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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 September 30, 2025


☐	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 (570) 253-1455

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 November 1, 2025
Common stock, par value $0.10 per share		9,264,200

NORWOOD FINANCIAL CORP

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025


		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	36
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	51

PART II -	OTHER INFORMATION	52

Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54

Signatures		55

‎

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets (unaudited)

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



	September 30,		December 31,
	2025		2024
ASSETS
Cash and due from banks	$	50,348	$	27,562
Interest-bearing deposits with banks		24,382		44,777
Cash and cash equivalents		74,730		72,339
Securities available for sale, at fair value (net of allowance for credit losses of $0)		403,989		397,846
Loans receivable (net of allowance for credit losses of $19,911 and $19,843)		1,794,771		1,693,795
Regulatory stock, at cost		6,163		13,366
Bank premises and equipment, net		22,292		19,657
Bank owned life insurance		45,821		46,657
Accrued interest receivable		8,686		8,466
Deferred tax assets, net		16,528		17,696
Goodwill		29,266		29,266
Other intangibles		109		152
Other assets		9,596		18,222
TOTAL ASSETS	$	2,411,951	$	2,317,462
LIABILITIES
Deposits:
Non-interest bearing demand	$	424,027	$	381,479
Interest-bearing		1,649,941		1,477,684
Total deposits		2,073,968		1,859,163
Short-term borrowings		—		113,069
Other borrowings		72,071		101,793
Accrued interest payable		9,823		12,615
Other liabilities		21,184		17,314
TOTAL LIABILITIES		2,177,046		2,103,954
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: 2025: 9,491,558 shares, 2024: 9,487,068 shares		949		949
Surplus		127,190		126,514
Retained earnings		136,662		124,963
Treasury stock at cost: 2025: 229,233 shares; 2024: 214,161 shares		(6,188)		(5,797)
Accumulated other comprehensive loss		(23,708)		(33,121)
TOTAL STOCKHOLDERS’ EQUITY		234,905		213,508
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,411,951	$	2,317,462

See accompanying notes to the unaudited consolidated financial statements.
‎

NORWOOD FINANCIAL CORP

Consolidated Statements of Income (unaudited)

(dollars in thousan ds, except per share data)




	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
INTEREST INCOME
Loans receivable, including fees	$	28,141	$	25,464	$	81,244	$	73,266
Securities		3,907		2,526		11,648		7,635
Interest bearing deposits with other banks		144		497		590		2,194
Total interest income		32,192		28,487		93,482		83,095
INTEREST EXPENSE
Deposits		10,730		10,553		32,347		31,349
Short-term borrowings		105		323		774		1,015
Other borrowings		899		1,680		2,981		5,165
Total interest expense		11,734		12,556		36,102		37,529
NET INTEREST INCOME		20,458		15,931		57,380		45,566
(RELEASE OF) PROVISION FOR CREDIT LOSSES
(Release of) provision for credit losses		(392)		1,216		1,372		888
(Release of) provision for off balance sheet commitments		(110)		129		(67)		181
Total (release of) provision for credit losses		(502)		1,345		1,305		1,069
NET INTEREST INCOME AFTER
(RELEASE OF) PROVISION FOR CREDIT LOSSES		20,960		14,586		56,075		44,497
OTHER INCOME
Service charges and fees		1,660		1,517		4,687		4,364
Income from fiduciary activities		254		256		805		719
Gains on sales of loans, net		130		103		242		145
Gain on sales of foreclosed real estate owned		—		—		—		32
Earnings and proceeds on bank owned life insurance		268		261		820		781
Other		193		158		551		467
Total other income		2,505		2,295		7,105		6,508
OTHER EXPENSES
Salaries and employee benefits		6,696		6,239		19,773		18,328
Occupancy, furniture & equipment, net		1,361		1,269		4,088		3,758
Data processing and related operations		1,087		1,162		3,361		3,208
Taxes, other than income		192		179		577		452
Professional fees		968		576		2,250		1,669
Federal Deposit Insurance Corporation insurance		368		339		1,129		1,009
Foreclosed real estate		1		9		143		45
Amortization of intangibles		12		16		42		54
Other		2,249		2,242		6,166		6,683
Total other expenses		12,934		12,031		37,529		35,206
INCOME BEFORE INCOME TAXES		10,531		4,850		25,651		15,799
INCOME TAX EXPENSE		2,197		1,006		5,338		3,308
NET INCOME	$	8,334	$	3,844	$	20,313	$	12,491
BASIC EARNINGS PER SHARE	$	0.89	$	0.48	$	2.22	$	1.55
DILUTED EARNINGS PER SHARE	$	0.89	$	0.48	$	2.22	$	1.55

