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 17, 2000
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 17, 2000, Peoples-Sidney Financial Corporation issued the
press release attached hereto as Exhibit 99, announcing the Corporation's third
quarter earnings for the fiscal year ending June 30, 2000 and the declaration of
a cash dividend.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press release dated April 17, 2000
<PAGE>
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: April 17, 2000 By: /s/ Douglas Stewart
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Douglas Stewart, President and Chief
Executive Officer
[PEOPLES-SIDNEY FINANCIAL CORPORATION LETTERHEAD]
PEOPLES-SIDNEY FINANCIAL CORPORATION
ANNOUNCES QUARTERLY EARNINGS AND DIVIDENDS
(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 fiscal year ending June 30, 2000.
Net income for the three months ended March 31, 2000 was $156,000, or $0.10
basic and diluted earnings per share. This compares to net income of $179,000,
or $0.11 basic and diluted earnings per share for the same period in 1999. The
decrease in quarterly earnings is a result of the Association incurring a
$16,000 loss on the sale of a security during the quarter. The proceeds from
this sale were reinvested into a higher yielding security, which will recover
the loss as well as improve the overall earnings potential of the investment
portfolio over subsequent periods. Additionally, the earnings for the three
months ended March 31, 1999 reflected a negative provision for loan losses due
to a recovery of $16,000 from a previously charged off loan account.
Year to date net income was $403,000, or $0.27 basic and diluted earnings per
share at March 31, 2000 compared to $414,000, or $0.26 basic and diluted
earnings per share at March 31, 1999 representing a decrease of $9,000. However,
year to date net income before tax was $687,000 at March 31, 2000 compared to
$647,000 at March 31, 1999 representing an increase of $40,000. The net decrease
in after tax income represents an increase in federal income tax accruals due to
an increase in the effective tax rate primarily relating to the Corporation's
stock-based benefit plans.
On April 14, 2000 the Board of Directors declared a quarterly cash dividend of
$0.07 per share for stockholders of record on May 1, 2000. This dividend will be
payable on May 16, 2000.
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 $127 million and $17 million in shareholders'
equity as of March 31, 2000.
