The RailRiders Pinstripe Pals Program Returns to Support Local Youth Leagues

The Scranton/Wilkes-Barre RailRiders, in partnership with US Foods, are thrilled to announce that the Pinstripe Pals program has returned in support of area youth softball and baseball leagues. Applications are being accepted now and 10 youth leagues will be selected for the program once again this year.

League representatives are encouraged to fill out the Pinstripe Pals application form and submit a 500-word (or less) essay describing why their league should be chosen. Each of the ten leagues selected will receive a $500 sponsorship from the RailRiders to assist in league expenses, as well as a $500 gift card courtesy of US Foods, which can be used to help teams pay for concession stand products and supplies. Applications are due by March 1.

Each league selected will have the opportunity to participate in a pre-game parade at PNC Field before a RailRiders home game and the opportunity for RailRiders assistance with league fundraising. Selected leagues will have a photo of their choice placed in the GuideRail game day program on their league’s designated night. One of the teams in each league will serve as the “Field of Dreams” club on that night and take the field with the RailRiders players.

Applications can be found on our website under the Community tab or upon request. Completed applications can be emailed to Robby Judge at rjudge@swbrailriders.com, faxed to (570) 963-6564 or mailed to:

SWB RailRiders

Attn: Pinstripe Pals

235 Montage Mountain Rd.

Moosic, PA 18507

Winning leagues will be announced on March 8. For more information on the Pinstripe Pals program, presented by US Foods, please contact Krista Lutzick or Robby Judge at (570) 969-2255. 

The 2024 season begins on March 29 in Buffalo with the RailRiders home opener slated for April 2 against the Syracuse Mets.  Season ticket plans are available now on www.swbrailriders.com or by calling (570) 969-BALL.

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 nine
months 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 during
the 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 industry
practice.

NeighborWorks NEPA Receives Multiple Awards

NeighborWorks Northeastern PA (NeighborWorks) was honored with two awards at the Pennsylvania Housing Finance Agency’s (PHFA) housing counseling awards ceremony in Harrisburg on October 18, 2023. NeighborWorks won the Community Partnership Award, and Pamela Anslinger, HomeOwnership Center Manager at NeighborWorks, received the Best Housing Counseling Specialist award.

The Best Housing Counseling Specialist Award recognizes counselors who provide value-added housing counseling services to their clients. Agencies are encouraged to submit nominations for their counselors who have completed all PHFA-based training prior to the nomination.

Pam was selected based on her experience in the housing counseling industry, holding National Housing Counseling Certifications, consistently achieving outcomes such as “purchased home” or mortgages refinanced,” consistently receiving positive feedback from her clients, and initiating innovative ways for NeighborWorks to achieve desired results or improve efficiency in workflows.

“I am deeply honored and grateful to receive this award from PHFA. This recognition is a testament to the dedication of our team at NeighborWorks and the incredible clients we have the privilege to serve,” said Pam. “It is our mission to empower individuals and families to make informed housing decisions, and I am proud to be part of this transformative journey.”

The Community Partnership Award recognizes an agency whose outreach efforts to local community organizations have helped improve its program effectiveness and delivery. Selection criteria is based on the structure of the partnerships, how the partnerships enhances ability to provide quality counseling, the impact the partnerships have on the number of clients counseled, and client success stories that occurred as a result of the partnerships.

We also wish to congratulate all of our fellow award recipients, including our fellow NeighborWorks America and NeighborWorks Association of Pennsylvania member agencies in NeighborWorks Western Pennsylvania and Neighborhood Housing Services of Greater Berks.

Housing counselors from across the state attended the ceremony, representing 63 counseling agencies. These counselors help PHFA achieve its housing mission by assisting state residents with questions about homeownership, home foreclosure, budgeting, personal money management, and their personal credit score so they can make better informed housing decisions

Dimeco, Inc. Declares Cash Dividend

Honesdale, PA, September 14, 2023 / The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 13, 2023, of $0.38 per share to shareholders of record September 29, 2023. The dividend is payable on October 26, 2023, the anticipated date to release earnings for the third quarter of 2023. This dividend is an increase of $0.02 per share over the dividend declared in September 2022. This dividend of $0.38 per share produced a yield of 4.53% at the market value of $33.52 on September 13, 2023. 

President and Chief Executive Officer Peter Bochnovich stated, “We continue our commitment to provide the ultimate banking experience to our customers and our communities. This dividend is one way to thank our shareholders for their continued investment in and loyalty to Dimeco, Inc.”

About Dimeco, Inc.

Dimeco, Inc. is the parent holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania since 1905. Dimeco, Inc. reported balances on June 30, 2023, of $969 million in total assets, loans of $686 million, and deposits of $795 million. Dimeco, Inc. trades on the OTCQX Marketplace under symbol ‘DIMC’, operated by OTC Markets Group. For more information on Dimeco, Inc. and The Dime Bank, visit www.thedimebank.com.

NET Credit Union Sponsors Little Free Libraries in Lackawanna County

NET Credit Union is the sponsor for new Little Free Libraries throughout Lackawanna County that will be an accessible resource for reading in the community with book exchange boxes.

The Little Free Libraries are part of the Scranton City Pride Project. NET Credit Union partnered with Scranton Tomorrow, NeighborWorks of NEPA, and United Neighborhoods Centers of NEPA to make this community project a reality. The Albright Memorial Library ensured there was a wide variety of books included in each of the Little Free Libraries and will also maintain the reading material.

Carpentry students from The Career Technology Center of Lackawanna County built the little libraries while art students from West Scranton High School painted some.

The current Scranton locations of the Little Free Libraries are 135 Jefferson Avenue, 815 Smith Street, and 1158 Luzerne Street. More will be added soon in other Scranton neighborhoods. Visit https://www.scrantontomorrow.org/ for location updates.

Northeast Regional Cancer Institute Announces Staff Promotion

The Northeast Regional Cancer Institute’s President, Karen Saunders, recently announced a staff promotion of Ms. Karen Ryczak from Director-Surveillance & Navigation Programs to Vice President- Programs & Surveillance.

 Karen Ryczak, RN, of Archbald, has over 30 years of experience in oncology and will provide organizational supervision and management of Community and Patient Services programs in her new role.  In addition, she will continue to manage the Cancer Surveillance Program, including providing an annual report on cancer to the community.  Ryczak, who attended the University of Scranton and is a graduate of Mercy Hospital School of Nursing has been an employee of the Cancer Institute since 2000. 

Johnson College Now Enrolling Students in CDL Driver Training Course

Johnson College in partnership with Ancora Education is now enrolling students in its Class A CDL Driver Training course that begins on June 12, 2023, at the College’s new satellite campus, Johnson College at the CAN DO Training Center, in Hazle Township.

Students will learn to inspect and operate tractor-trailers and to assume driver responsibilities on the road and at pickup/delivery points. Emphasis is placed on vehicle inspections, defensive driving, range maneuvers, motor carrier safety regulations (DOT 380 -397 and a certificate for entry-level drivers), trip planning, cargo handling, size/weight laws, general maintenance procedures, hours of service, and accident prevention. Participants in this 160-hour program can obtain their CDL in as little as four weeks. The course complies with the new Entry Level Driver Training (ELDT) rules established by the Federal Motor Carriers Safety Administration (FMCSA), which went into effect in February 2022.

To learn more or to enroll in the Class A CDL Driver Training course, visit johnson.edu/hazleton-cdl or contact the College’s Continuing Education department at continuinged@johnson.edu