See accompanying notes to the unaudited consolidated financial statements.

‎

NORWOOD FINANCIAL CORP

Consolidated Statements of Comprehensive Income (unaudited)

(dollars in thousands)



	Three Months Ended
	September 30,
	2025		2024
Net income	$	8,334	$	3,844
Other comprehensive income
Investment securities available for sale:
Unrealized holding gains		4,806		14,928
Tax effect		(1,009)		(3,136)
Other comprehensive income		3,797		11,792
Comprehensive Income	$	12,131	$	15,636



	Nine Months Ended
	September 30,
	2025		2024
Net income	$	20,313	$	12,491
Other comprehensive income
Investment securities available for sale:
Unrealized holding gains		11,913		11,799
Tax effect		(2,500)		(2,478)
Other comprehensive income		9,413		9,321
Comprehensive Income	$	29,726	$	21,812

See accompanying notes to the unaudited consolidated financial statements.

‎

NORWOOD FINANCIAL CORP

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Nine Months Ended September 30, 2025 and 2024

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



													Accumulated
													Other
	Common Stock						Retained		Treasury Stock				Comprehensive
	Shares		Amount		Surplus		Earnings		Shares		Amount		Loss		Total
Balance, December 31, 2024		9,487,068	$	949	$	126,514	$	124,963		214,161	$	(5,797)	$	(33,121)	$	213,508
Net income		-		-		-		20,313		-		-		-		20,313
Other comprehensive income		-		-		-		-		-		-		9,413		9,413
Cash dividends declared ($0.93 per share)		-		-		-		(8,614)		-		-		-		(8,614)
Acquisition of treasury stock		-		-		-		-		15,822		(349)		-		(349)
Compensation expense related to restricted stock		1,220		-		412		-		-		(62)		-		350
Director retainer stock		3,270		-		84		-		-		-		-		84
Stock options exercised		-		-		(6)		-		(750)		20		-		14
Compensation expense related to stock options		-		-		186		-		-		-		-		186
Balance, September 30, 2025		9,491,558	$	949	$	127,190	$	136,662		229,233	$	(6,188)	$	(23,708)	$	234,905


													Accumulated
													Other
	Common Stock						Retained		Treasury Stock				Comprehensive
	Shares		Amount		Surplus		Earnings		Shares		Amount		Loss		Total
Balance, December 31, 2023		8,310,847	$	831	$	97,700	$	135,284		200,690	$	(5,397)	$	(47,348)	$	181,070
Net income		-		-		-		12,491		-		-		-		12,491
Other comprehensive income		-		-		-		-		-		-		9,321		9,321
Cash dividends declared ($0.90 per share)		-		-		-		(7,286)		-		-		-		(7,286)
Acquisition of treasury stock		-		-		-		-		24,780		(676)		-		(676)
Compensation expense related to restricted stock		1,004		-		410		-		4,350		(130)		-		280
Stock options exercised		-		-		(41)		-		(8,680)		234		-		193
Compensation expense related to stock options		-		-		261		-		-		-		-		261
Balance, September 30, 2024		8,311,851	$	831	$	98,330	$	140,489		221,140	$	(5,969)	$	(38,027)	$	195,654

‎

NORWOOD FINANCIAL CORP

Consolidated Statements of Changes in Stockholders’ Equity(unaudited)

