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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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