EXHIBIT 99
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.
WAYNE SAVINGS BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands, except per share data)
June 30, 2003 March 31, 2003
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(Unaudited)
ASSETS
Cash, cash equivalents, & investment securities $ 50,638 $ 53,337
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Mortgage-backed securities, net (1) 83,534 76,002
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Loans receivable, net (1) 220,510 228,373
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Federal Home Loan Bank stock 4,081 4,041
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Office premises & equipment, net 8,684 8,818
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Real estate acquired through foreclosure 0 0
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Other assets 9,052 8,420
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TOTAL ASSETS $376,499 $378,991
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Deposit accounts $298,298 $300,931
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Advances from Federal Home Loan Bank 30,000 30,000
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Advances by borrowers for taxes & insurance 57 712
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Accounts payable on mortgage loans serviced for others 627 130
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Other liabilities 2,255 2,555
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TOTAL LIABILITIES 331,237 334,328
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Common stock (3,907,324 shares and 3,888,795 shares of $.10 par value
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at June 30, 2003 and March 31, 2003.) 391 389
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Additional paid-in capital 32,695 34,208
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Retained earnings 13,695 11,830
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Less required contributions for shares acquired by Employee Stock Ownership Plan (1,573) (1,612)
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Accumulated other comprehensive income (loss) 54 (152)
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TOTAL STOCKHOLDERS' EQUITY 45,262 44,663
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $376,499 $378,991
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(1) Includes available for sale classifications.
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Thousands -- unaudited)
Three Months Ended
June 30,
2003 2002
---- ----
(Unaudited)
Interest income $4,723 $5,049
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Interest expense 1,932 2,498
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Net interest income 2,791 2,551
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Provision for losses on loans 32 17
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Net interest income after provision for loan losses 2,759 2,534
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Other income 510 344
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General, administrative, and other expense 2,212 2,039
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Earnings before federal income taxes 1,057 839
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Federal income taxes 326 285
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Net earnings $731 $554
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
For the Three Months
ended June 30,
----------------------------
2003 2002
(Unaudited)
Quarterly Results
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Net Interest Income $2,791 $2,551
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Net Earnings $ 731 $ 554
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Earnings Per Share:
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Basic 0.19 0.15
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Diluted 0.19 0.15
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Return on Average Assets (Annualized) .77% .66%
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June 30, March 31,
2003 2003
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(Unaudited)
End of Period Data
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Total Assets $376,499 $378,991
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Stockholders' Equity to Total Assets 12.02% 11.78%
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