-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qdf/0D9LcP+XsnENsceSCTjItLUT+iYfwC9tTKvrq52xxsFXv2ofGRRZXlQj+F3Y e2OCXJ5YSr8triAglF3YCg== 0000914317-04-002835.txt : 20040727 0000914317-04-002835.hdr.sgml : 20040727 20040723153416 ACCESSION NUMBER: 0000914317-04-002835 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040722 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WAYNE SAVINGS BANCSHARES INC /DE/ CENTRAL INDEX KEY: 0001036030 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 311557791 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23433 FILM NUMBER: 04929018 BUSINESS ADDRESS: STREET 1: 151 N MARKET ST CITY: WOOSTER STATE: OH ZIP: 44691-4809 BUSINESS PHONE: 3302645767 MAIL ADDRESS: STREET 1: 151 N MARKET ST CITY: WOOSTER STATE: OH ZIP: 44691-4809 FORMER COMPANY: FORMER CONFORMED NAME: WAYNE SAVINGS BANKSHARES INC DATE OF NAME CHANGE: 19970319 8-K 1 form8k-61871_wayne.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 22, 2004 WAYNE SAVINGS BANCSHARES, INC. ------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-23433 31-1557791 - ---------------------------- -------------------- ------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 151 N. Market St., Wooster, Ohio 44691 - -------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (330) 264-5767 Not Applicable ----------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------------------------------------------------ (a) Not applicable. (b) Not applicable. (c) Exhibits. Exhibit No. Description - ----------- ----------- 99 Press release, dated July 22, 2004 Item 12. Results of Operations and Financial Conditions ---------------------------------------------- On July 22, 2004, Wayne Savings Bancshares, Inc. issued a quarterly earnings release. A copy of the press release dated July 22, 2004 is attached as Exhibit 99 to this report. The press release is being furnished to the SEC and shall not be deemed to be "filed" for any purpose. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. WAYNE SAVINGS BANCSHARES, INC. DATE: July 23, 2004 By: /s/ Charles F. Finn ------------------------------------- Charles F. Finn President and Chief Executive Officer EX-99.1 2 exhibit99-1.txt Exhibit 99 NASDAQ SYMBOL: WAYN ___________________________________________RELEASE DATE: JULY 22, 2004 WAYNE SAVINGS BANCSHARES, INC. CONTACT PERSON: CHARLES F. FINN ANNOUNCES QUARTERLY EARNINGS CHAIRMAN AND CEO MICHAEL C. ANDERSON EVP/CFO (330) 264-5767 FOR IMMEDIATE RELEASE --------------------- WOOSTER, OHIO-Wayne Savings Bancshares, Inc. (NASDAQ: WAYN), the stock holding company parent of Wayne Savings Community Bank, reported net earnings of $462,000 or $.13 per diluted share in the quarter ended June 30, 2004, compared to $731,000 or $.20 per diluted share in the quarter ended June 30, 2003. According to Charles F. Finn, Chairman and Chief Executive Officer, the decrease in quarterly earnings was primarily due to a downturn in net interest income, which had grown steadily over the past four years, and lower gains on sale of mortgage loans because of slowing mortgage loans refinancing volume. In this extended period of record low interest rates, Finn said that management has pursued a policy to protect the Company against rising interest rates in the mid to long term, which has resulted in a reduction in short term earnings. In its asset liability management strategy, Finn said "the Company has continued to shorten investment maturities rather than reaching for higher yields through extended maturities." "With this enhancing of the Company's interest rate risk position and Federal Reserve officials signaling their preference to raise interest rates," Finn continued, "management believes Wayne Savings is well-positioned to take advantage of a rising interest rate environment." In the first fiscal quarter ended June 30, 2004, as compared to the same quarter last year, net interest income was down $172,000 and other income, consisting largely of gains on sale of loans, decreased $105,000. General and administrative expenses increased $157,000 mainly due to higher compensation and benefit costs relating to normal merit increases, additional staff required to operate a fully-converted public company, and the Stebbins Bank acquisition in the first quarter of the 2005 fiscal year. The closing of the transaction to acquire Stebbins Bancshares, Inc. and its national bank subsidiary, Stebbins National Bank of Creston, Ohio, was completed on June 1, 2004, and the financial statements were consolidated with Wayne Savings Bancshares, Inc. on June 30, 2004. Total assets of Wayne Savings Bancshares, Inc. on June 30, 2004 amounted to $385.6 million, following the consolidation with Stebbins National Bank. Deposits totaled $316.4 million, and stockholders' equity totaled $42.0 million, resulting in a capital-to-assets ratio of 10.9%. Now celebrating its 105th anniversary, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has eleven full-service banking locations in Wayne, Holmes, Ashland, Medina, and Stark counties, Ohio. WAYNE SAVINGS BANCSHARES, INC. CONSOLIDATED STATEMENTS OF CONDITION (Dollars in thousands, except per share data)
