Second Bancorp Reports Increased Earnings

Apr 19, 2001, 01:00 ET from Second Bancorp Incorporated

    WARREN, Ohio, April 19 /PRNewswire/ -- Second Bancorp Incorporated
 (Nasdaq:   SECD) reported first quarter 2001 net income (before the cumulative
 effect of accounting changes) of $4,188,000, up 6.4% from the $3,936,000
 earned during the same period last year.  On a diluted basis, earnings per
 share for the quarter were $.42 or 10.5% higher than the $.38 reported a year
 ago.  The referenced accounting change relates to one-time transition costs
 associated with the adoption of FAS 133 and totaled $101,000.
     Key ratios were also improved over the same period in 2000 with the
 Company's return on average assets (ROA) reaching 1.08% compared to 1.02% last
 year and return on average equity (ROE) climbing to 14.09% from 13.70% a year
 ago.  A sharp focus on fee income generation and cost controls began to
 produce results as the Company's efficiency ratio for the quarter improved to
 60.94% compared to 61.61% for first quarter 2000.  Earnings growth was
 moderated, however, by the net interest margin which was 3.43% for the quarter
 compared to 3.61% last year.
     Non-interest income for the quarter was $4.6 million, 20% ahead of results
 for the same period last year.  Income categories particularly strong during
 the first three months of 2001 were service charges on deposit accounts which
 were 20% ahead of last year, gains on sale of loans which doubled to $783,000
 and security gains which contributed $529,000 in revenue compared to $99,000
 last year.   The improvement in service charge income reflects, in part, the
 ongoing benefit of a consulting engagement during 2000 while the strong
 showing by gains on sales of loans reflects increased activity in the real
 estate secondary market. The security gains were the result of calls and sales
 of $52 million in securities and reinvestment of the proceeds in higher
 yielding instruments.
     Cost controls were also effective during the quarter as indicated by
 significant improvement in the Company's overhead ratio from 1.83% a year-ago
 to 1.66% for the just completed quarter.  Non-interest expenses through the
 end of March were $10.05 million representing a 2.4% reduction from year-ago
 levels. Among non-interest expense categories contributing to the drop in
 operating costs were salaries and benefits which finished $122,000 lower than
 a year ago, professional services which were down 28% and other operating
 expenses which were $70,000 less than first quarter 2000 levels.
     Credit quality continues to be a focal point for the Company with "non-
 accrual" and "90-days past due but accruing" loans increasing over the last
 year and quarter.  John L. Falatok, Senior Vice President and Chief Lending
 Officer of subsidiary Second National Bank stated "As a true regional
 community bank exclusively serving customers residing and operating in our
 markets, the Company's credit quality will inevitably be impacted by the same
 issues effecting our local economies.  We are working very closely with those
 of our customers who are experiencing difficulties and are confident that our
 strong credit culture and conservative loan loss reserve will allow us to stay
 on top of what we expect to be a shallow, relatively short-term economic
 downturn."  Despite the increase in non-performing loans, net loan charge-offs
 for the quarter were a minimal $200,000 (.07% of average loans outstanding)
 while the Company's loan loss reserve was a solid 1.47% of period-end loans,
 up from 1.03% a year ago.
     President and Chief Executive Officer Rick L. Blossom, commenting on first
 quarter performance and the prospects for the remainder of the year indicated,
 "We are proud of what we have been able to achieve during the first three
 months of the year.  Our earnings performance has begun to show signs of long-
 term improvement.  The fact that we were able to exceed the market's $.38 per
 share earnings expectation by more than 10% in what has proven to be a
 challenging local and regional economy speaks volumes about the commitment of
 our 500 associates.  We continue to be convinced that we have the right plan
 and the right people in place to meet future challenges and grow the value of
 this franchise...and the positive performance of our stock during the quarter
 suggests that the markets have begun to recognize our hidden value and
 appreciate our potential."
     Second Bancorp previously announced a 6.25% increase in its quarterly
 dividend to $.17 per share (an annualized $.68) payable April 30, 2001 to
 record holders as of April 13, 2001.  That action maintains Second Bancorp's
 record of having increased its dividend in each of the fifteen years since its
 incorporation.
     This announcement contains forward-looking statements that involve risk
 and uncertainties, including changes in general economic and financial market
 conditions and the Company's ability to execute its business plans.  Although
 management believes the expectations reflected in such forward-looking
 statements are reasonable, actual results may differ materially.
     Second Bancorp is a $1.57 billion financial holding company providing a
 full range of commercial and consumer banking, trust, insurance and investment
 products and services to communities in a nine county area of Northeastern and
 East-Central Ohio through subsidiary Second National Bank's network of
 34 retail banking centers.
     Additional information about Second Bancorp and information about products
 and services offered by Second National Bank can be found on the World Wide
 Web at www.secondnationalbank.com .
 
     CONTACT:  Christopher Stanitz, Executive Vice President and Secretary, at
 330.841.0234 (phone), 330.841.0489 (fax), or cstanitz@secondnationalbank.com .
 
 
                     Second Bancorp Incorporated and Subsidiary
                                Financial Highlights
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                            March 2001  Dec. 2000   Sept. 2000
     Earnings:
        Net interest income                    $11,916     $12,708     $11,606
        Provision for loan losses                  761         903       4,843
        Non-interest income                      3,972       3,776         (28)
        Security gains                             529          98      (2,802)
        Trading account                             58          10         (28)
        Non-interest expense                    10,051      10,345      13,140
        Federal income taxes                     1,475       1,314      (3,690)
        Income before accounting change          4,188       4,030      (5,545)
        Cumulative effect of accounting
            change, net of tax                    (101)          0           0
        Net income                              $4,087      $4,030     ($5,545)
 
     Per share:
        Basic earnings before accounting
         change                                  $0.42       $0.40      ($0.55)
        Basic earnings                            0.41        0.40       (0.55)
        Diluted earnings before accounting
         change                                   0.42        0.40       (0.55)
        Diluted earnings                          0.41        0.40       (0.55)
        Common dividends                          0.17        0.16        0.16
        Book value                               12.20       11.65       11.05
        Tangible book value                      12.04       11.49       10.88
        Market value                             17.50       14.50       14.13
 
     Weighted average shares outstanding:
        Basic                               10,020,097  10,050,177  10,161,386
        Diluted                             10,046,562  10,069,215  10,161,386
 
