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Nature of Operations | 12 Months Ended
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Dec. 31, 2018
Nature of Operations [Abstract] |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS ﻿ Norwood Financial Corp (Company) is a one bank holding company. Wayne Bank (Bank) is a wholly-owned subsidiary of the Company. The Bank is a state-chartered bank headquartered in Honesdale, Pennsylvania. The Company derives substantially all of its income from bank-related services which include interest earnings on commercial mortgages, residential real estate mortgages, commercial and consumer loans, as well as interest earnings on investment securities and fees from deposit services to its customers. The Company is subject to regulation and supervision by the Federal Reserve Board while the Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities. ﻿ Revenue Recognition ﻿ Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers – Topic 606 and all subsequent ASCs that modified ASC 606. The Company has elected to apply the standard utilizing the modified retrospective approach with a cumulative effect of adoption for the impact from uncompleted contracts as the date of adoption. The implementation of the new standard had no material impact to the measurement or recognition of revenue of prior periods. ﻿ Management determined that the primary sources of revenue emanating from interest income on loans and investments along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, and fees from financial guarantees are not within the scope of ASC 606. As a result, no changes were made during the period related to these sources of revenue. ﻿ The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the year ended December 31, 2018: ﻿ ﻿ ﻿ ﻿
﻿ |  |
﻿(dollars in thousands) |  | 2018
﻿Noninterest Income |  |
﻿ In-scope of Topic 606: |  |
﻿ Service charges on deposit accounts | $ | 263
﻿ ATM Fees |  | 398
﻿ Overdraft Fees |  | 1,505
﻿ Safe deposit box rental |  | 96
﻿ Loan related service fees |  | 515
﻿ Debit card |  | 1,330
﻿ Fiduciary activities |  | 589
﻿ Commissions on mutual funds & annuities |  | 185
﻿ Other income |  | 782
﻿ Noninterest Income (in-scope of Topic 606) |  | 5,663
﻿ Out-of-scope of Topic 606: |  |
﻿ Net realized gains on sales of securities |  | 213
﻿ Loan servicing fees |  | 48
﻿ Gain on sales of loans |  | 15
﻿ Earnings on and proceeds from bank-owned life insurance |  | 1,126
﻿ Noninterest Income (out-of-scope of Topic 606) |  | 1,402
﻿Total Noninterest Income | $ | 7,065
﻿

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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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