UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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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 March 11, 2021, Norwood Financial Corp (the “Company”) announced that its Board of Directors had declared a quarterly cash dividend of $0.26 per share payable on May 3, 2021, to shareholders of record as of April 15, 2021. For further information, reference is made to the Company’s press release, dated March 11, 2021, a copy of which is furnished with this report as exhibit 99.1 hereto and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
| (d) | The following exhibits are furnished with this report. |
| Number |
Description | |
| 99.1 | Press Release, dated March 11, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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: March 11, 2021 | By: | /s/ William S. Lance |
||||||
| William S. Lance | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| (Duly Authorized Representative) | ||||||||
Exhibit 99.1
NORWOOD FINANCIAL CORP
ANNOUNCES CASH DIVIDEND
HONESDALE, PENNSYLVANIA – MARCH 11, 2021
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 $0.26 per share quarterly cash dividend payable May 3, 2021, to shareholders of record as of April 15, 2021. The $0.26 per share represents an increase of 4.0% over the cash dividend declared in the first quarter of 2020.
Mr. Critelli commented, “The Board is extremely pleased to provide our stockholders with this quarterly cash dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.”
Norwood Financial Corp, through its subsidiary, Wayne Bank operates fourteen offices in Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of December 31, 2020, the Company had total assets of $1.852 billion, loans outstanding of $1.411 billion, total deposits of $1.535 billion and total stockholders’ equity of $194.8 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 potential adverse impact the COVID-19 pandemic may have on Norwood’s financial condition and results of operations, 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 |
Document and Entity Information |
Mar. 11, 2021 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001013272 |
| Document Type | 8-K |
| Document Period End Date | Mar. 11, 2021 |
| Entity Registrant Name | Norwood Financial Corp |
| Entity Incorporation State Country Code | PA |
| Entity File Number | 0-28364 |
| Entity Tax Identification Number | 23-2828306 |
| Entity Address, Address Line One | 717 Main Street |
| Entity Address, City or Town | Honesdale |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 18431 |
| City Area Code | (570) |
| Local Phone Number | 253-1455 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.10 per share |
| Trading Symbol | NWFL |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |