-----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, O+BmpDieCkMzWXLvakJdOmD2YmxP/xIt15xtd9JryBRKOqnpcqBYCVx7yVQ4pR3m mkDDTAvvddsG5r1dfcvzcw== 0000914317-04-000385.txt : 20040130 0000914317-04-000385.hdr.sgml : 20040130 20040130133702 ACCESSION NUMBER: 0000914317-04-000385 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040130 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: 04555218 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-waynesavings_57030.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): January 29, 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 5. Other Events and Regulation FD Disclosure Wayne Savings Bancshares, Inc. (the "Company") announced a stock buyback program in a press release dated January 29, 2004. A copy of that press release describing the buyback plan is attached as exhibit 99. Item 7. Financial Statements and Exhibits. (a) Not Applicable. (b) Not Applicable. (c) Exhibits. Exhibit No. Description ----------- ----------- 99 Press release dated January 29, 2004 Item 12. Results of Operations and Financial Condition On January 29, 2004, the Company announced its earnings for the three and nine months ended December 31, 2003. A copy of the press release dated January 29, 2004, describing earnings for these periods is attached as Exhibit 99 to this report. The information included in the press release text and the attached financial supplement is considered to be "furnished" under the Securities Exchange Act of 1934. The Company will include final financial statements and additional analyses for the period ended December 31, 2003, as part of its Form 10-Q covering that period. 2 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: January 30, 2004 By: /s/ Charles F. Finn ----------------------- Charles F. Finn President and Chief Executive Officer 3 EX-99 3 exhibit99.txt EXHIBIT 99 NEWS RELEASE NASDAQ SYMBOL: WAYN __________________________________________RELEASE DATE: JANUARY 29, 2004 WAYNE SAVINGS BANCSHARES, INC. CONTACT PERSON: CHARLES F. FINN ANNOUNCES QUARTERLY EARNINGS CHAIRMAN AND CEO AND STOCK REPURCHASE PROGRAM 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 $1,904,000, or $.51 per diluted share for the nine month period ended December 31, 2003. This represented a slight increase over net earnings of $1,900,000, or $.50 per diluted share reported in the same nine month period last year. Net interest income increased $243,000 and other income increased $317,000, which was partially offset by an increase of $654,000 in general and administrative expense. For the quarter ended December 31, 2003, net earnings amounted to $560,000, or $.15 per diluted share, compared to net earnings of $739,000, or $.19 per diluted share reported in the prior year quarter. Net interest income decreased $125,000 in the December 31, 2003 quarter, other income increased $22,000, and general and administrative expense increased $208,000. According to Charles Finn, Chairman and CEO, net earnings were down in this fiscal year's third quarter primarily because the Company was unable to continue net interest income growth in the current economic environment. "As with most community banks," he stated, "the large volume of mortgage loan refinancing prompted by record low interest rates has had the effect of lowering asset yields." Finn continued, "Wayne Savings has chosen to shorten investment maturities rather than reaching for higher yields by extending maturities. As a result, management believes the Company is well-positioned to take advantage of a rising rate environment, when and if this occurs." He added, "However, the squeezing of the net interest margin will present challenges to generating earnings growth over the next several quarters." It was also announced that the Company's Board of Directors has authorized the repurchase of up to 195,365 shares, or 5%, of the Company's outstanding shares of common stock. Repurchases will be made from time to time as market conditions warrant, through open-market purchases, unsolicited negotiated transactions, or in such other manner deemed appropriate by management. In regards to the recently announced signing of the definitive agreement to acquire Stebbins Bancshares, Inc. and its national bank subsidiary, Stebbins National Bank of Creston, Ohio, Chairman Finn reported that all required applications have been filed with the regulatory agencies. Regulatory approval and the closing of the transaction is anticipated to take place in April 2004. Following the legal closing and the merging of operations, Stebbins Bank will operate as a branch of Wayne Savings Community Bank. At December 31, 2003, Wayne Savings Bancshares, Inc. reported total assets of $372.0 million, total deposits of $294.4 million, and stockholders' equity of $44.4 million, resulting in a capital-to-assets ratio of 11.92%. Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares Inc., has ten full-service banking locations in Wayne, Holmes, Ashland, Medina and Stark counties, Ohio. This press release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services. 2
