WOOSTER, Ohio, Oct. 20, 2022 (GLOBE NEWSWIRE) — Wayne Savings Bancshares, Inc. (OTCQX: WAYN), (the “Company”), the holding firm guardian of Wayne Savings Community Bank, reported file web earnings (unaudited) of $6.6 million, or $2.89 per frequent share, for the year-to-date interval ended September 30, 2022, a rise of $954,000, or 16.9%, in comparison with $5.6 million, or $2.30 per frequent share, for a similar interval ended September 30, 2021. The improve in web earnings was as a consequence of a rise in web curiosity earnings and a rise in non-interest earnings, partially offset with a rise in non-interest bills and provision for federal earnings taxes. The return on common fairness and return on common belongings for the 9 months ending September 30, 2022, was 18.34% and 1.33%, respectively, in comparison with 14.17% and 1.21%, for a similar interval in 2021.
The Company reported web earnings (unaudited) of $2.5 million, or $1.14 per frequent share, for the quarter ended September 30, 2022, a rise of $557,000, or 28.5%, in comparison with $2.0 million, or $0.81 per frequent share, for the quarter ended September 30, 2021. The improve in web earnings was as a consequence of a rise in web curiosity earnings, partially offset with a rise in provision for mortgage losses, non-interest bills and provision for federal earnings taxes. The return on common fairness and return on common belongings for the third quarter of 2022 was 22.85% and 1.48%, respectively, in comparison with 14.76% and 1.23%, for a similar interval in 2021.
President and CEO James R. VanSickle commented, “Wayne Savings has delivered an outstanding quarter for our shareholders as we achieved record levels of net income, earnings per share, return on equity and loan originations. We remain optimistic as we execute our strategy of increasing market share in existing locations and expanding to new communities. Wayne Savings will open two new locations during the fourth quarter of 2022, a loan production office in Mahoning County and our thirteenth full service branch in Dalton, Ohio.”
“The Wayne Savings lending team set a record of $73.4 million of loan originations during the third quarter. We have certainly benefitted from expanding the number of lenders available to serve our customers. We are fortunate to have a wonderful team of community bankers working tirelessly to meet the financial needs of our communities.”
2022 Select Business Highlights
- Net mortgage balances elevated to $554.8 million at September 30, 2022, in comparison with $433.2 million at September 30, 2021, or 28.1% progress, comprised primarily of $77.1 million of economic loans secured by actual property and $41.8 million of 1 to 4 residential mortgage loans.
- Wayne Savings deposits elevated $62.6 million, or 11.8%, to $592.7 million at September 30, 2022, in comparison with $530.1 million at September 30, 2021, primarily as a result of progress in “Platinum” checking accounts of $17.7 million, elevated brokered certificates of deposits of $20.0 million and $8.1 million in fundamental business accounts. Personal Platinum checking accounts elevated from $105.7 million at September 30, 2021, to $116.9 million at September 30, 2022, whereas Business Platinum checking accounts elevated from $29.7 million at September 30, 2021, to $36.2 million throughout the identical interval ending in 2022. In addition to the Platinum progress, our Impact checking product elevated from $9.5 million at September 30, 2021, to $14.0 million at September 30, 2022. The Company used brokered deposits as a alternative to Federal Home Loan Advances to fund the mortgage progress.
- On May 23, 2022, Wayne Savings Bancshares, Inc., bought 189,398 shares from a single shareholder. This accomplished the inventory repurchase program introduced on December 16, 2021.
- Wayne Savings Bancshares, Inc. declared a money dividend of $0.23 per share for the quarter ending September 30, 2022. The quarterly money dividend will likely be paid on November 2, 2022, to the stockholders of file as of October 19, 2022.
Third Quarter 2022 Financial Highlights
- Net curiosity earnings was $6.2 million for the quarter ended September 30, 2022, a rise of $1.3 million, or 25.1%, in comparison with the quarter ended September 30, 2021. The web curiosity margin elevated from 3.31% for the quarter ended September 30, 2021, to three.83% for a similar interval in 2022. Interest earnings on loans elevated by $1.1 million, or 21.45% primarily associated to the $111.9 million of elevated common mortgage balances to $536.3 million for the quarter ended September 30, 2022, from $424.4 million for a similar interval within the prior yr
- Provision for mortgage losses elevated to $410,000 for the third quarter 2022 in comparison with $177,000 for a similar interval in 2021 primarily as a result of elevated mortgage progress for the 2022 quarter in comparison with the 2021 quarter.
- Noninterest earnings totaled $636,000, a lower of $27,000, or 4.1%, from $663,000 for the quarter ended September 2021, brought on by a decline in mortgage loans offered throughout the 2022 quarter, partially offset with elevated deposit charges.
