Saturday, January 19, 2019

IMO: How to Make Telecommuting Work in Banks

Schlepping to the office five days a week is enough to make employees, or would be employees, reconsider working for you. This is particularly true in urban areas, where 20 miles might equal an hour commute. Or in growing families, where daycare costs might eat their pay check. In comes telecommuting. 

And in an era of high competition for top-notch employees, even stick in-the-mud old schoolers have to consider telecommuting as an option for employees. Currently, there are an estimated 3.9 million telecommuters in the US. Up 115% from 2005

How To Manage It?

Jane has a 20 mile commute and bears a high proportion of parental duties, and works two days a week from home. Seems fair. 

John, her coworker performing in a similar job, is denied telecommuting. John doesn't have parental responsibilities. His commute is about the same as Jane. 

Mana from heaven for discrimination lawyers.

So you give in to John so he doesn't call the law offices of Duey, Cheatem, and Howe. You give him a laptop and set him up at home. 

Later, you have to reprimand John for his lack of availability while working from home. He promptly quits. And has your laptop. With your customers' information on it. Safely in John's spare bedroom, where he now uses it to play Grand Theft Auto (GFA).  

Imagine that disclosure to your customers? "Your personal information may have been compromised to a Missouri teen that achieved Level 20 on Grand Theft Auto and somehow gained access to one of our laptops in the possession of a former disgruntled employee that was playing GFA with the alleged data thief."

So what should you do? I have ideas. Most came from the ABA Banking Journal's thought provoking podcast: How to Make Telework Work in a Bank


Making it Work


1. Have a policy. In order to avoid discrimination and missing half of your department, develop a policy that all telecommuting decisions are made from. For example, the policy may read "after two years of continuous employment, a manager may grant permission for an employee to work from home either temporarily or on some routine schedule, depending on the circumstances." And then spell out the decision map that the manager must follow. Like exceptions to loan policy, there may be exceptions to this policy. Such as waiving the two-year requirement for competitive reasons (if the new employee had telecommuting as part of their prior employers benefits). But have as specific a policy as possible to make it clear when telecommuting is permissible to minimize gray areas, discrimination, employee envy, and dissatisfaction.


2. Use Virtual Desktops. Solutions such as Citrix or Horizon transforms static desktops into secure, digital workspaces that can be delivered on demand. Meaning a telecommuter can use a VDI app to access their at-work desktop as if they were actually at work. And since the VDI is only delivering images of  their desktop, data is not stored on the computer in their home. This solves for systems security and patching. And if the employee leaves, like our doppelganger John above, no worries. Access can be turned off from HQ.


3. Set expectations clearly. The ABA podcast suggested signing a contract with the employee. Such as ensuring they work a regular workday, instead of setting their own hours. You don't want branch staff calling a telecommuting employee for an IRA minimum required distribution amount and that person be out food shopping because the crowds are lighter at the supermarket mid afternoon. And be clear on days in the office versus working from home. Even if the telecommuting contract is short term, such as an employee recouping from a broken femur suffered while skiing. 


4. Use office chat software. Such as HipChat or Slack. You may not have the "shout over the cubicle" capability with the telecommuter, but you can almost have it with an office chat application. They are getting such wide acceptance, they are being used instead of shouting over the cubicle. So why not take advantage of technology?


5. Use video to include telecommuters in meetings. A risk of telecommuting is that this valuable employee, that you thought so valuable that you allow to work from home, would be disconnected to the workforce. Phone calls are one thing. But doubling up on the connectivity with video will improve internal camaraderie and make at-work and telecommuting employees feel more connected. If it means they have to shower and get out of their pajamas, so be it.


My millennial daughter recently asked an employer if she could telecommute a couple of days per week. The company said they were just implementing a new policy to accommodate that. So if you are a telecommuting resister, it's coming whether you like it or not.

I hope you can use the above ideas to make it work.

What other ideas do you have?


~ Jeff


Note: I am not an attorney or employment specialist. I have never passed the Bar. But I occasionally stop in :)


This article relates to my firm's Profit and Process Improvement and Management Advisory services. Click on the links to learn more.

https://kafafiangroup.com/services/profit-process-improvement/
https://kafafiangroup.com/services/management-advisory/






Saturday, January 12, 2019

What Makes an Effective Community Banking Board?

Frequently asked. Seldom answered.

