Wayne Bank Announces KlariVis Banking on Brillance Recipient Jim Donelly, President and Chief Executive Officer of Wayne Bank, is proud to recognize and announce employee Kayla Dixon as a winner of KlariVis’s 2024 Banking on Brilliance Award. Dixon, who currently serves as Assistant Vice President and Consumer Loan Officer for Wayne Bank, has been an integral part of the Bank for over twelve years. Her experience has positioned her as a dependable decision-maker and team leader – both attributes of which have enabled Dixon to push herself and her fellow employees, landing her on KlariVis’s list of award recipients. Each year, KlariVis, a solution-focused company for bankers, recognizes those leading the charge in community banking. Awards go to not just any individuals – but to women who go above and beyond to enhance their communities. The Banking on Brillance Award specifically recognizes these remarkable women in banking who have demonstrated outstanding leadership in driving transformation through innovation and data. “Our team thrives because of leaders like Dixon, who bring ingenuity and expertise to the forefront,” stated Mr. Donnelly. Her exceptional skills in data analytics not only drive results but also set a new standard for women in banking leadership. This Banking on Brillance Award through KlariVis reflects her groundbreaking contributions and her dedication to shaping the future of our industry.” Dixon is one of many women leading the financial services field into 2025. She has acted as a main player in the Bank’s adoption of KlariVis’s enterprise data platform and continues to share her knowledge with her teammates to derive insights and advance the data-driven banking practices of Wayne Bank. Dixon is actively involved in her community, serving on various school and sports committees. This balance between her professional and personal life helps her maintain a well-rounded perspective in all that she does. She resides in Waymart with her husband, John, and their three children, Finley, Natalie, and Logan.
Wayne Bank Grants $10,000 to NEPA Nonprofit The Board of The John and Helen Villaume Foundation announced that the Family Services of NEPA was selected to receive one of the Foundation’s 2024 community grant awards. David Kale, Sr. Grant Writer and Communications Manager, received a check in the amount of $10,000 from The John and Helen Villaume Foundation. The John and Helen Villaume Foundation, established by Honesdale natives John and Helen Villaume, was created to benefit charitable, religious, scientific, literary and educational programs within Wayne County. Since its inception, the Foundation has made awards totaling over $2,500,000.00 with Wayne Bank managing the account in the Wealth Management and Trust Services Division of Wayne Bank. Family Services of NEPA is a not-for-profit, non-sectarian organization which provides diverse services to children, seniors, individuals, and families empowering them to reach their full potential and resulting in healthier relationships and stronger communities. Established in 1895 by a group of concerned community members, FSA NEPA has been built by a governing board, a professional staff, and an involved consumer community. PA 211 NE/HelpLine provides a free 24/7/265 information and referral service which connects callers/contacts with resources to meet daily vital needs, both in Wayne County and 16 others in the region. Additional information about the Foundation and grant applications may be obtained from: The John and Helen Villaume Foundation, c/o Wayne Bank Wealth Management and Trust, 717 Main Street, Honesdale, PA 18431, or by phone: 570-253- 8507 or email: Trust@WayneBank.com
Wayne Bank Announces New Cash Management Officer Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to welcome Alissa Weiss as Cash Management Officer. In this role, Weiss will provide comprehensive cash management services to the Bank’s business clients, which includes personalized account analysis, payment processing, and cash concentration solutions. “We are thrilled to welcome Alissa to our team,” stated Mr. Donnelly. Her extensive expertise in cash management and strategic financial operations aligns with our commitment to delivering exceptional financial solutions to our customers. We look forward to the positive impact Alissa will bring to our customers.” With over ten years’ experience in the finance industry, Weiss brings a wealth of knowledge in treasury management, risk mitigation, and cash flow optimization. Alissa is dedicated to making financial management easier, more efficient, and tailored to thecustomers unique needs. She holds a Bachelor of Business Administration degree from Marywood University and a Master of Business Administration degree from Louisianna State University Shreveport. Weiss believes in giving back to her community and is the Founder and President of PAWS of NEPA, an organization dedicated to providing financial assistance for veterinary care. She is also a Board Member of Green Trees Early Learning Center and the Treasurer of Blue Heron Woods POA. She resides in Hawley with her husband, Wayne, and their son, Jett.
