DELAWARE, Ohio, Dec. 12 /PRNewswire/ -- DCB Financial Corp. (OTC: DCBF)
announced today that it expects earnings for the quarter ending December 31,
2001 to approximate $600,000, and earnings for the year ending December 31,
2001 to approximate $4,400,000. This represents a decrease of 43.1% compared
to the fourth quarter of 2000, and a decrease of 4.8% compared to the year
ended December 31, 2000.
The anticipated reduction in earnings for the quarter stems from
additional noninterest expenses of approximately $1,200,000 in the fourth
quarter, primarily representing noncash accounting charges for changed
estimates in the valuation of certain prepaid expenses and other assets, and
the disposition of fixed assets.
Before these charges, the Company's earnings for the fourth quarter would
have approximated $1,400,000, with record earnings for the year of
approximately $5,200,000, an increase of 32.7% over the fourth quarter of 2000
and 12.4% over the year ended December 31, 2000.
Larry D. Coburn, President and Chief Executive Officer, explained, "After
thoroughly reviewing certain fixed and other asset accounts, we are taking a
conservative approach to accurately reflect the remaining value of these asset
amounts on the balance sheet. We have a high level of confidence in the
strength of our financial reporting, and we are excited about the prospects
for the Company in 2002."
About DCB Financial Corp.
DCB Financial Corp. operates as holding company for The Delaware County
Bank & Trust, a $500 million full service community bank that operates 16
banking centers in Delaware, Franklin and Union counties, Ohio.
This news release may be deemed to include forward-looking statements such
as statements relating to financial goals and business outlook. Actual
results could differ materially from those indicated by these statements due
to a variety of factors, including those related to the economic environment
in the market areas in which the Company operates, credit risk management,
asset/liability management and the availability of and costs associated with
sources of liquidity.
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SOURCE DCB Financial Corp.