Wayne Bank Takes Part in Video Contest for Teens Throughout the Fall of 2023, Wayne Bank partnered with the American Bankers Association Foundation for their Lights, Camera, Save contest. The contest is a national competition that encourages teens to use video to communicate the value of sound money management and set their peers on a sound financial path. To participate, students ages 13-18, created a 30-second or less video on using money wisely. The contest was open to all filmmakers of all experience levels. They then submitted their entry forms and links to the videos to Wayne Bank’s promotional inbox. Wayne Bank hosted the first round of judging and selected one winning video to compete in the next round. Those winners were: Rebecca Dadig, Brenna Dahlgren, Rony Decker, Brooklyn Moody, and Zoie Hessling, all students from Honesdale High School. These students are part of the FBLA Club and had the guidance of their FBLA advisors Courtney Krajkovich, Lauren Cawley, and Laura Lockwood. Wayne Bank’s Steven R. Daniels, Senior Vice President and Director of Consumer Banking, and Kristen E. Lancia, CFMP, Vice President and Marketing Manager, recently had the pleasure of gifting each winning student a $100 gift card as a token of appreciation and congratulations for their hard work and amazing talent. Wayne Bank wishes them the best of luck as they move forward in the next and final stages of the contest! These winners will now compete on the national level for one of three cash prizes, including $5,000 for first place, $2,500 for second place, and $1,000 for third place. National contestants will face off head-to-head in the first round of national judging on the ABA Instagram page, which will determine which videos advance to the second and then final rounds of judging. Videos are judged on their quality, message, content, and the criteria set forth by the contest’s official rules. To learn more about Lights, Camera, Save! visit lightscamerasave.com.
Wayne Bank’s Vincent O’Bell Re-Appointed to Health and Welfare Authority Wayne Bank Executive Vice President and Chief Lending Officer, Vincent O’Bell, was recently reappointed to Chairman of the Scranton and Lackawanna Health and Welfare Authority. Mr. O’Bell has over 45 years in the financial industry. Mr. O’Bell also serves as a member of the investment and finance committee for the Congregation of the Sisters, Servants of the Immaculate Heart of Mary, a member of the finance counsel of Sacred Heart of Jesus Parish and a Board Member, Treasurer, and Paul Harris Fellow for the Rotary Club of Scranton. Mr. Donnelly stated, “Vinny is an integral part of our leadership team. His guidance, expertise, and commitment to our business customers and our employees are a big part of our success. We are proud to celebrate Vinny’s re-appointment as Chairman of Scranton and Lackawanna County’s Health and Welfare Authority. Vinny cares deeply about our communities, and I am confident the people of Lackawanna County will continue to benefit from him leading the Scranton and Lackawanna Health and Welfare Authority.”
Wayne Bank Increases Cash Dividend James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL), and its subsidiary Wayne Bank, announced that the Board of Directors declared a $0.30 per share quarterly dividend, payable February 1, 2024, to shareholders of record as of January 12, 2024. The $0.30 per share represents an increase of 3.5% over the cash dividend declared in the third quarter of this year and the fourth quarter of 2022. During 2023, total cash dividends declared were $1.17 per share, compared to the $1.13 per share declared in 2022. Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this increase in their quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance. We are also very proud that 2023 marks the thirty-second consecutive year of dividend increases for the Company.” Norwood Financial Corp, through its subsidiary, Wayne Bank operates fourteen offices in Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of September 30, 2023, the Company had total assets of $2.180 billion, loans outstanding of $1.611 billion, total deposits of $1.747 billion and total stockholders’ equity of $164.7 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”. Forward-Looking Statements The foregoing material may contain forward-looking statements. Norwood cautions that such statements may be subject to a number of risks and uncertainties which may cause actual results to differ materially from those currently anticipated, and therefore readers should not place undue reliance on any forward-looking statements. Those risks and uncertainties include, but are not limited to, our ability to pay or increase cash dividends in the future, the continued financial strength, solid performance and strong capital position of the Company, changes in federal and state laws, changes in the absolute and relative levels of interest rates, the impact of the COVID-19 pandemic on the Company’s results of operation and financial condition, the ability to control costs and expenses, demand for real estate, costs associated with cybercrime, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Wayne Bank Supports Local Animal Shelter Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to present the Olga and Dorothea Dessin Animal Society with a donation of $10,000 on behalf of Wayne Bank. Dessin Animal Shelter is a not-for-profit organization that has greatly supported the needs of the local community and has provided ongoing animal housing, medical care, and adoption services for over 50 years. “Wayne Bank is committed to helping and giving back to the communities we serve. We care about the welfare of not only the people in our community, but our animal companions as well. We are proud to partner with Dessin Animal Shelter to help aid in providing humane animal rescue, medical and daily care, and pet adoption services in Wayne County,” stated Mr. Donnelly. These funds will directly impact the Dessin Animal Shelter and will be used for facility renovations, a new septic and sewage system, HVCC, electrical system repairs, and kennel restorations. Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC, 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.
