Wayne Bank Welcomes Joseph W. Adams as Senior Vice President Jim Donnelly, President and CEO of Wayne Bank, announced the appointment of Joseph W. Adams as Senior Vice President and Director of Wealth Management and Investment Services for Wayne Bank. Adams most recently served as Director for Norwood Financial Corp and Wayne Bank, having resigned that position during the March 19, 2024 board meeting. In his new role, Adams will provide leadership to the Bank’s Wealth Management and Trust Services department and Norwood Investment Corp. Mr. Donnelly stated, “Norwood Financial Corp and Wayne Bank have been fortunate to enjoy Joe’s extensive experience and guidance for over nine years during his tenure as Director. I am delighted that we will continue to benefit from those qualities, as well as his leadership and expertise in the field of wealth management and investment services. This is an exciting evolution for Wayne Bank and its employees, customers, and shareholders.” Adams has 39 years of financial management experience and has held titles including Business Manager, Financial Advisor, School Superintendent, and Senior Executive Vice President of Wealth Management. He was a Wayne County Commissioner and served as a member of the PA House of Representative for the 139th District of Pike and Wayne Counties. Adams earned a B. S. in Economics and Finance and an MBA in Accounting and Finance from the University of Scranton. He is also a Certified Financial Planning Curriculum Graduate from Pace University. Adams is an organizer of the Emergency Food Relief Program, which has raised over $400,000 in donations to feed 1600 local families. He was a former Chairman and a 30-year member of the Human Resource Center Board and a founding member of the Fall Music Festival and the Kelly Lalley Fund. He’s a member of the Honesdale Lions Club, the COAL Foundation, and the Committee to Renovate Hawley’s Bingham Park, as well as a former board member of NEPA Alliance, the Lake Region Chamber of Commerce, the Wayne County Family Center, the Wayne County Library Advisory Committee, the Wayne County YMCA, the Wayne County Children and Youth Advisory Board, and the Committee to relocate the historic White Mills Fire Hall. A former Chairman and member of the Palmyra Township Planning Committee, Adams has helped organize the effort to save the historic Hankins Dam, build the outdoor dog play park at Dessin Animal Shelter, and build Western Wayne’s softball Field. He’s volunteered his time as a Wallenpaupack and Honesdale Biddy Basketball Referee, Wallenpaupack Biddy Basketball Coach, Wallenpaupack Teener League Umpire, and Wallenpaupack American Legion Baseball Coach. Adams is a 40-year member of the Honesdale Golf Club, a 40-year member of Cold Hill Hunting Club, and a lifelong member of Murphy Hunting Club. He resides in Hamlin with his wife, Kathy.
Wayne Bank’s Anna Van Acker Receives PA Bankers Tomorrow’s Promise Award Anna Van Acker, Wayne Bank Assistant Vice President and Commercial Lender, was the recipient of the PA Bankers Women in Banking Recognition of Excellence “Tomorrow’s Promise Award,” at the 2024 Women in Banking Conference in Hershey, PA. Each year, the Women in Banking Recognition of Excellence Program honors rising stars and leaders throughout the banking industry that continually “go the extra mile” promoting and inspiring other women to reach their full potential within their company as well as their community. Four individuals were honored in three categories at the March 4th conference located at the Hershey Lodge and Convention Center. Van Acker was nominated by Wayne Bank Vice President and Marketing Manager, Kristen Lancia, and was selected amongst five additional nominees. She was recognized as a woman, aged 35 or younger, who continues to make a significant impact in the financial industry and her community, making her “one to watch” in the Pennsylvania market. According to Wayne Bank President & CEO, Jim Donnelly, “We are incredibly proud to have Anna on our team at Wayne Bank and congratulate her on this well-deserved award. She embodies true leadership and has a passion for helping others, whether it be at work with her colleagues and customers, or in the local community.” Van Acker began her banking career in 2018 as a management trainee and was hired as a Commercial Lender with Wayne Bank in 2021. She was promoted to Assistant Vice President and Commercial Loan Officer in 2022. Van Acker loves working with local business owners to help them transform their visions into reality. She says the most satisfying part of her job is watching her clients’ businesses grow into beloved community landmarks. Inspired by her parents, Van Acker discovered her passion for community service early in life. She currently serves on the board of directors for the Human Resources Center, PAWS of NEPA, and the PA Professional Women in Building Council. She is also a committee member of the PA Bankers Young Professionals Association. In addition, Anna volunteers with the Honesdale Area Jaycees, and maintains memberships with several industry organizations throughout the area. Van Acker attended the University of Scranton and holds a Bachelor of Arts in English Literature, with a minor in French Language and Literature. She resides in Pike County with her husband, Mark, and their dog, Faust. PHOTO CAPTION – LEFT TO RIGHT: Jim Donnelly, Wayne Bank President & CEO; Anna Van Acker, Wayne Bank Assistant Vice President & Commercial Lender, and Tomorrow’s Promise Award Recipient; J. Duncan Campbell III, President & CEO, PA Bankers Association.
