NEWS RELEASE

FOR RELEASE: IMMEDIATELY

WAYNE SAVINGS BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2010

Wooster, Ohio (May 13, 2010) – Wayne Savings Bancshares, Inc. (NASDAQ:WAYN), the holding company parent of Wayne Savings Community Bank, reported net income of $2.2 million or $0.77 per diluted share for the fiscal year ended March 31, 2010, compared to $1.9 million or $0.64 per diluted share for the fiscal year ended March 31, 2009.  The 20% increase in net income for the fiscal year was primarily due to an increase in net interest income resulting from decreased interest expense on deposits, partially offset by decreased interest income on loans and investments and further offset by an increase in the provision for loan losses.

Net interest income increased $1.1 million for fiscal 2010 compared to fiscal 2009.  Interest income decreased $1.5 million during fiscal 2010 from fiscal 2009, mainly due to lower overall market interest rates during fiscal 2010 compared to fiscal 2009 and the corresponding impact on new originations and existing adjustable rate loans.  Interest expense decreased $2.7 million during fiscal 2010 from fiscal 2009 mainly as a result of decreased rates paid on deposits and a change in the composition of deposits.  During the 2010 fiscal year, depositors shifted deposits from term certificates of deposit into checking, money market and savings accounts while they wait for higher interest rates on term deposits, and management continued to adhere to a pricing strategy of not competing for high rate retail certificates of deposit unless a profitable customer relationship was involved.

Noninterest income increased $318,000, mainly due to a $136,000 increase in gains on the sale of residential mortgage loans, a $122,000 increase in gains on the sale of available for sale securities and $60,000 in increased other operating income, trust fees and earnings on bank owned life insurance.

Noninterest expense increased $453,000, mainly due to a $576,000 increase in federal deposit insurance premiums, a $118,000 increase in compensation cost and a $50,000 increase in losses on real estate acquired through foreclosure, disposal of fixed assets and other operating expenses, partially offset by a $184,000 reduction in occupancy and equipment expense, a $94,000 reduction in state franchise taxes and a $13,000 reduction in amortization of intangible assets.  The increase in federal deposit insurance premiums was due to an increase in the deposit insurance premium rate schedule, the absence of deposit insurance credits in fiscal 2010 that reduced costs for fiscal 2009 and a special deposit insurance assessment that was paid in September 2009.  The reduction in occupancy and equipment expense was mainly due to reduced depreciation expense associated with older equipment that has been fully depreciated and management’s careful control of new capital expenditures combined with reduced data processing costs associated with new equipment and renegotiated data processing contracts.

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The following information was filed by Wayne Savings Bancshares Inc (WAYN) on Friday, May 14, 2010 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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