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Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2020

Norwood Financial Corp (Parent Company Only) Financial Information [Abstract]

Norwood Financial Corp (Parent Company Only) Financial

NOTE 20 - NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION

BALANCE SHEETS

		December 31,
		2020			2019
		(In Thousands)
ASSETS
Cash on deposit in bank subsidiary		$	854		$	2,848
Investment in bank subsidiary			195,035			135,433
Other assets			2,337			1,875
Total assets		$	198,226		$	140,156
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities		$	3,441		$	2,728
Stockholders’ equity			194,785			137,428
Total liabilities and stockholders' equity		$	198,226		$	140,156

STATEMENTS OF INCOME

		Years Ended December 31,
		2020			2019
Income:		(In Thousands)
Dividends from bank subsidiary		$	15,319		$	6,113
Expenses			1,704			637
			13,615			5,476
Income tax benefit			(180)			(232)
			13,795			5,708
Equity in undistributed earnings of subsidiary			1,285			8,507
Net Income		$	15,080		$	14,215
Comprehensive Income		$	19,012		$	20,422

STATEMENTS OF CASH FLOWS

		Years Ended December 31,
		2020			2019
		(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	15,080		$	14,215
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary			(1,285)			(8,507)
Other, net			28			335
Net Cash Provided by Operating Activities			13,823			6,043
CASH FLOWS FROM INVESTING ACTIVITIES
Outlays for business combinations			(8,844)			—
Net Cash (Used in) Provided by Investing Activities			(8,844)			—
CASH FLOWS FROM FINANCING ACTIVITIES
Stock options exercised			268			638
Sale of treasury stock for ESOP			130			127
Acquisition of treasury stock			(108)			(428)
Cash dividends paid			(7,263)			(6,041)
Net Cash Used in Financing Activities			(6,973)			(5,704)
Net (Decrease) Increase in Cash and Cash Equivalents			(1,994)			339
CASH AND CASH EQUIVALENTS - BEGINNING			2,848			2,509
CASH AND CASH EQUIVALENTS - ENDING		$	854		$	2,848

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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