- Noninterest expense totaled $3.4 million for the three-month interval ended September 30, 2022, a rise of $293,000, or 9.6%, in comparison with the three months ended September 30, 2021, primarily as a consequence of elevated salaries and worker advantages because the Company added extra gross sales and gross sales assist employees to facilitate mortgage and deposit progress. The Company’s effectivity ratio was 48.8% for the three-month interval ended September 30, 2022, in comparison with 54.3% for a similar interval in 2021.
2022 Year-to-Date Business Highlights
- Net curiosity earnings was $16.5 million for the nine-month interval ended September 30, 2022, a rise of $2.1 million, or 14.7%, in comparison with the identical interval in 2021 because the nine-month common web mortgage balances elevated $85.8 million from the September 30, 2021 interval. Net curiosity margin for the 9 months ended September 30, 2022 and 2021, rose by 25 foundation factors to three.48% as the typical yield on interest-earning belongings elevated 18 foundation level and the typical fee on interest-bearing liabilities declined by 7 foundation factors. Interest earnings on loans elevated by $1.6 million, or 10.9%, as common balances elevated for the nine-month interval ending September 30, 2022, of $496.2 million, from $410.4 million for the interval ended September 30, 2021.
- Net mortgage balances elevated from $454.6 million at December 31, 2021, to $554.8 million at September 30, 2022, a rise of $100.2 million, or 29.4% of annualized progress consisting primarily of economic actual property loans and one to 4 residential mortgage loans.
- Provision for mortgage losses was $841,000 for the nine-month interval ending September 30, 2022, in comparison with $618,000 for a similar interval within the prior yr. This improve in provision for mortgage losses expense was primarily as a result of annualized progress in our mortgage portfolio for 2022 was 29.4% in comparison with the annualized progress for a similar interval in 2021 of 14.2%.
- Noninterest earnings totaled $2.1 million, a rise of $85,000, or 4.2%, from $2.0 million for the nine-month interval ended September 30, 2021, brought on by a acquire of $229,000 on the sale of foreclosed belongings held on the market that was recorded throughout the nine-month interval ended September 30, 2022.
- Noninterest expense totaled $9.6 million for the year-to-date interval ended September 30, 2022, a rise of $815,000, or 9.2%, in comparison with the September 30, 2021 nine-month interval. The improve was primarily as a consequence of a rise in salaries and worker advantages expense. The Company’s effectivity ratio was 51.8% for the nine-month interval ended September 30, 2022, in comparison with 53.8% for a similar interval ended September 2021.
September 30, 2022 Financial Condition
At September 30, 2022, the Company had complete belongings of $687.3 million, a rise of $51.3 million, from December 31, 2021. The progress in complete belongings features a $100.2 million improve in web loans, partially offset by a lower of $36.0 million in money and money equivalents and a lower of $15.6 million in securities, as in comparison with December 31, 2021.
The allowance for mortgage losses was $6.3 million at September 30, 2022, in comparison with $5.4 million at December 31, 2021. The allowance for mortgage losses and the associated provision for mortgage losses relies on administration’s judgment and analysis of the mortgage portfolio. Management believes the present allowance for mortgage losses is satisfactory, nonetheless, altering financial and different circumstances might require future changes to the allowance for mortgage losses.
Total nonperforming loans declined to $845,000 at September 30, 2022, from $1.2 million at December 31, 2021, because the Bank acquired payoffs of two nonperforming loans from a single buyer totaling $402,000. Past due mortgage balances of 30 days and extra decreased from $3.3 million at December 31, 2021, to $3.0 million at September 30, 2022, primarily as a consequence of decrease industrial mortgage delinquencies.
Total liabilities elevated $63.4 million from December 31, 2021 to September 30, 2022, primarily as a consequence of a rise in deposits accounts of $52.2 million. The “Platinum” checking accounts elevated $7.3 million. The Platinum checking account merchandise, obtainable to each companies and people, symbolize $153.2 million of our deposit balances at September 30, 2022. Basic business checking accounts elevated $14.4 million and balances at September 30, 2022, have been $73.0 million.
Total stockholders’ fairness declined by $12.1 million within the first 9 months of 2022. The Company earned $6.6 million of web earnings for the 9 months ended September 30, 2022, exceeding 2021 by 16.9%. The Company repurchased treasury shares of $4.9 million from a single shareholder and paid $1.6 million in dividends throughout the interval. Accumulated different complete loss elevated by $12.5 million primarily as a consequence of a rise in gross unrealized loss on securities obtainable on the market as market rates of interest elevated.
Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has twelve full-service banking areas within the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, Creston, Fredericksburg, and Washingtonville, Ohio. Additional details about Wayne Savings Community Bank is out there at www.waynesavings.com.
