May 24, 2018 8:10 PM ET

Banks

Company Overview of Wayne Savings Community Bank

Company Overview

Wayne Savings Community Bank provides personal and business banking services in Ohio. It offers checking accounts, debit cards, overdraft protection, checking conveniences, and re-order checks; savings and money market, certificates of deposit, retirement savings, and health savings accounts; credit and prepaid cards; home loans for buying, building, refinancing, and remodeling; home equity, auto, recreation vehicle, personal, and furniture and appliance loans; and business loans and lines, including commercial real estate loans, agriculture loans, term loans, lines of credit, short term loans, government guaranteed programs, and standby letters of credit. The company also provides electroni...

151 North Market Street

Wooster, OH 44691

United States

Founded in 1899

Phone:

330-264-5767

Fax:

330-263-6490

Key Executives for Wayne Savings Community Bank

CEO, President & Director
Age: 46
Senior VP, Treasurer & CFO
Age: 49
Senior Vice President and Senior Trust Officer
Age: 62
Vice President and Trust Operations Manager
Vice President of Commercial Lending Department
Age: 55
Compensation as of Fiscal Year 2017.

Wayne Savings Community Bank Key Developments

Wayne Savings Bancshares, Inc. and Wayne Savings Community Bank Announce Board Changes

On September 28, 2017, Daniel R. Buehler resigned from the Board of Directors of Wayne Savings Bancshares, Inc. Mr. Buehler also resigned from the Board of Directors of Wayne Savings Community Bank effective September 28, 2017. Mr. Buehler's decision to resign was not the result of any disagreement with Wayne Savings Bancshares, Inc. President James (Jay) R. VanSickle was appointed as a Director to the boards of Wayne Savings Bancshares, Inc. and Wayne Savings Community Bank to fill the vacancy created by the resignation of Daniel R. Buehler. Mr. VanSickle will serve as a member of the Executive Committee of the Board of Wayne Savings Bancshares, Inc. Mr. VanSickle served as Chief Risk Officer and Senior Vice President at Farmers National Bank of Canfield, from July 2015 through August 25, 2017. Mr. VanSickle served as Chief Financial Officer and Senior Vice President of National Bancshares Corporation and its wholly owned subsidiary, First National Bank of Orrville from June 2007 through July 2015.

Wayne Savings Bancshares, Inc. and Wayne Savings Community Bank Appoint James R. Vansickle as New President and Chief Executive Officer

On August 29, 2017, Wayne Savings Bancshares, Inc. (the "company") hired James R. VanSickle, II as the new President and Chief Executive Officer of the company and its wholly owned subsidiary, Wayne Savings Community Bank (the Bank). Mr. VanSickle replaces David L. Lehman, who will remain as an employee of the company to offer transition assistance to Mr. VanSickle through December 31, 2017. Mr. Lehman will also remain as a director of the company and the Bank. Mr. VanSickle will be appointed to the Boards of Directors of the company and the Bank at their next monthly meetings, which are currently scheduled to be held on September 28, 2017. Mr. VanSickle, who is 47 years of age, has been Chief Risk Officer and Senior Vice President at Farmers National Bank of Canfield, Canfield, Ohio, since July 2015.

Wayne Savings Community Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016

Wayne Savings Community Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported, interest income of $3,931,000, net interest income of $3,406,000, net interest income after provision for loan losses of $3,193,000, income before federal income taxes of $383,000, provision for federal income taxes of $68,000, net income of $315,000, compared to interest income of $3,726,000, net interest income of $3,228,000, net interest income after provision for loan losses of $3,124,000, income before federal income taxes of $779,000, provision for federal income taxes of $187,000, net income of $592,000, for the same period a year ago. Return on average assets (annualized) was 0.28% against 0.55% a year ago. Return on average assets (annualized) was 0.51% against 0.39% a year ago. The decrease in net income was primarily due to severance costs of $291,000 and elevated retirement costs of approximately $124,000, the increase in provision for loan losses of $109,000, and a decrease in noninterest income as loan sales declined due to rising rates. These changes in net income were partially offset by an increase in net interest income of $178,000 and a reduction in the provision for federal income taxes of $119,000. The increase in net interest income was mainly the result of a $39.2 million, or 13.4%, increase in net loans. Basic and diluted earnings per share were $0.12 against $0.22 a year ago. For the year, the company reported, interest income of $15,551,000, net interest income of $13,481,000, net interest income after provision for loan losses of $13,116,000, income before federal income taxes of $2,954,000, provision for federal income taxes of $708,000, net income of $2,246,000, compared to interest income of $14,499,000, net interest income of $12,532,000, net interest income after provision for loan losses of $11,357,000, income before federal income taxes of $2,060,000, provision for federal income taxes of $413,000, net income of $1,647,000, for the same period a year ago. Return on average equity (annualized) was 3.03% against 5.92% a year ago. Return on average equity (annualized) was 5.46% against 4.11% a year ago. Book value per share was $14.75 against $14.34 a year ago. Basic and diluted earnings per share were $0.82 against $0.60 a year ago.

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