EXHIBIT 99.1
PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: John W. Raisbeck
President and CEO
(937) 327-1112
Western Ohio Financial Corporation Announces
Second Quarter Earnings and Declares Dividend
Springfield, Ohio, July 17, 2003 - Western Ohio Financial Corporation (NASDAQ:
WOFC), parent corporation of Cornerstone Bank, Springfield, Ohio, today
announced the Company's second quarter earnings and dividend.
A quarterly dividend of 25 cents per share will be paid on August 29, 2003 to
shareholders of record on August 15, 2003.
Net income for the three months ended June 30, 2003 was $615,000 compared to
$632,000 for the same period in 2002. For the six months ended June 30, 2003,
net income was $1,236,000, up 14% compared to $1,081,000 for the same period in
2002.
Net income per share for the three months ended June 30, 2003 on a fully diluted
basis was 35 cents, down one cent from 36 cents for the three months ended June
30, 2002. Net income per share for the first six months of 2003, on a fully
diluted basis, was up 14% from 62 cents per share at June 30, 2002 to 71 cents
per share.
As of June 30, 2003, Western Ohio had total assets of $356,382,000, total
deposits of $214,160,000 and shareholders' equity of $43,241,000.
John W. Raisbeck, President and Chief Executive Officer stated, "Despite record
refinances of loans, earnings for the six months ended June 30, 2003 exceeded
last year's earnings because of our focus on increasing non-interest revenues
and prudently managing non-interest expenses.
Non-interest income increased 24% for the this period to $1,606,000 compared to
$1,294,000 for the six months ended June 30, 2002, while non-interest expense
decreased 1% from the same period last year. As of June 30, 2003 Western Ohio's
stock price closed at $24.45 per share compared to $20.84 per share at the end
of 2002."
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)
June 30, December 31,
2003 2002
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Total assets $ 356,382 $ 346,795
Total loans, net 291,172 256,883
Allowance for loan and lease losses 1,941 1,806
Securities 34,785 46,001
Deposits 214,160 219,169
Borrowed funds 96,472 81,243
Shareholders' equity 43,241 43,205
Book value per common share outstanding 24.69 $ 24.62
Market value per share $ 24.45 $ 20.84
For the Quarter Ended
June 30,
2003 2002
-------- ------------
Net income $ 615 $ 632
Earnings per share
Basic $ 0.36 $ 0.37
Diluted $ 0.35 $ 0.36
Return on average assets 0.71% 0.72%
Return on average equity 5.67% 5.92%
For the Year Ended
June 30,
2003 2002
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Net income $ 1,236 $ 1,081
Earnings per share
Basic $ 0.72 $ 0.63
Diluted $ 0.71 $ 0.62
Return on average assets 0.72% 0.62%
Return on average equity 5.72% 5.08%