Wayne Savings Bancshares, Inc. Announces Record Earnings for the First Quarter 2022

WOOSTER, Ohio, April 19, 2022 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc. (OTCQX:WAYN), (the “Company”), the holding company parent of Wayne Savings Community Bank, reported net income (unaudited) of $2.1 million, or $0.87 per common share, for the quarter ended March 31, 2022, an increase of $180,000, or 9.5%, compared to $1.9 million, or $0.76 per common share, for the quarter ended March 31, 2021. The increase in net income was due to an increase in net interest income and non-interest income, partially offset with an increase in non-interest expenses and increased provision for federal income taxes. The return on average equity and return on average assets for the first quarter of 2022 was 15.44% and 1.28%, respectively, compared to 14.22% and 1.26%, respectively, for the same period in 2021.