June 30, 2004 March 31, 2004 ------------- -------------- (Unaudited) ASSETS Cash, cash equivalents, & investment securities ................................ $ 64,641 $ 51,469 Mortgage-backed securities, net (1) ............................................ 77,961 88,428 Loans receivable, net (1) ...................................................... 216,141 205,443 Federal Home Loan Bank stock ................................................... 4,247 4,205 Office premises & equipment, net ............................................... 9,183 8,742 Real estate acquired through foreclosure ....................................... 0 100 Other assets ................................................................... 13,420 10,620 --------- --------- TOTAL ASSETS ........................................................ $ 385,593 369,007 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Deposit accounts ............................................................... $ 316,419 291,830 Advances from Federal Home Loan Bank ........................................... 25,000 30,000 Advances by borrowers for taxes & insurance .................................... 227 617 Accounts payable on mortgage loans serviced for others ......................... 111 118 Other liabilities .............................................................. 1,800 2,881 --------- --------- TOTAL LIABILITIES .................................................... 343,557 325,446 Common stock (3,907,318 shares of $.10 par value issued at both June 30, 2004 and March 31, 2004 ................................... 391 391 Additional paid-in capital ..................................................... 34,365 34,365 Retained earnings .............................................................. 12,742 12,727 Less required contributions for shares acquired by Employee Stock Ownership Plan (1,418) (1,456) Shares acquired by Management Recognition Plan ................................. (1,142) (1,142) Less Treasury Stock ............................................................ (2,216) (1,803) Accumulated other comprehensive loss ........................................... (686) 479 --------- --------- TOTAL STOCKHOLDERS' EQUITY ........................................... 42,036 43,561 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ..................................... $ 385,593 $ 369,007 ========= =========
(1) Includes available for sale classifications. CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in Thousands) Three Months Ended June 30, 2004 2003 ----- ---- (Unaudited) Interest income ........................................ $4,244 $4,723 Interest expense ....................................... 1,625 1,932 ------ ------ Net interest income ............................... 2,619 2,791 Provision for losses on loans .......................... 15 32 ------ ------ Net interest income after provision for loan losses 2,604 2,759 Other income ........................................... 405 510 General, administrative, and other expense ............. 2,369 2,212 ------ ------ Earnings before federal income taxes .................. 640 1,057 Federal income taxes ................................... 178 326 ------ ------ Net earnings ...................................... $ 462 $ 731 ====== ====== CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) For the Three Months ended June 30, ------------------------ 2004 2003 ----- ---- (Unaudited) Quarterly Results - ----------------- Net Interest Income ................. $ 2,619 $ 2,791 Net Earnings ........................ $ 462 $ 731 Earnings Per Share: Basic ............................ 0.13 0.20 Diluted .......................... 0.13 0.20 Return on Average Assets (Annualized) .48% .77% June 30, March 31, 2004 2004 ----- ---- (Unaudited) End of Period Data - ------------------ Total Assets ....................... $ 385,593 $ 369,007 Stockholders' Equity to Total Assets 10.90% 11.80% -----END PRIVACY-ENHANCED MESSAGE-----