Wayne Bank Supports the Wayne County YMCA James O. Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce that the Bank has supported the Wayne County YMCA with a donation through the Neighborhood Assistance Program – Special Priorities Program (“NAP-SPP”). Representatives from the Wayne County YMCA’s Board of Directors and Executive Leadership, elected officials from Pennsylvania, and the Northeast Regional Director for the Department of Community and Economic Development accepted a check in the amount of $124,250.00 from Diane Wylam, Wayne Bank’s Senior Trust Officer, and Derek Bellinger, Wayne Bank’s Residential Mortgage Sales Officer. The gift was made possible as a result of the NAP-SPP Tax Credit Program offered by the Commonwealth of Pennsylvania, acting through the Department of Community and Economic Development. “Wayne Bank is so pleased to contribute towards the growth of the Wayne County YMCA,” stated Mr. Donnelly. “Supporting the YMCA through our donation reflects our commitment to investing in the health and well-being of our community. We believe in the YMCA’s mission to empower individuals and strengthen the foundation of our society through youth development, healthy living, and social responsibility.” Wayne County YMCA is a non-profit agency serving Wayne County for over 40 years. The YMCA offers programs not only at its current facility located on Park Street in Honesdale, but throughout Wayne County as well. The YMCA offers programs for all ages – from preschool to senior citizens. Financial assistance is available to those in need. Wayne Bank is a subsidiary of Norwood Financial Corp, Member FDIC, Equal Housing Lender, and is located in Honesdale, Pennsylvania. The Bank has 29 Community Offices serving Wayne, Pike, Monroe, Lackawanna, and Luzerne Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The stock trades on the NASDAQ Global Market under the symbol— NWFL. PHOTO CAPTION – LEFT TO RIGHT: Dan Card, Wayne County YMCA Board Member and Treasurer; Rosemary Brown, PA State Senator; Derek Bellinger, Wayne Bank Residential Mortgage Sales Officer; Diane Wylam, Wayne Bank Senior Trust Officer; Paul Macknosky, Northeast Regional Director for the Department of Community and Economic Development; Tina Hoehn, CEO and Executive Director of the Wayne County YMCA; Anthony Herzog, Field Representative for State Senator Lisa Baker’s Office; Jonathan Fritz, PA State Representative.
Wayne Bank Announces Promotion in Audit Department Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Lexi Reeves to Assistant Vice President and Internal Audit Manager. Reeves joined the Bank in 2021 and holds a Bachelor’s Degree in Accounting and a Master’s Degree in Forensic Accounting from the University of Albany. Mr. Donnelly stated, “I’m delighted to announce this promotion. As Assistant Vice President and Internal Audit Manager, Lexi will lead and oversee Wayne Bank’s internal audit function. Her extensive education, dedication, and diligence make her highly deserving of this promotion.” Reeves is the Vice President and Programming Officer of the NEPA IIA Chapter and resides in Narrowsburg, where she enjoys spending time with her two dogs, Izzy and Daisy.
Wayne Bank Announces Promotion in Mortgage Department Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Tiffany Dzwieleski to Bank Officer and Mortgage Originator. Dzwieleski joined the Bank in 2021 and is a Xinnix Certified Originator, an accomplishment that less than 1% of originators nationwide have completed. Mr. Donnelly stated, “Tiffany’s passion for helping our customers find the right mortgage to suit their lifestyle makes her a wonderful resource on our mortgage team. Her naturally friendly, helpful, and sincere nature are a perfect fit for her role, and I look forward to witnessing her future success within our organization. She is highly deserving of this promotion.” Dzwieleski is extremely active within her community. She is a member of the Honesdale Area Jaycees and the Honesdale Lions Club. She also serves on the Board of Directors for the Wayne Pike Building Industry Association. She resides in Honesdale with her Husband, Frank, their two Cockapoo’s, Gus, and Fred, and a rescue cat, named Bobby.
