SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 13, 1999
PEOPLES-SIDNEY FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22223 31-1499862
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) No.)
101 E. Court Street, Sidney, Ohio 45365
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 492-6129
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 13, 1999, Peoples-Sidney Financial Corporation issued the press
release attached hereto as Exhibit 99, announcing quarterly and year-end
earnings and the declaration of a cash dividend.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press release dated July 13, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
PEOPLES-SIDNEY FINANCIAL CORPORATION
Date: July 16, 1999 By: /s/ Douglas Stewart
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Douglas Stewart, President and Chief
Executive Officer
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EXHIBIT 99
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For Release: Tuesday, July 13, 1999
Contact: Douglas Stewart, President
PEOPLES-SIDNEY FINANCIAL ANNOUNCES QUARTERLY, YEAR END
EARNINGS AND DECLARES DIVIDEND
Peoples-Sidney Financial Corporation, parent of Peoples Federal Savings
and Loan Association, today announced its fourth quarter and fiscal year end
earnings.
Net income for the three months ended June 30, 1999 was $97,000 or $0.06
basic and diluted earnings per share. This compares to $225,000 or $0.14 basic
and diluted earnings per share for the same period in 1998. DouglasStewart,
President and Chief Executive Officer, said "the decrease in earnings is the
result of the construction and operations of the Anna and Jackson Center
branches during the last fiscal year. The expansion of these additional
facilities adds franchise value while providing our financial services to the
residents of these communities. These offices are progressing as expected in
both deposits and lending." Additionally, the Corporation recorded provision for
loan losses of $63,000 in the fourth quarter of fiscal 1999 compared to $41,000
for the first nine months of fiscal 1999. The increase was primarily to
specifically reserve for a large consumer loan which became 90 days delinquent.
The effective federal income tax rate for the year was also increased during the
fourth quarter to reflect fluctuations in the Corporation's stock price and its
impact on the amount deductible for federal income taxes.
The Corporation's fiscal year earnings were $510,000 compared with
$1,233,000 for the fiscal year end June 30, 1998. The decrease is primarily a
result of the branch operations and increased interest expenses relating to
additional Federal Home Loan Bank advances during the year.
Stewart added, "the Corporation has been repositioning itself for long term
growth during the past fiscal year by expansion efforts and increasing its line
of business by originating commercial loans, personal lines of credit and farm
operational loans. The Corporation has also completed two stock buyback programs
during the year which typifies our continuing efforts to maximize long-term
shareholder value."
On July 9, 1999 the Board of Directors declared a $0.07 per share quarterly
dividend for shareholders of record as of July 27, 1999. The payable date will
be August 10, 1999.
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For Release: Tuesday, July 13, 1999
Contact: Douglas Stewart, President
Page 2
At June 30, 1999 the Corporation had consolidated assets of $117 million
and shareholders' equity of $17 million. Peoples Federal operates from its main
office at 101 E. Court Street, Sidney, and its branches at 405 S. Pike Street,
Anna, and 115 W. Pike Street, Jackson Center.
When used in this press release or other public or shareholder
communications, in filings by the Corporation with the Securities and Exchange
Commission and in oral statements made with the approval of an authorized
executive office, the words or phrases "should result," "will likely result,"
"will enable," "are expected to," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties, including changes in
economic conditions in the Corporation's market area, changes in policies by
regulatory agencies, fluctuations in interest rates, demand for loans in the
Corporation's market area and competition, that could cause actual results to
differ materially from historical results and those presently anticipated or
projected. The Corporation wishes to caution readers not to place undue reliance
on such forward-looking statements, which speak only as of the date made. The
Corporation wishes to advise readers that the factors listed could affect the
Corporation's financial performance and could cause the Corporation's actual
results for future periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Corporation does not undertake-and specifically declines any
obligation-to publicly release the result of any revisions which may be made to
any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated
events.
