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 8, 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.
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The following was contained in a press release issued by
Peoples Ohio Financial Corporation on August 8, 2003:
Contact: Linda Daniel
News Release VP Marketing/Adm.
For Immediate Release or Rich Dutton
VP/CFO
(937) 339-5000
PEOPLES OHIO FINANCIAL CORPORATION
FINANCIAL OVERVIEW
FISCAL 2003 EARNINGS
Peoples Ohio Financial Corporation (the "Company"), the holding company for
Peoples Savings Bank (the "Bank"), reported earnings of $2,545,000 for the year
ended June 30, 2003, a decline of $130,000, or 4.9%, from the $2,675,000
reported for the same period in 2002. Basic earnings per share were $0.34 for
the year ended June 30, 2003, compared to $0.36 for the year ended June 30,
2002. Fully diluted earnings per share were $0.33 for the year ended June 30,
2003, compared to $0.35 for the year ended June 30, 2002.
Net interest income was $8,054,000 for the year ended June 30, 2003, $313,000,
or 3.7%, less than the $8,367,000 reported for the year ended June 30, 2002. The
decline was attributed to the continued low interest rate environment and the
pressure it has put on net interest margins throughout the banking industry.
Total interest income was $13,953,000 for the year ended June 30, 2003, a
decline of $1,965,000, or 12.3% from the $15,918 reported during the year ended
June 30, 2002, due to lower average loans outstanding coupled with lower
interest rates. The decline in interest income was partially offset by a
$1,651,000 or 21.9% decline in interest expense during the same period primarily
due to depositors shifting their deposits from higher rate certificates of
deposit to lower rate demand deposit accounts.
Noninterest income, which continues to be a focus, increased $132,000, or 8.5%,
to $1,693,000 for the year ended June 30, 2003, compared to the $1,561,000
recorded for the year ended June 30, 2002, as increases in service charges on
deposit accounts of $190,000 were partially off-set by a decline in revenue
generated from trust operations of $88,000.
Noninterest expense was $5,723,000 for the year ended June 30, 2003, $16,000 or
0.3% higher than the $5,707,000 reported for the year ended June 30, 2002.
Total assets at June 30, 2003 were $207.3 million, compared to $219.9 million at
June 30, 2002, as the Bank used a portion of the proceeds from mortgage loan
repayments to pay off borrowings from the Federal Home Loan Bank.
The Company was formed during January 2002, and acquired 100% of the Bank's
outstanding stock. Accordingly, all references to the Company, prior to January
2002, 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
June 30, 2003 and June 30, 2002
(in thousands)
June 30, 2003 June 30, 2002
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(unaudited)
Assets
Cash and Cash equivalents $ 15,835 $ 5,681
Investment securities 17,467 1,121
Loans, net 160,609 201,716
FHLB stock 5,273 5,052
Other assets 8,165 6,352
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Total assets $207,349 $219,922
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Liabilities and shareholders' equity
Deposits $117,629 $120,447
FHLB advances 63,329 74,174
Other liabilities 1,410 1,726
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Total liabilities 182,368 196,347
Equity for ESOP shares 630 469
Shareholders' equity 24,351 23,106
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Total liabilities and shareholders' equity $207,349 $219,922
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Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Year Ended June 30, 2003 and June 30, 2002
(unaudited, in thousands, except share data)
Year ended Year ended
June 30, 2003 June 30, 2002
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Interest income $13,953 $15,918
Interest expense 5,900 7,551
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Net interest income 8,054 8,367
Provision for loan losses 140 138
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Net interest income after provision for loan loss 7,914 8,229
Noninterest income 1,693 1,561
Noninterest expense 5,723 5,707
Income tax expense 1,339 1,407
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Net income $ 2,545 $ 2,675
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Earnings per share:
Basic $ 0.34 $ 0.36
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Diluted $ 0.33 $ 0.35
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Dividends per share $ 0.090 $ 0.065
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Peoples Ohio Financial Corporation
Selected Financial Data
(unaudited, in thousands)
As of As of
June 30, 2003 June 30, 2002
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Total assets $207,349 $219,922
Investment securities 17,467 1,121
Total loans 161,471 202,598
Allowance for loan losses (ALL) 862 882
ALL to total loans 0.53% 0.44%
Non-performing assets $ 3,385 $ 1,120
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Year ended June 30, 2003 Year ended June 30, 2002
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ROA 1.17% 1.23%
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ROE 11.70% 11.84%
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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: August 8, 2003