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 3, 2002
Wayne Savings Bancshares, Inc.
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(Exact name of registrant as specified in its charter)
United States 0-23433 31-1557791
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
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 9. Regulation FD Disclosure.
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Wayne Savings Bancshares, Inc. (the "Registrant") has mailed to its current
stockholders its 2002 Annual Report to Stockholders in connection with its
upcoming Annual Meeting of Stockholders. Attached as Exhibit 99 is a summary of
the financial data contained within the Annual Report to Stockholders.
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 3, 2002 By: /s/ Charles F. Finn
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Charles F. Finn
President and Chief Executive Officer
EXHIBIT 99
Wayne Savings Bancshares, Inc.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands, except per share data)
March 31, March 31,
ASSETS 2002 2001
Cash, cash equivalents, certificates of deposit and
investment securities $ 50,169 $ 40,243
Mortgage-backed securities, net (A) 17,326 8,574
Loans receivable, net (A) 251,172 247,480
Federal Home Loan Bank stock 3,767 3,510
Office premises and equipment, net 9,208 8,780
Real estate acquired through foreclosure 19 124
Other assets 3,274 2,929
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Total assets $334,843 $311,640
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposit accounts $300,957 $277,706
Advances from Federal Home Loan Bank 5,000 6,000
Advances by borrowers for taxes and insurance 880 827
Accounts payable on mortgage loans serviced for others 116 234
Other liabilities 1,843 1,618
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Total liabilities 308,796 286,385
Common stock (2,640,835 and 2,638,835 shares of $1.00 par
value issued at March 31, 2002 and March 31, 2001, respectively) 2,641 2,639
Additional paid-in capital 14,444 14,436
Retained earnings 10,121 9,150
Less: Treasury stock (70,014 and 57,042 shares respectively) (1,181) (1,003)
Unrealized gain on mortgage-backed securities available for sale 22 33
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Total stockholders' equity 26,047 25,255
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Total liabilities and stockholders' equity $334,843 $311,640
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<FN>
(A) Includes available for sale classifications.
</FN>
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
For the three months
March 31,
2002 2001
(Unaudited)
Quarterly Results
Net interest income $2,544 $2,047
Net earnings 549 388
Earnings per share:
Basic 0.21 0.15
Diluted 0.21 0.15
Return on average assets (annualized) .66% .50%
For the year ended
March 31,
2002 2001
Year to Date Results
Net interest income $8,961 $8,406
Net earnings 1,823 1,332
Earnings per share:
Basic 0.71 0.51
Diluted 0.71 0.51
Return on average assets (unaudited) .56% .45%
March 31, March 31,
2002 2001
End of Period Data
Total assets $334,843 $311,640
Stockholders' equity to total assets (unaudited) 7.78% 8.10%
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands)
Three months ended Year ended
March 31, March 31,
2002 2001 2002 2001
(Unaudited)
Interest income $5,293 $5,417 $21,309 $21,506
Interest expense 2,749 3,370 12,348 13,100
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Net interest income 2,544 2,047 8,961 8,406
Provision for losses on loans 16 21 134 96
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Net interest income after provision
for loan losses 2,528 2,026 8,827 8,310
Other income 358 279 1,657 1,045
General, administrative and other expense 2,049 1,703 7,722 7,348
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Earnings before federal income taxes 837 602 2,762 2,007
Federal income taxes 288 214 939 675
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Net earnings $ 549 $ 388 $ 1,823 $ 1,332
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