Form 8-K - Current report

NORWOOD FINANCIAL CORP

Date: October 28, 2024

/s/ John M. McCaffery

John M. McCaffery

Executive Vice President and Chief Financial Officer

(Duly Authorized Representative)

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) October 28, 2024

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:

☐	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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 2.02

Results of Operations and Financial Condition.

On October 28, 2024, Norwood Financial Corp (the “Company”) issued a press release announcing its earnings for the three and nine months ended September 30, 2024. A copy of the press release 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, as amended, 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) Exhibits:

The following exhibits are being furnished with this report.


No.		Description

99.1		Press Release dated October 28, 2024.

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.

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

Norwood Financial Corp

Announces Third Quarter 2024 Results

Quarterly Highlights:

•

Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.

•

Loans grew at an 8% annualized rate during the 3^rd quarter.

•

Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

Honesdale, Pennsylvania – October 28, 2024 – Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on

those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality

metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:


(dollars in thousands)	Three months ended				Nine months ended
	September 30				September 30
	2024		2023		2024		2023
Net Interest Income	$	15,931	$	15,039	$	45,566	$	46,774
Taxable equivalent basis adjustment using 21% marginal tax rate		207		185		601		554
Net interest income on a fully taxable equivalent basis	$	16,138	$	15,224	$	46,167	$	47,328

This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

The following table reconciles average equity to average tangible equity:


	Three months ended						Nine months ended
(dollars in thousands)	September 30						September 30
	2024			2023			2024			2023
Average equity	$	189,135		$	175,224		$	183,593		$	174,943
Average goodwill and other intangibles		(29,440	)		(29,514	)		(29,457	)		(29,536	)
Average tangible equity	$	159,695		$	145,710		$	154,136		$	145,407

Contact: John M. McCaffery

Executive Vice President &

Chief Financial Officer

NORWOOD FINANCIAL CORP

272-304-3003

www.waynebank.com

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets

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

(unaudited)


	September 30
	2024			2023
ASSETS
Cash and due from banks	$	47,072		$	41,141
Interest-bearing deposits with banks		35,808			13,005

Cash and cash equivalents		82,880			54,146
Securities available for sale		396,891			380,499
Loans receivable		1,675,139			1,611,069
Less: Allowance for credit losses		18,699			16,086

Net loans receivable		1,656,440			1,594,983
Regulatory stock, at cost		6,329			8,843
Bank premises and equipment, net		18,503			17,254
Bank owned life insurance		46,382			46,197
Foreclosed real estate owned		0			290
Accrued interest receivable		8,062			7,759
Deferred tax assets, net		18,818			25,610
Goodwill		29,266			29,266
Other intangible assets		167			240
Other assets		16,013			14,911

TOTAL ASSETS	$	2,279,751		$	2,179,998

LIABILITIES
Deposits:
Non-interest bearing demand	$	420,967		$	430,242
Interest-bearing		1,434,284			1,316,582

Total deposits		1,855,251			1,746,824
Short-term borrowings		52,453			103,881
Other borrowings		144,959			137,447
Accrued interest payable		12,688			8,605
Other liabilities		18,746			18,539

TOTAL LIABILITIES		2,084,097			2,015,296
STOCKHOLDERS’ EQUITY
Preferred Stock, no par value per share, authorized 5,000,000 shares		—			—
Common Stock, $.10 par value per share, authorized: 20,000,000 shares, issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares		831			829
Surplus		98,330			97,449
Retained earnings		140,489			137,363
Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares		(5,969	)		(5,957	)
Accumulated other comprehensive loss		(38,027	)		(64,982	)

TOTAL STOCKHOLDERS’ EQUITY		195,654			164,702

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,279,751		$	2,179,998

NORWOOD FINANCIAL CORP

Consolidated Statements of Income

(dollars in thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
INTEREST INCOME
Loans receivable, including fees	$	25,464	$	22,021	$	73,266	$	61,881
Securities		2,526		2,433		7,635		7,418
Other		497		54		2,194		156

Total Interest income		28,487		24,508		83,095		69,455
INTEREST EXPENSE
Deposits		10,553		7,017		31,349		17,119
Short-term borrowings		323		1,126		1,015		2,702
Other borrowings		1,680		1,326		5,165		2,860

