Winton (AMEX:WFI)
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Winton Financial Corporation Reports Fiscal Second Quarter Net
Earnings
CINCINNATI, April 14 /PRNewswire-FirstCall/ -- Winton Financial Corporation ,
the parent of Winton Savings and Loan Co., reported quarterly net earnings for
the fiscal second quarter ended March 31, 2004 of $1.5 million or $.31 per
diluted share compared to second quarter fiscal 2003 net earnings of $1.4
million or $.31 per diluted share.
Highlights for the quarter and fiscal 2004 include:
* Second quarter fiscal 2004 net earnings increased $550,000 or 60.4%,
from $910,000 at December 31, 2003 to $1.5 million at March 31, 2004.
* Net interest income increased $174,000 or 4.6% over the prior years'
second quarter.
* Deposits grew $11.0 million or 3.1% compared to fiscal year end
September 30, 2003 totals.
Robert L. Bollin, President of Winton Financial, commented, "Our second quarter
results were much improved over the first quarter net earnings of fiscal 2004.
In comparison to last year's quarter, net earnings improved despite the fact
that mortgage banking income declined by $250,000 or 31.4%. We are very pleased
to report that our net interest income increased $174,000 or 4.6% quarter to
quarter as maturing certificates of deposit and wholesale borrowings renewed at
lower rates."
Winton Saving and Loan Co. opened its seventh full-service branch in September
2003 and relocated an existing branch to a more strategic location in December
2003. "The branch expansion efforts which began last fiscal year contributed
to the continued growth in our core deposits and planned increases in general,
administrative and other expenses. As always, Management continues to focus on
controlling expenses in efforts to improve the bottom line," Mr. Bollin added.
For the six months ended March 31, 2004 net earnings totaled $2.4 million or
$.51 per diluted share, a decrease of 27.1% as compared to net earnings of $3.2
million or $.70 per diluted share for six months ended March 31, 2003.
Winton Financial Corporation is publicly traded under the symbol "WFI" on the
American Stock Exchange. At March 31, 2004, Winton's total assets were $548.7
million and the book value was $9.94 per share. Winton Savings and Loan Co.
operates seven full-service branches and two lending offices in Southwestern
Ohio and Southeastern Indiana.
WINTON FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Six months Three months
ended ended
March 31, March 31,
2004 2003 2004 2003
Interest Income
Loans $14,964 $15,594 $7,434 $7,628
Mortgage-backed securities 144 134 72 75
Investment securities 316 192 157 109
Interest-bearing deposits and other 176 237 89 121
Total interest income 15,600 16,157 7,752 7,933
Interest Expense
Deposits 4,300 5,004 2,095 2,371
Borrowings 3,391 3,492 1,663 1,742
Total interest expense 7,691 8,496 3,758 4,113
Net interest income 7,909 7,661 3,994 3,820
Provision for losses on loans 150 305 75 150
Net interest income after
provision for losses on loans 7,759 7,356 3,919 3,670
Other Income
Mortgage banking income 1,028 1,740 547 797
Gain on sale of office premises - 243 - -
Gain on sale of investments 252 97 252 -
Gain on sale of real estate
acquired through foreclosure 2 25 - 2
Other operating 408 358 221 183
Total other income 1,690 2,463 1,020 982
General, Administrative and Other Expense
Employee compensation and benefits 3,208 2,759 1,438 1,396
Occupancy and equipment 852 601 424 329
Data Processing 263 224 143 111
Franchise Taxes 261 208 127 108
Amortization of intangible assets 31 31 15 16
Advertising 209 124 97 64
Other operating 1,152 1,004 538 467
Total general, administrative
and other expense 5,976 4,951 2,782 2,491
Earnings before federal income
taxes 3,473 4,868 2,157 2,161
Federal income taxes 1,103 1,619 697 714
NET EARNINGS $2,370 $3,249 $1,460 $1,447
BASIC EARNINGS PER SHARE $.52 $.72 $.32 $.32
DILUTED EARNINGS PER SHARE $.51 $.70 $.31 $.31
DIVIDENDS PAID PER COMMON SHARE $.2250 $.2050 $.1125 $.1025
WINTON FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except share data)
March 31, September 30,
2004 2003
(Unaudited)
ASSETS
Cash and due from banks $2,073 $1,848
Interest-bearing deposits in other
financial institutions 8,918 7,648
Investment securities available for
sale - at market 15,273 21,466
Mortgage-backed securities available
for sale - at market 3,845 2,103
Mortgage-backed securities held to
maturity - at cost 3,451 4,269
Loans receivable - net 495,084 487,480
Office premises and equipment - net 6,711 6,131
Real estate acquired through foreclosure 1,247 846
Federal Home Loan Bank stock - at cost 8,320 8,156
Accrued interest receivable 2,544 2,571
Prepaid expenses and other assets 905 786
Intangible assets - net 66 97
Prepaid federal income taxes 306 501
TOTAL ASSETS $548,743 $543,902
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $365,342 $354,296
Advances from FHLB and other borrowings 131,589 138,612
Accounts payable on mortgage loans
serviced for others 429 401
Advance payments by borrowers 2,360 2,433
Other liabilities 1,733 2,459
Deferred federal income taxes 1,552 1,479
TOTAL LIABILITIES 503,005 499,680
SHAREHOLDERS' EQUITY
Preferred stock-2,000,000 shares without par
value authorized; no shares issued - -
Common stock - 18,000,000 shares of no par
value authorized; 4,718,568 and 4,592,884
shares issued at March 31, 2004 and
September 30, 2003, respectively - -
Additional paid-in capital 12,317 11,285
Retained earnings - substantially restricted 34,561 33,213
Treasury stock, 117,630 and 40,300
shares at March 31 and September 30, 2003
respectively-at cost (1,534) (529)
Unrealized gain on investment securities
designated as available for sale, net of tax 394 253
TOTAL SHAREHOLDERS' EQUITY 45,738 44,222
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $548,743 $543,902
DATASOURCE: Winton Financial Corporation
CONTACT: Robert L. Bollin, President, or Gregory P. Niesen CPA,
Treasurer-Secretary (Investor Relations) of Winton Financial Corporation,
+1-513-385-3880
Web site: http://www.wintonsavings.com/