Wayne Savings Bancshares, Inc. Announces Earnings for the year ending December 31, 2023 highlighting annual loan growth of 13%

WOOSTER, Ohio, Jan. 30, 2024 (GLOBE NEWSWIRE) — Wayne Savings Bancshares, Inc. (OTCQX: WAYN), (the “Company”), the holding company parent of Wayne Savings Community Bank, reported net income (unaudited) of $7.8 million, or $3.56 per common share, for the year to date period ended December 31, 2023, a decrease of $1.2 million, or 13.0%, compared to $9.0 million, or $3.98 per common share, for the same period ended December 31, 2022. Net income, excluding the merger-related expenses (non-GAAP) for the twelve months ended December 31, 2023, was $8.8 million, or $3.99 per share. The decrease in net income was due to an increase in non-interest expenses, including the merger-related expenses of $1.0 million. The return on average equity and return on average assets for year ended December 31, 2023, was 16.27% and 1.02%, respectively, compared to 19.37% and 1.34%, respectively, for the same period in 2022.   Excluding merger-related expenses, return on average equity and return on average assets for year ended December 31, 2023, was 18.24% and 1.14%, respectively.

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