Winton Financial Corporation Reports a 10.3% Increase in Earnings for the Second Quarter of Fiscal 2001

Apr 16, 2001, 01:00 ET from Winton Financial Corporation

    CINCINNATI, April 16 /PRNewswire/ -- Winton Financial Corporation
 (Amex:   WFI), the parent of Winton Savings and Loan Co., reported net earnings
 of $912,000, or $.20 per diluted share, for the three months ended March 31,
 2001, an increase of 10.3%, over the $827,000, or $.18 per diluted share, in
 net earnings for the three months ended March 31, 2000.
     For the three months ended March 31, 2001, total other income increased
 $247,000, or 79.9%, quarter to quarter due to increased gains in mortgage
 banking activities of $164,000 and gains on sale of securities designated as
 available-for-sale of $70,000.  General, administrative, and other expenses
 decreased by $140,000, or 6.2%.  These increases in earnings were partially
 offset by a decline in net interest income of $236,000, or 7.3%, for the three
 months ended March 31, 2001, as compared to the 2000 quarter.
     For the six months ended March 31, 2001, net earnings totaled
 $1.8 million, or $.40 per diluted share, as compared to net earnings of
 $1.7 million, or $.38 per diluted share, for six months ended March 31, 2000.
     Robert L. Bollin, CEO and President of Winton Financial Corporation,
 stated that "the recent decline in rates led to increased production in our
 mortgage banking operations.  I am most pleased that our efficiency ratio
 improved due to our continued cost control efforts which resulted in a marked
 decrease in operating expenses, quarter to quarter."
     Winton Financial Corporation is publicly traded under the symbol "WFI" on
 the American Stock Exchange.  At March 31, 2001, Winton's total assets were
 $469.8 million.  Winton Savings and Loan Co. operates 7 full service offices
 in Hamilton County in Southwestern Ohio.
 
                   WINTON FINANCIAL CORPORATION AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                        (In Thousands, except share data)
                                   (Unaudited)
 
                                               Six months      Three months
                                                 ended             ended
                                                March 31,        March 31,
                                             2001     2000     2001    2000
 
     Interest Income
       Loans                               $16,782  $16,568  $8,307  $8,340
       Mortgage-backed securities              389      391     194     195
       Investment securities                   544      617     267     312
       Interest-bearing deposits and other     255      209     129     111
         Total interest income              17,970   17,785   8,897   8,958
     Interest Expense
       Deposits                              8,354    7,616   4,105   3,793
       Borrowings                            3,679    3,734   1,813   1,950
         Total interest expense             12,033   11,350   5,918   5,743
 
         Net interest income                 5,937    6,435   2,979   3,215
 
     Provision for losses on loans              90       45      45      22
         Net interest income after
           provision for losses on loans     5,847    6,390   2,934   3,193
 
     Other Income
 
       Gain on sale of mortgage loans          472      126     266      76
       Mortgage servicing fees                 120      155      52      78
       Gain on sale of investments              79        -      70       -
       Gain (loss) on sale of real estate
         acquired through foreclosure           (5)       -       3       -
       Other operating                         327      311     165     155
         Total other income                    993      592     556     309
 
     General, Administrative and Other Expense
       Employee compensation and benefits    2,272    2,286   1,171   1,182
       Occupancy and equipment                 867      907     451     466
       Franchise taxes                         191      183      96      92
       Federal deposit insurance premiums       31       86      15      39
       Amortization of intangible assets        31       31      14      16
       Advertising                              98      192      53     114
       Other operating                         597      676     304     335
 
         Total general, administrative
           and other expense                 4,087    4,361   2,104   2,244
 
         Earnings before federal income
           taxes                             2,753    2,621   1,386   1,258
 
       Federal income taxes                    941      898     474     431
 
         NET EARNINGS                       $1,812   $1,723    $912    $827
 
       BASIC EARNINGS PER SHARE               $.41     $.39    $.21    $.19
       DILUTED EARNINGS PER SHARE             $.40     $.38    $.20    $.18
       DIVIDENDS PAID PER COMMON SHARE      $.1650   $.1600  $.0825  $.0800
 
 
 
                    WINTON FINANCIAL CORPORATION AND SUBSIDIARY
                  CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
                         (In Thousands, except share data)
 