Wayne Bank Supports Honesdale Communities That Care Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce that Wayne Bank has supported the Honesdale Communities That Care with a donation through the Educational Improvement Tax Credit Program. This contribution is part of an ongoing commitment to support their continued efforts to foster positive development and well-being for youth and families in the Honesdale area. Dean LoPalo, Executive Director, Honesdale Communities That Care, accepted a check in the amount of $10,000 from Wayne Bank President and CEO, Jim Donnelly. “We believe that investing in our communities is a critical part of our mission as a community bank,” stated Mr. Donnelly. “Honesdale Communities That Care has been making a positive impact in our community for many years and we’re thrilled to support their initiatives that help guide young people towards brighter futures.” Honesdale Communities That Care is an after-school program that develops and implements strategies which encourage healthy behavior and productive interaction among children and all members of the community. They provide a safe environment where students develop positive social skills while playing and interacting with their peers. Exercise, fresh air, crafts, and games are all part of the after-school fun. Professional staff provide academic assistance after school to help with homework completion, and community partners including Highlights for Children, Wayne County YMCA, Greater Carbondale YMCA, The Wayne Memorial Health System, and Lacawac Sanctuary, help to provide enriching activities for the children to participate in. The gift was made possible as a result of the Educational Improvement Tax Credit Program offered by the Commonwealth of Pennsylvania, acting through the Department of Community and Economic Development.
Norwood Financial Corp Announces Second Quarter Earnings Subsidiary Wayne Bank announced James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market-NWFL) announced earnings for the three months ended June 30, 2024 of $4,213,000, which was $2,290,000 lower than the same three-month period of last year. The decrease includes a $717,000 decrease in net interest income, a $424,000 increase in total other income, a $506,000 increase in total other expense, and a $2,097,000 increase in the provision for credit losses. Earnings per share (fully diluted) were $0.52 in the three months ended June 30, 2024, compared to $0.81 in the same period of last year. The annualized return on average assets for the three months ended June 30, 2024, was 0.75%, while the annualized return on average tangible equity was 11.26%. Net income for the six months ended June 30, 2024, was $8,646,000, which is $3,639,000 lower than the same six-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 six months ended June 30, 2024, were $1.07, compared to $1.51 for the six months ended June 30, 2023. The annualized return on average assets for the six months ended June 30, 2024 was 0.78%. The annualized return on average tangible equity for the six months ended June 30, 2024 was 11.46%. Total assets as of June 30, 2024 were $2.235 billion, compared to $2.142 billion at June 30, 2023. At June 30, 2024, loans receivable were $1.623 billion, total deposits were $1.811 billion and stockholders’ equity was $182.2 million. For the three months ended June 30, 2024, net interest income, on a fullytaxable equivalent basis (fte), totaled $15,124,000, a decrease of $705,000 compared to the same period in 2023. A $150.8 million increase in average time deposits, combined with a 126 basis points increase in the cost of time deposits, contributed to the decreased net interest income. Borrowing costs also increased, offsetting a $4,447,000 increase in total interest income. Net interest margin (fte) for the three months ended June 30, 2024 was 2.79%, compared to 3.09% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 57 basis points to 5.14% during the three months ended June 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 108 basis points to 3.09%. Net interest income (fte) for the six months ended June 30, 2024 totaled$30,029,000, which was $2,075,000 lower than the same period in 2023, due primarily to a $11,762,000 increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.79% for the six months ended June 30, 2024, as compared to 3.17% for the six months ended June 30, 2023. The decrease in the net interest margin (fte) was due to a 127 basis points increase in the cost of interest-bearing liabilities, which offset the 64 basis points increase in the yield on interest earning assets. Other income for the three months ended June 30, 2024, totaled $2,207,000,compared to $1,783,000 for the same period in 2023. The increase is due primarily to a $151,000 increase in service charges on deposit accounts, and a $212,000 loss on the sale of investment securities in 2023. For the six months ended June 30, 2024, other income totaled $4,213,000, compared to $3,695,000 for the six months ended June 30, 2023. For the six months ended June 30, 2024, other expenses totaled $23,175,000, compared to $21,374,000 for the same period in 2023, due primarily to an increase in professional fees, data processing costs and FDIC insurance. Mr. Donnelly stated, “Our second quarter income decreased from the 2023 level due to a release of provision for credit losses in the three months ended June 30, 2023 and the rising cost of deposits and borrowed funds. These decreases were partially offset by a $424,000 increase in non-interest income. On a linked quarterbasis loan growth was an annualized 4.9%. Total deposits decreased $28 million compared to the first quarter of 2024. This was due to a seasonal outflow of municipal deposits of $53 million offset by inflows of $25 million of other customer funds, a 7.3% annualized increase. The net interest margin was stable at 2.79% for the first and second quarter. Our core operating expenses remain well-controlled at 2% of average assets during the quarter. Our capital base remains above “Well Capitalized” targets. Additionally, our credit quality metrics remained strong during the second 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, whichoperates 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.”