Wayne Bank Joins ABA for Anti-Phishing Campaign Wayne Bank has joined the American Bankers Association and banks across the nation to promote an industry-wide campaign educating consumers about the persistent threat of phishing scams. The FDIC estimates that consumers lost $8.8 billion to phishing and other fraud in 2022, an increase of 44% compared to 2021. To combat phishing, the award winning #BanksNeverAskThat campaign uses attention-grabbing humor and other engaging content to empower consumers to identify fake bank communications asking for sensitive information like their passwords and social security numbers. “We are happy to be partnering with the American Bankers Association for this campaign. With fraud and scams unfortunately on the rise, we want to be vigilant in protecting our customers and educate them on the importance of keeping their personal information secure”, stated Jillian Guenther, Wayne Bank Vice President, and Fraud Officer. “This campaign encourages our customers to be mindful of the lengths to which scammers and fraudsters will go to capture their personal information. Being able to identify red flags and warning signs are key in preventing fraud.” Wayne Bank has been sharing eye catching and engaging short videos and consumer tips on social media and in their Community Offices designed to highlight common phishing schemes. Because cybersecurity education and fraud awareness can often be dull and forgettable to many consumers, the #BanksNeverAskThat campaign is designed to be bright and bold with a bit of comedy. Consumers are directed to BanksNeverAskThat.com where they will find a new interactive quiz, the “Scam City” video game, engaging videos, and tips on how to spot phishing scams. Additionally, the campaign is offering a Spanish language version of the website, BancosNuncaPidenEso.com, and providing of other #BanksNeverAskThat consumer resources in Spanish. For more information about phishing scams and how to stop fraudsters in their tracks, visit www.BanksNeverAskThat.com.
