Wayne Savings Bancshares, Inc. Announces Earnings for the nine months ending September 30, 2023

WOOSTER, Ohio, Oct. 27, 2023 (GLOBE NEWSWIRE) — Wayne Savings Bancshares, Inc. (OTCQX: WAYN), (the “Company”), the holding company parent of Wayne Savings Community Bank, reported net income (unaudited) of $5.8 million, or $2.64 per common share, for the year to date period ended September 30, 2023, a decrease of $799,000, or 12.1%, compared to $6.6 million, or $2.89 per common share, for the same period ended September 30, 2022. Net income excluding the merger-related expenses (non-GAAP) for the nine months ended September 30, 2023, was $6.4 million, or $2.91 per share. The decrease in net income was due to an increase in non-interest expenses, including the merger-related expenses of $624,000. The return on average equity and return on average assets for the nine months ended September 30, 2023, was 16.06% and 1.02%, respectively, compared to 18.34% and 1.33%, respectively, for the same period in 2022. Excluding merger-related expenses, return on average equity and return on average assets for the nine months ended September 30, 2023, was 17.71% and 1.12%, respectively.

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