NEWS RELEASE
NASDAQ SYMBOL: WAYN
_______________________________________RELEASE DATE: JULY 23, 2003
WAYNE SAVINGS BANCSHARES, INC. CONTACT PERSON: CHARLES F. FINN
ANNOUNCES EARNINGS INCREASE CHAIRMAN AND CEO
MICHAEL ANDERSON CFO
(330) 264-5767
FOR IMMEDIATE RELEASE
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WOOSTER, OHIO--Wayne Savings Bancshares, Inc. (NASDAQ: WAYN), parent of
Wayne Savings Community Bank, reported net earnings of $731,000 or $.19 per
diluted share for the first fiscal quarter ended June 30, 2003. This represents
a significant 32% increase over net earnings of $554,000, or $.15 per diluted
share recorded in the same three-month period last year.
According to President Charles Finn, the rise in earnings was primarily
attributable to growth of $240,000, or 9%, in net interest income and growth of
$166,000 in non-interest income. Net interest income in the quarter ended June
30, 2003 amounted to $2.79 million compared to $2.55 million in the same quarter
last year. The growth in income was partially offset by a $173,000 increase in
general and administrative expenses, the primary components of which were
compensation, legal, and stock related expenses.
At June 30, 2003, Wayne Savings Bancshares, Inc. reported total assets of
$376.5 million, an increase of $42 million, or 12.5%, over total assets of
$334.6 million one year ago. Stockholders' equity on June 30, 2003 totaled $45.3
million, resulting in a capital-to-assets ratio of 12.02%, as compared to $26.4
million one year ago. The sharp increase in stockholders' equity was mainly due
to the addition of $17.1 million of net proceeds from the Company's stock
offering which was completed January 8, 2003.
Established in 1899, Wayne Savings Community Bank, the wholly-owned
subsidiary of Wayne Savings Bancshares, Inc., has nine banking locations in
Wayne, Holmes, Ashland, and Medina counties, in addition to its Village Savings
Bank F.S.B. subsidiary in Stark county. An application is pending to consolidate
the two Banks after which Village Savings will operate as a branch office of
Wayne Savings.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2003
WAYNE SAVINGS BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-23433 31-1557791
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
151 N. Market St., Wooster, Ohio 44691
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 264-5767
Not Applicable
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
Exhibit No. Description
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99 Press release dated July 23, 2003
Item 9. Regulation FD Disclosure.
The following information is furnished pursuant to this Item 9 and in
satisfaction of Item 12, "Disclosure of Results of Operations and Financial
Condition."
On July 23, 2003, Wayne Savings Bancshares, Inc. (the "Company") announced
its earnings for the six months ended June 30, 2003. A copy of the press release
dated July 23, 2003, describing earnings for these periods is attached as
Exhibit 99 to this report.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
WAYNE SAVINGS BANCSHARES, INC.
DATE: July 23, 2003 By: /s/ Charles F. Finn
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Charles F. Finn
President and Chief Executive Officer