According to the FDIC, directors' responsibilities include:

"Directors are responsible for selecting, monitoring, and evaluating competent management; establishing business strategies and policies; monitoring and assessing the progress of business operations; establishing and monitoring adherence to policies and procedures required by statute, regulation, and principles of safety and soundness; and for making business decisions on the basis of fully informed and meaningful deliberation."

Capiche?

So how do you, as an executive or Chair of your financial institution, construct your Board to be the most effective at the above and delivering solid shareholder returns? Over two years ago, I analyzed this same question, using top five and bottom five Return on Equity banks. I could find no correlation between professional backgrounds of board members and bank performance.

You may have read last month's Top 5 in Total Return to Shareholders post, where I searched for the best financial institutions in delivering long-term value to shareholders. The average 5-year total return for this group was 320%. Do their boards share something in common that other boards do not? See for yourself.















The average board size was 10, and the average age was 65. The average number of bankers, active or retired, was two to three. Remember that we are including the CEO, who is also on the Board.

So, what about the Bottom 5 in Total Return to Shareholders? Recall from the Top 5 post that I screened for low trading volume banks. So those with less than 1,000 shares traded per-day were removed. The average 5-year total return for the group below was -31%.

Here is the board composition of those on the unenviable Bottom 5 list.













































The average board size for this group was 12, and the average age was 66. The age was not noticeably different, but the board size was 20% higher than the Top 5 banks. I'm not sure this matters because Hilltop Holdings has a whopping 20 board members, skewing this number for the other four. Absent them, the Bottom 5 board size is similar to the Top 5.

So what is it about the Top 5 that differentiates it from the Bottom 5? In terms of bankers, active or retired, this group looks no different than the Top 5.

I will say there seems to be more PE, Investment Banker, Investment Management types on the Bottom 5 boards than on the Top 5. This might be explained by the capital formation process, where a low performing bank gets equity injections and those folks go on the board. Perhaps not. Either way, having Investment-type folks on your board doesn't seem to be the secret sauce to great shareholder returns. 

So, as was my take from September 2016, there is no discernable difference between number of board members, age, professions of board members in top performing financial institutions and bottom dwellers. 

Then, as now, my working theory is that the best boards are ones that approve strategy and hold management accountable for achieving it, and effectively dispatch their duties as described by the FDIC above. Each board member is an ingredient in the effectiveness of the entire board. And it doesn't matter if they are in Ag Supply or are the brand manager for the Dallas Cowboys.

What are your thoughts on an effective board?

~ Jeff


Monday, December 24, 2018

Three Gifts for Bankers

The magi, thought to be named Gaspar, Balthasar, and Melchior, followed a bright star to find the Messiah. According to the Gospel of Matthew, they brought him three gifts: gold, frankincense, and myrrh. 

The journey wasn't easy for the magi. At first, they did not know where they were going. And when they arrived in Jerusalem, King Harrod tried to fool them into discovering and reporting the whereabouts of this King of the Jews. 

Although the magi's perils were greater and their journey quite a bit more significant than the modern day banker, I too see headwinds for community financial institutions, and wish for three gifts for them during this holiday season.

My Wish For Bankers in 2019


1.  I wish Artificial Intelligence ("AI") becomes real. The blaring horns about AI in the news and on social media is loud and frequent. I wish it was as loud and frequent within financial institutions. The truth is, we haven't had many wins yet. But it's coming. And my wish is that it comes soon. Because we continue to invest significant resources in operational functions that are the "keep the lights on" variety. Such as balancing accounts between disparate systems, solving for unread items, and trolling through accounts for suspicious activity. These are belt and suspenders type problems that the promise of AI should help solve. And in so doing, perhaps we can re-allocate resources that we tend to over invest in non-value added activities (see the below charts) and re-invest into a bank that delivers a truly superior customer experience, with highly trained and appropriately rewarded employees. 



2.  I wish employee development rises to be the top strategic objective for banks that want to distinguish themselves through their people. I hear some variation of employee development in strategy sessions often. And see progress in employee development much less so. The fear that investing in functional fluency and a career path might lead to employee departure is real. So employee initiatives remain at the forefront of budget cuts. What if you train them and they leave? I believe your biggest threat is to let them languish and they stay. It's a sure sign that the scales will remain tipped toward investments to keep the lights on, as alarmingly demonstrated in the charts above. And don't statistics support that it is less expensive to develop from within than pick up people off of the street?


