DCB Financial Corp Announces Dividend, First Quarter Earnings and Stock Repurchase Plan
DELAWARE, Ohio, April 24 /PRNewswire-FirstCall/ -- DCB Financial Corp (OTC Bulletin Board: DCBF.OB), the parent company of The Delaware County Bank & Trust Company (The Bank), today reported consolidated results for the three- month period ended March 31, 2002. Net income for the period totaled approximately $1.45 million compared to $1.41 million for the same period in 2001. Earnings per share were $1.40, compared to $1.35 for the first-quarter ended March 2001. The increase in earnings is attributed to wider margins on the loan and investment portfolios, and the growth in trust and corporate cash management products. At March 31, 2002 consolidated assets of DCB Financial were $525.6 million compared to $502.3 million at March 31, 2001. This represents an increase in assets of 4.6%. Total shareholders equity was $45.92 million at quarter-end. At its April meeting, the Board of Directors declared a dividend of .08 cents per common share, to shareholders of record April 15, 2002, payable May 15, 2002. Also, DCB Financial Corp announced that its Board of Directors has authorized the repurchase of up to 400,000 shares, or approximately 10 percent of the company's outstanding common stock. Under the repurchase program, shares may be repurchased from time to time in open market transactions, or in privately negotiated transactions, as, in the judgment of management, market conditions warrant. "We believe that a prudent repurchase program is an excellent use of capital that serves our shareholders well. We believe that repurchasing shares can add to shareholder value," said Larry Coburn, President and Chief Executive Officer. The Bank, headquartered in Lewis Center, Ohio operates 16 full service branches located in Delaware, Union and Franklin counties. The Bank provides customary retail and commercial banking services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, and trust services. The bank also provides cash management and other corporate banking services to its business customers. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X96379982
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