     Period end balance sheet:
        Assets                              $1,571,831  $1,546,290  $1,561,617
        Securities                             377,323     382,098     400,176
        Total loans                          1,076,284   1,070,089   1,059,530
        Reserve for loan losses                 15,778      15,217      15,040
        Deposits                             1,061,556   1,036,135   1,084,377
        Total shareholders' equity             121,968     117,197     112,019
        Tier I capital                         117,497     115,315     114,158
        Tier I ratio                             10.3%       10.3%       10.2%
        Total capital                          131,768     129,366     128,193
        Total capital ratio                      11.5%       11.5%       11.4%
        Total risk-adjusted assets           1,141,685   1,124,076   1,122,803
        Tier I leverage ratio                     7.5%        7.5%        7.3%
 
     Average balance sheet:
        Assets                              $1,544,368  $1,541,049  $1,650,501
        Earning assets                       1,453,969   1,452,756   1,552,441
        Loans                                1,072,460   1,061,023   1,173,799
        Deposits                             1,046,349   1,053,740   1,110,194
        Shareholders' equity                   118,879     112,892     116,702
 
     Key ratios: (%) (a)
        Return on average assets (ROA)            1.08        1.05       (1.34)
        Return on average
            shareholders' equity (ROE)           14.09       14.28      (19.01)
        Net interest margin                       3.43        3.65        3.14
        Net overhead                              1.66        1.81        3.40
        Efficiency ratio                         60.94       60.77      108.40
 
     Credit quality:
        Non-accrual loans                       $5,163      $4,699      $3,821
        Restructured loans                          40          43          45
        90 day past due and accruing             3,849       3,238       3,171
        Other real estate owned                    918         902         961
 
        Charge-offs                               $862        $939      $1,528
        Recoveries                                 662         213         348
        Net charge-offs                           $200        $726      $1,180
 
        Reserve for loan losses as a
         percent of period-end loans (%)          1.47        1.42        1.42
        Net charge-offs (annualized) as a
         percent of average loans (%)             0.07        0.27        0.40
 
     (a) Based on income before accounting change.
 
 
                     Second Bancorp Incorporated and Subsidiary
                                Financial Highlights
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                                   June 2000         March 2000
     Earnings:
        Net interest income                         $12,645           $12,418
        Provision for loan losses                       696               687
        Non-interest income                           4,102             3,590
        Security gains                                 (225)               99
        Trading account                                (431)              114
        Non-interest expense                         10,431            10,297
        Federal income taxes                          1,251             1,301
        Income before accounting change               3,713             3,936
        Cumulative effect of accounting
            change, net of tax                            0                 0
        Net income                                   $3,713            $3,936
 
     Per share:
        Basic earnings before accounting
         change                                       $0.36             $0.38
        Basic earnings                                 0.36              0.38
        Diluted earnings before accounting
         change                                        0.36              0.38
        Diluted earnings                               0.36              0.38
        Common dividends                               0.16              0.16
        Book value                                    11.31             11.17
        Tangible book value                           11.12             10.97
        Market value                                  15.19             17.50
 
     Weighted average shares outstanding:
        Basic                                    10,318,828        10,406,020
        Diluted                                  10,340,082        10,439,890
 
     Period end balance sheet:
        Assets                                   $1,632,913        $1,592,993
        Securities                                  370,250           384,941
        Total loans                               1,157,123         1,099,413
        Reserve for loan losses                      11,378            11,354
        Deposits                                  1,105,449         1,095,123
        Total shareholders' equity                  115,368           115,993
        Tier I capital                              122,595           122,595
        Tier I ratio                                  10.8%             11.3%
        Total capital                               133,452           133,949
        Total capital ratio                           11.8%             12.4%
        Total risk-adjusted assets                1,133,429         1,082,351
        Tier I leverage ratio                          7.5%              8.0%
 
     Average balance sheet:
        Assets                                   $1,603,540        $1,540,716
        Earning assets                            1,504,564         1,443,262
        Loans                                     1,125,998         1,070,764
        Deposits                                  1,103,687         1,098,353
        Shareholders' equity                        114,132           114,880
 
     Key ratios: (%) (a)
        Return on average assets (ROA)                 0.93              1.02
        Return on average
            shareholders' equity (ROE)                13.01             13.70
        Net interest margin                            3.51              3.61
        Net overhead                                   1.91              1.83
        Efficiency ratio                              63.48             61.61
 
     Credit quality:
        Non-accrual loans                            $2,987            $3,068
        Restructured loans                               47                 0
        90 day past due and accruing                  2,875             2,082
        Other real estate owned                       1,170               231
 
        Charge-offs                                    $873              $719
        Recoveries                                      200               217
        Net charge-offs                                $673              $502
 
        Reserve for loan losses as a
         percent of period-end loans (%)               0.98              1.03
        Net charge-offs (annualized) as a
         percent of average loans (%)                  0.24              0.19
 
     (a) Based on income before accounting change.
 
 
                     Second Bancorp Incorporated and Subsidiary
                         Consolidated Statements of Income
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                            March 2001  Dec. 2000   Sept. 2000
     INTEREST INCOME
       Loans (including fees):
         Taxable                               $22,101     $23,029     $23,367
         Exempt from federal income taxes          288         276         285
       Securities:
         Taxable                                 5,125       5,581       5,419
         Exempt from federal income taxes          773         773         777
       Federal funds sold and other temp.
        investments                                191         131          46
           Total interest income                28,478      29,790      29,894
     INTEREST EXPENSE
       Deposits                                 11,469      11,829      12,216
       Federal funds purchased and
        securities sold under agreements to
        repurchase                               1,187       1,560       1,440
       Note Payable                                 18           6           0
       Other borrowed funds                         37          25          46
       Federal Home Loan Bank advances           3,851       3,662       4,586
           Total interest expense               16,562      17,082      18,288
           Net interest income                  11,916      12,708      11,606
     Provision for loan losses                     761         903       4,843
           Net interest income after
            provision for loan losses           11,155      11,805       6,763
     NON-INTEREST INCOME
       Service charges on deposit accounts       1,261       1,110       1,163
       Trust fees                                  756       1,012         833
       Gain on sale of loans                       783         490      (3,191)
       Trading account gains                        58          10         (28)
       Security gains                              529          98      (2,802)
       Other operating income                    1,172       1,164       1,167
           Total non-interest income             4,559       3,884      (2,858)
     NON-INTEREST EXPENSE
       Salaries and employee benefits            5,194       4,891       5,421
       Net occupancy                             1,116       1,040       1,062
       Equipment                                 1,049         995       1,044
       Professional services                       343         651       1,650
       Assessment on deposits and other
        taxes                                      401         423         423
       Amortization of goodwill and other
        intangibles                                 81         108         216
       Other operating expenses                  1,867       2,237       3,324
           Total non-interest expense           10,051      10,345      13,140
     Income before federal income taxes          5,663       5,344      (9,235)
     Income tax expense                          1,475       1,314      (3,690)
     Income before accounting change             4,188       4,030      (5,545)
     Cumulative effect of accounting
         change, net of tax                       (101)        -           -
     Net income                                 $4,087      $4,030     ($5,545)
 
