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Nature of Operations | 12 Months Ended
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Dec. 31, 2020
Nature of Operations [Abstract] |
Nature of Operations | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 Under ASC Topic 606, management determined that the primary sources of revenue emanating from interest and dividend income on loans and investments along with noninterest revenue resulting from investment securities gains, loans servicing, gains on loans sold and earnings on bank-owned life insurance are not within the scope of this Topic. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the year ended December 31:
(dollars in thousands) |  | 2020 |  | 2019
Noninterest Income |  |  |  |  |  |
In-scope of Topic 606: |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 377 |  | $ | 336
ATM Fees |  |  | 457 |  |  | 384
Overdraft Fees |  |  | 985 |  |  | 1,380
Safe deposit box rental |  |  | 102 |  |  | 94
Loan related service fees |  |  | 1,288 |  |  | 614
Debit card |  |  | 1,656 |  |  | 1,424
Fiduciary activities |  |  | 682 |  |  | 610
Commissions on mutual funds & annuities |  |  | 122 |  |  | 141
Other income |  |  | 540 |  |  | 465
Noninterest Income (in-scope of Topic 606) |  |  | 6,209 |  |  | 5,448
Out-of-scope of Topic 606: |  |  |  |  |  |
Net realized gains on sales of securities |  |  | 71 |  |  | 254
Loan servicing fees |  |  | 128 |  |  | 77
Gain on sales of loans |  |  | 527 |  |  | 169
Earnings on and proceeds from bank-owned life insurance |  |  | 845 |  |  | 830
Noninterest Income (out-of-scope of Topic 606) |  |  | 1,571 |  |  | 1,330
Total Noninterest Income |  | $ | 7,780 |  | $ | 6,778

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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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