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Norwood Financial Corp (NWFL) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Norwood Financial Corp

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CIK: 1013272 Ticker: NWFL

Exhibit 99.1

FOR IMMEDIATE RELEASE

NORWOOD FINANCIAL CORP ANNOUNCES EARNINGS FOR THE FOURTH

QUARTER AND 2022 FISCAL YEAR

January 27, 2023 – Honesdale, Pennsylvania

James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market – NWFL), and its subsidiary Wayne Bank, announced net income for the three months ended December 31, 2022 of $7,140,000 compared to the net income of $6,638,000 earned in the three months ended December 31, 2021. The increase in net income was due primarily to a $736,000 increase in net interest income. For the year ended December 31, 2022, net income totaled $29,233,000, an increase of $4,318,000 from net income of $24,915,000 earned in year ended December 31, 2021. The increase includes a $3,084,000 increase in net interest income and a $3,300,000 reduction in the provision for loan losses.

Earnings per share (fully diluted) were $0.88 and $0.81 for the three-month periods ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, earnings per share on a fully diluted basis were $3.58, compared to $3.05 for the year ended December 31, 2021. For the year ended December 31, 2022, the return on average assets was 1.43%, and the return on average equity was 16.11%, compared to 1.24% and 12.35%, respectively, for the year ended December 31, 2021.

Total assets were $2.047 billion as of December 31, 2022. As of December 31, 2022, loans receivable were $1.474 billion, total deposits were $1.728 billion and stockholders’ equity was $167.1 million. The $38.2 million decrease in stockholders’ equity compared to December 31, 2021, includes a $57.1 million decrease in accumulated other comprehensive income due to a decrease in the market value of available for sale securities related to the significant increase in interest rates during 2022.

