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NEWS
RELEASE
FOR
RELEASE: IMMEDIATELY
WAYNE
SAVINGS BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE QUARTER AND YEAR ENDED MARCH
31, 2009
Wooster, Ohio (May 20, 2009) – 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, 2009 of $1.9 million or $0.64 per diluted share, compared to net
income of $2.0 million, or $0.65 per diluted share for the fiscal year ended
March 31, 2008. The decrease in net income for the fiscal year was
primarily due to an increase in the provision for losses on loans, a decrease in
non interest income and increases in non interest expense, partially offset by
increased net interest income and a decrease in federal income tax
expense.
Net interest income increased $986,000
for fiscal 2009 compared to fiscal 2008. Interest income decreased
$1.5 million during fiscal 2009 from fiscal 2008, mainly due to prime rate and
general interest rate decreases in fiscal 2009, partially offset by a shift in
balance sheet composition from lower yielding investment securities toward
higher yielding commercial real estate loans and mortgage-backed
securities. Interest expense decreased $2.5 million during fiscal
2009 from fiscal 2008 as a result of decreased rates paid on deposits and a
decrease in deposit balances, partially offset by increases in both short term
borrowings and advances from the Federal Home Loan Bank of
Cincinnati. Non interest income decreased $157,000, mainly due to the
absence of the receipt of a $115,000 non-recurring prepayment penalty associated
with a paid off commercial loan relationship and a $25,000 gain resulting from
the required redemption of VISA USA stock following VISA’s initial public
offering that were recorded in the 2008 fiscal year, partially offset by a
$49,000 increase in gains on the sale of mortgage loans.
The provision for losses on loans
totaled $1,068,000 for fiscal 2009, an increase of $834,000 from the $234,000
provision recorded in fiscal 2008, 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 $5.0
million, or 1.97% of net loans at March 31, 2009, compared to $1.9 million or
0.77% of net loans at March 31, 2008. The increase in non-performing
loans was comprised primarily of one commercial loan secured by real estate
collateral totaling $2.8 million that has experienced payment difficulties and
was placed on non-accrual during the year ended March 31,
2009. Management has evaluated this loan for specific impairment,
including obtaining a new appraisal, and made the necessary specific provision
to reflect potential impairment. This loan is in the workout
process, and based on current information, management expects that the adjusted
carrying value of the loan will be realized.
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The following information was filed by Wayne Savings Bancshares Inc (WAYN) on Wednesday, May 20, 2009 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: 0000914317-09-001324
Submitted to the SEC: Mon Jun 15 2009 10:06:39 AM EST
Accepted by the SEC: Mon Jun 15 2009
Period: Tuesday, March 31, 2009
Industry: Savings Institution Federally Chartered
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