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.



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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