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Acquisition of UpState New York Bancorp, Inc. and USNY Bank (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Business Acquisition [Line Items] |
Future Amortization Expense |
2021 | $ | 123
2022 |  | 101
2023 |  | 85
2024 |  | 69
2025 |  | 54
Thereafter |  | 98
| $ | 530
UpState New York Bancorp, Inc. [Member] |
Business Acquisition [Line Items] |
Summary of Purchase |
(Dollars in Thousands, Except Per Share Data) |  |  |  |  |
Purchase Price Consideration in Common Stock
UpState New York Bancorp, Inc. common shares settled for stock |  | 1,987,206 |  |  |
Exchange Ratio |  | 0.9390 |  |  |
Norwood Financial Corp shares issued |  | 1,865,738 |  |  |
Value assigned to each Norwood Financial Corp common share | $ | 24.30 |  |  |
Purchase price assigned to UpState New York Bancorp, Inc. common shares |  |  |  | $ | 45,337
exchanged for Norwood Financial Corp shares |  |  |  |  |
Purchase Price Consideration - Cash for Common Stock |  |  |  |  |
UpState New York Bancorp, Inc. shares exchanged for cash, excluding fractional shares |  | 220,794 |  |  |
Purchase price paid to each UpState New York Bancorp, Inc. common share exchanged for cash | $ | 33.33 |  |  |
Purchase price assigned to UpState New York Bancorp, Inc. common shares exchanged for cash |  |  |  | $ | 7,359
Purchase price additional cash consideration per share |  |  |  |  | 1,479
Purchase price consideration - Cash-in-lieu of Fractional Shares |  |  |  |  | 6
Total Purchase Price |  |  |  | $ | 54,181
Net Assets Acquired: |  |  |  |  |
UpState New York Bancorp, Inc. shareholders' equity | $ | 44,803 |  |  |
UpState New York Bancorp, Inc. goodwill and intangibles |  | - |  |  |
Total tangible equity |  | 44,803 |  |  |
Adjustments to reflect assets acquired at fair value: |  |  |  |  |
Investments |  | (112) |  |  |
Loans |  |  |  |  |
Interest rate |  | 3,982 |  |  |
General credit |  | (10,529) |  |  |
Specific credit - non-amortizing |  | (5,213) |  |  |
Specific credit - amortizing |  | (1,724) |  |  |
Core deposit intangible |  | 409 |  |  |
Deferred loan fees |  | (812) |  |  |
Premises and equipment |  | (1,211) |  |  |
Allowance for loan and lease losses |  | 5,982 |  |  |
Deferred tax assets |  | 3,449 |  |  |
Other |  | (48) |  |  |
Adjustments to reflect liabilities acquired at fair value: |  |  |  |  |
Time deposits |  | (2,754) |  |  |
Net assets acquired |  |  |  |  | 36,222
Goodwill resulting from merger |  |  |  | $ | 17,959
Schedule of Business Acquisitions, by Acquisition |
(In Thousands) |  |  |  |  |  |
Total purchase price |  |  |  | $ | 54,181 |
Net assets acquired: |  |  |  |  |  |
Cash | $ | 24,037 |  |  |  |
Securities available for sale |  | 13,836 |  |  |  |
Loans |  | 405,221 |  |  |  |
Premises and equipment, net |  | 4,318 |  |  |  |
Regulatory stock |  | 2,487 |  |  |  |
Accrued interest receivable |  | 1,426 |  |  |  |
Core deposit intangible |  | 564 |  |  |  |
Other assets |  | 5,117 |  |  |  |
Deposits |  | (414,113) |  |  |  |
Accrued interest payable |  | (175) |  |  |  |
Other liabilities |  | (6,496) |  |  |  |
Total identifiable net assets acquired |  |  |  |  | 36,222 |
Goodwill resulting from UpState New York Bancorp, Inc. Merger |  |  |  | $ | 17,959 |
Future Amortization Expense |
(In thousands) |  |
2020 | $ | 37
2021 |  | 71
2022 |  | 63
2023 |  | 56
2024 |  | 48
After five years |  | 134
| $ | 409
Proforma |
|  | Actual From
|  | Acquisition Date
|  | Through
|  | December 31,2020
|  | (in thousands)
Net interest income after provision for loan losses | $ | 7,291
Noninterest income | $ | 313
Nonrecurring Adjustments |
|  | Pro Forma
|  | Twelve Months Ended December 31,
(In Thousands, Except Per Share Data) |  | 2020 |  | 2019
Net interest income after provision for loan losses |  | $ | 52,897 |  | $ | 50,487
Noninterest income |  |  | 8,726 |  |  | 7,959
Net income |  |  | 20,613 |  |  | 18,842
Pro forma earnings per share: |  |  |  |  |  |
Basic |  | $ | 2.52 |  | $ | 2.31
Diluted |  | $ | 2.52 |  | $ | 2.30

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