WAYNE SAVINGS BANCSHARES, INC. CONSOLIDATED STATEMENTS OF CONDITION (Dollars in thousands, except per share data) December 31, March 31, 2003 2003 (Unaudited) ASSETS Cash, cash equivalents, & investment securities $ 52,108 $ 53,337 - -------------------------------------------------------------------------------- Mortgage-backed securities, net (1) 88,999 76,002 - -------------------------------------------------------------------------------- Loans receivable, net (1) 208,745 228,373 - -------------------------------------------------------------------------------- Federal Home Loan Bank stock 4,164 4,041 - -------------------------------------------------------------------------------- Office premises & equipment, net 8,748 8,818 - -------------------------------------------------------------------------------- Real estate acquired through foreclosure 167 0 - -------------------------------------------------------------------------------- Other assets 9,033 8,420 - -------------------------------------------------------------------------------- ------------ ----------- TOTAL ASSETS $ 371,964 $ 378,991 - -------------------------------------------------------------------------------- ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposit accounts $ 294,363 $ 300,931 - -------------------------------------------------------------------------------- Advances from Federal Home Loan Bank 30,000 30,000 - -------------------------------------------------------------------------------- Advances by borrowers for taxes & insurance 1,151 712 - -------------------------------------------------------------------------------- Accounts payable on mortgage loans serviced for others 68 130 - -------------------------------------------------------------------------------- Other liabilities 2,030 2,555 - -------------------------------------------------------------------------------- ------------ ----------- TOTAL LIABILITIES 327,612 334,328 - -------------------------------------------------------------------------------- Common stock (3,907,318 and 3,888,795 shares of $.10 par value issued - -------------------------------------------------------------------------------- at December 31, 2003 and March 31, 2003 respectively) 391 389 - -------------------------------------------------------------------------------- Additional paid-in capital 34,365 34,208 - -------------------------------------------------------------------------------- Retained earnings 12,373 11,830 - -------------------------------------------------------------------------------- Less required contributions for shares acquired by Employee Stock Ownership Plan/MRP (1,495) (1,612) - -------------------------------------------------------------------------------- Shares acquired by Management Recognition Plan (1,142) 0 - -------------------------------------------------------------------------------- Accumulated other comprehensive loss (140) (152) - -------------------------------------------------------------------------------- ------------ ----------- TOTAL STOCKHOLDERS' EQUITY 44,352 44,663 - -------------------------------------------------------------------------------- ------------ ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 371,964 $ 378,991 - -------------------------------------------------------------------------------- ============ ===========
(1) Includes available for sale classifications.
WAYNE SAVINGS BANCSHARES, INC CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in Thousands -- unaudited) Three Months Ended Nine Months Ended December 31, December 31, 2003 2002 2003 2002 ----------- ----------- ----------- ------------ Interest income $ 4,362 $ 5,056 $ 13,586 $ 14,982 ......................................................... Interest expense 1,736 2,305 5,464 7,103 ......................................................... ----------- ----------- ----------- ------------ Net interest income 2,626 2,751 8,122 7,879 ......................................................... Provision for losses on loans 0 37 63 75 ......................................................... ----------- ----------- ----------- ------------ Net interest income after provision for loan losses 2,626 2,714 8,059 7,804 ......................................................... Other income 490 468 1,479 1,162 ......................................................... General, administrative, and other expense 2,315 2,107 6,798 6,144 ......................................................... ----------- ----------- ----------- ------------ Earnings before federal income taxes 801 1,075 2,740 2,822 ......................................................... Federal income taxes 241 336 836 922 ......................................................... ----------- ----------- ----------- ------------ Net earnings $ 560 $ 739 $ 1,904 $ 1,900 ......................................................... =========== =========== =========== ============
WAYNE SAVINGS BANCSHARES, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data--unaudited) For the Three Months ended December 31, ------------------------------- 2003 2002 --------------- ---------- Quarterly Results - ---------------------------------------- Net Interest Income $2,626 $2,751 - ---------------------------------------- Net Earnings $560 $739 - ---------------------------------------- Earnings Per Share: - ---------------------------------------- Basic 0.15 0.19 - ---------------------------------------- Diluted 0.15 0.19 - ---------------------------------------- Return on Average Assets (Annualized) .60% .82% - ---------------------------------------------
For the Nine Months ended December 31, ------------------------------- 2003 2002 --------------- ---------- Year to Date Results - ---------------------------------------- Net Interest Income $8,122 $7,879 Net Earnings $1,904 $1,900 - ---------------------------------------- Earnings Per Share: - ---------------------------------------- Basic 0.51 0.50 - ---------------------------------------- Diluted 0.51 0.50 - ---------------------------------------- Return on Average Assets (Annualized) .68% .71% - ---------------------------------------------
December 31, March 31, 2003 2003 --------------- ---------- End of Period Data - ---------------------------------------- Total Assets $371,964 $378,991 - ---------------------------------------- Stockholders' Equity to Total Assets 11.92% 11.78% - ----------------------------------------
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