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Financial Information
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June 2013
HONAT BANCORP. INC. ANNOUNCES STOCK INCREASE & SPLIT
Honesdale, PA – On Wednesday, June 12th the Board of Directors of Honat Bancorp, Inc. (OTCBB:HONT) announced that the six-for-one stock split approved and adopted by shareholders at the 2013 Annual Meeting of Shareholders held on April 23, 2013 will be effective on July 15, 2013 to shareholders of record on June 28, 2013. The approval and adoption by shareholders of the six-for-one stock split included an amendment to the articles of incorporation increasing the authorized number of shares of common stock from 500,000 to 5,000,000 and decreasing the par value of the common stock from $1.25 to $0.20.
According to HNB President & CERO William Schweighofer, “We believe this six for one split will enhance the marketability of our stock and we know it will make our company’s shares more affordable to people in the communities we serve”.
Honat Bancorp, Inc., headquartered in Honesdale, PA, is the parent bank holding company of The Honesdale National Bank. HNB is the oldest independent community bank headquartered in Northeastern PA. The bank has nine full service offices in Wayne, Pike, Lackawanna, Susquehanna and Luzerne Counties, a Trust and Investment Division in the HNB Corporate Center in Honesdale and the HNB Mortgage Center in Wilkes-Barre.
June 2013
SCHWEIGHOFER ELECTED VICE CHAIRMAN OF STATEWIDE BOARD
Harrisburg, PA– William Schweighofer, President and CEO of The Honesdale National Bank, has been re-elected to the Pennsylvania Bankers Association (PBA) Board of Directors and will serve as the Board’s First Vice Chairman. The Board, which includes PBA’s officers, Policy Committee chairs, Group and Deposit representatives and at-large members meets at least quarterly to determine the policies and administration of the Association. Board members are CEOs and senior level officers of PBA member banks.
In this role as First Vice Chairman, Mr. Schweighofer will serve on the PBA’s Personnel Committee, attend banking industry and State Bankers Association meetings throughout the United States and represent the Association at various events. He will serve a one -year term starting July 1, 2012.
In addition to his responsibilities as the President and CEO at HNB and Board terms with local agencies such as Wayne Memorial Community Health Centers, WEDCO and the Greater Honesdale Partnership , Mr. Schweighofer has been involved in many community organizations and efforts and has served on various committees and task forces with the PBA. Most recently he served as the PBA Group 3 Chairman, representing banks in Northeastern PA, and as a member of the Advisory Committee for the PBA’s Advanced School of Banking held at State College.
The Pennsylvania Bankers Association, located in Harrisburg, is the state’s major banking trade association representing an expansive and diverse membership. The Association offers extensive continuing education programs, government relations representation on behalf of the industry, and provides numerous products and services for banks and their employees.
May 2013
CHYANNE KEMP CAPTURES STATE BUSINESS PLAN AWARD
Honesdale, PA – Chyanne Kemp, a sophomore at Wallenpaupack Area High School, recently placed 1st in the state in the EconomicsPennsylvania Business Plan Competition in the Grade 8-10 Division. This competition exposes middle and high school students to the world of entrepreneurship and small business while fostering their creative their thinking and problem solving skills. Students work independently and learn how to create a small business, developing the operating, marketing and financial plans. In conclusion, they write a business plan which is submitted for judging by EconomicsPennsylvania.
Chyanne’s plan for ‘Take Off’ impressed the panel of judges for its soundness of business concept, research, and accuracy of the written product. The panel of judges is comprised of business owners, financial industry professionals and economic educators.
Ms. Kemp is a member of the National Honor Society, Art Club, and the Environmental Club, which recently won the District Championship, and competed in the State Championship. She also volunteers with the “Volunteers In Paupack” group. Chyanne is interested in a career in business, marketing, and advertising. Her teacher for the Business Plan Competition was Gene Shultz.
EconomicsPennsylvania is a not-for-profit organization that provides economic and financial literacy programs in Pennsylvania schools grades K-12. This local six county region is generously sponsored by The Honesdale National Bank through the HNB Center for Economic Education at the University of Scranton.