3.  I wish financial institutions to remain independent because they've earned it! The accompanying chart should be quite alarming for bankers. I know it is for bank consultants! So often, with recent regulatory activism, a severe recession, rising costs and needed technology investments, and fear of the pace of change, financial institutions' are deciding to throw in the towel. But it need not be so! For shareholder owned institutions, determine the desired return of those shareholders and build a strategy to achieve it (long-term), whether through capital appreciation or dividends. And balance the interests of your constituencies: shareholders, customers, employees, and communities. For non-shareholder owned, you still must earn your right to remain independent, achieve acceptable profitability to add to your capital base, grow, and remain relevant to those other three constituencies. Make it part of every planning retreat. Because if you don't know where you want to go, you're already there.  



Those are my wishes for three gifts for bankers in the coming year. Instead of having three fellas from the east come and bestow them on you, make your own gifts. 


I want to thank all of our current and past clients for the gifts you have given me and my firm. We appreciate every one of you. And look forward to serving you and new friends in 2019.


~ Jeff




Thursday, December 13, 2018

Banking's Top 5 in Total Return to Shareholders: 2018 Edition

For the past seven years I searched for the Top 5 financial institutions in five-year total return to shareholders because I promote long-term strategic decision making that may not benefit next quarter's or next year's earnings release. And I am weary of the persistent "get big or get out" mentality of many bankers and industry pundits. If their platitudes about scale are correct, then the largest FIs should logically demonstrate better shareholder returns. Right?

Not so over the seven years I have been keeping track. The first bank over $50 billion in assets was SVB Financial Group, at 208th on the list. The much heralded JPMorgan Chase: 229th. 

My method was to search for the best banks based on total return to shareholders over the past five years. I chose five years because banks that focus on year over year returns tend to cut strategic investments come budget time, which hurts their market position, earnings power, and future relevance than those that make those investments.

Total return includes two components: capital appreciation and dividends. However, to exclude trading inefficiencies associated with illiquidity, I filtered out those FIs that trade less than 1,000 shares per day. This, naturally, eliminated many of the smaller, illiquid FIs. I also filtered for anomalies such as recent merger announcements, mutual-to-stock conversions, stock dividends/splits without price adjustments, and penny stocks.

As a point of reference, the SNL US Bank & Thrift index total five year return was 45%.

Before we begin and for comparison purposes, here are last year's top five, as measured in December 2017:

#1.  Old Second Bancorp, Inc. (Nasdaq: OSBC)
#2.  Independent Bank Corporation (Nasdaq: IBCP)
#3.  Summit Financial Group, Inc. (Nasdaq: SMMF)
#4.  HMN Financial, Inc.. (Nasdaq: HMNF)
#5.  Parke Bancorp, Inc. (Nasdaq: PKBK)


Here is this year's list:



Carolina Financial Corporation is the $3.7 billion in asset holding company of CresCom Bank, which also owns Atlanta-based Crescent Mortgage Company. The Bank has 61 branch locations throughout the Carolinas. In 2015, the Company was recognized as American Banker's #1 bank for three-year ROE. This is clearly a turnaround situation, as the bank lost over $12 million in 2010, over 20% of its capital (ouch). Its non-performing assets to assets at that time... 9%. But once they turned things around they took their deferred tax asset back onto their books and did three acquisition. Today, NPAs/Assets is a stellar 0.46%, and the Company sports an ROA/ROE year-to-date of 1.27% and 8.91% respectively. These comeback kids have delivered a 398% total return to shareholders over the past five years. Welcome to the list!



#2. Oregon Bancorp, Inc. (OTC Pink: ORBN)

Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates five full service offices. It also operates 13 Home Loan Centers in Oregon and Idaho. ORBN was $236 million in total assets at September 30 and barely eeked through our trading volume screen, trading about 1,300 shares/day, on average. But the Company is on pace to make $8 million this year (YTD annualized). Eight million! On a $236 million balance sheet. Demonstrates the potential value of a mortgage origination platform, if you can take the volatility. Year to date gain on sale revenues was $27 million. All of 2017 was $29 million. That is up from $6 million in 2014. So I ask readers, can you take the volatility? Because ORBN's year to date ROA/ROE was 3.63% / 32.08% respectively. You read it right. This type of knock the cover off the ball performance resulted in a five year total return to shareholders of 318%. Wow!



