	10,721

STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2016		2015		2014
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	6,711	$	5,908	$	7,657
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary		20,777		(1,533)		(3,502)
Other, net		(305)		(19)		177
Net Cash Provided by Operating Activities		27,183		4,356		4,332

CASH FLOWS FROM INVESTING ACTIVITIES
Outlays for busines acquisitions		(2,324)		-		-
Net Cash Used in Investing Activities		(2,324)		-		-

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings		(19,856)		-		-
Stock options exercised		843		441		691
Tax benefit of stock options exercised		38		16		17
ESOP purchase of shares from treasury stock		131		146		150
Purchase of treasury stock		(447)		(127)		(179)
Cash dividends paid		(4,714)		(4,527)		(4,370)
Net Cash Used in Financing Activities		(24,005)		(4,051)		(3,691)
Net Increase in Cash and Cash Equivalents		854		305		641

CASH AND CASH EQUIVALENTS - BEGINNING		2,151		1,846		1,205
CASH AND CASH EQUIVALENTS - ENDING	$	3,005	$	2,151	$	1,846

- 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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