Forward-Looking–Statements
This launch incorporates forward-looking statements that aren’t historic information and which are meant to be “forward-looking statements” as that time period is outlined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements might embrace, however are usually not restricted to, statements concerning the Company’s plans, targets, expectations and intentions and different statements contained on this launch that aren’t historic information and pertain to the Company’s future working outcomes. When used on this launch, the phrases “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and related expressions are usually meant to establish forward-looking statements. Actual outcomes might differ materially from the outcomes mentioned in these forward-looking statements, as a result of such statements are inherently topic to vital assumptions, dangers and uncertainties, lots of that are tough to foretell and are usually past the Company’s management. These embrace however are usually not restricted to: the potential for hostile financial developments which will, amongst different issues, improve default and delinquency dangers within the Company’s mortgage portfolios; shifts in rates of interest; shifts within the fee of inflation; shifts within the demand for the Company’s mortgage and different merchandise; unexpected will increase in prices and bills; lower-than-expected income or price financial savings in reference to acquisitions; adjustments in accounting insurance policies; adjustments within the financial and financial insurance policies of the federal authorities; and adjustments in legal guidelines, rules and the aggressive surroundings. Unless legally required, the Company disclaims any obligation to replace any forward-looking statements, whether or not on account of new data, future occasions or in any other case.
Contact Information:
Myron Swartzentruber
Senior Vice President Chief Financial Officer
(330) 264-5767
| WAYNE SAVINGS BANCSHARES, INC. | |||||||||||||||||
| Selected Condensed Consolidated Financial Data | |||||||||||||||||
| (Dollars in 1000’s, besides share knowledge – unaudited) | |||||||||||||||||
| September | June | March | December | ||||||||||||||
| 2022 | 2022 | 2022 | 2021 | ||||||||||||||
| Interest and dividend earnings | $ | 6,892 | $ | 5,889 | $ | 5,517 | $ | 5,502 | |||||||||
| Interest expense | 670 | 564 | 564 | 592 | |||||||||||||
| Net curiosity earnings | 6,222 | 5,325 | 4,953 | 4,910 | |||||||||||||
| Provision for mortgage losses | 410 | 257 | 174 | 128 | |||||||||||||
| Net curiosity earnings after | |||||||||||||||||
| provision for mortgage losses | 5,812 | 5,068 | 4,779 | 4,782 | |||||||||||||
| Non-interest earnings | 636 | 599 | 865 | 598 | |||||||||||||
| Non-interest expense | 3,350 | 3,191 | 3,101 | 3,156 | |||||||||||||
| Income earlier than federal earnings taxes | 3,098 | 2,476 | 2,543 | 2,224 | |||||||||||||
| Provision for federal earnings taxes | 589 | 457 | 476 | 428 | |||||||||||||
| Net earnings | $ | 2,509 | $ | 2,019 | $ | 2,067 | $ | 1,796 | |||||||||
| Earnings per share – fundamental | $ | 1.14 | $ | 0.88 | $ | 0.87 | $ | 0.76 | |||||||||
| Earnings per share – diluted | $ | 1.13 | $ | 0.87 | $ | 0.86 | $ | 0.75 | |||||||||
| Dividends per share | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.21 | |||||||||
| Return on common belongings | 1.48% | 1.23% | 1.28% | 1.12% | |||||||||||||
| Return on common fairness | 22.85% | 17.37% | 15.44% | 13.48% | |||||||||||||
| Shares excellent | 2,191,338 | 2,185,688 | 2,369,886 | 2,365,268 | |||||||||||||
| Book worth per share | $ | 18.94 | $ | 19.33 | $ | 21.12 | $ | 22.67 | |||||||||
| September | June | March | December | ||||||||||||||
| 2021 | 2021 | 2021 | 2020 | ||||||||||||||
| Interest and dividend earnings | $ | 5,589 | $ | 5,364 | $ | 5,352 | $ | 5,168 | |||||||||
| Interest expense | 617 | 630 | 670 | 716 | |||||||||||||
| Net curiosity earnings | 4,972 | 4,734 | 4,682 | 4,452 | |||||||||||||
| Provision for mortgage losses | 177 | 278 | 163 | 134 | |||||||||||||
| Net curiosity earnings after | |||||||||||||||||
| provision for mortgage losses | 4,795 | 4,456 | 4,519 | 4,318 | |||||||||||||
| Non-interest earnings | 663 | 737 | 615 | 742 | |||||||||||||
| Non-interest expense | 3,057 | 2,975 | 2,795 | 2,848 | |||||||||||||