Wayne Bank Announces Promotion in Loan Operations Department Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Corissa O’Malley to Assistant Vice President and Loan Documentation Manager. In her new role, O’Malley will lead the New York and Pennsylvania retail loan processing and documentation teams. O’Malley joined the Bank in 2011, and has held several positions during her tenure, most recently as Residential Mortgage Processor and Loan Documentation Officer. According to Mr. Donnelly, “I’m very pleased to announce Corissa’s promotion, as her dedication to Wayne Bank over these last 13 years make her the ideal individual for this role. I look forward to her continued leadership as she oversees the residential loan documentation and processing department, while ensuring efficient systems are in place and loans remain in good standing.” O’Malley resides in South Canaan, PA, with her husband, Eugene, and their two children.
Wayne Bank Announces Promotion in Collections Department Wayne Bank President and Chief Executive Officer Jim Donnelly is pleased to announce the promotion of Gary Steich to Assistant Vice President and Retail Collections Officer. Steich joined the Bank in 2016 as a Collections Officer and obtained a bachelor’s degree in history with a minor in business from Wilkes University. Mr. Donnelly stated, “As a Retail Collections Officer, Gary works to collect outstanding debts so that our organization can continue to invest in our communities and take care of our customers. He does a great job of partnering with our customers to provide options and find the best solution. This promotion is extremely well earned.” Steich enjoys spending time with his wife, Michelle, and their two children, Novaleigh and Maverick.
Wayne Bank Announces Promotion in Loan Operations Department Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Tonya Ryan to Assistant Vice President and Commercial Loans Documentation Officer. Ryan joined the bank in 2016 and has held several titles during her tenure. She holds a business degree from Lackawanna Community College. Mr. Donnelly stated, “I’m so pleased to announce this promotion. As a Commercial Loan Documentation Officer, Tonya is responsible for reviewing and overseeing all loan documents for community lending and community development purposes. She is a valued employee whose knowledge, expertise, and precision reflects in all aspects of her work.” Ryan resides in Beach Lake with her Husband, Scott. She has two children, Veara and Keith, and a one and half year-old grandson, whom she adores.
Wayne Bank Announces Norwood Financial Corp’s Earnings 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, 2023 of $355,000 compared to the net income of $7,140,000 earned in the three months ended December 31, 2022. The decrease in net income was due primarily to a $1,939,000 decrease in net interest income, and a $5,816,000 increase in the provision for credit losses. For the year ended December 31, 2023, net income totaled $16,759,000, a decrease of $12,474,000 from net income of $29,233,000 earned in year ended December 31, 2022. The decrease includes a $6,330,000 decrease in net interest income and a $4,648,000 increase in the provision for credit losses. Earnings per share (fully diluted) were $0.04 and $0.88 for the three-month periods ended December 31, 2023 and 2022, respectively. For the year ended December 31, 2023, earnings per share on a fully diluted basis were $2.07, compared to $3.58 for the year ended December 31, 2022. For the year ended December 31, 2023, the return on average assets was 0.79%, and the return on average equity was 9.67%, compared to 1.43% and 16.11%, respectively, for the year ended December 31, 2022. Total assets were $2.201 billion as of December 31, 2023. As of December 31, 2023, loans receivable were $1.604 billion, total deposits were $1.795 billion and stockholders’ equity was $181.1 million. Loans receivable increased $129.7 million to $1.604 billion at December 31, 2023, from $1.474 billion at December 31, 2022. The increase in loans receivable in 2023 included an $83.9 million increase in retail loans and a $45.8 million increase in commercial loans. For the three months and year ended December 31, 2023, net charge-offs totaled $3,181,000 and $6,078,000, respectively, compared to $232,000 and $344,000, respectively, for the corresponding periods in 2022. The increase in net charge-offs for the three months and year ended December 31, 2023 was due primarily to losses on one credit relationship in the amount of $2,806,000 and $4,806,000, respectively. Net interest income, on a fully taxable equivalent basis (fte), totaled $15,488,000 for the three months ended December 31, 2023, a decrease of $1,941,000 compared to the same period in 2022. For the year ended December 31, 2023, net interest income (fte) totaled $62,816,000, a decrease of $6,348,000 