Norwood Financial Corp Files 10-Q for Q1 2024

TL;DR

<b>Norwood Financial Corp has submitted its Q1 2024 10-Q filing, detailing financial performance and position.</b>

AI Summary

NORWOOD FINANCIAL CORP (NWFL) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Norwood Financial Corp filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Key financial statement items like Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are reported as of March 31, 2024. The filing references various accounting standards and financial instruments relevant to the banking industry.

Why It Matters

For investors and stakeholders tracking NORWOOD FINANCIAL CORP, this filing contains several important signals. The 10-Q filing provides a quarterly update on Norwood Financial Corp's financial health, including balance sheet and income statement details, which is crucial for investors to assess performance and make informed decisions. This filing is essential for understanding the company's operational status and financial commitments as of March 31, 2024, including details on various revenue streams and liabilities.

Risk Assessment

Risk Level: low — NORWOOD FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the drivers of revenue and any changes in financial position.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 6022 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• PA — State of Incorporation (STATE OF INCORPORATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• NORWOOD FINANCIAL CORP (company) — FILER
• PA (company) — STATE OF INCORPORATION
• 717 MAIN ST (company) — BUSINESS ADDRESS
• HONESDALE (company) — CITY
• PA (company) — STATE
• 18431 (company) — ZIP
• 7172531455 (company) — BUSINESS PHONE
• 20240331 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Norwood Financial Corp operates within the commercial banking sector, as indicated by its SIC code 6022. This sector is characterized by interest-based revenue and various fee-generating services.

Regulatory Implications

As a publicly traded company, Norwood Financial Corp is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of Form 10-Q for quarterly financial disclosures.

What Investors Should Do

1. Analyze the "Consolidated Statements of Operations" for revenue and expense trends.
2. Examine the "Consolidated Balance Sheets" for changes in assets, liabilities, and equity.
3. Review any "Management's Discussion and Analysis of Financial Condition and Results of Operations" for insights into performance drivers.

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on a company's financial performance and position during a specific quarter.)

Fiscal Year End

The last day of a company's annual accounting period. (Helps in understanding the timing of annual financial reporting and tax obligations.)

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update compared to the previous quarter and the same quarter in the prior year.

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share NWFL The Nasdaq Stock Mar
• $000 — tions Per Share Contractual Term ($000) Outstanding at January 1, 2023 215

Filing Documents

• nwfl-20240331x10q.htm (10-Q) — 8571KB
• nwfl-20240331xex10_1.htm (EX-10.1) — 186KB
• nwfl-20240331xex31_1.htm (EX-31.1) — 17KB
• nwfl-20240331xex31_2.htm (EX-31.2) — 17KB
• nwfl-20240331xex32.htm (EX-32) — 12KB
• 0001562762-24-000132.txt (&nbsp;) — 36985KB
• nwfl-20240331.xsd (EX-101.SCH) — 47KB
• nwfl-20240331_cal.xml (EX-101.CAL) — 107KB
• nwfl-20240331_def.xml (EX-101.DEF) — 266KB
• nwfl-20240331_lab.xml (EX-101.LAB) — 480KB
• nwfl-20240331_pre.xml (EX-101.PRE) — 490KB
• nwfl-20240331x10q_htm.xml (XML) — 12477KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II - OTHER INFORMATION 44 Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 44 Item 6. Exhibits 46

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NORWOOD FINANCIAL CORP Consolidated Balance Sheets ( unaudited) (dollars in thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS Cash and due from banks $ 19,519 $ 28,533 Interest-bearing deposits with banks 92,444 37,587 Cash and cash equivalents 111,963 66,120 Securities available for sale, at fair value (net of allowance for credit losses of $ 0 ) 398,374 406,259 Loans receivable (net of allowance for credit losses of $ 18,020 and $ 18,968 ) 1,603,428 1,584,650 Regulatory stock, at cost 6,545 7,318 Bank premises and equipment, net 18,057 17,838 Bank owned life insurance 45,869 46,439 Accrued interest receivable 8,135 8,123 Foreclosed real estate owned 97 97 Deferred tax assets, net 21,642 21,353 Goodwill 29,266 29,266 Other intangibles 202 221 Other assets 16,845 13,395 TOTAL ASSETS $ 2,260,423 $ 2,201,079 LIABILITIES Deposits: Non-interest bearing demand $ 383,362 $ 399,545 Interest-bearing 1,455,636 1,395,614 Total deposits 1,838,998 1,795,159 Short-term borrowings 60,055 74,076 Other borrowings 151,179 124,236 Accrued interest payable 11,737 10,510 Other liabilities 17,241 16,028 TOTAL LIABILITIES 2,079,210 2,020,009 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: 2024: 8,310,847 shares, 2023: 8,310,847 shares 831 831 Surplus 97,893 97,700 Retained earnings 137,285 135,284 Treasury stock at cost: 2024: 200,690 shares; 2023: 200,690 shares ( 5,397 ) ( 5,397 ) Accumulated other comprehensive loss ( 49,399 ) ( 47,348 ) TOTAL STOCKHOLDERS' EQUITY 181,213 181,070 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,260,423 $ 2,201,079 See accomp

View Full Filing

View this 10-Q filing on SEC EDGAR