-----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, DKzvSD3UsN9blLLakbbXTgTk06CHyN0zz5JnhwNo883TzZkOMQwyZIBLYjGfDfMQ uP9lVbVScDnoy0sX7bf6pw== 0000914317-06-002115.txt : 20060728 0000914317-06-002115.hdr.sgml : 20060728 20060728132114 ACCESSION NUMBER: 0000914317-06-002115 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060728 DATE AS OF CHANGE: 20060728 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: 06987064 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-78170_wayn.txt UNITED STATES 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 27, 2006 ------------------------------- 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 Item 2.02 Results of Operations and Financial Condition --------------------------------------------- On July 27, 2006, Wayne Savings Bancshares, Inc. (the "Company") issued a press release announcing its earnings for the quarter ended June 30, 2006. A copy of the press release dated July 27, 2006 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. Item 9.01 Financial Statements and Exhibits --------------------------------- (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits Exhibit No. Description - ----------- ----------- 99 Press release, dated July 27, 2006 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: July 28, 2006 By: /s/ H. Stewart Fitz Gibbon III ------------------------------ H. Stewart Fitz Gibbon III Executive Vice President Chief Financial Officer Secretary and Treasurer 3 EX-99.1 2 ex99-1.txt NEWS RELEASE FOR RELEASE: IMMEDIATELY WAYNE SAVINGS BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE QUARTER ENDED JUNE 30, 2006 Wooster, Ohio (July 27, 2006) - Wayne Savings Bancshares, Inc. (NASDAQ:WAYN), the stock holding company parent of Wayne Savings Community Bank, reported net earnings of $593,000 or $.18 per diluted share for the first fiscal quarter ended June 30, 2006, compared to $440,000 or $.13 per share for the quarter ended June 30, 2005. The increase in earnings was primarily due to a significant decrease in general, administrative and other expense and, to a lesser extent, increases in net interest income and other income. Net interest income before provision for loan losses increased $122,000 for the quarter ended June 30, 2006, compared to the quarter ended June 30, 2005. Interest income increased $755,000 during the 2006 quarter as a result of prime rate increases, a shift in balance sheet composition from investment securities and residential mortgage loans toward higher yielding commercial loans, and the reinvestment of maturing investment securities and mortgage-backed securities cashflows into higher yielding securities. Interest expense increased $633,000 during the quarter as a result of increased rates paid on certificates of deposit and a shift in deposit composition from savings and checking deposits to higher rate certificates of deposit. Other income increased $18,000, due primarily to increases in trust and other fee income. General, administrative and other expense decreased by $132,000 primarily due to a reduction in staff through attrition. Full time equivalent staff was 119 at June 30, 2006 compared to 133 at June 30, 2005. According to Phillip E. Becker, President and Chief Executive Officer, "The Company has continued its strategic initiatives of growing the commercial lending and trust businesses and aggressively managing cost of funds and non-interest expense during a period in which the Company has continued to face a difficult interest rate environment." At June 30, 2006, Wayne Savings Bancshares, Inc. reported total assets of $400.5 million, down from total assets of $403.7 million at March 31, 2006. Deposits increased $5.1 million, or 1.5% to $337.7 million from $332.6 million at March 31, 2006. Stockholders' equity at June 30, 2006 amounted to $35.5 million, or 8.86% of total assets. Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has eleven full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, and Creston, Ohio. Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company's market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. CONTACT PERSON: H. STEWART FITZ GIBBON III SENIOR VICE PRESIDENT CHIEF FINANCIAL OFFICER (330) 264-5767
WAYNE SAVINGS BANCSHARES, INC. CONSOLIDATED STATEMENTS OF CONDITION (Dollars in thousands, except per share data) June 30, 2006 March 31, 2006 ------------- -------------- (Unaudited) ASSETS Cash, cash equivalents, & investment securities $ 79,224 $ 87,430 Mortgage-backed securities, net (1) 58,894 55,731 Loans receivable, net (1) 237,003 235,312 Federal Home Loan Bank stock 4,689 4,623 Office premises & equipment, net 8,416 8,557 Real estate acquired through foreclosure 97 156 Other assets 12,151 11,870 --------------- --------------- TOTAL ASSETS $ 400,474 $ 403,679 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY Deposit accounts $ 337,718 $ 332,570 Advances from Federal Home Loan Bank 25,000 32,750 Advances by borrowers for taxes & insurance 94 521 Accounts payable on mortgage loans serviced for others 121 225 Other liabilities 2,041 2,097 --------------- --------------- TOTAL LIABILITIES 364,974 368,163 Common stock (3,954,874 and 3,934,874 shares of $.10 par value issued at June 30, 2006 and March 31, 2006, respectively) 395 393 Additional paid-in capital 35,881 35,604 Retained earnings 11,584 11,394 Less required contributions for shares acquired by Employee Stock Ownership Plan (1,219) (1,239) Less Treasury Stock (9,625) (9,625) Accumulated other comprehensive loss (1,516) (1,011) --------------- --------------- TOTAL STOCKHOLDERS' EQUITY 35,500 35,516 --------------- --------------- --------------- --------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 400,474 $ 403,679 =============== =============== (1) Includes available for sale classifications
CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in Thousands)
Three Months Ended June 30, 2006 2005 ----------------------- (Unaudited) Interest income $ 5,436 $ 4,681 Interest expense 2,515 1,882 ---------- ---------- Net interest income $ 2,921 $ 2,799 Provision for losses on loans 30 -- ---------- ---------- Net interest income after provision for loan losses $ 2,891 $ 2,799 Other income 426 408 General, administrative, and other expense 2,487 2,619 ---------- ---------- Earnings before federal income taxes $ 830 $ 588 Federal income taxes 237 148 ---------- ---------- Net earnings $ 593 $ 440 ========== ========== Earnings per share Basic $ 0.18 $ 0.13 Diluted $ 0.18 $ 0.13
CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) For the Three Months Ended June 30, -------------------------- (Unaudited) 2006 2005 ---- ---- Quarterly Results - ----------------- Net Interest Income $ 2,921 $ 2,799 Net Earnings (Loss) $ 593 $ 440 Earnings (Loss) Per Share: Basic $ 0.18 $ 0.13 Diluted $ 0.18 $ 0.13 Return on Average Assets (Annualized) 0.60% 0.45% Return on Average Equity (Annualized) 6.66% 4.43% June 30, June 30, 2006 2005 ------------------------- (Unaudited) End of Period Data - ------------------ Total Assets $400,474 $403,679 Stockholders' Equity to Total Assets 8.86% 8.80% Average Assets $398,465 $391,858 Average Equity $ 35,638 $ 39,756 -----END PRIVACY-ENHANCED MESSAGE-----