Farmers and Merchants Bancorp is the $1.1 billion in asset holding company for Farmers & Merchants State Bank (F&M). It has been serving the financial needs of individuals, farmers, businesses, and industries in Northwest Ohio and Northeast Indiana since 1897 through its headquarters in Archbold, Ohio and 24 additional branch offices. I always search for the "why" when banks excel in total return. For F&M, steady, superior financial performance appears to be their story. They've grown EPS at a compound annual growth rate of 12% over the past five years. Their year to date ROA/ROE is 1.41% and 11.49%, respectively. Thanks to good old growth and balance sheet management which saw their net interest margin expand from 3.49% in 2015 to 3.80% today. All of this blocking and tackling led to a five year total return to shareholders of 310% and the number 3 spot on the JFB total return list for 2018. Great job! 



#4. Fidelity D&D Bancorp, Inc. (Nasdaq: FDBC)

Fidelity D&D Bancorp, Inc. is the $950 million in asset holding company for Fidelity Bank that serves Lackawanna and Luzerne Counties in Pennsylvania through 10 community banking office locations providing personal and business banking products and services, including wealth management. And to them I say... finally someone from my hometown of Scranton breaks into the JFB top five in total return! How did they do it? You wouldn't have known they were destined for shareholder greatness in 2009 or 2010 when they logged consecutive years of losses due to credit woes. But bounce back they did! In 2011, they achieved an 0.85% ROA and a 10% ROE. One year after the climb! And they have consistent improvement since then. Today they are riding a 1.21% ROA and a 12.30% ROE. They have been a regular on the American Banker Magazine's top 200 ROE banks for five years running. And they were recently named as one of Forbe's top in-state banks, which uses customer experience metrics rather than straight financials. All of the hardware resulted in a 295% five year total return to shareholders. More hardware for you!



#5. Plumas Bancorp (Nasdaq: PLBC)

Plumas Bancorp is the $771 million holding company for Plumas Bank. Founded in 1980, Plumas Bank is a full-service community bank headquartered in Quincy in Northeastern California. The bank operates twelve branches, eleven in California and one in Nevada. It also operates four loan production offices, three in California and one in Oregon. Plumas Bank is an SBA Preferred Lender. In 2009, you wouldn't think they would survive, let alone make the JFB list nine years later. They lost $9 million that year, which was 25% of their capital! With the injection of Preferred Equity and Sub Debt they picked themselves up, drove down their non-performing assets/assets ratio from 7.48% in 2010 to 0.45% today. The Company grew EPS at a 29% compound annual growth rate since 2013, and is now sporting an ROA and ROE of 1.86% and 23.61%, respectively. Pretty good. That's why they returned 280% to their shareholders the past five years!



There you have it! The JFB all stars in top 5, five-year total return. The largest of the lot is $3.7 billion in total assets. No SIFI banks on the list. Ask your investment banker why this is so.

Congratulations to all of the above that developed a specific strategy and is clearly executing well. Your shareholders have been rewarded!

Are you noticing themes that led to these banks' performance?


~ Jeff



Note: I make no investment recommendations in my blog. Please do not claim to invest in any security based on what you read here. You should make your own decisions in that regard. FINRA makes people take a test to ensure they know what they are doing before recommending securities. I'm sure that strategy works well.

Friday, November 09, 2018

Teflon Tim: You Can't Mess With Wells Fargo

Could the past two years have been worse for Wells Fargo (WF)?

According to an appropriately snarky Gonzo Banker post by Scott Hodgins, Wells' blunders are epic:

September 2016 - Disclosed that they created two million bogus accounts without customer consent to hit the bank's "eight is great" cross-sell targets. That fiasco cost them over $800 million in fines and legal settlements.

September 2016 - Wrongfully repossessed service members' cars. Some of whom were deployed overseas. Thirty million in fines and restitution.

March 2017 - Failed the OCC's community lending test causing "significant harm to customers."

February 2018 - Regulators limit WF growth due to "widespread consumer abuses and compliance breakdowns." 

April 2018 - Agrees to $1 billion in settlements for auto loan and mortgage abuses.

The spate of bad news led to Wells launching a nationwide ad campaign to repair its image.


