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)
April 14, 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 April 14, 1999, the Registrant issued the press release attached hereto
as Exhibit 99 announcing its earnings for the quarter ended March 31, 1999 and
the declaration of a cash dividend.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press release dated April 14, 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 thereunto duly authorized.
PEOPLES-SIDNEY FINANCIAL CORPORATION
Date: April 19, 1999 By:/s/Douglas Stewart
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Douglas Stewart, President and Chief
Executive Officer
EXHIBIT 99
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[PEOPLES-SIDNEY FINANCIAL CORPORATION LETTERHEAD]
For Information Contact: For Release:
Douglas Stewart, President Tuesday, April 14, 1999
PEOPLES-SIDNEY FINANCIAL CORPORATION
ANNOUNCES QUARTERLY EARNINGS AND DIVIDEND
(Sidney, Ohio: NASD-NMS "PSFC") Douglas Stewart, President of Peoples-Sidney
Financial Corporation, parent company of Peoples Federal Savings & Loan
Association, announced today the Corporation's third quarter earnings for the
fiscal year ending June 30, 1999.
Net income for the three month period ended March 31, 1999 was $179,000 or $0.11
basic earnings per share. This compares to net income of $332,000 or $0.20 basic
earnings per share for the same period in 1998.
The decrease in quarterly earnings is due in part to the continuing operating
expenses relating to the addition of branch offices in Anna and Jackson Center,
Ohio which opened in the fall of 1998. Currently branch activity is progressing
as expected at both locations Also contributing to the increase in operating
expenses were amounts relating to the Management Recognition Plan which was
approved by the shareholders and implemented in May 1998. In addition, the
Corporation paid a return of capital totaling $7.1 million on June 26, 1998 as a
means of capital management. This payment resulted in the Association taking
advances from the Federal Home Loan Bank of Cincinnati to avoid reducing total
assets. The interest expense on these advances totaled $114,000 for the three
months ended March 31, 1999.
On April 9, 1999 the Board of Directors declared a quarterly cash dividend of
$.07 per share for stockholders of record on April 26, 1999. This dividend will
be payable on May 10, 1999.
Peoples Federal serves Shelby County with offices at 101 E. Court Street,
Sidney, 405 S. Pike Street, Anna and 115 E. Pike Street, Jackson Center, Ohio.
The Corporation had assets of $109 million and $18 million in shareholders'
equity as of March 31, 1999.
