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Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2022

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

Norwood Financial Corp (Parent Company Only) Financial

NOTE 18 - NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION

BALANCE SHEETS

		December 31,
		2022			2021
		(In Thousands)
ASSETS
Cash on deposit in bank subsidiary		$	3,938		$	1,511
Investment in bank subsidiary			164,248			204,547
Other assets			2,365			2,472
Total assets		$	170,551		$	208,530
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities		$	3,466		$	3,268
Stockholders’ equity			167,085			205,262
Total liabilities and stockholders' equity		$	170,551		$	208,530

STATEMENTS OF INCOME

		Years Ended December 31,
		2022			2021
Income:		(In Thousands)
Dividends from bank subsidiary		$	13,228		$	10,697
Expenses			743			627
			12,485			10,070
Income tax benefit			(219)			(171)
			12,704			10,241
Equity in undistributed earnings of subsidiary			16,529			14,674
Net Income		$	29,233		$	24,915
Comprehensive Income		$	(27,864)		$	19,540

STATEMENTS OF CASH FLOWS

		Years Ended December 31,
		2022			2021
		(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	29,233		$	24,915
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary			(16,529)			(14,674)
Other, net			607			(129)
Net Cash Provided by Operating Activities			13,311			10,112
CASH FLOWS FROM FINANCING ACTIVITIES
Stock options exercised			657			394
Sale of treasury stock for ESOP			132			130
Acquisition of treasury stock			(2,515)			(1,440)
Cash dividends paid			(9,158)			(8,539)
Net Cash Used in Financing Activities			(10,884)			(9,455)
Net Increase in Cash and Cash Equivalents			2,427			657
CASH AND CASH EQUIVALENTS - BEGINNING			1,511			854
CASH AND CASH EQUIVALENTS - ENDING		$	3,938		$	1,511

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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