Norwood Financial Corp (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2023

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

BALANCE SHEETS



	December 31,
	2023		2022
	(In Thousands)
ASSETS
Cash on deposit in bank subsidiary	$	1,699	$	3,938
Investment in bank subsidiary		180,508		164,248
Other assets		2,666		2,365
Total assets	$	184,873	$	170,551
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities	$	3,803	$	3,466
Stockholders’ equity		181,070		167,085
Total liabilities and stockholders' equity	$	184,873	$	170,551

STATEMENTS OF INCOME



	Years Ended December 31,
	2023		2022
Income:	(In Thousands)
Dividends from bank subsidiary	$	9,483	$	13,228

Expenses		834		743
		8,649		12,485
Income tax benefit		(245)		(219)
		8,894		12,704
Equity in undistributed earnings of subsidiary		7,865		16,529
Net Income	$	16,759	$	29,233
Comprehensive Income (Loss)	$	26,764	$	(27,864)



	Years Ended December 31,
	2023		2022
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	16,759	$	29,233
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of bank subsidiary		(7,865)		(16,529)
Other, net		398		607
Net Cash Provided by Operating Activities		9,292		13,311

CASH FLOWS FROM FINANCING ACTIVITIES
Stock options exercised		886		657
Sale of treasury stock for ESOP		100		132
Acquisition of treasury stock		(3,100)		(2,515)
Cash dividends paid		(9,417)		(9,158)
Net Cash Used in Financing Activities		(11,531)		(10,884)
Net (Decrease) Increase in Cash and Cash Equivalents		(2,239)		2,427

CASH AND CASH EQUIVALENTS - BEGINNING		3,938		1,511
CASH AND CASH EQUIVALENTS - ENDING	$	1,699	$	3,938