DCB Financial Corp Announces Increased Second Quarter Earnings Board Declares Dividend

    LEWIS CENTER, Ohio, July 22 /PRNewswire-FirstCall/ -- DCB Financial Corp,
 (OTC Bulletin Board:   DCBF) today announced second quarter earnings of $0.31
 per share for the three months ended June 30, 2003, an 11% increase over 2002
 second quarter earnings per share of $0.28. On a year-to-date basis, 2003
 earnings per share were $0.67 compared to $0.63 for the comparable six month
 period in 2002. Net income for the second quarter of 2003 was $1.208 million,
 compared to $1.168 million for the same quarter in 2002. For the comparable
 six month periods, net income was $2.707 million in 2003 and $2.623 million in
 2002.
     The improvement in second quarter earnings was driven by a stabilized net
 interest margin, improved credit quality and improved productivity. A gain on
 the sale of property held for a future branch site of approximately
 $290 thousand also occurred in the second quarter. These favorable trends and
 events more than offset the approximate $427 thousand in costs related to
 shareholder litigation and the related proxy fight. Net charge offs for the
 first six months of 2003 were .25% compared to .32% for the same period 2002.
 Delinquency rates, classified loans and non-performing loans have all
 decreased since year-end 2002. Our full-time equivalent headcount has declined
 from 203.5 in December 2002 to 191 in June 2003. Loans grew by 4.5% from June
 2002 to June 2003. Checking and savings balances grew by 2% in the same
 period. Return on assets increased slightly from 1.02% to 1.04% for the first
 six months of 2003 compared to 2002.
     "The initiatives we have put in place in the early stages of this year are
 beginning to bear fruit," said Jeff Benton, President and CEO of the Delaware
 County Bank and Trust Company, the wholly owned subsidiary of the Company.
 "Management has fully embraced our stated priorities of Controls, Profits and
 then Growth." In his recent address to shareholders at the annual meeting,
 Benton noted the numerous performance improvements in the first quarter under
 the major captions of; Credit Quality, Productivity, Controls, Record Earnings
 Per Share, Increased Dividend and Loan and Deposit Growth Rates. "These
 improvements, along with many other initiatives, have carried over into the
 second quarter results and should drive improved results in the future."
 Benton said, "We are buoyed by the sustained early successes, but we are also
 wary of continued challenges in the economy. We will continue to meet those
 challenges with increased confidence in our ability to perform."
     The DCB Board of Directors has declared a dividend of $0.10 per share
 payable on August 15, 2003 to shareholders of record July 25, 2003.
 
 

SOURCE DCB Financial Corp

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