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Acquisition of Delaware Bancshares, Inc. (Tables)

9 Months Ended

Sep. 30, 2017

Acquisition of Delaware Bancshares, Inc. [Abstract]

Schedule of Business Acquisitions, by Acquisition [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 each Norwood Financial Corp. common share		$	28.15
Purchase price assigned to Delaware Bancshares, Inc. common shares					$	12,150
  exchanged for Norwood Financial Corp. shares

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



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





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]



	(In thousands)

	2017	$	18
	2018		70
	2019		62
	2020		54
	2021		46
	After five years		105
		$	355



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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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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.

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