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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 0-28364

 

Norwood Financial Corp

(Exact name of registrant as specified in its charter)

 

Pennsylvania

 

23-2828306

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. employer

identification no.)

717 Main Street, Honesdale, Pennsylvania

 

18431

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (570253-1455

N/A

Former name, former address and former fiscal year, if changed since last report.

 

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 (x) whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

  

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):      Yes      No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

 

Outstanding as of August 1, 2022

Common stock, par value $0.10 per share

 

8,165,279


NORWOOD FINANCIAL CORP

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2022

Page

Number

PART I -

CONSOLIDATED FINANCIAL INFORMATION OF NORWOOD FINANCIAL CORP

3

Item 1.

Financial Statements (unaudited)

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

44

Item 4.

Controls and Procedures

46

PART II -

OTHER INFORMATION

47

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

Signatures

49

 


2


PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets (unaudited)

(dollars in thousands, except share and per share data)

June 30,

December 31,

2022

2021

ASSETS

Cash and due from banks

$

29,931

$

21,073

Interest-bearing deposits with banks

79,735

185,608

Cash and cash equivalents

109,666

206,681

Securities available for sale, at fair value

440,877

406,782

Loans receivable

1,404,317

1,354,931

Less: Allowance for loan losses

17,017

16,442

Net loans receivable

1,387,300

1,338,489

Regulatory stock, at cost

2,396

3,927

Bank premises and equipment, net

17,032

17,289

Bank owned life insurance

43,167

40,038

Accrued interest receivable

6,085

5,889

Foreclosed real estate owned

346

1,742

Goodwill

29,266

29,266

Other intangibles

353

407

Other assets

29,896

17,994

TOTAL ASSETS

$

2,066,384

$

2,068,504

LIABILITIES

Deposits:

Non-interest bearing demand

$

442,991

$

440,652

Interest-bearing

1,356,839

1,316,141

Total deposits

1,799,830

1,756,793

Short-term borrowings

70,427

60,822

Other borrowings

4,412

29,998

Accrued interest payable

1,138

1,203

Other liabilities

16,746

14,426

TOTAL LIABILITIES

1,892,553

1,863,242

STOCKHOLDERS’ EQUITY

Preferred stock, no par value per share,

authorized: 5,000,000 shares; issued: none

Common stock, $0.10 par value per share,

authorized: 20,000,000 shares,

issued: 2022: 8,275,901 shares, 2021: 8,266,751 shares

828

827

Surplus

96,752

96,443

Retained earnings

119,414

110,015

Treasury stock at cost: 2022: 110,084 shares; 2021: 65,328 shares

(2,933)

(1,767)

Accumulated other comprehensive loss

(40,230)

(256)

TOTAL STOCKHOLDERS’ EQUITY

173,831

205,262

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,066,384

$

2,068,504

See accompanying notes to the unaudited consolidated financial statements. 

3


NORWOOD FINANCIAL CORP

Consolidated Statements of Income (unaudited)

(dollars in thousan ds, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

INTEREST INCOME

Loans receivable, including fees

$

15,714

$

16,102

$

31,089

$

32,248

Securities

2,197

1,356

4,091

2,468

Other

182

59

260

102

Total interest income

18,093

17,517

35,440

34,818

INTEREST EXPENSE

Deposits

1,083

1,205

2,142

2,459

Short-term borrowings

60

73

108

142

Other borrowings

56

186

195

388

Total interest expense

1,199

1,464

2,445

2,989

NET INTEREST INCOME

16,894

16,053

32,995

31,829

PROVISION FOR LOAN LOSSES

300

1,500

600

3,000

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

16,594

14,553

32,395

28,829

OTHER INCOME

Service charges and fees

1,475

1,532

2,946

2,782

Income from fiduciary activities

214

181

416

341

Net realized gains on sales of securities

21

Gain on sale of loans, net

109

138

Gain on sales of foreclosed real estate owned

427

Earnings and proceeds on bank owned life insurance

449

194

625

568

Other

351

171

1,414

326

Total other income

2,489

2,187

5,828

4,176

OTHER EXPENSES

Salaries and employee benefits

5,840

5,171

11,271

10,125

Occupancy, furniture & equipment, net

1,206

1,186

2,513

2,406

Data processing and related operations

666

562

1,295

1,166

Taxes, other than income

240

229

533

534

Professional fees

406

343

981

883

Federal Deposit Insurance Corporation insurance

142

154

326

335

Foreclosed real estate

10

13

63

42

Amortization of intangibles

27

34

54

69

Other

1,935

1,800

3,594

3,384

Total other expenses

10,472

9,492

20,630

18,944

INCOME BEFORE INCOME TAXES

8,611

7,248

17,593

14,061

INCOME TAX EXPENSE

1,756

1,493

3,610

2,765

NET INCOME

$

6,855

$

5,755

$

13,983

$

11,296

BASIC EARNINGS PER SHARE

$

0.84

$

0.70

$

1.71

$

1.38

DILUTED EARNINGS PER SHARE

$

0.84

$

0.70

$

1.71

$

1.38

See accompanying notes to the unaudited consolidated financial statements.

 

4


NORWOOD FINANCIAL CORP

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

(dollars in thousands)

Three Months Ended

June 30,

2022

2021

Net income

$

6,855

$

5,755

Other comprehensive income (loss)

Investment securities available for sale:

Unrealized holding loss

(20,893)

1,949

Tax effect

4,388

(409)

Reclassification of investment securities gains

recognized in net income

Tax effect

Other comprehensive (loss) income

(16,505)

1,540

Comprehensive Income (Loss)

$

(9,650)

$

7,295

Six Months Ended

June 30,

2022

2021

Net income

$

13,983

$

11,296

Other comprehensive income (loss)

Investment securities available for sale:

Unrealized holding (loss) gain

(50,602)

(1,952)

Tax effect

10,628

411

Reclassification of investment securities gains

recognized in net income

(21)

Tax effect

4

Other comprehensive (loss)

(39,974)

(1,558)

Comprehensive Income (Loss)

$

(25,991)

$

9,738

See accompanying notes to the unaudited consolidated financial statements.

 

5


NORWOOD FINANCIAL CORP

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Six Months Ended June 30, 2022 and 2021

(dollars in thousands, except share and per share data)

Accumulated