Wayne Savings Bancshares, Inc. Announces Earnings for the First Quarter 2023

WOOSTER, Ohio, April 20, 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 $2.3 million, or $1.04 per common share, for the quarter ended March 31, 2023, an increase of $212,000, or 10.3%, compared to $2.1 million, or $0.87 per common share, for the quarter ended March 31, 2022. The increase in net income was due to an increase in net interest income, partially offset with a decrease in non-interest income, and an increase in non-interest expenses. The return on average equity and return on average assets for the first quarter of 2023 was 19.58% and 1.23%, respectively, compared to 15.44% and 1.28%, respectively, for the same period in 2022.

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