EXHIBIT 99.1
#41488203
WESTERN OHIO FINANCIAL CORPORATION
WESTERN OHIO FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS AND DECLARES
DIVIDEND
SPRINGFIELD, Ohio, Apr 24, 2003 /PRNewswire-FirstCall via COMTEX/ -- Western
Ohio Financial Corporation (Nasdaq: WOFC), parent corporation of Cornerstone
Bank, Springfield, Ohio, today announced the Company's first quarter earnings
and dividend.
A quarterly dividend of 25 cents per share will be paid on May 30, 2003 to
shareholders of record on May 16, 2003.
Net income for the three months ended March 31, 2003 was $621,000 compared to
$449,000 for the same period in 2002. Net income per share for the three months
ended March 31, 2003 was 35 cents on a fully diluted basis, up 9 cents, or 35%,
from 26 cents for the three months ended March 31, 2002.
As of March 31, 2003, Western Ohio had total assets of $351,244,000, total
deposits of $216,951,000 and shareholders' equity of $43,334,000.
John W. Raisbeck, President and Chief Executive Officer stated, "This was an
excellent quarter for us. Non-interest income increased 43% for this period to
$825,000 compared to $574,000 for the three months ended March 31, 2002, while
non-interest expense remained virtually unchanged from the same period last
year."
When used in the Company's press releases or other public or shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result," "project,"
"believe" or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date made, and
to advise readers that various factors -- including regional and national
economic conditions, changes in levels of market interest rates, credit risks of
lending activities, and competitive and regulatory factors -- could affect the
Company's financial performance and could cause the Company's actual results for
future periods to differ materially from those anticipated or projected.
The Company does not undertake -- and specifically disclaims any obligation --
to publicly release the result of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
WESTERN OHIO FINANCIAL CORPORATION
COMPARATIVE STATISTICS
(Dollars in thousands except per share data)
March 31, December 31,
2003 2002
---- ----
Total assets $351,244 $346,795
Total loans, net 279,888 256,883
Allowance for loan and lease losses 1,885 1,806
Securities 41,110 46,001
Deposits 216,951 219,169
Borrowed funds 88,297 81,243
Shareholders' equity 43,334 43,205
Book value per common share outstanding $ 24.64 $ 24.62
Market value per share $ 21.08 $ 20.84
For the Quarter Ended
March 31,
2003 2002
---- ----
Net income $ 621 $ 449
Earnings per share
Basic $0.36 $0.26
Diluted $0.35 $0.26
Return on average assets 0.72% 0.52%
Return on average equity 5.69% 4.24%
For the Quarter Ended
March 31,
2003 2002
---- ----
Net income $ 621 $ 449
Earnings per share
Basic $0.36 $0.26
Diluted $0.35 $0.26
Return on average assets 0.72% 0.52%
Return on average equity 5.69% 4.24%
SOURCE Western Ohio Financial Corporation
John W. Raisbeck, President and CEO of Western Ohio Financial
Corporation, 1-937-327-1112
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