EXHIBIT 99
<PAGE>
[PEOPLES-SIDNEY FINANCIAL CORPORATION Letterhead]
For Information Contact:
Douglas Stewart, President or For Release: July 18, 2000
Debra Geuy Chief Financial Officer
937-492-6129
--------------------------------------------------------------------------------
PEOPLES-SIDNEY FINANCIAL CORPORATION ANNOUNCES QUARTERLY, YEAR
END EARNINGS AND DECLARES DIVIDEND
Peoples-Sidney Financial Corporation, parent company 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, 2000 was $233,000 or $.16 basic
and diluted earnings per share. This compares to $97,000 or $.06 basic and
diluted earnings per share for the same period in 1999. Douglas Stewart,
President Chief Executive Officer said, the increase in quarterly earnings is a
result of higher interest income from mortgage and consumer loans and lower
compensation and general operating expenses for the quarter. In addition, the
Corporation had a lower effective Federal Income tax rate resulting from lower
expenses relating to employee benefit plans.
The Corporation's fiscal year end earnings were $636,000 compared with $510,000
for the fiscal year end June 30, 1999, a 25% increase. The increase in earnings
is a result of strong loan demand throughout the year and a new loan growth
generated by our branch offices in Anna and Jackson Center. Net loans increased
12% during the year reaching $115 million. Total deposits increased 10% totaling
$93 million at year-end.
Stewart added, "our strategic plan for long-term growth is in place and we look
forward to future opportunities to enhance the value of our company." The
company completed its third stock buyback program in April 2000 in our
continuing efforts to maximize shareholder value. At June 30, 2000,
Peoples-Sidney Financial Corporation was trading at $8.50 per share. The book
value at June 30, 2000 was $11.86, with total shares outstanding of 1,430,126
excluding treasury stock, unearned employee stock ownership plan shares and
unearned management recognition plan shares.
On July 13, 2000 the Board of Directors declared a dividend of $.07 per share
for shareholders of record as of July 31, 2000. The payable date will be August
14, 2000.
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, Ohio.
When used in this press release or other public or shareholder communications,
in filing by Peoples-Sidney Financial Corporation with the Securities and
Exchange Commission and in oral statements made with the approval of an
authorized executive officer, the words or phrases "should", "should result",
"will enable", "are expected to", "will continue", "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
<PAGE>
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
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.