     NET INCOME PER COMMON SHARE:
           Basic before accounting change        $0.42       $0.40      ($0.55)
           Basic                                 $0.41       $0.40      ($0.55)
           Diluted before accounting change      $0.42       $0.40      ($0.55)
           Diluted                               $0.41       $0.40      ($0.55)
     Weighted average common shares
      outstanding:
           Basic                            10,020,097  10,050,177  10,161,386
           Diluted                          10,046,562  10,069,215  10,161,386
 
 
                     Second Bancorp Incorporated and Subsidiary
                         Consolidated Statements of Income
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                                   June 2000         March 2000
     INTEREST INCOME
       Loans (including fees):
         Taxable                                    $22,887           $21,536
         Exempt from federal income taxes               238               215
       Securities:
         Taxable                                      5,261             4,709
         Exempt from federal income taxes               777               882
       Federal funds sold and other temp.
        investments                                      16                93
           Total interest income                     29,179            27,435
     INTEREST EXPENSE
       Deposits                                      11,312            10,879
       Federal funds purchased and
        securities sold under agreements to
        repurchase                                    1,356             1,184
       Note Payable                                       0                19
       Other borrowed funds                              58                43
       Federal Home Loan Bank advances                3,808             2,892
           Total interest expense                    16,534            15,017
           Net interest income                       12,645            12,418
     Provision for loan losses                          696               687
           Net interest income after
                provision for loan losses            11,949            11,731
     NON-INTEREST INCOME
       Service charges on deposit accounts            1,079             1,054
       Trust fees                                     1,049             1,004
       Gain on sale of loans                            309               391
       Trading account gains                           (431)              114
       Security gains                                   206                99
       Other operating income                         1,234             1,141
           Total non-interest income                  3,446             3,803
     NON-INTEREST EXPENSE
       Salaries and employee benefits                 5,189             5,316
       Net occupancy                                  1,037             1,052
       Equipment                                        959               987
       Professional services                            698               477
       Assessment on deposits and other
        taxes                                           425               413
       Amortization of goodwill and other
        intangibles                                     115               116
       Other operating expenses                       2,008             1,936
           Total non-interest expense                10,431            10,297
     Income before federal income taxes               4,964             5,237
     Income tax expense                               1,251             1,301
     Income before accounting change                  3,713             3,936
     Cumulative effect of accounting
         change, net of tax                             -                 -
     Net income                                      $3,713            $3,936
 
     NET INCOME PER COMMON SHARE:
           Basic before accounting change             $0.36             $0.38
           Basic                                      $0.36             $0.38
           Diluted before accounting
            change                                    $0.36             $0.38
           Diluted                                    $0.36             $0.38
     Weighted average common shares
      outstanding:
           Basic                                 10,318,828        10,406,020
           Diluted                               10,340,082        10,436,890
 
                     Second Bancorp Incorporated and Subsidiary
                        Consolidated Average Balance Sheets
                               For the Quarter Ended
                               (Dollars in Thousands)
 
 
     ASSETS                                 March 2001  Dec. 2000   Sept. 2000
     Cash and demand balances
       due from banks                          $33,942     $31,139     $34,439
     Federal funds sold and other temp.
      investments                               12,146       7,979       2,750
     Trading Account                               165         161         811
     Securities                                369,198     383,593     375,081
     Loans:
       Commercial                              425,127     419,442     412,356
       Consumer                                309,135     295,209     272,322
       Real estate                             338,198     346,372     489,121
         Total loans                         1,072,460   1,061,023   1,173,799
         Reserve for loan losses                15,594      15,129      11,578
         Net loans                           1,056,866   1,045,894   1,162,221
     Premises and equipment                     17,923      17,867      18,032
     Goodwill and intangible assets              6,067       6,111       5,416
     Other                                      48,061      48,305      51,751
         Total assets                       $1,544,368  $1,541,049  $1,650,501
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
       Demand deposits (non-interest
         bearing)                             $107,260    $110,053    $112,662
       Demand deposits (interest
         bearing)                               83,381      83,694      85,432
       Savings                                 242,120     252,990     265,319
       Time deposits                           613,588     607,003     646,781
         Total deposits                      1,046,349   1,053,740   1,110,194
       Federal funds purchased and
         securities sold under
         agreements to repurchase              109,724     126,942     117,645
       Note payable                              1,000         292           0
       Borrowed funds                            2,230       1,251       2,568
       Accrued expenses and other
         liabilities                             9,002       6,630       9,060
       Federal Home Loan Bank advances         257,184     239,302     294,332
         Total liabilities                   1,425,489   1,428,157   1,533,799
     Shareholders' equity:
       Common stock                             36,945      36,936      36,962
       Treasury shares                         (14,465)    (13,174)    (12,172)
       Other comprehensive income                1,493      (3,268)     (6,957)
       Retained earnings                        94,906      92,398      98,869
         Total shareholders' equity            118,879     112,892     116,702
           Total liabilities and
             shareholders' equity           $1,544,368  $1,541,049  $1,650,501
 
                     Second Bancorp Incorporated and Subsidiary
                        Consolidated Average Balance Sheets
                               For the Quarter Ended
                               (Dollars in Thousands)
 
