Wooster, Ohio (April 25, 2008) – Wayne Savings Bancshares, Inc. (NASDAQ:WAYN), the stock holding company parent of Wayne Savings Community Bank, reported net income for the fiscal year ended March 31, 2008 of $2.0 million, or $0.65 per diluted share, compared to net income of $2.2 million, or $0.68 per diluted share for the fiscal year ended March 31, 2007.  The decrease in net income for the fiscal year was primarily due to a decrease in net interest income and increases in general, administrative and other expense and the provision for losses on loans, partially offset by increased other income and a decrease in federal income tax expense.

Net interest income decreased $47,000 for fiscal 2008 compared to fiscal 2007.  Interest income increased $548,000 during fiscal 2008 from fiscal 2007, as a result of prime rate increases in fiscal 2007 that continued into the second quarter of fiscal 2008 and a shift in balance sheet composition from lower yielding investment securities and residential mortgage loans toward higher yielding commercial real estate loans and mortgage-backed securities.  These increases were partially offset by subsequent prime rate reductions that began in August 2007 and continued through the end of the 2008 fiscal year.  Interest expense increased $595,000 during fiscal 2008 from fiscal 2007 as a result of increased rates paid on certificates of deposit in the first half of the fiscal year and a shift in deposit composition from savings and checking deposits to higher rate certificates of deposit and money market accounts, partially offset by decreases in rates paid on certificates of deposit as short term market rates moved down during the second half of the fiscal year.  Other income increased $278,000, mainly due to a $115,000 non-recurring prepayment penalty associated with a paid off commercial loan relationship, a $25,000 gain resulting from the required redemption of VISA USA stock following VISA’s initial public offering, increased trust income, increased earnings on Bank Owned Life Insurance (BOLI) and increased other income, mainly deposit service charges and debit card interchange.

The provision for losses on loans totaled $234,000 for fiscal 2008, an increase of $134,000 from the $100,000 provision recorded in fiscal 2007, based primarily on an increase in non-performing loans and on management’s evaluation of the delinquency trend in the overall portfolio, growth in the commercial loan portfolio and economic conditions in our market area.  Non-performing loans increased to $1.9 million, or 0.77% of net loans at March 31, 2008, compared to $950,000, or 0.40% of net loans at March 31, 2007.  The increase in non-performing loans was comprised primarily of three commercial loans secured by real estate collateral totaling $1.1 million that have experienced payment difficulties and were placed on non-accrual during the year ended March 31, 2008.  Management has evaluated these three loans for specific impairment, including obtaining new appraisals, and made the necessary specific provision to reflect potential impairment.   All three loans are in the workout process, and based on current information, management expects that the adjusted carrying values of the loans will be realized.



The following information was filed by Wayne Savings Bancshares Inc (WAYN) on Monday, April 28, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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