EXHIBIT 99
News Release
FOR IMMEDIATE RELEASE
October 19, 2007
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| Contact: | | David M. Kepler
President and Chief Executive Officer
Telephone: 937-548-4158 |
GREENVILLE FEDERAL FINANCIAL CORPORATION REPORTS EARNINGS FOR THE
FIRST QUARTER ENDED SEPTEMBER 30, 2007 AND DECLARES DIVIDEND
Greenville, Ohio, October 19, 2007. Greenville Federal Financial Corporation (the “Corporation”) (OTCBB: GVFF), today announced the Corporation’s financial results for the first fiscal quarter. For the quarter ended September 30, 2007, the Corporation reported net income of $159,000, or $0.07 per diluted share, compared to net income of $141,000, or $0.06, per share for the same quarter in 2006.
The quarter-to-quarter increase in income was attributed primarily to a $32,000, or 3.4%, increase in net interest income after provision for losses on loans and a $24,000, or 12.6%, increase in other income, which were partially offset by a $29,000, or 3.1%, increase in general, administrative and other expense and a $9,000, or 16.7% increase in federal income taxes.
The increase in other income was due primarily to a $23,000 increase in customer service charges. The increase in general, administrative and other expense was due primarily to a $28,000 increase in compensation and benefits and a $16,000 increase in data processing expense, which were partially offset by an $11,000 decrease in occupancy and equipment expense. The increase in compensation and benefits expense was due primarily to a $17,000 increase in benefits mostly related to the expense associated with the granting of stock options and retention shares as permitted under the Corporation’s 2006 Equity Plan and an $11,000 increase in compensation expense.
The Corporation reported total assets of $129.0 million at September 30, 2007, total liabilities of $106.2 million, including deposits of $79.6 million, and total stockholders’ equity of $22.8 million.
The Corporation also announced that the Board of Directors has declared a cash dividend of $0.07 per share of the Corporation’s common stock. The dividend is to be paid on November 16, 2007, to stockholders of record as of October 31, 2007.
Greenville Federal Financial Corporation is the holding company for Greenville Federal, a federally chartered savings bank headquartered in Greenville, Ohio. Greenville Federal attracts deposits from, and makes loans in, the Ohio counties of Darke, Preble, Auglaize, Miami, Shelby and Mercer and the Indiana counties of Randolph and Wayne.