May 2013
HNB Ranked as One of ICBA’s Top 20 Community Banks in the U.S.
Honesdale, PA – The Honesdale National Bank was recently listed as one of the top banks by the Independent Community Bankers of America (ICBA). As part of the year-end performance ranking of its members, the ICBA uses Call Report data from the FDIC to identify the top 20 community banks in various asset categories as measured by Return on Average Assets (ROAA) and Return on Equity (ROE) ratios for all of the prior year.
The list of banks, published in their June 2012 issue, raked The Honesdale National Bank at number 20 in the ROAA category for banks more than $500 Million in assets. The bank capped off their 175th year in business with earnings of almost $7.8 Million on their year-end assets of over $561 Million, which translates to a 1.45% ROAA. As of December 31, 2011, the well capitalized bank had Equity over $69.6 Million producing an ROE of 11.46%.
HNB President & CEO William Schweighofer commented that “I can only restate some of the comments I made in my annual letter to our shareholders. What a wonderful year 2011 was for The Honesdale National Bank – record profits, record asset size, record dividends paid to shareholders, a year-long birthday celebration – in a word, extraordinary! I know that I speak for my co-workers and the entire Board of Directors when I say we could not be more proud of our results.”
May 2013
HNB Recognized for Financial Strength
Bank receives “A” Rating from Weiss
Honesdale, PA – Weiss Ratings of Jupiter FL, the nation’s leading independent provider of ratings and analysis of financial services companies, mutual funds and stocks, notified The Honesdale National Bank it received an “A” rating. This “excellent” rating was based on their analysis of the bank’s financial strength.
The notification letter to HNB President & CEO William Schweighofer, Weiss Vice President Melissa Gannon noted “This rating recognizes The Honesdale National Bank as a “Weiss Recommended” bank offering outstanding financial stability for its customers, vendors and employees. Achieving this financial strength rating is a true distinction.”
Every quarter, Weiss Ratings evaluates the financial strength of more than 19,000 institutions, including life, health and annuity insurers, property and casualty insurers, banks, savings and loans and credit unions. Fewer than two percent of the nation’s banks and thrifts meet Weiss Ratings’ criteria for exceptional financial strength, making this distinction truly one to be proud.
Weiss Ratings’ proprietary model utilizes more rigorous standards than other rating agencies, placing greater emphasis on a company’s future financial solvency and its ability to withstand severe economic adversity. For this reason, a bank like HNB, receiving their highest financial strength rating, truly demonstrates itself to be among the industry’s elite.
Upon receiving the notification, Schweighofer noted, “we appreciate Weiss Ratings’ recognition of our financial strength and consider it an honor to be listed among the nations top 2% in that category. 2012 was another exceptional year for us – especially in this economic climate – and we owe a debt of gratitude to our customers, shareholders and employees.”
May 2013
HNB’S FINANCIAL PERFORMANCE RECOGNIZED
Honesdale, PA – The Honesdale National Bank has again been ranked in the top 15th Percentile of all Community Banks by Seifried & Brew LLC, a community bank risk management firm. The Honesdale based institution was recently awarded the highest ratings by two other independent groups. Both bankrate.com© and Bauer Financial have posted 5 Star Ratings for HNB covering the quarters ending September 30th and December 31st in 2012.
BauerFinancial and bankrate.com© report on and analyze the performance of U.S. banks and credit unions. Each quarter their independent “Star” ratings are developed by analyzing the raw data from the Call Reports supplied by all banks to government regulators, supplemented with historical and other data.
HNB is the only regionally headquartered bank attaining these ratings from these agencies for the last two quarters in 2012. The bank has demonstrated exemplary financial performance, which may be even more remarkable considering these results were accomplished in a sluggish economy while dealing with increased regulatory burdens and costs.
Since its establishment in 1836, The Honesdale National Bank has prospered, paying a dividend each and every year, and along with these financial accolades holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.