compared to 2022, due primarily to the increase in funding costs on interest-bearing liabilities in excess of the increase inthe yield earned on interest earning assets. The provision for credit losses totaled $6,116,000 for the three months endedDecember 31, 2023, compared to $300,000 for the three months ended December 31, 2022. The increase was required to maintain the allowance for credit losses at an adequate level based on the quarterly analysis and was due primarily to replenish the allowance for credit losses for charge-offs recorded during the period. For the year ended December 31, 2023, the provision for credit losses totaled $5,548,000 comparedto $900,000 for the year ended December 31, 2022. The $4,648,000 increase in the provision for credit losses was required to replenish the allowance for credit losses for charge-offs incurred during the year ended December 31, 2023. Other income for the three months ended December 31, 2023, totaled $2,123,000 compared to $1,926,000 for the similar period in 2022. Gains on the sale of loans, securities and foreclosed real estate increased $98,000, while service charges and fees increased $51,000. All other items of other income increased $48,000, net. Other income for the year ended December 31, 2023, totaled $8,124,000 compared to $9,932,000 in 2022, a decrease of $1,808,000 due primarily to income recognized in 2022 on previously acquired purchased impaired loans that were carried at a discount. For the year ended December 31, 2023, gains on the sale of loans and investment securities decreased $152,000 in the aggregate, compared to the year ended December 31, 2022. Gains on sales of foreclosed real estate owned decreased $347,000 during the year ended December 31, 2023, compared to the year ended December 31, 2022. Other expenses totaled $10,849,000 for the three months ended December 31, 2023, compared to $10,275,000 in the similar period of 2022. For the year ended December 31, 2023, other expenses totaled $43,497,000 compared to $41,044,000 for 2022, an increase of $2,453,000, or 6.0%. Mr. Donnelly commented, “Our results in 2023 reflect decreasing net interest spreads due to rising interest rates, which have impacted our cost of interest-bearing liabilities more than the increase in yield earned on interest-earning assets. Our Return on Average Assets was 0.79%, and our Return on Average Equity was 9.67%. We have continued to grow our core business lines, including an 8.8% increase in loans outstanding and a 3.90% increase in total deposits. Our cash dividend of $0.30 per share declared in the fourth quarter of 2023, represents a 3.5% increase over the same period of last year. 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 ofcustomers and enhance shareholder value in our Company.” Norwood Financial Corp is the parent company of Wayne Bank, which operatesfrom fourteen offices throughout Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock is traded on the Nasdaq Global Market, under the symbol, “NWFL”. Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:(dollars in thousands)Three months endedDecember 31Year endedDecember 312023 2022 2023 2022Net interest income $15,293 $17,232 $62,067 $68,397Tax equivalent basis adjustmentusing 21% marginal tax rate 195 197 749 767Net interest income on a fullytaxable equivalent basis $15,488 $17,429 $62,816 $69,164 This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data. The following table reconciles average equity to average tangible equity:Three months ended Year endedDecember 31, December 31,(dollars in thousands) 2023 2022 2023 2022Average equity $168,320 $162,762 $173,274 $181,499Average goodwill and other Intangibles (29,495) (29,582) (29,526) (29,618)Average tangible equity $138,825 $133,180 $143,748 $151,881
Wayne Bank Hires New Risk Director Jim Donnelly, president and chief executive officer of Wayne Bank, is pleased to announce the addition of Tracie Young as Wayne Bank’s new director of risk. Young joins the Bank as a Senior Vice President and will oversee the newly formed Risk Management department. She will work out of the Bank’s Corporate Office in Honesdale, PA. Young brings over 30 years of experience in the areas of risk management, internal audit, and compliance for financial institutions. In her new role, she will be responsible for overseeing the Bank’s risk management framework, which includes Audit, Compliance, Deposit Operations, Fraud, and Security & Facilities, while proactively identifying and addressing potential risks to the operations of the business. Mr. Donnelly stated, “We are excited to welcome Tracie to our team. Her extensive knowledge and dedication to effective risk management, will play a key role in safeguarding the interests of the Bank, while promoting a culture of informed decision-making.” Young resides in Honesdale, PA, with her husband, Neal. They have two daughters.
