Wayne Savings Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
For the twelve months ended December 31, 2013, net income totaled $2.1 million, or $0.72 per diluted share, compared to net income of $1.7 million, or $0.59 per diluted share, for the twelve months ended December 31, 2012. The increase in net income was primarily due to decreases in both the provision for loan losses and noninterest expense, partially offset by decreases in net interest income and noninterest income, and an increase in provision for federal income taxes. The return on average equity and return on average assets for the twelve months ended December 31, 2013 were 5.24% and 0.51%, respectively, compared to 4.28% and 0.43%, respectively, for the twelve months ended December 31, 2012. Net interest income was $12,076,000 for the twelve months ended December 31, 2013 compared to $12,505,000 for the twelve months ended December 31, 2012. Interest income decreased $906,000 during the 2013 period mainly due to a continuation of the overall low market interest rate environment, partially offset by a shift in the company's mix of earning assets from lower yielding securities into higher yielding loans. Income before federal income taxes was $2,689,000 against $2,100,000 a year ago.