April 2013
AUDREY BRESSET AND VIRGINIA CONNOR RECOGNIZED FOR 40 YEARS IN BANKING
Honesdale, PA – Audrey Bresset and Virginia Connor were recognized for serving 40 or more years in the banking industry at the Pennsylvania Bankers Association (PBA) Group 3 meeting held on April 24, 2013 at the Radisson at Lackawanna Station in Scranton. The 40-Year Club consists of bankers completing 40 or more years of service in Pennsylvania’s banking industry and who are regular members of the PBA.
Mrs. Bresset began in the HNB bookkeeping department and moved to the Route 6 Plaza Office as a Customer Service representative when it opened in 1975. She subsequently returned to HNB’s Bookkeeping Department before assuming her duties in the Loan Operations Department.
Mrs. Connor began her banking career in Carbondale and has worked in the bookkeeping, loans, accounting, investment and items processing departments. She joined HNB in 2007, was promoted to Branch Manager of their Forest City Office in 2008 before assuming the responsibility as the bank’s Assistant Deposit Operations Officer in 2012.
Audrey and Virginia join HNB’s prior 40-Year Club honorees, Board Chairman John Burlein, co-workers Lisa Bonham, Helen Piorkowski and James Jennings and recent retirees Shirley Bonham and Diane Spry.
Honesdale National’s President & CEO William Schweighofer commented, “These ladies have witnessed quite a transformation in the industry over their 40 years. We’re very fortunate and thankful for Audrey and Virginia’s service and dedication to our bank. Their attention to detail and genuine concern for the customer has helped us build and enhance the role HNB plays in the communities we serve.”
The Pennsylvania Bankers Association (PBA), located in Harrisburg, is the state’s major banking trade association representing an expansive and diverse membership. The Association offers extensive continuing education programs, government relations representation on behalf of the industry, and provides numerous support services for banks and their employees.
April 19, 2013
HONAT BANCORP, INC. REPORTS FIRST QUARTER FINANCIAL PERFORMANCE
Honesdale, PA – HONAT Bancorp Inc., the parent of The Honesdale National Bank, reported first quarter earnings for 2013 of $1.767 Million based on their assets of $571,321,000 on March 31, 2013. During the past year, HNB saw loan growth of $18.6 Million, with $400,084,000 in net loans reported at the end of the quarter.
During the first quarter of 2013, the Board of Directors voted to seek shareholder approval to increase the number of authorized shares and to effect a six-for-one stock split. This will be brought before the shareholders at the annual meeting on April 23, 2013.
The Honesdale National Bank is the oldest independent community bank headquartered in Northeastern PA with nine full service offices in Wayne, Pike, Lackawanna, Susquehanna and Luzerne Counties, a Trust and Investment Division headquartered in Honesdale and the HNB Mortgage Center in Wilkes-Barre.
March 25, 2013
HNB MORTGAGE RECOGNIZED BY PHFA
Honesdale, PA. – Representatives of HNB Mortgage, a division of The Honesdale National Bank, were recently recognized for their outstanding performance in generating Pennsylvania Housing Finance Agency Mortgages in 2012. They were feted at the 8th Annual PHFA Lender Awards luncheon held on Monday, March 18, 2013 at the PHFA Offices in Harrisburg.
HNB Mortgage Specialists Allison Messina and Susan Mendygral were named “Top Loan Originators” and HNB Mortgage was recognized as a “Top PHFA Lender” and for the “Best Quality Underwriting” and “Best Quality Post-Closing Submissions” for the year.
Allison Messina primarily works through HNB’s Montdale Office and originates residential mortgages in Lackawanna, Wyoming and Susquehanna counties. Susan Mendygral’s office is in HNB’s Kingston Branch and she primarily serves Luzerne County. Receiving the awards on behalf of HNB Mortgage, which is headquartered in Wilkes-Barre, were Richard Simmers, Assistant Vice President & Residential Mortgage Manager, Donna Rinehimer, Mortgage Underwriting Manager and Ann Marie Grado, Loan Closing Coordinator.
HNB President & CEO William Schweighofer commented that, “HNB Mortgage was a significant contributor to our bank’s exceptional performance in 2012. We appreciate the PHFA’s recognition of these individuals and our mortgage division as a whole and are especially grateful for the dedication and invaluable contribution of those serving the residential mortgage needs of the region.”
