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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_____________________\n\nFORM 10-K\n\n____________________\n\n(Mark One):\n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nor\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ________ to ________\n\nCommission File No. 0-28364\n\n_____________________\n\nNORWOOD FINANCIAL CORP\n\n(Exact Name of Registrant as Specified in its Charter)\n\n_____________________\n\nPennsylvania\n\n \n\n23-2828306\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n717 Main Street, Honesdale, Pennsylvania\n\n \n\n18431\n\n(Address of Principal Executive Offices)\n\n \n\n(Zip Code)\n\nRegistrant’s Telephone Number, Including Area Code: (570) 253-1455\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of Each Class\n\n \n\nTrading\n\nSymbol(s)\n\n \n\nName of Each Exchange\n\non Which Registered\n\nCommon Stock, $.10 par value\n\n \n\nNWFL\n\n \n\nThe Nasdaq Stock Market LLC\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\n___________________\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☐  YES    ☒  NO\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ☐  YES    ☒  NO\n\nIndicate by check mark 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\n\nIndicate 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\n\nIndicate 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.\n\n \n\nLarge Accelerated Filer\n\n \n\n☐\n\n  \n\nAccelerated Filer\n\n \n\n☒\n\nNon-accelerated Filer\n\n \n\n☐\n\n  \n\nSmaller Reporting Company\n\n \n\n☒\n\n \n\n  \n\nEmerging Growth Company\n\n \n\n☐\n\nIf 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.  ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐  Yes    ☒  No\n\nThe aggregate market value of the voting stock held by non-affiliates of the registrant, based on the closing price of the registrant’s Common Stock as of June 30, 2025, $25.78 per share, was $218.8 million based on 8,488,748 shares of Common Stock held by non-affiliates on that date. Solely for purposes of this calculation, shares held by directors, executive officers and greater than 10% stockholders are treated as shares held by affiliates.\n\nAs of March 1, 2026, there were 10,889,603 shares outstanding of the registrant’s Common Stock.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\n \n\n \n\n \n\n1.\n\nPortions of the definitive Proxy Statement for the 2026 Annual Meeting of Stockholders. (Part III)\n\nNORWOOD FINANCIAL CORP\n\nANNUAL REPORT ON FORM 10-K\n\nTable of Contents\n\n23\n\n[Part I](#Part1)\n\nPage"}