| Income earlier than federal earnings taxes | 2,401 | 2,218 | 2,339 | 2,212 | |||||||||||||
| Provision for federal earnings taxes | 449 | 416 | 452 | 439 | |||||||||||||
| Net earnings | $ | 1,952 | $ | 1,802 | $ | 1,887 | $ | 1,773 | |||||||||
| Earnings per share – fundamental | $ | 0.81 | $ | 0.73 | $ | 0.76 | $ | 0.71 | |||||||||
| Earnings per share – diluted | $ | 0.80 | $ | 0.72 | $ | 0.76 | $ | 0.68 | |||||||||
| Dividends per share | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.20 | |||||||||
| Return on common belongings | 1.23% | 1.15% | 1.26% | 1.25% | |||||||||||||
| Return on common fairness | 14.76% | 13.53% | 14.22% | 13.69% | |||||||||||||
| Shares excellent | 2,380,374 | 2,401,411 | 2,477,391 | 2,482,886 | |||||||||||||
| Book worth per share | $ | 22.25 | $ | 21.66 | $ | 21.14 | $ | 20.99 | |||||||||
| WAYNE SAVINGS BANCSHARES, INC. | ||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||
| (Dollars in 1000’s, besides share knowledge – unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Interest earnings | $ | 6,892 | $ | 5,589 | $ | 18,298 | $ | 16,305 | ||||
| Interest expense | 670 | 617 | 1,798 | 1,917 | ||||||||
| Net curiosity earnings | 6,222 | 4,972 | 16,500 | 14,388 | ||||||||
| Provision for mortgage losses | 410 | 177 | 841 | 618 | ||||||||
| Net curiosity earnings after provision for mortgage losses | 5,812 | 4,795 | 15,659 | 13,770 | ||||||||
| Non-interest earnings | 636 | 663 | 2,100 | 2,015 | ||||||||
| Non-interest expense | ||||||||||||
| Salaries and worker advantages | 1,933 | 1,779 | 5,625 | 5,051 | ||||||||
| Net occupancy and tools expense | 500 | 468 | 1,489 | 1,440 | ||||||||
| Federal deposit insurance premiums | 92 | 81 | 187 | 165 | ||||||||
| Franchise taxes | 115 | 116 | 346 | 330 | ||||||||
| Advertising and advertising and marketing | 98 | 38 | 196 | 105 | ||||||||
| Legal | 25 | 11 | 58 | 48 | ||||||||
| Professional charges | 95 | 18 | 250 | 150 | ||||||||
| ATM community | 100 | 96 | 291 | 289 | ||||||||
| Auditing and accounting | 64 | 71 | 184 | 217 | ||||||||
| Other | 328 | 379 | 1,016 | 1,032 | ||||||||
| Total non-interest expense | 3,350 | 3,057 | 9,642 | 8,827 | ||||||||
| Income earlier than federal earnings taxes | 3,098 | 2,401 | 8,117 | 6,958 | ||||||||
| Provision for federal earnings taxes | 589 | 449 | 1,522 | 1,317 | ||||||||
| Net earnings | $ | 2,509 | $ | 1,952 | $ | 6,595 | $ | 5,641 | ||||
| Earnings per share | ||||||||||||
| Basic | $ | 1.14 | $ | 0.81 | $ | 2.89 | $ | 2.30 | ||||
| Diluted | $ | 1.13 | $ | 0.80 | $ | 2.86 | $ | 2.28 | ||||
| WAYNE SAVINGS BANCSHARES, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Dollars in 1000’s, besides share knowledge – unaudited) | ||||||||
| September 30, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Cash and money equivalents | $ | 8,487 | $ | 44,437 | ||||
| Securities, web (1) | 94,657 | 110,216 | ||||||
| Loans held on the market | – | 272 | ||||||
| Loans receivable, web | 554,808 | 454,587 | ||||||
| Federal Home Loan Bank inventory | 3,322 | 4,226 | ||||||
| Premises & tools, web | 5,021 | 5,223 | ||||||
| Bank-owned life insurance | 11,366 | 11,169 | ||||||
| Other belongings | 9,595 | 5,874 | ||||||
| TOTAL ASSETS | $ | 687,256 | $ | 636,004 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Deposit accounts | $ | 592,670 | $ | 540,456 | ||||
| Other short-term borrowings | 17,016 | 22,402 | ||||||
| Federal Home Loan Bank advances | 31,100 | 14,000 | ||||||
| Accrued curiosity payable and different liabilities | 4,967 | 5,520 | ||||||
| TOTAL LIABILITIES | 645,753 | 582,378 | ||||||
| Common inventory (3,978,731 shares of $.10 par worth issued) | 398 | 398 | ||||||
| Additional paid-in capital | 36,465 | 36,420 | ||||||
| Retained earnings | 47,740 | 42,698 | ||||||
| Treasury Stock, at price – 1,787,393 shares and 1,613,463 shares | ||||||||
| at September 30, 2022 and December 31, 2021, respectively. | (30,481 | ) | (25,786 | ) | ||||
| Accumulated different complete loss | (12,619 | ) | (104 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 41,503 | 53,626 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 687,256 | $ | 636,004 | ||||
| (1) Includes available-for-sale and held-to-maturity classifications. | ||||||||
| Note: The December 31, 2021 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date. | ||||||||
