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) April 14, 2005
Peoples Ohio Financial Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
OHIO 0-49619 31-1795575
- ----------------------- --------------------- ---------------------------------
(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
635 South Market Street
Troy, Ohio 45373
(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 April 14, 2005:
PEOPLES OHIO FINANCIAL CORPORATION
FINANCIAL OVERVIEW
THIRD QUARTER FISCAL 2005
Peoples Ohio Financial Corporation (the "Company"), the holding company for
Peoples Savings Bank (the "Bank"), reported earnings of $1,303,000 for the nine
months ended March 31, 2005, a decline of $6,000, or 0.46%, from the $1,309,000
reported for the same period in 2004. Basic and fully diluted earnings per share
were $0.18 for the nine months ended March 31, 2005, compared to $0.18 and
$0.17, respectively for the nine months ended March 31, 2004.
Net interest income was $5,276,000 for the nine months ended March 31, 2005,
$43,000 or 0.82%, greater than the $5,233,000 reported for the nine months ended
March 31, 2004. 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 $8,223,000 for the nine months
ended March 31, 2005 a decline of $199,000, or 2.36% from the $8,422,000
reported during the nine months ended March 31, 2004. This decline was
attributable to a decline in average loans outstanding, which were $156.7
million during the nine month period ended March 31, 2005 compared to $164.0
million during the same nine month period in 2004. The average yield earned on
loans for each of the nine-month periods was stable, declining 9 basis points
from the nine-month period ended March 31, 2004 to 2005. The decline in interest
income was offset by a $242,000 or 7.59% decline in interest expense during the
same period and was primarily due to a decline in the average balance of Federal
Home Loan Bank borrowings during the nine months ended March 31, 2005 in
comparison to the same period during 2004.
Noninterest income was $1,512,000 for the first nine months of fiscal 2005,
compared to the $1,583,000 recorded for the nine months ended March 31, 2004, as
increases in overdraft income accounts of $33,000, were more than off-set by a
decline in revenue generated by trust operations of $72,000.
Noninterest expense was $4,765,000 for the first nine months of fiscal 2005,
$32,000 or .67 % less than the $4,797,000 reported for the nine months ended
March 31, 2004.
Net income for the third quarter of fiscal 2005 was $440,000, $35,000 or 8.65%
greater than net income of $405,000 earned in the third quarter of fiscal 2004.
Net interest income for the third quarter of fiscal 2005 was $1,790,000 compared
to $1,743,000 for the third quarter of fiscal 2004. Noninterest income was
$475,000 for the third quarter of fiscal 2005 and $534,000 for the third quarter
of fiscal 2004. Noninterest expense was $1,584,000 for the third quarter of
fiscal 2005 and $1,664,000 for the third quarter of fiscal 2004.
Total assets at March 31, 2005 were $189.9 million, compared to $193.2 million
at June 30, 2004, as the Bank used a portion of the proceeds from security
maturities and growth in customer deposit accounts to originate loans as well as
reducing 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
March 31, 2005 and June 30, 2004
(in thousands)
<Table>
<Caption>
March 31, 2005 June 30, 2004
-------------- -------------
(unaudited)
Assets
Cash and Cash equivalents $ 4,911 $ 10,875
Investment securities 4,684 16,242
Loans, net 164,787 150,735
FHLB stock 5,667 5,487
Bank-owned life insurance 4,318 4,196
Other assets 5,579 5,661
-------------- -------------
Total assets $ 189,946 $ 193,196
============== =============
Liabilities and shareholders' equity
Deposits $ 122,099 $ 114,223
FHLB advances 40,914 53,295
Other liabilities 1,582 821
-------------- -------------
Total liabilities 164,595 168,339
Equity from ESOP shares 483 466
Shareholders' equity 24,868 24,391
-------------- -------------
Total liabilities and shareholders' $ 189,946 $ 193,196
============== =============
equity
</Table>
Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Nine Months Ended March 31
(unaudited, in thousands, except share data)
<Table>
<Caption>
Period ended Period ended
March 31, 2005 March 31, 2004
-------------- --------------
Interest income $ 8,223 $ 8,422
Interest expense 2,947 3,189
-------------- --------------
Net interest income 5,276 5,233
Provision for loan losses 90 100
-------------- --------------
Net interest income after provision for loan loss 5,186 5,133
Noninterest income 1,512 1,583
Noninterest expense 4,765 4,797
Income tax expense 630 610
-------------- --------------
Net income $ 1,303 $ 1,309
============== ==============
Earnings per share:
Basic $ 0.18 $ 0.18
============== ==============
Diluted $ 0.18 $ 0.17
============== ==============
Dividends per share $ 0.065 $ 0.12
============== ==============
</Table>
Peoples Ohio Financial Corporation
Condensed, Consolidated Statements of Income
For the Three Months Ended March 31
(unaudited, in thousands, except share data)
<Table>
<Caption>
Quarter ended Quarter ended
March 31, 2005 March 31, 2004
-------------- --------------
Interest income $ 2,760 $ 2,750
Interest expense 970 1,007
-------------- --------------
Net interest income 1,790 1,743
Provision for loan losses 30 40
-------------- --------------
Net interest income after provision for loan loss 1,760 1,703
Noninterest income 475 535
Noninterest expense 1,584 1,664
Income tax expense 211 169
-------------- --------------
Net income $ 440 405
============== ==============
Earnings per share:
Basic $ 0.06 $ 0.06
============== ==============
Diluted $ 0.06 $ 0.05
============== ==============
</Table>
Peoples Ohio Financial Corporation
Selected Financial Data
(unaudited, in thousands)
<Table>
<Caption>
As of As of
March 31, 2005 March 31, 2004
-------------- --------------
Total assets $ 189,946 $ 191,480
Investment securities 4,684 17,874
Total loans 165,433 151,224
Allowance for loan losses (ALL) 646 918
ALL to total loans 0.39% 0.61%
Non-performing assets $ 648 $ 1,378
</Table>
<Table>
<Caption>
Three months ended Three months ended Nine months ended Nine months ended
March 31, 2005 March 31, 2004 March 31, 2005 March 31, 2004
------------------ ------------------ ----------------- -----------------
ROA (annualized) 0.93% 0.84% 0.91% 0.88%
ROE (annualized) 7.13% 6.66% 7.10% 7.19%
</Table>
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
-------------------------------
Ronald B. Scott
President
Date: April 14, 2005