Wayne Bank Announces Third Quarter Earnings James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp. (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2023 of $4,119,000, which represents a decrease of $3,990,000, from the $8,109,000 earned in the same three-month period of 2022. The decrease in earnings was due to a $3.1 million decrease in net interest income, an $882,000 increase in the provision for credit losses, and a $1.1 million increase in total other expenses during the three-months ended September 30, 2023. For the three months ended September 30, 2023, earnings per share (fully diluted) were $0.51, which represents a decrease from the $1.00 earned in the three months ended September 30, 2022. The annualized returns on average assets and average tangible equity for the three-month period ended September 30, 2023, were 0.76% and 11.22%, respectively, compared to 1.57% and 21.48% for the three-month period ended September 30, 2022. Net income for the nine months ended September 30, 2023, totaled $16,405,000, which is $5,688,000 lower than the same period of 2022. The decrease in net income includes a $4,390,000 decrease in net interest income, a $2.0 million decrease in total other income, and a $1.9 million increase in total other expenses during the nine months ended September 30, 2023. Earnings per share (fully diluted) for the nine months ended September 30, 2023, totaled $2.03 per share compared to $2.71 per share for the ninemonths ended September 30, 2022. As of September 30, 2023, total assets were $2.179 billion, loans receivable were $1.611 billion, total deposits were $1.747 billion and stockholders’ equity was $164.7 million. For the three months ended September 30, 2023, net interest income, on a fully taxable equivalent basis (fte), totaled $15,224,000, which represents a decrease of $3,145,000, compared to the three months ended September 30, 2022. Net interest margin (fte) for the three months ended September 30, 2023 was 2.94%, compared to 3.74% for the three months ended September 30, 2022. Net interest income (fte) for the nine months ended September 30, 2023 totaled $47,328,000, a decrease of $4,406,000, compared to the nine months ended September 30,2022, due primarily to the increased cost of interest-bearing liabilities in excess of the increase in the yield earned on interestearning assets. The net interest margin (fte) for the nine months ended September 30, 2023 was 3.09%, compared to 3.52% for the nine months ended September 30, 2022. For the three months ended September 30, 2023, the Company recorded a provision for credit losses in the amount of $882,000 compared to $0 in the three-month period ended September 30, 2022. The increase in the provision for credit losses was required to replenish the allowance for credit losses to a level deemed appropriate after recognizing $2.3 million of credit losses during the current period. The current period losses include a $2.0 million charge-off resulting from deterioration in one large commercial relationship. The remaining balance of the relationship was transferred to nonperforming status, resulting in an increase in nonperforming loans and nonperforming assets. For the nine-month period ended September 30, 2023, the Company recorded a release of provision for credit losses in the amount of $568,000, compared to a provision of $600,000 in the nine-month period ended September 30, 2022. Total other income for the three months ended September 30, 2023 was $2,306,000, compared to $2,178,000 for the three months ended September 30, 2022. For the nine months ended September 30, 2023, total other income was $6,001,000, compared to $8,006,000 in the same period of 2022. The decrease was due primarily to income recognized in 2022 on previously acquired purchased impaired loans that were carried at a discount. Total other expenses were $11,276,000 for the three months ended September 30, 2023, compared to $10,139,000 for the three months ended September 30, 2022. For the nine months ended September 30, 2023, total other expenses were $32,649,000, compared to $30,768,000 for the nine months ended September 30, 2022. The increase was due primarily to a $1,069,000 increase in salaries and employee benefit costs duringthe nine months ended September 30, 2023. Mr. Donnelly commented, “Our results for the first nine months of 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. We continue to compare favorably to peer banks who have also reported a reduction in their financial performance. We will continue to search out opportunities to maintain our position as a premier community bank, and to serve our local communities with their financial needs. We appreciate the opportunity to serve our expanded base of stockholders and customers.” Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen 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”. 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, the risks and uncertainty posed by, and the continued effect, and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, 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 industrypractice.
The Wayne Bank to Host Food Drive for Wayne County Food Pantry From November 13th through the 17th, Wayne Bank’s Honesdale Main Street Community Office will host a food drive to support the Wayne County Food Pantry. The Office will collect non-perishable food items including food, paper products, and personal care items during regular lobby hours. “There are many local families in need this time of year,” explained Jill Hessling, Vice President and Regional Manager for Wayne Bank. “Wayne Bank is committed to not only supporting our local neighbors with their financial goals, but we also care about their well-being and understand the importance of giving back. All items collected will be donated to the Wayne County Food Pantry. Just in time for Thanksgiving and the holiday season. Please consider taking a moment of your day to stop by with a donation that can help make a difference in our community.” The Wayne County Pantry Program is sponsored through County Government. It is operated under the leadership of the Wayne County Pantry Board which is comprised of private citizens. Board members are also coordinators at each of the pantry sites. The Wayne County Pantry Program has five sites located in strategic areas of the County to serve eligible County residents. The five food pantry sites can be found in Honesdale, Lakeville, Newfoundland, Lakewood, and Damascus. If you are interested in becoming involved with the food pantry or would like further information, please contact 570-253-4262 or visit https://www.waynecountypa.gov/169/Pantry.