Wayne Bank Announces New Executive Vice President and Chief Financial Officer Wayne Bank announces new executive vice president and chief financial officer. James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (the “Company”) (NASDAQ Global Market: NWFL) and its wholly owned subsidiary Wayne Bank (the “Bank”), announced that the Board of Directors had appointed John M. McCaffery as Executive Vice President and Chief Financial Officer of the Company and the Bank, effective as of June 24, 2024, the day he commences employment with the Company. McCaffery joins the Company with over 30 years of leadership and finance experience in various financial institutions, including two stints as CFO. His most recent position was Senior Vice President and Treasurer for Metropolitan Commercial Bank. Prior to that position, McCaffery served as Executive Vice President and Chief Financial Officer for Newtek Bank, N.A. and Bridge Bancorp. Upon the merger between Bridge Bancorp and Dime Community Bancorp, McCaffery was appointed Senior Executive Vice President and Chief Risk Officer. McCaffery brings a wealth of experience and expertise in capital raising, M&A transactions and integrations, growth and restructuring, regulatory and financial compliance, and development of high performing teams. He holds a Bachelor of Business Administration in Banking & Finance from Hofstra University. “We are very excited to have John join the Company,” stated Donnelly. “He is a seasoned executive with a proven track record of success providing finance leadership at multi-billion-dollar asset size financial institutions. He has previously served as CFO for two banks, one smaller and one larger than Wayne Bank, which gives him great insight into where we’ve come from and where we’re striving to go. We look forward to the contributions he will bring to our company as we continue to grow and expand.” William S. Lance, currently Executive Vice President and Chief Financial Officer for the Company and the Bank, announced his plans to retire earlier this year. On June 24, 2024, he will transition into the role of Executive Vice President and Chief Strategic Officer in order to assist with the transition and work on other strategic projects until his retirement on August 2, 2024. Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.
Wayne Bank Sponsors New Teaching Laboratory Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce that Wayne Bank has sponsored the new Teaching Laboratory at Lacawac Sanctuary’s William E. Chatlos Environmental Education Center with a $25,000 donation. Lacawac Sanctuary Field Station and Environmental Education Center is an independent, non-profit, environmental education organization located on the shore of Lake Wallenpaupack in the Northern Poconos. The historic sanctuary is dedicated to inspiring lifelong connections to nature and shaping the next generation of scientists and earth stewards through research, education, and preservation. The new Teaching Laboratory houses a wet laboratory for all ages to learn about ecology with hands-on-activities, modern equipment, and up-to-date resources. According to Mr. Donnelly, “Wayne Bank is delighted to sponsor the new Teaching Laboratory that provides incredible opportunities for students to learn about their environment. Lacawac Sanctuary is a local treasure and we hope that the Lab will be a valuable resource for future generations of scientists and environmental conservationists.” To fulfill its mission of Research, Education and Preservation, Lacawac offers environmental education and programs to the community, by communicating the core values of environmental responsibility, citizenship, inclusiveness, and the pursuit of knowledge. Lacawac works with an association of colleges and universities to provide research partnerships and a pristine location for undergrad and graduate students. Visitors to the 550-acre nature preserve can enjoy a rich outdoor education and exposure to a blend of diverse habitats including wetlands, open fields, forests, and lakes. Additionally, the sanctuary provides nine miles of hiking trails open to the public, free of charge, from dawn to dusk year-round.