Pictured are (l to r): Susan Mendygral, HNB Mortgage Specialist; Ann Marie Grado, Loan Closing Coordinator; Richard Simmers, AVP & Residential Mortgage Manager and Donna Rinehimer, Mortgage Underwriting Manager.
March 13, 2013
HNB Donates $24,000 to the Wayne County Public Library
Funds Designated for Academic Success Programs
Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $24,000 of the approved allotment for the Wayne County Public Library in support of their “Online Resources for Academic Success” programs. HNB and Wayne County Library representatives visited the Wayne Highlands Middle School to meet with the school administrators, teachers and students utilizing the “Live Homework Help” and SAT Test Preparation programs.
The Wayne County Public Library develops and implements educational programs, that when authorized by the Commonwealth, qualifies them as an approved provider. According to Wayne Library Alliance Director, Molly Rodgers, “this funding from Honesdale National provides significant financial support for four of our initiatives under the Academic Success Program. In these times of decreased support from many of our funding sources, HNB’s support allows us to continue our Online Homework Help, Learning Express, Teen Tech Awareness and Information Evaluation programs – providing resources to thousands of students throughout the county.”
Mary Fritz, Outreach Coordinator said; “Working with the teachers and students in our schools is especially rewarding when we can supplement their current curriculum with programs designed to enhance the learning process. If not for HNB’s support at this level, many of these and other programs would disappear. We can’t thank them enough.”
HNB President & CEO William Schweighofer stated; “we are very fortunate to have qualified for approved contributions each year since we began applying in 2003. We’re grateful for our HNB customers and shareholders, their business and support allows us to make these type investments in the communities we serve. The Library’s commitment to supporting our area educators and students produces measurable results. This year’s check brings our total EITC investment in local educational programs through the Wayne Public Library to $211,000.”
In 2001, Act 4 established the Educational Improvement Tax Credit (EITC) program, administered by the PA Department of Community and Economic Development (DCED). The act authorizes businesses to make contributions to approved Educational Improvement Organizations and then awards tax credits to these businesses for their participation.
Pictured (L to R): Seated – Parker Propst, Kayla Rembish, Olivia D’Amore, Elizabeth Reed & Brandon Romano. Standing – Gregory Frigoletto, WHSD Superintendent; Susan Roberts, Wayne Highlands Middle School; William Schweighofer, HNB President & CEO; Daniel Figura; Daniel Da Silva; Alex Day; Mark Graziadio, HNB Vice President; Jayme Wilson; Kate Bryant, HNB Assistant Vice President & Library Board Chair; Mary Fritz, Library Outreach Coordinator; Maralyn Nalesnik, WHMS Administration; Timothy Morgan, WHSD Assistant Superintendent and Nancy Kinsman, Wayne Highlands Middle School.
March 15, 2013
Honat Bancorp, Inc. Announces Plans for a Six-for-One Stock Split
Honesdale, PA – Honat Bancorp, Inc. announced today that its Board of Directors plans to present an amendment to the corporation’s articles of incorporation to its shareholders at the 2013 Annual Meeting of Shareholders in order to effect a six-for-one stock split following the annual meeting.
The proposed amendment to the articles of incorporation to be presented includes increasing the authorized number of shares of common stock from 500,000 to 5,000,000 and decreasing the par value of the common stock from $1.25 to $0.20. The 2013 Annual Meeting of Shareholders will be held on Tuesday, April 23, 2013 at 2:00 PM at the Corporate Center of The Honesdale National Bank, 724 Main Street, Honesdale, Pennsylvania. If shareholders approve and adopt the amendments to the articles of incorporation, the corporation will subsequently announce the record date and payment date of the six-for-one stock split following the annual meeting. “We believe that the stock split will make the common stock more affordable to people in the communities in which we do business as well as enhance marketability of our shares,” said William Schweighofer, President and Chief Executive Officer.
