Wayne Savings Sends Letter to Shareholders
August 6, 2018
Dear Fellow Wayne Shareholder:
Thank you for your continued support of Wayne Savings. 2018 is shaping up to be a memorable year for Wayne Savings Bancshares, Inc. We are pleased to announce the growth Wayne Savings experienced in 2017 has continued into the first half of 2018 with our fourth consecutive quarter of record earnings. Wayne Savings is well on its way to becoming a high-performing community bank. We hope you feel your support has been rewarded with Wayne Savings poised to drive long-term shareholder value in 2018 and beyond.
Wayne Savings announced record earnings for the quarter ended June 30, 2018. Net income of $1.2 million or $0.45 per common share for the three months ended June 30, 2018 represented an annualized return on equity of 11.40% and an annualized return on assets of 1.05%. This is compared to $0.27 per share (67% growth) for the quarter ended June 30, 2017, ROE of 7.26% (57% improvement) and ROA of 0.68% (54% improvement). These results were achieved by reducing overhead expenses while continuing to grow loans and deposits.
Our outstanding team of Wayne Savings Directors and bankers is committed to building a dynamic and independent financial services organization. A key component of the strategic plan is to offer attractive products to our customers. We have opened over 135 accounts that have brought in $12.5 million in new money to the bank through two high-interest checking products that were introduced in October 2017. These accounts offer premium interest rates with limited obligations – an attractive option in today’s low rate environment.
Management has added two additional lenders in 2018 to help expand our mortgage banking originations in Ashland County and Northeastern Ohio. Our 10–Year Fixed Rate Mortgage has proved to be a very attractive product for our customers and has added $4.9 million to our mortgage portfolio over the past nine months. The Bank strives to continue offering attractive commercial and mortgage products in order to grow the loan portfolio and provide increased earnings potential for the Bank.
The current Board of Directors serves the interests of all shareholders and appreciates the confidence and support you have given. As always, we welcome input from all our shareholders. We are excited about the opportunities in our market and will continue with our plan to transform Wayne Savings and create long-term value. We truly appreciate the enthusiastic support of our customers, staff and shareholders.
If you have any questions or would like us to contact you, please do not hesitate to reach out to our investor relations department at (330) 287-2857. You can find the most recent investor relations information at waynesavings.com under the Investor Relations section or by visiting otcmarkets.com/stock/WAYN/overview.
Peggy J. Schmitz James R. VanSickle
Chair, Board of Directors President & Chief Executive Officer