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NEWS
RELEASE
FOR
RELEASE: IMMEDIATELY
WAYNE
SAVINGS BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE QUARTER AND YEAR ENDED MARCH
31, 2008
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.
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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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Wayne Savings Bancshares Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: WAYN
CIK: 1036030
Form Type: 10-K Annual Report
Accession Number: 0000914317-08-001790
Submitted to the SEC: Thu Jun 26 2008 3:21:36 PM EST
Accepted by the SEC: Thu Jun 26 2008
Period: Monday, March 31, 2008
Industry: Savings Institution Federally Chartered
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