SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): August 15, 2002
Peoples Ohio Financial Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-49619 31-1795575
- ------------------------------------- -------------------------------- -----------------------------------------
(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
635 South Market Street, Troy, Ohio 45373
-----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (937) 339-5000
FORM 8-K
Item 5. Other Events.
- ------ ------------
The following was contained in a press release issued by Peoples Ohio
Financial Corporation on August 15, 2002:
Thursday, August 15, 2002
Contact: Linda Daniel
News Release VP Marketing/Adm.
For Immediate Release (937) 339-5000
PEOPLES REPORTS RECORD EARNINGS FOR 2002 FISCAL YEAR
The Board of Directors of Peoples Ohio Financial Corporation, the parent company
of Peoples Savings Bank (Troy-Piqua-Clayton), reported record earnings for
fiscal year 2002, making it the most profitable earnings period in the history
of the 112-year old local financial institution.
Total earnings for the fiscal year 2002 were $2,675,000 or $.35 per diluted
share, as compared to fiscal year 2001 earnings of $2,421,000 or $.32 per
diluted share. Basic earnings per share for fiscal year 2002 were $.36, as
compared to $.33 for fiscal year 2001.
Reporting for Peoples, President and CEO Ron Scott said that the 2002 record
earnings reflects a 10% increase over the previous year and that there was
growth in almost every area of bank services.
"Initiation of the holding company and continuing innovation in creating new or
expanded service areas have contributed greatly to our record success this past
fiscal year," said Scott.
Scott pointed out that net interest income increased by 20% this past fiscal
year while net interest income after provision for loan losses increased 18%.
Non-interest income increased for the same period 5%. Scott also acknowledged
that while non-performing loans increased slightly during the year, the Bank's
asset quality remained strong with non-performing loans comprising just 0.45% of
the Bank's loan portfolio at June 30, 2002 compared to 0.26% in the prior year.
In addition, return on average assets (ROAA) was 1.23% while return on equity
(ROE) was 11.22% for fiscal year 2002.
"Peoples enjoyed another strong year in the mortgage loan area," Scott said. He
also underscored the continued progress of the Trust Department, which manages
$133,652,000 in assets.
Peoples completed a successful year and a half of operation of a new
full-service state-of-the-art banking center and two stand-alone drive-thru ATM
locations in Clayton (Northern Montgomery County). Also Peoples currently has
banking centers, ATM locations, and trust offices in Troy and Piqua.
Scott believes that Peoples' strategy of providing very good basic
products/services while growing and developing new areas of service is working.
Originally chartered under Ohio law in 1890, Peoples Savings Bank created a
savings and loan holding company, Peoples Ohio Financial Corporation, effective
January 2002. Common shares of Peoples stock are now traded in the
over-the-counter market under the symbol "POHF".
- 30 -
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 thereunto duly authorized.
PEOPLES OHIO FINANCIAL CORPORATION
By: /s/ Ronald B. Scott
------------------------------
Ronald B. Scott
President
Date: September 16, 2002