And since then:

They admitted altering business customer data to address anti-money laundering compliance. Fined by the SEC for pushing inappropriate investment products. Finally got their financial crisis fine. Admitted to 400 wrongful housing foreclosures. And yesterday the Wall Street Journal reported that the OCC notified Wells that "the bank also has failed or isn't expected to meet deadlines on around two dozen technology-focused OCC regulatory warnings... that have been issued since 2014 or earlier."

How many people are in their public relations department? You would think not nearly enough.

Or is it?

I recently addressed a bank client's all officer meeting to discuss industry trends. As part of my comments, I presented the following table of New Jersey Deposit Market Share. I also included the USA deposit market share.


Wells maintained its market share from June 2017 to June 2018 in both New Jersey and nationwide.
In spite of the cascade of bad news, the bank ceded 72 basis points of deposit market share in New Jersey and only 10 basis points nationwide. And this was while they were imposed with a growth
restriction. No wonder why Teflon Tim is smiling in his investor relations pic. I thought it was the green tie. Luck of the Irish. That sort of thing.

So what is it about the bank that has allowed it to endure such bad news, such regulatory scrutiny, and such a mountain of fines and restitution? Superior technology? Nationwide network? The stagecoach?

Wells' challenges are a blinking light for a larger problem. Notice the bigger banks all held serve and maintained leading market share. As community banks, we have not developed a strategy to break through.

So the operative question is, should we be more focused on slaying dragons in our strategic and operating plans? Or, should we be content swatting at gnats? Because the dragon should be wounded.

What do you think?


~ Jeff 








Sunday, October 28, 2018

Bankers: Don't Buy the Hype. Let Fintech Equity Investors Bear the Cost of Experimentation.

When JPMorgan Chase released its 2016 annual report, in which the celluloid CEO Jamie Dimon proudly acknowledged spending nearly $10 billion on technology, the talking heads erupted. Ten billion! Must be good. Jamie does it.

And from that moment the conventional wisdom was and is: community banks can't compete. I just heard it on Friday. A team of investment bankers told a community bank board, "how do you compete with that?" 

I have ideas. Watch/listen to my most recent vlog.


Who should bear the cost of experimentation?

~ Jeff

Thursday, October 25, 2018

Guest Post: Financial Markets and Economic Update by Dorothy Jaworski


Economy 

The economy is on a roll!  Economic growth picked up strongly in the second quarter, with a reading of +4.2%, as momentum from the tax cuts and deregulation pushed spending and investment higher.  Third quarter growth is also expected to be around +4.0%.  Business and consumer optimism have been high.  Indeed, equity investors have been optimistic, too, sending stock prices higher this year, although these gains have not come without some extreme volatility earlier in October.  Bond investors, on the other hand, are a miserable bunch.  The Federal Reserve continues their tightening
campaign, raising short-term interest rates another .25% in September, to bring the Fed Funds rate to a range of 2.00% to 2.25%.  The Fed has now given us eight rate increases totaling 2.00% since December, 2015.  By the way, I want to run down the street screaming, “Stop!”  At the same time, longer-term rates have risen about .20% to .25% in the past month, while inflation has been falling.  Go figure.  The ten-year Treasury has topped 3.00% and many economists call for its continued rise.  Only a few call for stable or falling rates.  Just remember this:  Rising rates are always the culprit that derails economic growth, ultimately resulting in a reversal for the Fed and falling rates.



We now have four quarters to go before we set a new record length of economic expansion.  I believe that we will.  GDP has increased an average of 2.2% since the current recovery began in June, 2009.  The longest expansion on record was from March, 1991 to March, 2001, with growth of 3.6%, engineered by Maestro Greenspan.  That time period was not without its challenges, especially when the Fed raised rates unexpectedly in 1994.  They may have raised rates too much but quickly realized their error and eased to keep the recovery intact.  We face challenges, too, but we have a good chance of setting the new record in 2019; even if growth slows, I believe it will be back to the 2% trend line through the middle of next year.   The Fed thinks we will make it, too.



Standing in the Way of Growth

I read Dr. Lacy Hunt’s latest newsletter and was surprised when he wrote that the economy appears to be on a downward trend and that long-term rates will fall.  Of course, he does not say when…The Federal Reserve’s raising of interest rates has been a drag on the economy.  Fiscal stimulus in the form of tax cuts, especially for corporations, led to spikes in investment and spending.  But how long can that be sustained as rates rise?  Interest sensitive sectors like automobiles and housing are already slowing.  The yield curve is much flatter this year than last.  The spread between ten year and two year Treasuries is .24% at September 30, 2018 compared to .84% at September 30, 2017.  The curve is not close to inverted yet, but if it does, it will be a precursor of tough economic times ahead.