 
     ASSETS                                        June 2000         March 2000
     Cash and demand balances
      due from banks                                $34,628           $34,964
     Federal funds sold and other temp.
      investments                                       869             7,115
     Trading Account                                  1,110               940
     Securities                                     376,587           365,383
     Loans:
       Commercial                                   401,787           398,897
       Consumer                                     245,457           221,853
       Real estate                                  478,754           450,014
         Total loans                              1,125,998         1,070,764
         Reserve for loan losses                     11,451            11,413
         Net loans                                1,114,547         1,059,351
     Premises and equipment                          18,493            18,703
     Goodwill and intangible assets                   5,620             5,808
     Other                                           51,686            49,392
         Total assets                            $1,603,540        $1,540,716
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
       Demand deposits (non-interest
         bearing)                                  $113,958          $112,086
       Demand deposits (interest
         bearing)                                    89,531            88,665
       Savings                                      273,879           275,433
       Time deposits                                626,319           622,169
         Total deposits                           1,103,687         1,098,353
       Federal funds purchased and
         securities sold under
         agreements to repurchase                   117,236           110,364
       Note payable                                       0               879
       Borrowed funds                                 3,470             2,853
       Accrued expenses and other
         liabilities                                  9,435             8,409
       Federal Home Loan Bank advances              255,580           204,978
         Total liabilities                        1,489,408         1,425,836
     Shareholders' equity:
       Common stock                                  36,955            36,975
       Treasury shares                               (9,931)           (8,195)
       Other comprehensive income                   (10,155)           (9,085)
       Retained earnings                             97,263            95,185
         Total shareholders' equity                 114,132           114,880
           Total liabilities and
             shareholders' equity                $1,603,540        $1,540,716
 
 
                     Second Bancorp Incorporated and Subsidiary
                            Consolidated Balance Sheets
                               (Dollars in thousands)
 
                                             March 31  December 31 September 30
                                               2000        2000        2000
     ASSETS
     Cash and due from banks                   $36,937     $35,272     $34,079
     Federal funds sold and other temp.
      investments                               25,451           0       8,000
     Trading Account                               238         328         447
     Securities                                377,323     382,098     400,176
     Loans:
       Commercial                              432,633     421,229     426,407
       Consumer                                314,290     302,881     285,959
       Real estate                             329,361     345,979     347,164
         Total loans                         1,076,284   1,070,089   1,059,530
     Less reserve for loan losses               15,778      15,217      15,040
       Net loans                             1,060,506   1,054,872   1,044,490
     Premises and equipment                     17,533      18,039      17,798
     Accrued interest receivable                10,118      11,181      10,630
     Goodwill and intangible assets              6,157       6,038       6,193
     Other assets                               37,568      38,462      39,804
               Total assets                 $1,571,831  $1,546,290  $1,561,617
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Demand - non-interest bearing          $105,920    $110,045    $107,391
       Demand - interest bearing                86,124      87,268      83,991
       Savings                                 239,661     246,056     262,024
       Time deposits                           629,851     592,766     630,971
               Total deposits                1,061,556   1,036,135   1,084,377
 
     Federal funds purchased and securities
      sold under agreements to repurchase      119,684     129,895     116,707
     Note payable                                1,000       1,000           0
     Other borrowed funds                           46       2,163       3,622
     Federal Home Loan Bank advances           256,591     251,733     238,872
     Accrued expenses and other liabilities     10,986       8,167       6,020
               Total liabilities             1,449,863   1,429,093   1,449,598
 
     Shareholders' equity:
       Common stock, no par value;
        30,000,000 shares
        authorized;                             36,953      36,935      36,952
       Treasury stock                          (14,740)    (13,947)    (12,590)
       Other comprehensive income                2,950         281      (3,849)
       Retained earnings                        96,805      93,928      91,506
              Total shareholders' equity       121,968     117,197     112,019
                 Total liabilities and
                  shareholders' equity      $1,571,831  $1,546,290  $1,561,617
 
 
 
     Miscellaneous data:
       Common shares issued                 10,785,760  10,787,310  10,776,870
       Treasury shares                         785,000     730,200     639,920
       Bank owned life insurance (in other
        assets)                                $30,270     $29,895     $29,527
 
       Loans serviced for others              $487,253    $472,120    $462,957
 
       Mortgage servicing rights                $4,261      $4,065      $4,102
       Goodwill                                  1,107       1,154       1,213
       Other intangibles                           789         819         878
        Total goodwill and intangibles
         assets                                 $6,157      $6,038      $6,193
 
                     Second Bancorp Incorporated and Subsidiary
                            Consolidated Balance Sheets
                               (Dollars in thousands)
 
                                                    June 30           March 31
                                                      2000              2000
     ASSETS
     Cash and due from banks                        $38,526           $43,925
     Federal funds sold and other temp.
      investments                                         0                 0
     Trading Account                                    944                 0
     Securities                                     370,250           384,941
     Loans:
       Commercial                                   402,082           403,603
       Consumer                                     259,923           232,107
       Real estate                                  495,118           463,703
         Total loans                              1,157,123         1,099,413
     Less reserve for loan losses                    11,378            11,354
       Net loans                                  1,145,745         1,088,059
     Premises and equipment                          18,119            18,611
     Accrued interest receivable                     10,508             9,509
     Goodwill and intangible assets                   5,472             5,739
     Other assets                                    43,349            42,209
               Total assets                      $1,632,913        $1,592,993
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Demand - non-interest bearing               $115,380          $113,207
       Demand - interest bearing                     88,184            90,465
       Savings                                      269,925           277,892
       Time deposits                                631,960           613,559
               Total deposits                     1,105,449         1,095,123
 
     Federal funds purchased and
      securities sold under
       agreements to repurchase                     124,930           136,640
     Note payable                                         0                 0
     Other borrowed funds                             2,609             2,798
     Federal Home Loan Bank advances                276,009           233,144
     Accrued expenses and other
      liabilities                                     8,548             9,295
               Total liabilities                  1,517,545         1,477,000
 
     Shareholders' equity:
       Common stock, no par value;
        30,000,000 shares
        authorized;                                  36,974            36,944
       Treasury stock                               (11,646)           (8,943)
       Other comprehensive income                    (8,631)           (8,597)
       Retained earnings                             98,671            96,589
              Total shareholders' equity            115,368           115,993
                 Total liabilities and
                  shareholders' equity           $1,632,913        $1,592,993
 
 
 
     Miscellaneous data:
       Common shares issued                      10,776,870        10,776,470
       Treasury shares                              575,720           393,100
       Bank owned life insurance (in other
        assets)                                     $29,163           $28,819
 
       Loans serviced for others                   $325,012          $334,993
 
       Mortgage servicing rights                     $3,172            $3,341
       Goodwill                                       1,379             1,445
       Other intangibles                                921               953
        Total goodwill and intangibles
         assets                                      $5,472            $5,739
 
 

