UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 13, 2019
Norwood Financial Corp.
(Exact name of registrant as specified in its charter)
| Pennsylvania | 0-28364 | 23-2828306 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 717 Main Street, Honesdale, Pennsylvania | 18431 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (570) 253-1455
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
| Common Stock, par value $0.10 per share | NWFL | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
NORWOOD FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN THE REPORT
Item 8.01. Other Events
On December 13, 2019, the Registrant announced that its Board of Directors had declared a quarterly cash dividend of $0.25 per share payable on February 3, 2020, to shareholders of record as of January 15, 2020. For further information, reference is made to the Registrant’s press release, dated December 13, 2019, which is furnished as Exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits
| (d) | The following exhibits are furnished with this report. |
| Number | Description | |
| 99.1 | Press Release, dated December 13, 2019 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NORWOOD FINANCIAL CORP. | ||||||
| Date: December 13, 2019 | By: | /s/William S. Lance | ||||
| William S. Lance | ||||||
| Executive Vice President and Chief Financial Officer | ||||||
| (Duly Authorized Representative) | ||||||
Exhibit 99.1
NORWOOD FINANCIAL CORP
INCREASES CASH DIVIDEND
HONESDALE, PENNSYLVANIA – DECEMBER 13, 2019
Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market—NWFL) and its subsidiary Wayne Bank announced that the Board of Directors declared a $0.25 per share quarterly dividend payable February 3, 2020 to shareholders of record as of January 15, 2020. The $0.25 per share represents an increase of 4.2% over the cash dividend declared in the prior quarter of this year and the fourth quarter of last year. During 2019, total cash dividends declared were $0.97 per share, compared to the $0.90 declared in 2018.
Mr. Critelli commented, “The Board is extremely pleased to provide our shareholders with this 4.2% increase in their quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance. We are also very proud that 2019 marks the twenty-eighth consecutive year of dividend increases for the Company.”
Norwood Financial Corp, through its subsidiary, Wayne Bank operates fifteen offices in Northeastern Pennsylvania and twelve offices in Delaware and Sullivan Counties, New York. As of September 30, 2019, the Company had total assets of $1.216 billion, loans outstanding of $905.6 million, total deposits of $974.4 million and total stockholders’ equity of $134.9 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.
Forward-Looking Statements. The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of risks and uncertainties which may cause actual results to differ materially from those currently anticipated, and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include, but are not limited to, our ability to pay or increase cash dividends in the future, the continued financial strength, solid performance and strong capital position of the Company, changes in federal and state laws, changes in the absolute and relative levels of interest rates, the ability to control costs and expenses, demand for real estate, costs associated with cybercrime, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp. does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
| CONTACT: | William Lance Executive Vice President and Chief Financial Officer NORWOOD FINANCIAL CORP (570) 253-8505 www.waynebank.com | |||