Total Interest expense		12,556		9,469		37,529		22,681

NET INTEREST INCOME		15,931		15,039		45,566		46,774
PROVISION FOR CREDIT LOSSES		1,345		$882	$	1,069		$(568)

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		14,586		14,157		44,497		47,342
OTHER INCOME
Service charges and fees		1,517		1,527		4,364		4,192
Income from fiduciary activities		256		246		719		688
Net realized (losses) gains on sales of securities		—		—		—		(209	)
Gains on sales of loans, net		103		18		145		27
Gains on sales of foreclosed real estate owned		—		13		32		13
Earnings and proceeds on life insurance policies		261		328		781		770
Other		158		174		467		520

Total other income		2,295		2,306		6,508		6,001
OTHER EXPENSES
Salaries and employee benefits		6,239		6,083		18,328		17,893
Occupancy, furniture and equipment		1,269		1,242		3,758		3,818
Data processing and related operations		1,162		876		3,208		2,465
Taxes, other than income		179		167		452		490
Professional fees		576		524		1,669		1,132
FDIC Insurance assessment		339		254		1,009		699
Foreclosed real estate		9		9		45		112
Amortization of intangibles		16		20		54		66
Other		2,242		2,101		6,683		5,974

Total other expenses		12,031		11,276		35,206		32,649
INCOME BEFORE TAX		4,850		5,187		15,799		20,694
INCOME TAX EXPENSE		1,006		1,068		3,308		4,289

NET INCOME	$	3,844	$	4,119	$	12,491	$	16,405

Basic earnings per share	$	0.48	$	0.51	$	1.55	$	2.03

Diluted earnings per share	$	0.48	$	0.51	$	1.55	$	2.03

NORWOOD FINANCIAL CORP

Financial Highlights (Unaudited)

(dollars in thousands, except per share data)


For the Three Months Ended September 30	2024			2023
Net interest income	$	15,931		$	15,039
Net income		3,844			4,119
Net interest spread (fully taxable equivalent)		2.23	%		2.26	%
Net interest margin (fully taxable equivalent)		2.99	%		2.92	%
Return on average assets		0.68	%		0.76	%
Return on average equity		8.09	%		9.33	%
Return on average tangible equity		9.58	%		11.22	%
Basic earnings per share	$	0.48		$	0.51
Diluted earnings per share	$	0.48		$	0.51


For the Nine Months Ended September 30	2024			2023
Net interest income	$	45,566		$	46,774
Net income		12,491			16,405
Net interest spread (fully taxable equivalent)		2.12	%		2.56	%
Net interest margin (fully taxable equivalent)		2.87	%		3.10	%
Return on average assets		0.75	%		1.04	%
Return on average equity		9.09	%		12.54	%
Return on average tangible equity		10.82	%		15.08	%
Basic earnings per share	$	1.55		$	2.03
Diluted earnings per share	$	1.55		$	2.03


As of September 30	2024			2023
Total assets	$	2,279,751		$	2,179,998
Total loans receivable		1,675,139			1,611,069
Allowance for credit losses		18,699			16,086
Total deposits		1,855,251			1,746,824
Stockholders’ equity		195,654			164,702
Trust assets under management		209,857			185,913
Book value per share	$	24.92		$	21.15
Tangible book value per share	$	21.28		$	17.49
Equity to total assets		8.58	%		7.56	%
Allowance to total loans receivable		1.12	%		1.00	%
Nonperforming loans to total loans		0.47	%		0.65	%
Nonperforming assets to total assets		0.35	%		0.50	%

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets (unaudited)

(dollars in thousands)


	September 30 2024		June 30 2024		March 31 2024		December 31 2023		September 30 2023
ASSETS
Cash and due from banks	$	47,072	$	29,903	$	19,519	$	28,533	$	41,141
Interest-bearing deposits with banks		35,808		39,492		92,444		37,587		13,005

Cash and cash equivalents		82,880		69,395		111,963		66,120		54,146
Securities available for sale		396,891		397,578		398,374		406,259		380,499
Loans receivable		1,675,139		1,641,356		1,621,448		1,603,618		1,611,069
Less: Allowance for credit losses		18,699		17,807		18,020		18,968		16,086

