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Acquisition of Delaware Bancshares, Inc. (Tables)

12 Months Ended

Dec. 31, 2016

Business Acquisition [Line Items]

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









(Dollars in Thousands, Except Per Share Data)

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					$	12,150
  exchanged for Norwood Financial Corp.

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 share 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			(97)

Adjustments to reflect liabilities acquired at fair value:
Time deposits			(252)
						14,400
Goodwill resulting from merger					$	1,616





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			3,282
Time deposits			(71,342)
Deposits other than time deposits			(255,921)
Borrowings			(21,232)
Accrued interest payable			(95)
Other liabilities			(7,873)
						14,400

Goodwill resulting from Delaware Bancshares, Inc., Merger					$	1,616



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




2017	$	150
2018		126
2019		101
2020		77
2021		52
Thereafter		106
	$	612




Business Acquisition, Pro Forma Information [Table Text Block]



	Actual From
	Acquisition Date
	Through				Pro Forma
	December 31,				Year Ended December 31,
(In Thousands, Except Per Share Data)	2016			2016			2015
Net interest income	$	3,900		$	37,199		$	33,787
Non-interest income		893			6,487			7,939
Net income		750			3,588			6,944
Pro forma earnings per share:
  Basic	$	0.18		$	0.87		$	1.69
  Diluted	$	0.18		$	0.87		$	1.68



Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]



Professional fees	$	-		$	1,602		$	80
Data processing related		-			638			-
Other		-			810			-



Delaware Bancshares, Inc. Acquisition [Member]

Business Acquisition [Line Items]

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



(In thousands)

2017	$	30
2018		30
2019		30
2020		30
2021		30
After five years		299
	$	449



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