Three Months Ended September 30, 2025 and 2024

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



													Accumulated
													Other
	Common Stock						Retained		Treasury Stock				Comprehensive
	Shares		Amount		Surplus		Earnings		Shares		Amount		Loss		Total
Balance, June 30, 2025		9,490,505	$	949	$	126,990	$	131,199		229,983	$	(6,208)	$	(27,505)	$	225,425
Net income		-		-		-		8,334		-		-		-		8,334
Other comprehensive income		-		-		-		-		-		-		3,797		3,797
Cash dividends declared ($0.31 per share)		-		-		-		(2,871)		-		-		-		(2,871)
Acquisition of treasury stock		-		-		-		-		-		-		-		-
Compensation expense related to restricted stock		-		-		117		-		-		-		-		117
Director retainer stock		1,053		-		27		-		-		-		-		27
Stock options exercised		-		-		(6)		-		(750)		20		-		14
Compensation expense related to stock options		-		-		62		-		-		-		-		62
Balance, September 30, 2025		9,491,558	$	949	$	127,190	$	136,662		229,233	$	(6,188)	$	(23,708)	$	234,905


													Accumulated
													Other
	Common Stock						Retained		Treasury Stock				Comprehensive
	Shares		Amount		Surplus		Earnings		Shares		Amount		Loss		Total
Balance, June 30, 2024		8,311,851	$	831	$	98,082	$	139,070		221,540	$	(5,977)	$	(49,819)	$	182,187
Net income		-		-		-		3,844		-		-		-		3,844
Other comprehensive income		-		-		-		-		-		-		11,792		11,792
Cash dividends declared ($0.30 per share)		-		-		-		(2,425)		-		-		-		(2,425)
Acquisition of treasury stock		-		-		-		-		8,280		(226)		-		(226)
Compensation expense related to restricted stock		-		-		203		-		-		-		-		203
Stock options exercised		-		-		(41)				(8,680)		234				193
Compensation expense related to stock options		-		-		86		-		-		-		-		86
Balance, September 30, 2024		8,311,851	$	831	$	98,330	$	140,489		221,140	$	(5,969)	$	(38,027)	$	195,654

See accompanying notes to the unaudited consolidated financial statements.

‎

NORWOOD FINANCIAL CORP

Consolidated Statements of Cash Flows (Unaudited)



(dollars in thousands)
	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	20,313	$	12,491
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (release of) credit losses		1,305		1,069
Depreciation		1,020		995
Amortization of intangible assets		42		54
Deferred income taxes		(1,334)		57
Net (accretion) amortization of securities premiums and discounts		(470)		442
Earnings and proceeds on life insurance policies		(820)		(781)
Gain on sales and write-downs of fixed assets and foreclosed real estate owned, net		(9)		(32)
Net amortization of loan fees		577		474
Net gain on sale of loans		(242)		(145)
Mortgage loans originated for sale		(9,823)		(6,490)
Proceeds from sale of loans originated for sale		10,065		6,635
Compensation expense related to stock options		186		261
Compensation expense related to restricted stock		350		280
(Increase) decrease in accrued interest receivable		(220)		61
(Decrease) increase in accrued interest payable		(2,792)		2,178
Other, net		7,044		452
Net cash provided by operating activities		25,192		18,001
CASH FLOWS FROM INVESTING ACTIVITIES
Securities available for sale:
Proceeds from maturities and principal reductions on mortgage-backed securities		41,714		44,714
Purchases		(35,473)		(23,990)
Purchase of regulatory stock		(14,245)		(7,961)
Redemption of regulatory stock		21,448		8,950
Net increase in loans		(97,316)		(73,658)
Proceeds from bank-owned life insurance		1,656		838
Purchase of premises and equipment		(3,646)		(1,660)
Proceeds from sales of foreclosed real estate owned		—		109
Net cash used in investing activities		(85,862)		(52,658)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits		214,805		60,092
Net decrease in short-term borrowings		(113,069)		(21,623)
Repayments of other borrowings		(69,722)		(39,277)
Proceeds from other borrowings		40,000		60,000
Stock options exercised		14		193
Purchase of treasury stock		(349)		(676)
Cash dividends paid		(8,618)		(7,292)

NORWOOD FINANCIAL CORP 10-Q