For immediate release Contact: Douglas Stewart President-CEO
Debra Geuy Chief Financial Officer
July 16, 2002
PEOPLES-SIDNEY FINANCIAL CORPORATION ANNOUNCES QUARTERLY, YEAR END
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EARNINGS, DECLARES DIVIDEND AND SETS ANNUAL MEETING DATE
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Sidney, Ohio NASD-NMS "PSFC"
Peoples-Sidney Financial Corporation, parent company of Peoples Federal Savings
and Loan Association, today announced its fourth quarter and fiscal year-end
earnings.
Douglas Stewart, President-CEO reports the net income for the three months ended
June 30, 2002 was $234,000, or $0.17 basic and diluted earnings per share. This
compares to $178,000, or $0.13 basic and diluted earnings per share for the same
period in 2001. This represents a 31% increase. The increase in income is a
result of an increase in net interest income partially offset by an increase in
operational costs associated with the new Wal-Mart office, which opened in June
2001.
The Corporation's net income for the fiscal year ended June 30, 2002 was
$707,000, or $0.51 basic and diluted earnings per share compared to $740,000, or
$0.52 basic diluted earnings per share the previous year. The slight decrease in
net income is attributed to the increase in operational costs relating to the
Association's one-year-old Wal-Mart office. In addition, during fiscal year
2001, the Association realized an after tax gain of $65,000 from the sale of a
mortgage-backed security. Assets of the corporation were $134.9 million at June
30, 2002 with $17.2 million in shareholder's equity.
PEOPLES-SIDNEY FINANCIAL CORPORATION
ANNOUNCES QUARTERLY, YEAR END EARNINGS
DECLARES DIVIDEND AND SETS ANNUAL MEETING
PAGE 2
Stewart added, "the increased branch activity, in particular, with the addition
of the Wal-Mart office, has positioned our company for future growth, increased
customer convenience, and has built additional shareholder value. We remain
committed to meeting the ever-changing market demands to provide quality
products and services at reasonable prices to our customers."
On July 11, 2002, the Board of Directors declared a dividend of $0.09 per share
for shareholders of record as of July 31, 2002. The payable date will be August
15, 2002.
Additionally, the Annual Meeting of the Corporation will be held on Friday,
October 11, 2002 at 11:00 a.m. at the Sidney Holiday Inn. The record date for
voting purposes at this meeting will be August 31, 2002.
Peoples Federal operates from it main office at 101 E. Court Street and its
branch offices at 2400 W. Michigan Street (inside Wal-Mart), 405 E. Pike Street,
Anna, Ohio and 115 E. Pike Street, Jackson Center, Ohio.
When used in this press release or other public or shareholder
communications, in filings by the Corporation with the Securities and Exchange
Commission and in oral statements made with the approval of an authorized
executive office, the words or phrases "should result," "will likely result,"
"will enable," "are expected to," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties, including changes in
economic conditions in the Corporation's market area, changes in policies by
regulatory agencies, fluctuations in interest rates, demand for loans in the
Corporation's market area and competition, that could cause actual results to
differ materially from historical results and those presently anticipated or
projected. The Corporation wishes to caution readers not to place undue reliance
on such forward-looking statements, which speak only as of the date made. The
Corporation wishes to advise readers that the factors listed could affect the
Corporation's financial performance and could cause the Corporation's actual
results for future periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Corporation does not undertake-and specifically declines any
obligation-to publicly release the result of any revisions which may be made to
any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated
events.