UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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) January 25, 2005
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) (Zip Code)
Registrant's telephone number, including area code 937.339.5000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
FORM 8-K
Item 8.01 Other Events.
The following was contained in a press release issued by Peoples Ohio
Financial Corporation on January 25, 2005:
PEOPLES OHIO FINANCIAL CORPORATION
FINANCIAL OVERVIEW
SECOND QUARTER FISCAL 2005
Peoples Ohio Financial Corporation (the "Company"), the holding company for
Peoples Savings Bank (the "Bank"), reported earnings of $862,000 for the six
months ended December 31, 2004, a decline of $42,000, or 4.7%, from the $904,000
reported for the same period in 2003. Basic and fully diluted earnings per share
were $0.12 for the six months ended December 31, 2004, and 2003.
Net interest income was $3,486,000 for the six months ended December 31, 2004,
$4,000 or 0.1%, less than the $3,490,000 reported for the six months ended
December 31, 2003. While the Bank continues to be primarily a mortgage lender,
it's focus on shorter-term interest earning assets over the past twenty-four
months has resulted in an overall loan portfolio of shorter duration with a
slightly lower overall yield. Total interest income was $5,463,000 for the six
months ended December 31, 2004, a decline of $208,000, or 3.7% from the
$5,671,000 reported during the six months ended December 31, 2003. Average loans
outstanding were unchanged during each of the six month periods while the
average yield earned on loans declined. The decline in interest income was
offset by a $204,000 or 9.4% decline in interest expense during the same period
and was primarily due to a decline in the average balance of certificates of
deposit during the six months ended December 31, 2004 in comparison to the same
period during 2003.
Noninterest income was stable at $1,037,000 for the first six months of fiscal
2005, compared to the $1,048,000 recorded for the six months ended December 31,
2003, as increases in service charges on deposit accounts of $38,000, were more
than off-set by a decline in revenue generated by trust operations of $52,000.
Noninterest expense was $3,181,000 for the first six months of fiscal 2005,
$48,000 or 1.5 % higher than the $3,133,000 reported for the six months ended
December 31, 2003.
Net income for the second quarter of fiscal 2005 was $441,000, $51,000 or 13.1%
higher than quarterly net income of $390,000 earned in the second quarter of
fiscal 2004. Net interest income for the second quarter of fiscal 2005 was
$1,767,000 compared to $1,717,000 for the second quarter of fiscal 2004.
Noninterest income was $494,000 for the second quarter of fiscal 2005 and
$524,000 for the second quarter of fiscal 2004. Noninterest expense was
$1,571,000 for the second quarter of fiscal 2005 and $1,623,000 for the second
quarter of fiscal 2004.
Total assets at December 31, 2004 were $ 188.6 million, compared to $ 193.2
million at June 30, 2004, as the Bank used a portion of the proceeds from
security maturities to originate loans as well as paying off borrowings from the
Federal Home Loan 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
December 31, 2004 and June 30, 2004
(in thousands)
December 31, 2004 June 30, 2004
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(unaudited)
Assets
Cash and Cash equivalents $ 6,242 $ 10,875
Investment securities 5,472 16,242
Loans, net 161,606 150,735
FHLB stock 5,605 5,487
Bank-owned life insurance 4,281 4,196
Other assets 5,354 5,661
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Total assets $188,560 $193,196
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Liabilities and shareholders' equity
Deposits $109,237 $114,223
FHLB advances 52,621 53,295
Other liabilities 1,760 821
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Total liabilities 163,618 168,339
Equity from ESOP shares 457 466
Shareholders' equity 24,485 24,391
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Total liabilities and shareholders' equity $188,560 $193,196
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Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Six Months Ended December 31
(unaudited, in thousands, except share data)
Period ended Period ended
December 31, 2004 December 31, 2003
----------------- -----------------
Interest income $ 5,463 $ 5,671
Interest expense 1,977 2,181
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Net interest income 3,486 3,490
Provision for loan losses 60 60
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Net interest income after provision for loan loss 3,426 3,430
Noninterest income 1,037 1,048
Noninterest expense 3,181 3,133
Income tax expense 419 441
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Net income $ 862 $ 904
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Earnings per share:
Basic $ 0.12 $ 0.12
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Diluted $ 0.12 $ 0.12
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Dividends per share $ 0.065 $ 0.060
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Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Three Months Ended December 31
(unaudited, in thousands, except share data)
Quarter ended Quarter ended
December 31, 2004 December 31, 2003
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Interest income $ 2,755 $ 2,760
Interest expense 988 1,043
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Net interest income 1,767 1,717
Provision for loan losses 30 30
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Net interest income after provision for loan loss 1,737 1,687
Noninterest income 494 524
Noninterest expense 1,571 1,623
Income tax expense 219 198
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Net income $ 441 $ 390
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Earnings per share:
Basic $ 0.06 $ 0.05
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Diluted $ 0.06 $ 0.05
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Peoples Ohio Financial Corporation
Selected Financial Data
(unaudited, in thousands)
As of As of
December 31, 2004 December 31, 2003
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Total assets $188,560 $192,536
Investment securities 5,472 20,021
Total loans 162,444 152,046
Allowance for loan losses (ALL) 838 860
ALL to total loans 0.52% 0.57%
Non-performing assets $ 1,056 $ 1,644
Three months ended Three months ended Six months ended Six months ended
December 31, 2004 December 31, 2003 December 31, 2004 December 31, 2003
----------------- ----------------- ----------------- -----------------
ROA (annualized) 0.92% 0.79% 0.90% 0.90%
ROE (annualized) 7.26% 6.42% 7.09% 7.43%
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: January 25, 2005