Wayne Bank Announces Continued Support of Public Libraries Jim Donnelly, President and CEO of Wayne Bank, is pleased to announce Wayne Bank will once again support the Wayne Library Alliance (WLA), with a corporate donation through the Educational Improvement Tax Credit Program (EITC) of $10,000. The WLA is a central organization created to manage and coordinate operations and services between independent libraries for financial support and includes seven member libraries in Wayne County, PA. The gift was made possible on behalf of the Educational Improvement Tax Credit Program offered by the Commonwealth of Pennsylvania, acting through the Department of Community and Economic Development. According to Mr. Donnelly, “We are thrilled for the opportunity to continue donating to the Wayne Library Alliance through the EITC program this year. The WLA is entirely dependent upon donations, as well as county and state funding, to provide their services to the libraries and patrons, which include educational programs and online services. We are honored to support its mission to provide accessible educational resources to our community. Our continued partnership reflects our dedication to investing in the future of our neighborhoods.” For more information on ways to support your local public library, please visit www.waynelibraries.org.
Wayne Bank Honored with Community Award Wayne Bank has been honored with one of the prestigious Pillar of the Community Awards by FHLBank Pittsburgh. This recognition is a testament to the bank’s unwavering commitment to community service and excellence in local engagement. Wayne Bank received the award at their Member Appreciation Event in Philadelphia on June 10th, 2024, and celebrated alongside other distinguished recipients. Pillar of the Community Awards are presented to member financial institutions that have demonstrated an outstanding commitment to community development. Awardees have also demonstrated exemplary efforts and effective use of FHLBank’s community products. This award is FHLBank’s highest organizational honor and is presented annually to select FHLBank members in recognition of their commitment to community revitalization. “We are deeply honored to receive this award,” said Jim Donnelly, CEO of Wayne Bank. “Our commitment to the community is at the heart of everything we do! This recognition inspires us to continue our efforts to make a positive difference in the communities we serve.” Wayne Bank has a long history of community involvement, including making close to 400 contributions to local schools, food banks, first responders, and charitable organization throughout the year in 2023. Their generous and caring employees have participated in countless community events including parades, fundraisers, races, and many more. Along with their community involvement, Wayne Bank was chosen as a Pillar of the Community because of their commitment to providing their communities they serve with innovative banking technologies and tools. By utilizing the First Front Door program, they have funded households and provided down payment and closing cost assistance to eligible first-time homebuyers. By partnering with the Home4Good program, they’ve supported over twenty projects and have helped the homeless or people at risk of homelessness by providing grants to fund the initiative of securing homes for those in need. Lastly, they’ve supported small businesses in their region through Banking on Business and the Banking on Business Inclusion and Equity Fund. These funds were used in financing the startup, maintenance, or expansion of a business, while also utilizing the Community Lending Program to create commercial developments and a hotel.
Wayne Bank Promotes Among its Wealth Management and Trust Division Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Trust Operations Officer, Marianne McConeghy, to Assistant Vice President. McConeghy joined the Bank in 2014 as a Trust Associate and was promoted to Trust Operations Officer in 2016. With over 35 years of banking experience, McConeghy oversees the daily operations of the Wealth Management and Trust Services Division of Wayne Bank. Mr. Donnelly stated, “Marianne’s extensive knowledge and experience in wealth management and trust have made her well-deserving of this promotion. She continues to build strong customer relationships while giving exceptional customer service to our current client base.” McConeghy holds an associate degree from Keystone College. She resides in Waymart, PA with her husband, Tom. They have one daughter.
