Wayne Savings Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011
January 27, 2012 at 08:04 pm
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Wayne Savings Bancshares Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company reported net income of $510,000 or $0.18 per diluted share, as compared to $476,000 or $0.16 per diluted share for the quarter ended December 31, 2010. The increase in earnings was primarily due to a decrease in noninterest expenses, which consisted of a reduction in the provision for impairment on foreclosed assets held for sale, reduced provision for federal income taxes and an increase in net interest income and other income. Net interest income was $3,162,000 compared with $3,133,000 a year ago. Return on average assets was 0.50% compared with 0.46% a year ago. Return on average equity was 5.15% compared with 4.93% a year ago. Income before federal income taxes was $592,000 compared with $589,000 a year ago.
For the nine months, the company's net income was $1,334,000 or $0.46 per diluted share, compared to net income of $1,793,000 or $0.61 per diluted share for the nine month period ended December 31, 2010. The decrease in earnings was primarily due to an increase in both provision for loan losses and provision for impairment on foreclosed assets held for sale, which was partially offset by reduced provision for federal income taxes. The return on average equity and return on average assets for the period were 4.49% and 0.43%, respectively, compared to 6.25% and 0.58%, respectively, for the nine month period ended December 31, 2010. Net interest income was $9,629,000 compared with $9,639,000 a year ago. As on December 31, 2011, the company's book value per share was $13.22. Income before federal income taxes was $1,568,000 compared with $2,309,000 a year ago.
Wayne Savings Bancshares, Inc. operates as the holding company for Wayne Savings Community Bank (the Bank) that provides personal and business banking products and services to individuals, businesses, and other organizations. The Company offers checking, savings, money market, and term certificate accounts, as well as certificates of deposit. It also provides residential mortgage, commercial, installment, residential and nonresidential real estate, commercial real estate, residential construction, multi-family real estate, land, commercial business, consumer, home, home equity, auto, recreational vehicle, personal, furniture and appliance, agriculture, and term loans, as well as lines of credit, government guaranteed programs, and standby letters of credit. In addition, the Bank offers financial planning, retirement planning, investment advisory, insurance, and wealth management and trust services. It operates in approximately 13 banking locations.