The following information was filed by Norwood Financial Corp (NWFL) on Friday, January 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Norwood Financial Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders??? Equity
Consolidated Statements Of Changes In Stockholders??? Equity (Parenthetical)
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Significant Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Summary Of Changes In Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Tables)
Borrowings
Borrowings (Collateral Pledged For Repurchase Agreements) (Details)
Borrowings (Contractual Maturities Of Other Borrowings) (Details)
Borrowings (Narrative) (Details)
Borrowings (Other Borrowings) (Details)
Borrowings (Outstanding Balances And Related Information Of Short-Term Borrowings) (Details)
Borrowings (Short-Term Borrowings) (Details)
Borrowings (Tables)
Deposits
Deposits (Narrative) (Details)
Deposits (Schedule Of Maturities Of Time Deposits) (Details)
Deposits (Tables)
Earnings Per Share
Earnings Per Share (Computations Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Components Of Net Pension Cost (Income)) (Details)
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income) (Details)
Employee Benefit Plans (Schedule Of Changes In Level 3 Assets) (Details)
Employee Benefit Plans (Schedule Of Projected Benefit Obligation And Changes In Plan Assets For The Defined Benefit Pension Plan) (Details)
Employee Benefit Plans (Schedule Of Target Asset Allocations) (Details)
Employee Benefit Plans (Schedule Of Weighted Average Assumptions Used To Determine The Benefit Obligation And The Net Periodic Cost) (Details)
Employee Benefit Plans (Tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Additional Qualitative Information About Level 3 Assets) (Details)
Fair Values Of Financial Instruments (Fair Value, Assets And Liabilities Measured On Nonrecurring Basis) (Details)
Fair Values Of Financial Instruments (Fair Value, Assets Measured On Recurring Basis) (Details)
Fair Values Of Financial Instruments (Fair Value, By Balance Sheet Grouping) (Details)
Fair Values Of Financial Instruments (Narrative) (Details)
Fair Values Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of The Provision For Federal Income Taxes) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Interest Rate Swaps
Interest Rate Swaps (Fair Value Of Derivative Instruments) (Details)
Interest Rate Swaps (Narrative) (Details)
Interest Rate Swaps (Summary Of Derivatives) (Details)
Interest Rate Swaps (Tables)
Loans Receivable And Allowance For Loan Losses
Loans Receivable And Allowance For Loan Losses (Allowance For Loan Losses And Recorded Investment In Financing Receivables) (Details)
Loans Receivable And Allowance For Loan Losses (Changes In The Accretable Yield For Purchased Credit Impaired Loans) (Details)
Loans Receivable And Allowance For Loan Losses (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details)
Loans Receivable And Allowance For Loan Losses (Components Of Purchase Accounting Adjustments Related To Purchased Credit-Impaired Loans Acquired) (Details)
Loans Receivable And Allowance For Loan Losses (Composition Of The Loan Portfolio) (Details)
Loans Receivable And Allowance For Loan Losses (Impaired Loans And Related Interest Income By Loan Portfolio Class) (Details)
Loans Receivable And Allowance For Loan Losses (Information Regarding Loans Acquired And Accounted For In Accordance With Asc 310-30) (Details)
Loans Receivable And Allowance For Loan Losses (Loan Portfolio Summarized By The Past Due Status) (Details)
Loans Receivable And Allowance For Loan Losses (Narrative) (Details)
Loans Receivable And Allowance For Loan Losses (Summary Of Amount Of Loans In Each Category That Were Individually And Collectively Evaluated For Impairment) (Details)
Loans Receivable And Allowance For Loan Losses (Tables)
Nature Of Operations
Norwood Financial Corp (Parent Company Only) Financial Information
Norwood Financial Corp (Parent Company Only) Financial Information (Balance Sheets) (Details)
Norwood Financial Corp (Parent Company Only) Financial Information (Statements Of Cash Flows) (Details)
Norwood Financial Corp (Parent Company Only) Financial Information (Statements Of Income) (Details)
Norwood Financial Corp (Parent Company Only) Financial Information (Tables)
Off-Balance Sheet Financial Instruments
Off-Balance Sheet Financial Instruments (Schedule Of Fair Value, Off-Balance Sheet Risks) (Details)
Off-Balance Sheet Financial Instruments (Tables)
Operating Leases
Operating Leases (Lease Cost) (Details)
Operating Leases (Narrative) (Details)
Operating Leases (Tables)
Operating Leases (Undiscounted Cash Flows Due) (Details)
Premises And Equipment
Premises And Equipment (Components Of Premises And Equipment) (Details)
Premises And Equipment (Narrative) (Details)
Premises And Equipment (Tables)
Regulatory Matters And Stockholders' Equity
Regulatory Matters And Stockholders' Equity (Narrative) (Details)
Regulatory Matters And Stockholders' Equity (Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations) (Details)
Regulatory Matters And Stockholders' Equity (Tables)
Securities
Securities (Narrative) (Details)
Securities (Schedule Of Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity) (Details)
Securities (Schedule Of Amortized Cost Gross Unrealized Gains And Losses, And Fair Values Of Securities) (Details)
Securities (Schedule Of Investments' Gross Unrealized Losses And Fair Value Aggregated By Security Type And Length Of Time That Individual Securities Have Been In A Continuous Unrealized Loss Position) (Details)
Securities (Tables)
Stock Based Compensation
Stock Based Compensation (Narrative) (Details)
Stock Based Compensation (Schedule Of Fair Value Assumptions) (Details)
Stock Based Compensation (Schedule Of Outstanding Stock Options) (Details)
Stock Based Compensation (Summary Of Restricted Stock Activity) (Details)
Stock Based Compensation (Summary Of Stock Option Activity) (Details)
Stock Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Revenue) (Details) (Details)
Summary Of Significant Accounting Policies (Schedule Of Estimated Future Amortization Expense For The Core Deposit Intangible) (Details)
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives ) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: NWFL
CIK: 1013272
Form Type: 10-K Annual Report
Accession Number: 0001562762-23-000122
Submitted to the SEC: Fri Mar 17 2023 4:15:15 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

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