HONESDALE, Pa. - Norwood Financial Corp (NASDAQ:NWFL), the parent company of Wayne Bank, announced the appointment of John M. McCaffery as Executive Vice President and Chief Financial Officer, effective June 24, 2024. McCaffery will succeed William S. Lance, who is set to retire on August 2, 2024, after transitioning to the role of Executive Vice President and Chief Strategic Officer to assist with strategic projects.
McCaffery brings over three decades of financial leadership experience, having held key positions at several financial institutions. His expertise spans capital raising, mergers and acquisitions, and financial compliance, among other areas.
His most recent role was Senior Vice President and Treasurer at Metropolitan Commercial Bank. Previously, McCaffery served as CFO for Newtek Bank, N.A. and Bridge Bancorp (NASDAQ:BDGE_old), and became Senior Executive Vice President and Chief Risk Officer following the merger with Dime Community Bancorp.
James O. Donnelly, President and CEO of Norwood Financial Corp, expressed enthusiasm for McCaffery's appointment, citing his successful track record and experience with banks of various sizes. Donnelly anticipates that McCaffery's insights will be valuable as the company continues its growth trajectory.
Wayne Bank operates from fourteen offices in Northeastern Pennsylvania and sixteen offices across New York. Norwood Financial Corp's stock is traded on the Nasdaq Global Market under the ticker NWFL.
The information in this article is based on a press release statement from Norwood Financial Corp.
In other recent news, Norwood Financial Corp has introduced new deferred compensation plans for its executives and directors. The plans allow for the voluntary deferral of salary, bonus payments, and cash compensation, aligning the interests of executives and directors with the long-term success of the company.
These plans are designed in accordance with Internal Revenue Code Section 409A, ensuring the timing and form of payments are set once elections are made. However, the funds deferred under these plans will be treated as unsecured liabilities of Norwood Financial Corp.
In addition to this, Norwood Financial Corp has raised its quarterly cash dividend to $0.30 per share, a 3.5% increase from the previous year's first-quarter dividend. This decision, payable to shareholders in May 2024, reflects the company's financial strength and robust capital position. The company's total assets were reported at $2.201 billion, with loans outstanding of $1.604 billion, and total stockholders' equity of $181.1 million as of December 31, 2023.
Lastly, the company issued a note on forward-looking statements, advising of potential risks and uncertainties that could impact future results. These factors include changes in federal and state laws, interest rate levels, demand for real estate, and general economic conditions. These recent developments highlight Norwood Financial Corp's commitment to providing value to shareholders while maintaining a strong financial standing.
InvestingPro Insights
As Norwood Financial Corp (NASDAQ:NWFL) welcomes John M. McCaffery to its executive team, the company continues to demonstrate a commitment to robust financial management and shareholder value.
In line with this commitment, NWFL has a commendable track record of raising its dividend for 26 consecutive years, a streak that underscores its financial stability and dedication to returning value to its investors. This streak is further extended with the company having maintained dividend payments for a total of 27 consecutive years, as noted in InvestingPro Tips.
On the financial metrics front, NWFL currently holds a market capitalization of $204.45 million. Its price-to-earnings (P/E) ratio stands at 13.22, with a slight adjustment to 13.04 when considering the last twelve months as of Q1 2024. This valuation metric indicates that investors are paying $13.22 for every dollar of NWFL's earnings, which is relatively moderate in the banking industry. Moreover, the company's price-to-book (P/B) ratio as of the same period is 1.11, suggesting that the stock is trading at a slight premium to the company's book value.
Although NWFL has seen a revenue decline of 15.42% over the last twelve months as of Q1 2024, it remains profitable with an operating income margin of 32.41%. This profitability, as highlighted in InvestingPro Tips, is a key consideration for investors looking for stable earnings.
For those interested in deeper analysis and more tips, including NWFL's dividend yield and growth, gross profit margins, and other key financial metrics, InvestingPro offers a comprehensive set of additional tips. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where there are currently 3 more InvestingPro Tips available for NWFL.
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