Government debt poses a threat to growth, but more on that later.  Trade wars and tariffs dominated the market discussion in the third quarter with talk quieting down for now.  Politics is causing concern both here domestically with our upcoming mid-term elections in November and around the world with places like China and the Middle East.  Finally, the dreaded rising oil prices, now at $70 per barrel, always have the potential to derail growth. 



Too Much Debt

Here I go, sounding like a broken record again.  I harp on debt too much, but I strongly believe that it is the primary reason that GDP has only been able to average +2.2% since 2009, compared to 3% to 4% growth in other recoveries.  Debt creates a drag on GDP, especially if it is not productive in generating income.  US Government debt is at 104% of GDP at the end of the second quarter of 2018 and the ratio is likely higher in the third quarter.  Treasury debt exceeds $21 trillion and the growth is on an unsustainable path.  Studies show that GDP growth is sub-par in scenarios where debt is above 90% of GDP for over five years.  Just look at Japan and Europe and see how sluggish their economies have been.  China has slowed from its potential growth rate as debt mounts.  Even US growth is weaker than average.  As rates move higher here at home, do not forget all of the countries that tie their currency to the US dollar.  It is stronger and rates are higher, making it tougher for them to repay debt.



It is not just government debt that is of concern.  Here are some staggering numbers:  Since the financial crisis of 2008, worldwide debt has increased by $70 trillion to $247 trillion, or 236% of world GDP versus 207% in 2008.  US household debt is at $13.3 trillion, up from $9 trillion.  Student debt has more than doubled from 2008 to $1.5 trillion and auto loans are higher at $1.25 trillion.  Just when you think I don’t have any positives, here is the good news on employment and inflation.



Record Low Unemployment

Wow!  The unemployment rate fell in September to 3.7%, matching a low rate first attained in September, 1966 and one that is only slightly above the rate of 3.4% in September, 1968.  This has been great for the economy and is quite an achievement by the Fed, but it is also a source of their constant worry about a low rate of unemployment that could lead to high inflation.  Those who advocate the Phillips Curve relationship would worry.  Those of us who don’t believe in it aren’t too concerned.   It has been great for the economy to see millions of workers obtain jobs and spending ability to push our economy further.  There are over 7 million job openings nationwide.  We still have a large pool of available workers, at over 11 million people, who could jump in to fill jobs.  This “excess capacity” keeps inflation in check.



Inflation

Speaking of inflation… Admittedly, inflation was trending higher early in 2018.  Wage growth on a year-over-year basis scared everyone with a reading of +2.9% and subsequently settled back in a range of +2.6% to +2.8%.  The consumer and producer price indices were rising vigorously, at +2.8% and +3.1%, respectively, but now the year-over-year changes are falling back to +2.7% and +2.8% for August.  The inflation picture in China was very scary in early 2018, with the “world’s manufacturer” reporting producer prices rising at 7.8% in February; in September, price pressures there have eased to 3.5%.  A leading inflation index published by ECRI was also rising annually earlier in 2018, but is now falling.  Still of concern are oil prices that are up 21% and gasoline prices that are up 11% to 13% year-to-date.  Housing price increases continue, but at a decelerating pace.  Should inflation worry us?  Of course.  But is there a risk of huge inflation?  Not right now.  This will also help us get to the expansion record.



The brightest spot in the economy right now is the movie industry, bringing us films featuring Lady Gaga and Queen, two of my favorites!  I also have two great nephews, ages 2 and 4, who want their Aunt Dorothy to take them to see The Grinch.  

Thanks for reading!  DJ 10/17/18








Dorothy Jaworski has worked at large and small banks for over 30 years; much of that time has been spent in investment portfolio management, risk management, and financial analysis. Dorothy has been with Penn Community Bank and its predecessor since November, 2004. She is the author of Just Another Good Soldier, and Honoring Stephen Jaworski, which details the 11th Infantry Regiment's WWII crossing of the Moselle River where her uncle, Pfc. Stephen W. Jaworski, gave his last full measure of devotion.