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FOR IMMEDIATE RELEASE NORWOOD FINANCIAL CORP ANNOUNCES FIRST QUARTER EARNINGS Honesdale , Pennsylvania - April 23 , 2021 Exhibit 99.1 Lewis J. Critelli , President and Chief Executive Officer of Norwood Financial Corp ( Nasdaq Global Market - NWFL ) and its subsidiary , Wayne Bank , announced record earnings of $ 5,542,000 for the three months ended March 31 , 2021 , increasing 80 % from the $ 3,079,000 recorded during the corresponding period of 2020. The increase reflects the benefits derived from the Company's acquisition of UpState New York Bancorp , Inc. ( " UpState " ) , which closed on July 7 , 2020. Earnings per share on a fully diluted basis were $ 0.67 in the first quarter of 2021 compared to $ 0.49 in the first quarter of 2020. The annualized return on average assets was 1.18 % in the first quarter of 2021 and the annualized return on average equity was 11.39 % , compared to 1.01 % and 8.79 % , respectively , in the first quarter of 2020 . Total assets were $ 2.010 billion as of March 31 , 2021 , an increase of $ 767.5 million compared to March 31 , 2020. As of March 31 , 2021 , total loans increased $ 493.0 million compared to March 31 , 2020 , total deposits increased $ 695.0 million compared to March 31 , 2020 , and stockholders ' equity increased $ 52.9 million compared to March 31 , 2020. The increases reflect the balances acquired from UpState and the impact from economic stimulus , including loans originated through the Payroll Protection Program ( “ PPP ” ) . During the three months ended March 31 , 2021 , we originated 633 new PPP loans totaling $ 54.3 million , and had $ 30.0 million of loans forgiven that were originated in previous periods . As of March 31 , 2021 , the total of all PPP loans outstanding was $ 119.3 million .