                                                    March 31,     September 30,
                                                      2001              2000
                                                  (Unaudited)
     ASSETS
 
     Cash and due from banks                         $1,635            $1,351
     Interest-bearing deposits in other
       financial institutions                         3,675               672
     Investment securities available for
       sale - at market                              19,370             4,273
     Investment securities held to
       maturity - at cost                                 -            15,757
     Mortgage-backed securities available
       for sale A46- at market                          310               345
     Mortgage-backed securities held to
       maturity - at cost                            11,395            12,267
     Loans receivable - net                         413,253           413,904
     Loans held for sale - at lower of
       cost or market                                 4,767             1,543
     Office premises and equipment - net              3,354             3,418
     Real estate acquired through
       foreclosure                                      610               716
     Federal Home Loan Bank stock - at cost           7,199             6,941
     Accrued interest receivable                      3,223             3,245
     Prepaid expenses and other assets                  724               502
     Intangible assets - net                            249               280
 
     TOTAL ASSETS                                  $469,764          $465,214
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                      $314,319          $309,889
     Advances from FHLB and other
       borrowings                                   114,875           115,720
     Accounts payable on mortgage loans
       serviced for others                              753               786
     Advance payments by borrowers                    1,181             1,148
     Other liabilities                                1,431             1,678
     Accrued federal income taxes                        21               274
     Deferred federal income taxes                    1,818             1,713
 
     TOTAL LIABILITIES                              434,398           431,208
 
     SHAREHOLDERS' EQUITY
 
     Preferred stock - 2,000,000 shares without par
       value authorized; no shares issued
       and outstanding                                    -                 -
     Common stock - 18,000,000 shares of
       no par value authorized; 4,438,014
       and 4,412,014 shares outstanding                   -                 -
     Additional paid-in capital                      10,142             9,972
     Retained earnings - substantially restricted    24,674            23,593
     Unrealized gain on investment
       securities designated as available for sale,
       net of tax                                       550               441
 
     TOTAL SHAREHOLDERS' EQUITY                      35,366            34,006
 
     TOTAL LIABILITIES AND
       SHAREHOLDERS' EQUITY                        $469,764          $465,214
 
 

SOURCE Winton Financial Corporation
    CINCINNATI, April 16 /PRNewswire/ -- Winton Financial Corporation
 (Amex:   WFI), the parent of Winton Savings and Loan Co., reported net earnings
 of $912,000, or $.20 per diluted share, for the three months ended March 31,
 2001, an increase of 10.3%, over the $827,000, or $.18 per diluted share, in
 net earnings for the three months ended March 31, 2000.
     For the three months ended March 31, 2001, total other income increased
 $247,000, or 79.9%, quarter to quarter due to increased gains in mortgage
 banking activities of $164,000 and gains on sale of securities designated as
 available-for-sale of $70,000.  General, administrative, and other expenses
 decreased by $140,000, or 6.2%.  These increases in earnings were partially
 offset by a decline in net interest income of $236,000, or 7.3%, for the three
 months ended March 31, 2001, as compared to the 2000 quarter.
     For the six months ended March 31, 2001, net earnings totaled
 $1.8 million, or $.40 per diluted share, as compared to net earnings of
 $1.7 million, or $.38 per diluted share, for six months ended March 31, 2000.
     Robert L. Bollin, CEO and President of Winton Financial Corporation,
 stated that "the recent decline in rates led to increased production in our
 mortgage banking operations.  I am most pleased that our efficiency ratio
 improved due to our continued cost control efforts which resulted in a marked
 decrease in operating expenses, quarter to quarter."
     Winton Financial Corporation is publicly traded under the symbol "WFI" on
 the American Stock Exchange.  At March 31, 2001, Winton's total assets were
 $469.8 million.  Winton Savings and Loan Co. operates 7 full service offices
 in Hamilton County in Southwestern Ohio.
 
