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Norwood Financial Corp (Parent Company Only) Financial Information
 12 Months Ended
Dec. 31, 2018
Norwood Financial Corp (Parent Company Only) Financial Information [Abstract]  
Norwood Financial Corp (Parent Company Only) Financial

NOTE 16 - NORWOOD FINANCIAL CORP (PARENT COMPANY ONLY) FINANCIAL INFORMATION





                                       BALANCE SHEETS









 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2018

 

2017



 

(In Thousands)

ASSETS

 

 

 

 

 

 

Cash on deposit in bank subsidiary

 

$

 2,509 

 

$

 4,782 

Investment in bank subsidiary

 

 

 120,511 

 

 

 110,218 

Other assets

 

 

 1,739 

 

 

 2,858 

   Total assets

 

$

 124,759 

 

$

 117,858 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities

 

$

 2,474 

 

$

 2,119 

Stockholders’ equity

 

 

 122,285 

 

 

 115,739 

   Total liabilities and stockholders' equity

 

$

 124,759 

 

$

 117,858 















STATEMENTS OF INCOME





 

 

 

 

 

 



 

 

 

 

 

 



 

Years Ended December 31,



 

2018

 

2017

Income:

 

(In Thousands)

Dividends from bank subsidiary

 

$

 5,643 

 

$

 5,412 

Net realized gain on sales of securities

 

 

 -

 

 

 130 

Other interest income

 

 

 -

 

 

 8 



 

 

 5,643 

 

 

 5,550 

Expenses

 

 

 618 

 

 

 511 



 

 

 5,025 

 

 

 5,039 

Income tax benefit

 

 

 (217)

 

 

 (127)



 

 

 5,242 

 

 

 5,166 

Equity in undistributed earnings of subsidiary

 

 

 8,409 

 

 

 3,032 

Net Income

 

$

 13,651 

 

$

 8,198 

Comprehensive Income

 

$

 11,298 

 

$

 10,084 













































STATEMENTS OF CASH FLOWS





 

 

 

 

 

 



 

 

 

 

 

 



 

Years Ended December 31,



 

2018

 

2017



 

(In Thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

 13,651 

 

$

 8,198 

Adjustments to reconcile net income to

 

 

 

 

 

 

net cash provided by operating activities:

 

 

 

 

 

 

Undistributed earnings of bank subsidiary

 

 

 (8,409)

 

 

 (3,032)

Net gains on sales of securities

 

 

 -

 

 

 (130)

Decrease in deferred income tax

 

 

 1,158 

 

 

 1,736 

Other, net

 

 

 387 

 

 

 389 

Net Cash Provided by Operating Activities

 

 

 6,787 

 

 

 7,161 



 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

   Investment in bank subsidiary

 

 

 (4,000)

 

 

 -

   Proceeds from sales of securities

 

 

 -

 

 

 422 

Net Cash (Used in) Provided by Investing Activities

 

 

 (4,000)

 

 

 422 



 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

   Stock options exercised

 

 

 520 

 

 

 1,040 

   Sale of treasury stock for ESOP

 

 

 123 

 

 

 127 

   Acquisition of treasury stock

 

 

 (194)

 

 

 (1,587)

   Cash dividends paid

 

 

 (5,509)

 

 

 (5,386)

Net Cash Used in Financing Activities

 

 

 (5,060)

 

 

 (5,806)

Net (Decrease) Increase in Cash and Cash Equivalents

 

 

 (2,273)

 

 

 1,777 



 

 

 

 

 

 

CASH AND CASH EQUIVALENTS - BEGINNING

 

 

 4,782 

 

 

 3,005 

CASH AND CASH EQUIVALENTS - ENDING

 

$

 2,509 

 

$

 4,782