Wayne Savings Bancshares, Inc. Announces Earnings for the six months ending June 30, 2023

WOOSTER, Ohio, July 25, 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 $4.0 million, or $1.83 per common share, for the year to date period ended June 30, 2023, a decrease of $63,000, or 1.5%, compared to $4.1 million, or $1.75 per common share, for the same period ended June 30, 2022. Net income excluding the merger costs related to the Main Street merger (non-GAAP) for the six months ended June 30, 2023, was $4.5 million, or $2.03 per share. The decrease in net income was due to an increase in non-interest expenses, including the acquisition costs of $437,000. The return on average equity and return on average assets for the six months ended June 30, 2023, was 16.91% and 1.07%, respectively, compared to 16.34% and 1.26%, respectively, for the same period in 2022. Excluding merger related costs, return on average equity and return on average assets for the six months ended June 30, 2023, was 18.75% and 1.19%, respectively.

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