SOURCE Second Bancorp Incorporated
    WARREN, Ohio, April 19 /PRNewswire/ -- Second Bancorp Incorporated
 (Nasdaq:   SECD) reported first quarter 2001 net income (before the cumulative
 effect of accounting changes) of $4,188,000, up 6.4% from the $3,936,000
 earned during the same period last year.  On a diluted basis, earnings per
 share for the quarter were $.42 or 10.5% higher than the $.38 reported a year
 ago.  The referenced accounting change relates to one-time transition costs
 associated with the adoption of FAS 133 and totaled $101,000.
     Key ratios were also improved over the same period in 2000 with the
 Company's return on average assets (ROA) reaching 1.08% compared to 1.02% last
 year and return on average equity (ROE) climbing to 14.09% from 13.70% a year
 ago.  A sharp focus on fee income generation and cost controls began to
 produce results as the Company's efficiency ratio for the quarter improved to
 60.94% compared to 61.61% for first quarter 2000.  Earnings growth was
 moderated, however, by the net interest margin which was 3.43% for the quarter
 compared to 3.61% last year.
     Non-interest income for the quarter was $4.6 million, 20% ahead of results
 for the same period last year.  Income categories particularly strong during
 the first three months of 2001 were service charges on deposit accounts which
 were 20% ahead of last year, gains on sale of loans which doubled to $783,000
 and security gains which contributed $529,000 in revenue compared to $99,000
 last year.   The improvement in service charge income reflects, in part, the
 ongoing benefit of a consulting engagement during 2000 while the strong
 showing by gains on sales of loans reflects increased activity in the real
 estate secondary market. The security gains were the result of calls and sales
 of $52 million in securities and reinvestment of the proceeds in higher
 yielding instruments.
     Cost controls were also effective during the quarter as indicated by
 significant improvement in the Company's overhead ratio from 1.83% a year-ago
 to 1.66% for the just completed quarter.  Non-interest expenses through the
 end of March were $10.05 million representing a 2.4% reduction from year-ago
 levels. Among non-interest expense categories contributing to the drop in
 operating costs were salaries and benefits which finished $122,000 lower than
 a year ago, professional services which were down 28% and other operating
 expenses which were $70,000 less than first quarter 2000 levels.
     Credit quality continues to be a focal point for the Company with "non-
 accrual" and "90-days past due but accruing" loans increasing over the last
 year and quarter.  John L. Falatok, Senior Vice President and Chief Lending
 Officer of subsidiary Second National Bank stated "As a true regional
 community bank exclusively serving customers residing and operating in our
 markets, the Company's credit quality will inevitably be impacted by the same
 issues effecting our local economies.  We are working very closely with those
 of our customers who are experiencing difficulties and are confident that our
 strong credit culture and conservative loan loss reserve will allow us to stay
 on top of what we expect to be a shallow, relatively short-term economic
 downturn."  Despite the increase in non-performing loans, net loan charge-offs
 for the quarter were a minimal $200,000 (.07% of average loans outstanding)
 while the Company's loan loss reserve was a solid 1.47% of period-end loans,
 up from 1.03% a year ago.
     President and Chief Executive Officer Rick L. Blossom, commenting on first
 quarter performance and the prospects for the remainder of the year indicated,
 "We are proud of what we have been able to achieve during the first three
 months of the year.  Our earnings performance has begun to show signs of long-
 term improvement.  The fact that we were able to exceed the market's $.38 per
 share earnings expectation by more than 10% in what has proven to be a
 challenging local and regional economy speaks volumes about the commitment of
 our 500 associates.  We continue to be convinced that we have the right plan
 and the right people in place to meet future challenges and grow the value of
 this franchise...and the positive performance of our stock during the quarter
 suggests that the markets have begun to recognize our hidden value and
 appreciate our potential."
     Second Bancorp previously announced a 6.25% increase in its quarterly
 dividend to $.17 per share (an annualized $.68) payable April 30, 2001 to
 record holders as of April 13, 2001.  That action maintains Second Bancorp's
 record of having increased its dividend in each of the fifteen years since its
 incorporation.
     This announcement contains forward-looking statements that involve risk
 and uncertainties, including changes in general economic and financial market
 conditions and the Company's ability to execute its business plans.  Although
 management believes the expectations reflected in such forward-looking
 statements are reasonable, actual results may differ materially.
     Second Bancorp is a $1.57 billion financial holding company providing a
 full range of commercial and consumer banking, trust, insurance and investment
 products and services to communities in a nine county area of Northeastern and
 East-Central Ohio through subsidiary Second National Bank's network of
 34 retail banking centers.
     Additional information about Second Bancorp and information about products
 and services offered by Second National Bank can be found on the World Wide
 Web at www.secondnationalbank.com .
 
     CONTACT:  Christopher Stanitz, Executive Vice President and Secretary, at
 330.841.0234 (phone), 330.841.0489 (fax), or cstanitz@secondnationalbank.com .
 
 
                     Second Bancorp Incorporated and Subsidiary
                                Financial Highlights
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                            March 2001  Dec. 2000   Sept. 2000
     Earnings:
        Net interest income                    $11,916     $12,708     $11,606
        Provision for loan losses                  761         903       4,843
        Non-interest income                      3,972       3,776         (28)
        Security gains                             529          98      (2,802)
        Trading account                             58          10         (28)
        Non-interest expense                    10,051      10,345      13,140
        Federal income taxes                     1,475       1,314      (3,690)
        Income before accounting change          4,188       4,030      (5,545)
        Cumulative effect of accounting
            change, net of tax                    (101)          0           0
        Net income                              $4,087      $4,030     ($5,545)
 
     Per share:
        Basic earnings before accounting
         change                                  $0.42       $0.40      ($0.55)
        Basic earnings                            0.41        0.40       (0.55)
        Diluted earnings before accounting
         change                                   0.42        0.40       (0.55)
        Diluted earnings                          0.41        0.40       (0.55)
        Common dividends                          0.17        0.16        0.16
        Book value                               12.20       11.65       11.05
        Tangible book value                      12.04       11.49       10.88
        Market value                             17.50       14.50       14.13
 
     Weighted average shares outstanding:
        Basic                               10,020,097  10,050,177  10,161,386
        Diluted                             10,046,562  10,069,215  10,161,386
 
