Western Ohio Financial Corporation Announces First Quarter Earnings Increase of 29% and Declares Dividend

Apr 26, 2001, 01:00 ET from Western Ohio Financial Corporation

    SPRINGFIELD, Ohio, April 26 /PRNewswire/ -- Western Ohio Financial
 Corporation (Nasdaq:    WOFC), parent corporation of Cornerstone Bank,
 Springfield, Ohio, today announced the Company's first quarter earnings and
 dividend.
     A dividend of 25 cents per share will be paid for the first quarter of
 2001.  The dividend will be payable on May 31, 2001 to shareholders of record
 on May 17, 2001.
     Net income for the three months ended March 31, 2001 was $522,000 compared
 to $405,000 for the same period in 2000, up 28.9%.  Net income per share for
 the three months ended March 31, 2001, on a basic and fully diluted basis, was
 up 36.4% from 22 cents for the three months ended March 31, 2000 to 30 cents
 per share.
     As of March 31, 2001, Western Ohio had total assets of $350,716,000, total
 deposits of $212,783,000 and shareholders' equity of $41,703,000.
     John W. Raisbeck, President and Chief Executive Officer, stated that, "The
 improvement in earnings was generally across the Company including: increased
 net interest income, increased non-interest income from loan fees and some
 limited gains on loan sales, and reduced non-interest expenses."
     Cornerstone Bank's new branch, announced previously, will be located at
 6291 Wilmington Pike, Centerville, Ohio 45459.  Renovations are currently
 underway at this new location.  John Raisbeck reported, "The new full service
 branch extends Cornerstone's market and provides new opportunities for loan
 and deposit growth."  The branch is scheduled to open in the summer of 2001.
     When used in the Company's press releases or other public or shareholder
 communications, or in oral statements made with the approval of an authorized
 executive officer, the words or phrases "will likely result," "project,"
 "believe" or similar expressions are intended to identify "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  The Company wishes to caution readers not to place undue reliance on
 any such forward-looking statements, which speak only as of the date made, and
 to advise readers that various factors--including regional and national
 economic conditions, changes in levels of market interest rates, credit risks
 of lending activities, and competitive and regulatory factors--could affect
 the Company's financial performance and could cause the Company's actual
 results for future periods to differ materially from those anticipated or
 projected.
     The Company does not undertake -- and specifically disclaims any
 obligation -- to publicly release the result of any revisions which may be
 made to any forward-looking statements to reflect the occurrence of
 anticipated or unanticipated events or circumstances after the date of such
 statements.
 
                       WESTERN OHIO FINANCIAL CORPORATION
                             COMPARATIVE STATISTICS
                  (Dollars in thousands except per share data)
 
 
                                                     March 31,    December 31,
                                                       2001           2000
     Total assets                                    $350,716       $352,562
     Total loans, net                                 283,332        283,604
     Allowance for loan and lease losses                1,740          1,665
     Securities                                        43,662         48,653
     Deposits                                         212,783        208,332
     Borrowed funds                                    93,432        100,225
     Shareholders' equity                              41,703         41,810
     Book value per common share                       $23.45         $23.15
     Market value per share                            $18.31         $17.19
 
                                                        For the Quarter Ended
                                                              March 31,
                                                         2001           2000
     Net income                                          $522           $405
     Earnings per share
       Basic                                            $0.30          $0.22
       Diluted                                          $0.30          $0.22
     Return on average assets                           0.59%          0.49%
     Return on average equity                           5.01%          3.92%
 
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SOURCE Western Ohio Financial Corporation
    SPRINGFIELD, Ohio, April 26 /PRNewswire/ -- Western Ohio Financial
 Corporation (Nasdaq:    WOFC), parent corporation of Cornerstone Bank,
 Springfield, Ohio, today announced the Company's first quarter earnings and
 dividend.
     A dividend of 25 cents per share will be paid for the first quarter of
 2001.  The dividend will be payable on May 31, 2001 to shareholders of record
 on May 17, 2001.
     Net income for the three months ended March 31, 2001 was $522,000 compared
 to $405,000 for the same period in 2000, up 28.9%.  Net income per share for
 the three months ended March 31, 2001, on a basic and fully diluted basis, was
 up 36.4% from 22 cents for the three months ended March 31, 2000 to 30 cents
 per share.
     As of March 31, 2001, Western Ohio had total assets of $350,716,000, total
 deposits of $212,783,000 and shareholders' equity of $41,703,000.
     John W. Raisbeck, President and Chief Executive Officer, stated that, "The
 improvement in earnings was generally across the Company including: increased
 net interest income, increased non-interest income from loan fees and some
 limited gains on loan sales, and reduced non-interest expenses."
     Cornerstone Bank's new branch, announced previously, will be located at
 6291 Wilmington Pike, Centerville, Ohio 45459.  Renovations are currently
 underway at this new location.  John Raisbeck reported, "The new full service
 branch extends Cornerstone's market and provides new opportunities for loan
 and deposit growth."  The branch is scheduled to open in the summer of 2001.
     When used in the Company's press releases or other public or shareholder
 communications, or in oral statements made with the approval of an authorized
 executive officer, the words or phrases "will likely result," "project,"
 "believe" or similar expressions are intended to identify "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  The Company wishes to caution readers not to place undue reliance on
 any such forward-looking statements, which speak only as of the date made, and
 to advise readers that various factors--including regional and national
 economic conditions, changes in levels of market interest rates, credit risks
 of lending activities, and competitive and regulatory factors--could affect
 the Company's financial performance and could cause the Company's actual
 results for future periods to differ materially from those anticipated or
 projected.
     The Company does not undertake -- and specifically disclaims any
 obligation -- to publicly release the result of any revisions which may be
 made to any forward-looking statements to reflect the occurrence of
 anticipated or unanticipated events or circumstances after the date of such
 statements.
 
                       WESTERN OHIO FINANCIAL CORPORATION
                             COMPARATIVE STATISTICS
                  (Dollars in thousands except per share data)
 
 
                                                     March 31,    December 31,
                                                       2001           2000
     Total assets                                    $350,716       $352,562
     Total loans, net                                 283,332        283,604
     Allowance for loan and lease losses                1,740          1,665
     Securities                                        43,662         48,653
     Deposits                                         212,783        208,332
     Borrowed funds                                    93,432        100,225
     Shareholders' equity                              41,703         41,810
     Book value per common share                       $23.45         $23.15
     Market value per share                            $18.31         $17.19
 
                                                        For the Quarter Ended
                                                              March 31,
                                                         2001           2000
     Net income                                          $522           $405
     Earnings per share
       Basic                                            $0.30          $0.22
       Diluted                                          $0.30          $0.22
     Return on average assets                           0.59%          0.49%
     Return on average equity                           5.01%          3.92%
 
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 SOURCE  Western Ohio Financial Corporation