Net loans receivable		1,656,440		1,623,549		1,603,428		1,584,650		1,594,983
Regulatory stock, at cost		6,329		6,443		6,545		7,318		8,843
Bank owned life insurance		46,382		46,121		45,869		46,439		46,197
Bank premises and equipment, net		18,503		18,264		18,057		17,838		17,254
Foreclosed real estate owned		0		0		97		97		290
Goodwill and other intangibles		29,433		29,449		29,468		29,487		29,506
Other assets		42,893		44,517		46,622		42,871		48,280

TOTAL ASSETS	$	2,279,751	$	2,235,316	$	2,260,423	$	2,201,079	$	2,179,998

LIABILITIES
Deposits:
Non-interest bearing demand	$	420,967	$	391,849	$	383,362	$	399,545	$	430,242
Interest-bearing deposits		1,434,284		1,419,323		1,455,636		1,395,614		1,316,582

Total deposits		1,855,251		1,811,172		1,838,998		1,795,159		1,746,824
Borrowings		197,412		210,422		211,234		198,312		241,328
Other liabilities		31,434		31,534		28,978		26,538		27,144

TOTAL LIABILITIES		2,084,097		2,053,128		2,079,210		2,020,009		2,015,296
STOCKHOLDERS’ EQUITY		195,654		182,188		181,213		181,070		164,702

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,279,751	$	2,235,316	$	2,260,423	$	2,201,079	$	2,179,998

NORWOOD FINANCIAL CORP

Consolidated Statements of Income (unaudited)

(dollars in thousands, except per share data)


Three months ended	September 30 2024			June 30 2024			March 31 2024			December 31 2023			September 30 2023
INTEREST INCOME
Loans receivable, including fees	$	25,464		$	24,121		$	23,681		$	23,328		$	22,021
Securities		2,526			2,584			2,526			2,504			2,433
Other		497			966			731			253			54

Total interest income		28,487			27,671			26,938			26,085			24,508
INTEREST EXPENSE
Deposits		10,553			10,687			10,110			8,910			7,017
Borrowings		2,003			2,059			2,118			1,882			2,452

Total interest expense		12,556			12,746			12,228			10,792			9,469

NET INTEREST INCOME		15,931			14,925			14,710			15,293			15,039
(RELEASE OF) PROVISION FOR CREDIT LOSSES		1,345			347			(624	)		6,116			882

NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES		14,586			14,578			15,334			9,177			14,157
OTHER INCOME
Service charges and fees		1,517			1,504			1,343			1,421			1,527
Income from fiduciary activities		256			225			238			210			246
Net realized (losses) gains on sales of securities		—			—			—			—			—
Gains on sales of loans, net		103			36			6			36			18
Gains on sales of foreclosed real estate owned		—			32			—			66			13
Earnings and proceeds on life insurance policies		261			253			268			242			328
Other		158			157			151			148			174

Total other income		2,295			2,207			2,006			2,123			2,306
OTHER EXPENSES
Salaries and employee benefits		6,239			5,954			6,135			5,672			6,083
Occupancy, furniture and equipment, net		1,269			1,229			1,261			1,265			1,242
Foreclosed real estate		9			15			21			17			9
FDIC insurance assessment		339			309			361			287			254
Other		4,175			3,937			3,954			3,608			3,688

Total other expenses		12,031			11,444			11,732			10,849			11,276
INCOME BEFORE TAX		4,850			5,341			5,608			451			5,187
INCOME TAX EXPENSE		1,006			1,128			1,175			96			1,068