     Period end balance sheet:
        Assets                              $1,571,831  $1,546,290  $1,561,617
        Securities                             377,323     382,098     400,176
        Total loans                          1,076,284   1,070,089   1,059,530
        Reserve for loan losses                 15,778      15,217      15,040
        Deposits                             1,061,556   1,036,135   1,084,377
        Total shareholders' equity             121,968     117,197     112,019
        Tier I capital                         117,497     115,315     114,158
        Tier I ratio                             10.3%       10.3%       10.2%
        Total capital                          131,768     129,366     128,193
        Total capital ratio                      11.5%       11.5%       11.4%
        Total risk-adjusted assets           1,141,685   1,124,076   1,122,803
        Tier I leverage ratio                     7.5%        7.5%        7.3%
 
     Average balance sheet:
        Assets                              $1,544,368  $1,541,049  $1,650,501
        Earning assets                       1,453,969   1,452,756   1,552,441
        Loans                                1,072,460   1,061,023   1,173,799
        Deposits                             1,046,349   1,053,740   1,110,194
        Shareholders' equity                   118,879     112,892     116,702
 
     Key ratios: (%) (a)
        Return on average assets (ROA)            1.08        1.05       (1.34)
        Return on average
            shareholders' equity (ROE)           14.09       14.28      (19.01)
        Net interest margin                       3.43        3.65        3.14
        Net overhead                              1.66        1.81        3.40
        Efficiency ratio                         60.94       60.77      108.40
 
     Credit quality:
        Non-accrual loans                       $5,163      $4,699      $3,821
        Restructured loans                          40          43          45
        90 day past due and accruing             3,849       3,238       3,171
        Other real estate owned                    918         902         961
 
        Charge-offs                               $862        $939      $1,528
        Recoveries                                 662         213         348
        Net charge-offs                           $200        $726      $1,180
 
        Reserve for loan losses as a
         percent of period-end loans (%)          1.47        1.42        1.42
        Net charge-offs (annualized) as a
         percent of average loans (%)             0.07        0.27        0.40
 
     (a) Based on income before accounting change.
 
 
                     Second Bancorp Incorporated and Subsidiary
                                Financial Highlights
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                                   June 2000         March 2000
     Earnings:
        Net interest income                         $12,645           $12,418
        Provision for loan losses                       696               687
        Non-interest income                           4,102             3,590
        Security gains                                 (225)               99
        Trading account                                (431)              114
        Non-interest expense                         10,431            10,297
        Federal income taxes                          1,251             1,301
        Income before accounting change               3,713             3,936
        Cumulative effect of accounting
            change, net of tax                            0                 0
        Net income                                   $3,713            $3,936
 
     Per share:
        Basic earnings before accounting
         change                                       $0.36             $0.38
        Basic earnings                                 0.36              0.38
        Diluted earnings before accounting
         change                                        0.36              0.38
        Diluted earnings                               0.36              0.38
        Common dividends                               0.16              0.16
        Book value                                    11.31             11.17
        Tangible book value                           11.12             10.97
        Market value                                  15.19             17.50
 
     Weighted average shares outstanding:
        Basic                                    10,318,828        10,406,020
        Diluted                                  10,340,082        10,439,890
 
     Period end balance sheet:
        Assets                                   $1,632,913        $1,592,993
        Securities                                  370,250           384,941
        Total loans                               1,157,123         1,099,413
        Reserve for loan losses                      11,378            11,354
        Deposits                                  1,105,449         1,095,123
        Total shareholders' equity                  115,368           115,993
        Tier I capital                              122,595           122,595
        Tier I ratio                                  10.8%             11.3%
        Total capital                               133,452           133,949
        Total capital ratio                           11.8%             12.4%
        Total risk-adjusted assets                1,133,429         1,082,351
        Tier I leverage ratio                          7.5%              8.0%
 
     Average balance sheet:
        Assets                                   $1,603,540        $1,540,716
        Earning assets                            1,504,564         1,443,262
        Loans                                     1,125,998         1,070,764
        Deposits                                  1,103,687         1,098,353
        Shareholders' equity                        114,132           114,880
 
     Key ratios: (%) (a)
        Return on average assets (ROA)                 0.93              1.02
        Return on average
            shareholders' equity (ROE)                13.01             13.70
        Net interest margin                            3.51              3.61
        Net overhead                                   1.91              1.83
        Efficiency ratio                              63.48             61.61
 
     Credit quality:
        Non-accrual loans                            $2,987            $3,068
        Restructured loans                               47                 0
        90 day past due and accruing                  2,875             2,082
        Other real estate owned                       1,170               231
 
        Charge-offs                                    $873              $719
        Recoveries                                      200               217
        Net charge-offs                                $673              $502
 
        Reserve for loan losses as a
         percent of period-end loans (%)               0.98              1.03
        Net charge-offs (annualized) as a
         percent of average loans (%)                  0.24              0.19
 
     (a) Based on income before accounting change.
 
 
                     Second Bancorp Incorporated and Subsidiary
                         Consolidated Statements of Income
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                            March 2001  Dec. 2000   Sept. 2000
     INTEREST INCOME
       Loans (including fees):
         Taxable                               $22,101     $23,029     $23,367
         Exempt from federal income taxes          288         276         285
       Securities:
         Taxable                                 5,125       5,581       5,419
         Exempt from federal income taxes          773         773         777
       Federal funds sold and other temp.
        investments                                191         131          46
           Total interest income                28,478      29,790      29,894
     INTEREST EXPENSE
       Deposits                                 11,469      11,829      12,216
       Federal funds purchased and
        securities sold under agreements to
        repurchase                               1,187       1,560       1,440
       Note Payable                                 18           6           0
       Other borrowed funds                         37          25          46
       Federal Home Loan Bank advances           3,851       3,662       4,586
           Total interest expense               16,562      17,082      18,288
           Net interest income                  11,916      12,708      11,606
     Provision for loan losses                     761         903       4,843
           Net interest income after
            provision for loan losses           11,155      11,805       6,763
     NON-INTEREST INCOME
       Service charges on deposit accounts       1,261       1,110       1,163
       Trust fees                                  756       1,012         833
       Gain on sale of loans                       783         490      (3,191)
       Trading account gains                        58          10         (28)
       Security gains                              529          98      (2,802)
       Other operating income                    1,172       1,164       1,167
           Total non-interest income             4,559       3,884      (2,858)
     NON-INTEREST EXPENSE
       Salaries and employee benefits            5,194       4,891       5,421
       Net occupancy                             1,116       1,040       1,062
       Equipment                                 1,049         995       1,044
       Professional services                       343         651       1,650
       Assessment on deposits and other
        taxes                                      401         423         423
       Amortization of goodwill and other
        intangibles                                 81         108         216
       Other operating expenses                  1,867       2,237       3,324
           Total non-interest expense           10,051      10,345      13,140
     Income before federal income taxes          5,663       5,344      (9,235)
     Income tax expense                          1,475       1,314      (3,690)
     Income before accounting change             4,188       4,030      (5,545)
     Cumulative effect of accounting
         change, net of tax                       (101)        -           -
     Net income                                 $4,087      $4,030     ($5,545)
 
