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): April 28, 2003
Peoples Ohio Financial Corporation
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(Exact name of registrant as specified in its charter)
Ohio 0-49619 31-1795575
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(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
635 South Market Street, Troy, Ohio 45373
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(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 April 28, 2003:
PEOPLES OHIO FINANCIAL CORPORATION
FINANCIAL OVERVIEW
THIRD QUARTER FISCAL 2003
Peoples Ohio Financial Corporation (the "Company"), the holding company for
Peoples Savings Bank (the "Bank"), reported earnings of $1,996,000 for the nine
months ended March 31, 2003, a decline of $22,000, or 1.1%, from the $2,018,000
reported for the same period in 2002. Basic earnings per share were $0.26 for
the nine months ended March 31, 2003, compared to $0.27 for the nine months
ended March 31, 2002. Fully diluted earnings per share were $0.26 for the nine
months ended March 31, 2003, compared to $0.26 the nine months ended March 31,
2002.
Net interest income was $6,355,000 for the nine months ended March 31, 2003,
$201,000, or 3.3%, higher than the $6,154,000 reported for the nine months ended
March 31, 2002. Although interest income declined due to lower average loans
outstanding coupled with lower interest rates, interest expense declined to a
greater extent primarily due to depositors shifting their accounts from higher
rate certificates of deposit to lower rate demand deposit accounts. Management
continued to reposition its balance sheet in preparation for higher interest
rates.
The provision for loan losses was $110,000 for the nine months ended March 31,
2003 compared to $26,000 for the same period in 2002. This increase is the
result of management's continuing analysis of asset quality.
Noninterest income remained stable totaling $1,198,000 for the first nine months
of 2003, compared to the $1,169,000 recorded for the nine months ended March 31,
2002, as increases in service charges on deposit accounts of $92,000 were
partially off-set by a decline in revenue generated from trust operations of
$73,000.
Noninterest expense was $4,395,000 for the first nine months of 2003, $178,000
or 4.2% higher than the $4,217,000 reported for the nine months ended March 31,
2002. Noninterest expense categories that have experienced an increase during
2003 include salaries and employee benefits, data processing fees and State of
Ohio franchise taxes.
Net income for the third quarter of fiscal 2003 was $647,000, $82,000 or 11.2%
less than quarterly net income of $729,000 earned in the third quarter of fiscal
2002. Net interest income for the third quarter of fiscal 2003 was $2,052,000
compared to $2,132,000 for the third quarter of fiscal 2002. The provision for
loan losses was $30,000 for the third quarter of fiscal 2003 compared to $18,000
for the same period in fiscal 2002. Noninterest income was $408,000 for the
third quarter of fiscal 2003 and $387,000 for the third quarter of fiscal 2002.
Noninterest expense was $1,443,000 for the third quarter of fiscal 2003 and
$1,388,000 for the third quarter of fiscal 2002.
Total assets at March 31, 2003 were $218.3 million, compared to $219.9 million
at March 31, 2002.
The Company was formed during January, 2003 and acquired 100% of the Bank's
outstanding stock. Accordingly, all references to the Company, prior to January,
2003, reflect operations of the Bank.
This earnings report may contain certain forward-looking statements which are
based on management's current expectations regarding economic, legislative, and
regulatory issues that may impact the Company's earnings in future periods.
Factors that could cause future results to vary materially from current
management expectations include, but are not limited to, general economic
conditions, changes in interest rates, deposit flows, real estate values, and
competition, changes in accounting principles, policies, or guidelines, changes
in legislation or regulation, and other economic, competitive, governmental,
regulatory and technological factors affecting the Company's operations,
pricing, products and services.
Peoples Ohio Financial Corp. stock is traded over the counter under the symbol
"POHF." Sweeney Cartwright & Co. (Contact George Geissbuhler at 1-800-334-7481)
and Robert W. Baird, Investments (Contact Bob Lucas at 1-888-223-3296) act as
market-makers for the Company's stock.
Peoples Ohio Financial Corporation
Condensed, Consolidated Balance Sheets
March 31, 2003 and June 30, 2002
(in thousands)
March 31, 2003 June 30, 2002
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Assets (unaudited)
Cash and Cash equivalents $ 15,941 $ 5,681
Investment securities 19,758 1,121
Loans, net 171,026 201,716
FHLB stock 5,220 5,052
Other assets 6,333 6,352
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Total assets $ 218,278 $ 219,922
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Liabilities and shareholders' equity
Deposits $ 120,614 $ 120,447
FHLB advances 71,405 74,174
Other liabilities 1,451 1,726
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Total liabilities 193,470 196,347
Equity for ESOP shares 607 469
Shareholders' equity 24,201 23,106
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Total liabilities and shareholders' equity $ 218,278 $ 219,922
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Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Nine Months Ended March 31
(unaudited, in thousands, except share data)
Period ended Period ended
March 31, 2003 March 31, 2002
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Interest income $ 10,994 $ 12,009
Interest expense 4,640 5,855
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Net interest income 6,355 6,154
Provision for loan losses 110 26
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Net interest income after provision for loan loss 6,245 6,128
Noninterest income 1,198 1,169
Noninterest expense 4,395 4,217
Income tax expense 1,051 1,062
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Net income $ 1,996 $ 2,018
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Earnings per share:
Basic $ 0.26 $ 0.27
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Diluted $ 0.26 $ 0.26
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Dividends per share $ 0.090 $ 0.065
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Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Three Months Ended March 31
(unaudited, in thousands, except share data)
Quarter ended Quarter ended
March 31, 2003 March 31, 2002
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Interest income $ 3,452 $ 3,912
Interest expense 1,400 1,780
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Net interest income 2,052 2,132
Provision for loan losses 30 18
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Net interest income after provision for loan loss 2,022 2,114
Noninterest income 408 387
Noninterest expense 1,443 1,388
Income tax expense 341 384
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Net income $ 647 $ 729
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Earnings per share:
Basic $ 0.09 $ 0.10
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Diluted $ 0.08 $ 0.09
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Peoples Ohio Financial Corporation
Selected Financial Data
(unaudited, in thousands)
As of As of
March 31, 2003 March 31, 2002
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Total assets $ 218,278 $ 219,922
Investment securities 19,758 1,121
Total loans 171,863 202,598
Allowance for loan losses (ALL) 837 882
ALL to total loans 0.49% 0.44%
Non-performing assets $ 2,103 $ 1,702
Three months ended Three months ended Nine months ended Nine months ended
March 31, 2003 March 31, 2002 March 31, 2003 March 31, 2002
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ROA (annualized) 1.19% 1.34% 1.21% 1.24%
ROE (annualized) 10.70% 13.14% 11.20% 12.41%
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
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Ronald B. Scott
President
Date: April 28, 2003