NET INCOME	$	3,844		$	4,213		$	4,433		$	355		$	4,119

Basic earnings per share	$	0.48		$	0.52		$	0.55		$	0.04		$	0.51

Diluted earnings per share	$	0.48		$	0.52		$	0.55		$	0.04		$	0.51

Book Value per share	$	24.92		$	23.26		$	23.01		$	22.99		$	21.15
Tangible Book Value per share		21.28			19.62			19.38			19.36			17.49
Return on average assets (annualized)		0.68	%		0.75	%		0.80	%		0.06	%		0.76	%
Return on average equity (annualized)		8.09	%		9.41	%		9.79	%		0.84	%		9.33	%
Return on average tangible equity (annualized)		9.58	%		11.26	%		11.68	%		1.01	%		11.22	%
Net interest spread (fte)		2.23	%		2.05	%		2.07	%		2.24	%		2.28	%
Net interest margin (fte)		2.99	%		2.79	%		2.79	%		2.95	%		2.94	%
Allowance for credit losses to total loans		1.12	%		1.08	%		1.11	%		1.18	%		1.00	%
Net charge-offs to average loans (annualized)		0.08	%		0.13	%		0.08	%		0.79	%		0.59	%
Nonperforming loans to total loans		0.47	%		0.47	%		0.23	%		0.48	%		0.65	%
Nonperforming assets to total assets		0.35	%		0.34	%		0.17	%		0.35	%		0.50	%

NORWOOD FINANCIAL CORP

NET INTEREST MARGIN ANALYSIS

(dollars in thousands)


	September 30, 2024									For the Quarter Ended June 30, 2024									September 30, 2023
	Average Balance (2)			Interest (1)			Average Rate (3)			Average Balance (2)			Interest (1)			Average Rate (3)			Average Balance (2)			Interest (1)			Average Rate (3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	36,221		$	497			5.46	%	$	69,173		$	967			5.62	%	$	3,675		$	54			5.83	%
Securities available for sale:
Taxable		392,168			2,161			2.19			401,014			2,206			2.21			406,962			2,052			2.00
Tax-exempt (1)		67,563			461			2.71			69,126			477			2.78			70,219			483			2.73

Total securities available for sale (1)		459,731			2,622			2.27			470,140			2,683			2.30			477,181			2,535			2.11
Loans receivable (1) (4) (5)		1,651,921			25,575			6.16			1,629,283			24,220			5.98			1,589,474			22,104			5.52

Total interest-earning assets		2,147,873			28,694			5.31			2,168,596			27,870			5.17			2,070,330			24,693			4.73
Non-interest earning assets:
Cash and due from banks		28,193									26,422									27,910
Allowance for credit losses		(17,944	)								(18,023	)								(17,262	)
Other assets		78,344									69,718									65,863

Total non-interest earning assets		88,593									78,117									76,511

Total Assets	$	2,236,466								$	2,246,713								$	2,146,841

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and money market	$	461,897		$	2,782			2.40		$	450,918		$	2,397			2.14		$	439,255		$	1,647			1.49
Savings		221,366			13			0.02			233,676			286			0.49			238,493			77			0.13
Time		734,235			7,758			4.20			755,224			8,004			4.26			611,607			5,293			3.43

Total interest-bearing deposits		1,417,498			10,553			2.96			1,439,818			10,687			2.99			1,289,355			7,017			2.16
Short-term borrowings		53,622			323			2.40			61,689			356			2.32			116,470			1,126			3.84
Other borrowings		146,357			1,680			4.57			149,442			1,703			4.58			116,700			1,326			4.51

Total interest-bearing liabilities		1,617,477			12,556			3.09			1,650,949			12,746			3.11			1,522,525			9,469			2.47
Non-interest bearing liabilities:
Demand deposits		400,314									387,962									425,216
Other liabilities		29,540									28,308									23,876

Total non-interest bearing liabilities		429,854									416,270									449,092
Stockholders’ equity		189,135									179,494									175,224

Total Liabilities and Stockholders’ Equity	$	2,236,466								$	2,246,713								$	2,146,841

Net interest income/spread (tax equivalent basis)					16,138			2.23	%					15,124			2.06	%					15,224			2.26	%

Tax-equivalent basis adjustment					(207	)								(199	)								(185	)

Net interest income				$	15,931								$	14,925								$	15,039

Net interest margin (tax equivalent basis)								2.99	%								2.80	%								2.92	%

(1)	Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.

(2)	Average balances have been calculated based on daily balances.

(3)	Annualized

(4)	Loan balances include non-accrual loans and are net of unearned income.

(5)	Loan yields include the effect of amortization of deferred fees, net of costs.

Document and Entity Information	Oct. 28, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001013272
Document Type	8-K
Document Period End Date	Oct. 28, 2024
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