     NET INCOME PER COMMON SHARE:
           Basic before accounting change        $0.42       $0.40      ($0.55)
           Basic                                 $0.41       $0.40      ($0.55)
           Diluted before accounting change      $0.42       $0.40      ($0.55)
           Diluted                               $0.41       $0.40      ($0.55)
     Weighted average common shares
      outstanding:
           Basic                            10,020,097  10,050,177  10,161,386
           Diluted                          10,046,562  10,069,215  10,161,386
 
 
                     Second Bancorp Incorporated and Subsidiary
                         Consolidated Statements of Income
                                   Quarterly Data
                   (Dollars in thousands, except per share data)
 
                                                   June 2000         March 2000
     INTEREST INCOME
       Loans (including fees):
         Taxable                                    $22,887           $21,536
         Exempt from federal income taxes               238               215
       Securities:
         Taxable                                      5,261             4,709
         Exempt from federal income taxes               777               882
       Federal funds sold and other temp.
        investments                                      16                93
           Total interest income                     29,179            27,435
     INTEREST EXPENSE
       Deposits                                      11,312            10,879
       Federal funds purchased and
        securities sold under agreements to
        repurchase                                    1,356             1,184
       Note Payable                                       0                19
       Other borrowed funds                              58                43
       Federal Home Loan Bank advances                3,808             2,892
           Total interest expense                    16,534            15,017
           Net interest income                       12,645            12,418
     Provision for loan losses                          696               687
           Net interest income after
                provision for loan losses            11,949            11,731
     NON-INTEREST INCOME
       Service charges on deposit accounts            1,079             1,054
       Trust fees                                     1,049             1,004
       Gain on sale of loans                            309               391
       Trading account gains                           (431)              114
       Security gains                                   206                99
       Other operating income                         1,234             1,141
           Total non-interest income                  3,446             3,803
     NON-INTEREST EXPENSE
       Salaries and employee benefits                 5,189             5,316
       Net occupancy                                  1,037             1,052
       Equipment                                        959               987
       Professional services                            698               477
       Assessment on deposits and other
        taxes                                           425               413
       Amortization of goodwill and other
        intangibles                                     115               116
       Other operating expenses                       2,008             1,936
           Total non-interest expense                10,431            10,297
     Income before federal income taxes               4,964             5,237
     Income tax expense                               1,251             1,301
     Income before accounting change                  3,713             3,936
     Cumulative effect of accounting
         change, net of tax                             -                 -
     Net income                                      $3,713            $3,936
 
     NET INCOME PER COMMON SHARE:
           Basic before accounting change             $0.36             $0.38
           Basic                                      $0.36             $0.38
           Diluted before accounting
            change                                    $0.36             $0.38
           Diluted                                    $0.36             $0.38
     Weighted average common shares
      outstanding:
           Basic                                 10,318,828        10,406,020
           Diluted                               10,340,082        10,436,890
 
                     Second Bancorp Incorporated and Subsidiary
                        Consolidated Average Balance Sheets
                               For the Quarter Ended
                               (Dollars in Thousands)
 
 
     ASSETS                                 March 2001  Dec. 2000   Sept. 2000
     Cash and demand balances
       due from banks                          $33,942     $31,139     $34,439
     Federal funds sold and other temp.
      investments                               12,146       7,979       2,750
     Trading Account                               165         161         811
     Securities                                369,198     383,593     375,081
     Loans:
       Commercial                              425,127     419,442     412,356
       Consumer                                309,135     295,209     272,322
       Real estate                             338,198     346,372     489,121
         Total loans                         1,072,460   1,061,023   1,173,799
         Reserve for loan losses                15,594      15,129      11,578
         Net loans                           1,056,866   1,045,894   1,162,221
     Premises and equipment                     17,923      17,867      18,032
     Goodwill and intangible assets              6,067       6,111       5,416
     Other                                      48,061      48,305      51,751
         Total assets                       $1,544,368  $1,541,049  $1,650,501
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
       Demand deposits (non-interest
         bearing)                             $107,260    $110,053    $112,662
       Demand deposits (interest
         bearing)                               83,381      83,694      85,432
       Savings                                 242,120     252,990     265,319
       Time deposits                           613,588     607,003     646,781
         Total deposits                      1,046,349   1,053,740   1,110,194
       Federal funds purchased and
         securities sold under
         agreements to repurchase              109,724     126,942     117,645
       Note payable                              1,000         292           0
       Borrowed funds                            2,230       1,251       2,568
       Accrued expenses and other
         liabilities                             9,002       6,630       9,060
       Federal Home Loan Bank advances         257,184     239,302     294,332
         Total liabilities                   1,425,489   1,428,157   1,533,799
     Shareholders' equity:
       Common stock                             36,945      36,936      36,962
       Treasury shares                         (14,465)    (13,174)    (12,172)
       Other comprehensive income                1,493      (3,268)     (6,957)
       Retained earnings                        94,906      92,398      98,869
         Total shareholders' equity            118,879     112,892     116,702
           Total liabilities and
             shareholders' equity           $1,544,368  $1,541,049  $1,650,501
 
                     Second Bancorp Incorporated and Subsidiary
                        Consolidated Average Balance Sheets
                               For the Quarter Ended
                               (Dollars in Thousands)
 