Wayne Bank Employee Honored as Future Under 40 Award Winner Steven Daniels, Wayne Bank’s Senior Vice President and Director of Consumer Banking, was announced as a winner of the Pennsylvania Bankers Association’s (“PA Bankers”) Future Under 40 Awards. The Future Under 40 Award recognizes influential senior leaders who inspire and promote the growth of young professionals in their industry. They are honored as young leaders who have made a tremendous impact in their institution, community, and industry. Steven Daniels, Wayne Bank’s Senior Vice President and Director of Consumer Banking, was announced as a winner of the Pennsylvania Bankers Association’s (“PA Bankers”) Future Under 40 Awards. The Future Under 40 Award recognizes influential senior leaders who inspire and promote the growth of young professionals in their industry. They are honored as young leaders who have made a tremendous impact in their institution, community, and industry. Mr. Daniels joined Wayne Bank in 2011 and has held various roles during his tenure. He holds a bachelor’s degree from Penn State University, is a graduate of the PBA Advanced School of Banking and is presently enrolled in the ABA Stonier Graduate School of Banking. In addition to serving as Co-Chair of the United Way of Lackawanna and Wayne Counties, Mr. Daniels is also the Co-Chair of the Talent and Financial Development Committee of Wayne Tomorrow, as well as past President of the Honesdale Area Jaycees. A lifelong resident of Wayne County, he resides in Milanville with his wife, Ali, and son, Russell. Jim Donnelly, President and Chief Executive Officer of Wayne Bank stated, “Steve has played a key leadership role in driving Wayne Bank’s consumer banking products and services. His guidance, expertise, and commitment to our customers have helped ongoing initiatives to grow the Bank and support shareholder value. Under his leadership, our consumer banking division has made significant advancements in high-tech financial solutions while maintaining our relationship-based banking standard for our customers. He is extremely deserving of this award, and we are proud to celebrate his recognition.” PA Bankers has been bringing banks and bankers together for more than 125 years to learn, grow, serve, and engage with their peers, communities, and lawmakers. The association has built a strong reputation as a leading advocate for pro-banking policies at the state and federal levels, as well as the delivery of quality education, products and services for banks of all sizes and their employees. Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC, 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.
Wayne Bank Promotes Collin Ennis Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Collin Ennis to Commercial Loan Officer. According to Mr. Donnelly, “I’m so proud to announce this promotion of Collin. His expertise and client skills have made him an asset to our company, and his new role will allow Collin to work more closely with our commercial customers, to help them grow and expand their business. Since first joining Wayne Bank in 2022, Collin has served as a Commercial Loan Associate. In Collin’s new role, he will be responsible for providing exceptional customer service, initiating new business, and deepening current business relationships within our Wayne and Pike County service areas. He is a graduate of the University of Scranton, where he earned a Bachelor of Science Degree in Finance.
Wayne Bank Promotes Derek Bellinger Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is happy to announce the promotion of Derek Bellinger to Residential Mortgage Sales Manager. According to Mr. Donnelly, “I’m so pleased to announce this promotion. Derek’s extensive experience and commitment to the communities we serve, makes him an asset to our mortgage team and well-deserving of this promotion. Derek has acted as a mentor to our new mortgage team members for a number of years. His deep knowledge of the product set, natural leadership style and inherent kindness make him ideal for this role. In Derek’s new role, he will be responsible for managing the sales efforts of our team of Mortgage Originators to meet and exceed our customer expectations.” Derek has 27 years of banking and management experience and has held several titles during his banking career, including Commercial Loan Officer, Financial Center Manager, and Multi-Site Branch Manager. Derek is an active member of the community and is involved in many non-profit organizations. He currently serves on the Board of Directors of The Human Resources Center, The Chamber of the Northern Poconos, and the Honesdale Lions Club. Derek holds a Master of Science degree in Human Resources Administration from the University of Scranton.