Honat Bancorp, Inc. is the parent bank holding company of The Honesdale National Bank. HNB is the oldest independent community bank headquartered in Northeastern PA with nine full service offices in Wayne, Pike, Lackawanna, Susquehanna and Luzerne Counties, a Trust and Investment Division based in Honesdale and the HNB Mortgage Center in Wilkes-Barre. The corporate offices of Honat Bancorp, Inc. and The Honesdale National Bank are located at 724 Main Street, Honesdale, PA.
February 15, 2013
HNB PAYS INCREASED QUARTERLY DIVIDEND
177th Consecutive Annual Payment to Shareholders
Honesdale, PA – The Board of Directors of HONAT Bancorp, Inc., whose wholly owned subsidiary is The Honesdale National Bank, paid a regular quarterly dividend of $ 1.50 per share on February 28, 2013 to shareholders of record as of February 15, 2013. This continues a tradition of the bank having paid a dividend every year since 1837. Honesdale National was chartered in 1836, opening for business on December 26th of that year and having paid its first dividend the following year.
The $1.50 payment per share represents a 20% increase over the dividend paid in February 2012 and is a direct result of the bank’s continued strength, stability and exceptional financial performance. HNB closed out 2012 exceeding all prior financial benchmarks for assets, loans, deposits, earnings and dividends paid to shareholders. 2013 Net Earnings topped $7.8 Million, resulting in a Return on Average Assets (ROAA) of 1.37%. As of December 31, 2012, the bank’s Total Assets stood at $581 Million – up 3.5% from 20121 – with $394 Million in Loans and $489 Million in Deposits. Shareholders benefitted from a record dividend payout of $7.00 per share.
November 14, 2012
HNB OPENS NEW LAKEWOOD BRANCH
LAKEWOOD, PA – The Honesdale National Bank’s Board of Directors, Officers and Lakewood Office staff were joined by local civic, business and community representatives and other dignitaries on Wednesday, November 14th for the Ribbon Cutting and dedication of their new Branch at 18 Como Road. Commenting on the new office, HNB President and CEO William Schweighofer said, “We are very excited about this opportunity and look forward to expanding our footprint into Northern Wayne County. More important than the facility, however, is the quality staff who have joined the HNB family. We’re especially happy to welcome three local experienced bankers, who know the people and are dedicated to serving their financial needs.”
This is HNB’s 9th HNB full service branch and the bank began opening accounts for customers as soon as the approval was received from the Office of the Comptroller of Currency and plans are in place to install a Drive-Up ATM within the next few weeks.
The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.
Pictured are: (L to R): Bruce Mackle, Senator Lisa Baker’s Field Representative; Mark Graziadio, HNB Vice President; Donna Labar, Executive Director, Wayne County Chamber of Commerce; Brian Field, Wayne County Treasurer; Mary Ann Llewellyn, Preston Township Secretary; Elizabeth Hazen, HNB 733 Main Street Head Teller; Raymond Ceccotti, HNB Senior Vice President; Kathy Enslin, HNB Vice President; Thomas Sheridan, HNB Executive Vice President; William Schweighofer, HNB President & CEO; Tanya Leet, Rick Leet Insurance; Roger Dirlam, HNB Board Vice Chairman; Gayle Milko, HNB Lakewood Branch Supervisor; Rick Leet, Rick Leet Insurance; John Burlein, HNB Board Chairman; Kurt Probst, HNB Board of Directors; Paul Meagher, HNB Board of Directors; Theresa Halliday, HNB Customer Service Representative; Lori Wade, HNB Lakewood Branch Teller; Marcy Swingle, HNB Senior Vice President; Charles Jurgensen, HNB Board of Directors; Jodi Evanitsky, HNB Lakewood Branch Teller and Francis Paluch, Lake Como Lions Club.