 
     ASSETS                                        June 2000         March 2000
     Cash and demand balances
      due from banks                                $34,628           $34,964
     Federal funds sold and other temp.
      investments                                       869             7,115
     Trading Account                                  1,110               940
     Securities                                     376,587           365,383
     Loans:
       Commercial                                   401,787           398,897
       Consumer                                     245,457           221,853
       Real estate                                  478,754           450,014
         Total loans                              1,125,998         1,070,764
         Reserve for loan losses                     11,451            11,413
         Net loans                                1,114,547         1,059,351
     Premises and equipment                          18,493            18,703
     Goodwill and intangible assets                   5,620             5,808
     Other                                           51,686            49,392
         Total assets                            $1,603,540        $1,540,716
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
       Demand deposits (non-interest
         bearing)                                  $113,958          $112,086
       Demand deposits (interest
         bearing)                                    89,531            88,665
       Savings                                      273,879           275,433
       Time deposits                                626,319           622,169
         Total deposits                           1,103,687         1,098,353
       Federal funds purchased and
         securities sold under
         agreements to repurchase                   117,236           110,364
       Note payable                                       0               879
       Borrowed funds                                 3,470             2,853
       Accrued expenses and other
         liabilities                                  9,435             8,409
       Federal Home Loan Bank advances              255,580           204,978
         Total liabilities                        1,489,408         1,425,836
     Shareholders' equity:
       Common stock                                  36,955            36,975
       Treasury shares                               (9,931)           (8,195)
       Other comprehensive income                   (10,155)           (9,085)
       Retained earnings                             97,263            95,185
         Total shareholders' equity                 114,132           114,880
           Total liabilities and
             shareholders' equity                $1,603,540        $1,540,716
 
 
                     Second Bancorp Incorporated and Subsidiary
                            Consolidated Balance Sheets
                               (Dollars in thousands)
 
                                             March 31  December 31 September 30
                                               2000        2000        2000
     ASSETS
     Cash and due from banks                   $36,937     $35,272     $34,079
     Federal funds sold and other temp.
      investments                               25,451           0       8,000
     Trading Account                               238         328         447
     Securities                                377,323     382,098     400,176
     Loans:
       Commercial                              432,633     421,229     426,407
       Consumer                                314,290     302,881     285,959
       Real estate                             329,361     345,979     347,164
         Total loans                         1,076,284   1,070,089   1,059,530
     Less reserve for loan losses               15,778      15,217      15,040
       Net loans                             1,060,506   1,054,872   1,044,490
     Premises and equipment                     17,533      18,039      17,798
     Accrued interest receivable                10,118      11,181      10,630
     Goodwill and intangible assets              6,157       6,038       6,193
     Other assets                               37,568      38,462      39,804
               Total assets                 $1,571,831  $1,546,290  $1,561,617
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Demand - non-interest bearing          $105,920    $110,045    $107,391
       Demand - interest bearing                86,124      87,268      83,991
       Savings                                 239,661     246,056     262,024
       Time deposits                           629,851     592,766     630,971
               Total deposits                1,061,556   1,036,135   1,084,377
 
     Federal funds purchased and securities
      sold under agreements to repurchase      119,684     129,895     116,707
     Note payable                                1,000       1,000           0
     Other borrowed funds                           46       2,163       3,622
     Federal Home Loan Bank advances           256,591     251,733     238,872
     Accrued expenses and other liabilities     10,986       8,167       6,020
               Total liabilities             1,449,863   1,429,093   1,449,598
 
     Shareholders' equity:
       Common stock, no par value;
        30,000,000 shares
        authorized;                             36,953      36,935      36,952
       Treasury stock                          (14,740)    (13,947)    (12,590)
       Other comprehensive income                2,950         281      (3,849)
       Retained earnings                        96,805      93,928      91,506
              Total shareholders' equity       121,968     117,197     112,019
                 Total liabilities and
                  shareholders' equity      $1,571,831  $1,546,290  $1,561,617
 
 
 
     Miscellaneous data:
       Common shares issued                 10,785,760  10,787,310  10,776,870
       Treasury shares                         785,000     730,200     639,920
       Bank owned life insurance (in other
        assets)                                $30,270     $29,895     $29,527
 
       Loans serviced for others              $487,253    $472,120    $462,957
 
       Mortgage servicing rights                $4,261      $4,065      $4,102
       Goodwill                                  1,107       1,154       1,213
       Other intangibles                           789         819         878
        Total goodwill and intangibles
         assets                                 $6,157      $6,038      $6,193
 
                     Second Bancorp Incorporated and Subsidiary
                            Consolidated Balance Sheets
                               (Dollars in thousands)
 
                                                    June 30           March 31
                                                      2000              2000
     ASSETS
     Cash and due from banks                        $38,526           $43,925
     Federal funds sold and other temp.
      investments                                         0                 0
     Trading Account                                    944                 0
     Securities                                     370,250           384,941
     Loans:
       Commercial                                   402,082           403,603
       Consumer                                     259,923           232,107
       Real estate                                  495,118           463,703
         Total loans                              1,157,123         1,099,413
     Less reserve for loan losses                    11,378            11,354
       Net loans                                  1,145,745         1,088,059
     Premises and equipment                          18,119            18,611
     Accrued interest receivable                     10,508             9,509
     Goodwill and intangible assets                   5,472             5,739
     Other assets                                    43,349            42,209
               Total assets                      $1,632,913        $1,592,993
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Demand - non-interest bearing               $115,380          $113,207
       Demand - interest bearing                     88,184            90,465
       Savings                                      269,925           277,892
       Time deposits                                631,960           613,559
               Total deposits                     1,105,449         1,095,123
 
     Federal funds purchased and
      securities sold under
       agreements to repurchase                     124,930           136,640
     Note payable                                         0                 0
     Other borrowed funds                             2,609             2,798
     Federal Home Loan Bank advances                276,009           233,144
     Accrued expenses and other
      liabilities                                     8,548             9,295
               Total liabilities                  1,517,545         1,477,000
 
     Shareholders' equity:
       Common stock, no par value;
        30,000,000 shares
        authorized;                                  36,974            36,944
       Treasury stock                               (11,646)           (8,943)
       Other comprehensive income                    (8,631)           (8,597)
       Retained earnings                             98,671            96,589
              Total shareholders' equity            115,368           115,993
                 Total liabilities and
                  shareholders' equity           $1,632,913        $1,592,993
 
 
 
     Miscellaneous data:
       Common shares issued                      10,776,870        10,776,470
       Treasury shares                              575,720           393,100
       Bank owned life insurance (in other
        assets)                                     $29,163           $28,819
 
       Loans serviced for others                   $325,012          $334,993
 
       Mortgage servicing rights                     $3,172            $3,341
       Goodwill                                       1,379             1,445
       Other intangibles                                921               953
        Total goodwill and intangibles
         assets                                      $5,472            $5,739
 
 SOURCE  Second Bancorp Incorporated

RELATED LINKS

http://www.secondnationalbank.com