                   WINTON FINANCIAL CORPORATION AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                        (In Thousands, except share data)
                                   (Unaudited)
 
                                               Six months      Three months
                                                 ended             ended
                                                March 31,        March 31,
                                             2001     2000     2001    2000
 
     Interest Income
       Loans                               $16,782  $16,568  $8,307  $8,340
       Mortgage-backed securities              389      391     194     195
       Investment securities                   544      617     267     312
       Interest-bearing deposits and other     255      209     129     111
         Total interest income              17,970   17,785   8,897   8,958
     Interest Expense
       Deposits                              8,354    7,616   4,105   3,793
       Borrowings                            3,679    3,734   1,813   1,950
         Total interest expense             12,033   11,350   5,918   5,743
 
         Net interest income                 5,937    6,435   2,979   3,215
 
     Provision for losses on loans              90       45      45      22
         Net interest income after
           provision for losses on loans     5,847    6,390   2,934   3,193
 
     Other Income
 
       Gain on sale of mortgage loans          472      126     266      76
       Mortgage servicing fees                 120      155      52      78
       Gain on sale of investments              79        -      70       -
       Gain (loss) on sale of real estate
         acquired through foreclosure           (5)       -       3       -
       Other operating                         327      311     165     155
         Total other income                    993      592     556     309
 
     General, Administrative and Other Expense
       Employee compensation and benefits    2,272    2,286   1,171   1,182
       Occupancy and equipment                 867      907     451     466
       Franchise taxes                         191      183      96      92
       Federal deposit insurance premiums       31       86      15      39
       Amortization of intangible assets        31       31      14      16
       Advertising                              98      192      53     114
       Other operating                         597      676     304     335
 
         Total general, administrative
           and other expense                 4,087    4,361   2,104   2,244
 
         Earnings before federal income
           taxes                             2,753    2,621   1,386   1,258
 
       Federal income taxes                    941      898     474     431
 
         NET EARNINGS                       $1,812   $1,723    $912    $827
 
       BASIC EARNINGS PER SHARE               $.41     $.39    $.21    $.19
       DILUTED EARNINGS PER SHARE             $.40     $.38    $.20    $.18
       DIVIDENDS PAID PER COMMON SHARE      $.1650   $.1600  $.0825  $.0800
 
 
 
                    WINTON FINANCIAL CORPORATION AND SUBSIDIARY
                  CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
                         (In Thousands, except share data)
 
                                                    March 31,     September 30,
                                                      2001              2000
                                                  (Unaudited)
     ASSETS
 
     Cash and due from banks                         $1,635            $1,351
     Interest-bearing deposits in other
       financial institutions                         3,675               672
     Investment securities available for
       sale - at market                              19,370             4,273
     Investment securities held to
       maturity - at cost                                 -            15,757
     Mortgage-backed securities available
       for sale A46- at market                          310               345
     Mortgage-backed securities held to
       maturity - at cost                            11,395            12,267
     Loans receivable - net                         413,253           413,904
     Loans held for sale - at lower of
       cost or market                                 4,767             1,543
     Office premises and equipment - net              3,354             3,418
     Real estate acquired through
       foreclosure                                      610               716
     Federal Home Loan Bank stock - at cost           7,199             6,941
     Accrued interest receivable                      3,223             3,245
     Prepaid expenses and other assets                  724               502
     Intangible assets - net                            249               280
 
     TOTAL ASSETS                                  $469,764          $465,214
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                      $314,319          $309,889
     Advances from FHLB and other
       borrowings                                   114,875           115,720
     Accounts payable on mortgage loans
       serviced for others                              753               786
     Advance payments by borrowers                    1,181             1,148
     Other liabilities                                1,431             1,678
     Accrued federal income taxes                        21               274
     Deferred federal income taxes                    1,818             1,713
 
     TOTAL LIABILITIES                              434,398           431,208
 
     SHAREHOLDERS' EQUITY
 
     Preferred stock - 2,000,000 shares without par
       value authorized; no shares issued
       and outstanding                                    -                 -
     Common stock - 18,000,000 shares of
       no par value authorized; 4,438,014
       and 4,412,014 shares outstanding                   -                 -
     Additional paid-in capital                      10,142             9,972
     Retained earnings - substantially restricted    24,674            23,593
     Unrealized gain on investment
       securities designated as available for sale,
       net of tax                                       550               441
 
     TOTAL SHAREHOLDERS' EQUITY                      35,366            34,006
 
     TOTAL LIABILITIES AND
       SHAREHOLDERS' EQUITY                        $469,764          $465,214
 
 SOURCE  Winton Financial Corporation