HNB Board Members Recognized at Annual Dinner
Honesdale, PA – Four members of The Honesdale National Bank’s Board of Directors were feted at the bank’s annual recognition dinner. Vice Chairman Roger Dirlam and Paul Meagher were honored forhaving completed 20 years on the Board of Directors, while Charles Jurgensen and Kurt Propst were recognized for their 10 years of service. HNB President & CEO William Schweighofer serves as the Master of Ceremonies for the annual dinner held at Lukan’s Farm Resort, which recognizes employees for milestone years of service. This year a total of 35 employees were honored for having attained 5, 10, 15 or 20 years of service. Honorees for 10 and 20 years receive a special HNB lapel pin with a diamond for each decade of service, those with 5 and 15 years received a special gift they chose from a selection of items available only for their years of service.
September, 2012
HNB TO OPEN A BRANCH IN LAKEWOOD
Honesdale, PA – The Board of Directors of The Honesdale National Bank approved the filing of an application with the Office of the Comptroller of Currency (OCC) for a branch office located at 18 Como Road in Lakewood PA.
William Schweighofer, HNB President and CEO stated, “For quite some time we have investigated potential branch locations in that market. The recent announcement by FNB that their Lakewood office would be one of the 20 they are closing before the end of the year made this an easy decision for us. We are very excited about this opportunity and look forward to expanding our footprint in Northern Wayne County.”
The 9th HNB office will be a full service branch designed to serve the financial needs of that community and the bank has begun opening accounts in preparation for the opening later this year. In the interim, interested individuals and businesses may visit HNB’s Forest City or Honesdale Offices or call 253-3355 or 800-HNB-9515 for more information.
HNB Ranked as One of ICBA’s Top 20 Community Banks in the U.S.
Honesdale, PA – The Honesdale National Bank was recently listed as one of the top banks by the Independent Community Bankers of America (ICBA). As part of the year-end performance ranking of its members, the ICBA uses Call Report data from the FDIC to identify the top 20 community banks in various asset categories as measured by Return on Average Assets (ROAA) and Return on Equity (ROE) ratios for all of the prior year.
The list of banks, published in their June 2012 issue, raked The Honesdale National Bank at number 20 in the ROAA category for banks more than $500 Million in assets. The bank capped off their 175th year in business with earnings of almost $7.8 Million on their year-end assets of over $561 Million, which translates to a 1.45% ROAA. As of December 31, 2011, the well capitalized bank had Equity over $69.6 Million producing an ROE of 11.46%.
HNB President & CEO William Schweighofer commented that “I can only restate some of the comments I made in my annual letter to our shareholders. What a wonderful year 2011 was for The Honesdale National Bank – record profits, record asset size, record dividends paid to shareholders, a year-long birthday celebration – in a word, extraordinary! I know that I speak for my co-workers and the entire Board of Directors when I say we could not be more proud of our results.”
SCHWEIGHOFER ELECTED VICE CHAIRMAN OF STATEWIDE BOARD
HARRISBURG, PA – William Schweighofer, President and CEO of The Honesdale National Bank, has been elected to the Pennsylvania Bankers Association (PBA) Board of Directors and will serve as the Board’s Second Vice Chairman. The Board, which includes PBA’s officers, Policy Committee chairs, Group and Deposit representatives and at-large members meets at least quarterly to determine the policies and administration of the Association. Board members are CEOs and senior level officers of PBA member banks. In his role as Second Vice Chairman, Mr. Schweighofer will serve on the PBA’s Personnel Committee, chair its Audit Budget and Finance Committee, attend banking industry and State Bankers Association meetings throughout the US and represent the Association at various events as called upon. He will serve a one -year term starting July 1, 2012.
In addition to his responsibilities as the President and CEO at HNB and Board terms with local agencies such as Wayne Memorial Community Health Centers, WEDCO, the Greater Honesdale Partnership and the Honesdale Lions Club, Mr. Schweighofer has been involved with various committees and task forces with the PBA. Most recently he served as the PBA Group 3 Chairman, representing banks in Northeastern PA, and as a member of the Advisory Committee for the PBA’s Advanced School of Banking held at State College.
The Pennsylvania Bankers Association, located in Harrisburg, is the state’s major banking trade association representing an expansive and diverse membership. The Association offers extensive continuing education programs, government relations representation on behalf of the industry, and provides numerous products and services for banks and their employees.The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.