WFI Winton Finl

Winton Financial Corporation Reports Fiscal Second Quarter Net Earnings CINCINNATI, April 14 /PRNewswire-FirstCall/ -- Winton Financial Corporation , the parent of Winton Savings and Loan Co., reported quarterly net earnings for the fiscal second quarter ended March 31, 2004 of $1.5 million or $.31 per diluted share compared to second quarter fiscal 2003 net earnings of $1.4 million or $.31 per diluted share. Highlights for the quarter and fiscal 2004 include: * Second quarter fiscal 2004 net earnings increased $550,000 or 60.4%, from $910,000 at December 31, 2003 to $1.5 million at March 31, 2004. * Net interest income increased $174,000 or 4.6% over the prior years' second quarter. * Deposits grew $11.0 million or 3.1% compared to fiscal year end September 30, 2003 totals. Robert L. Bollin, President of Winton Financial, commented, "Our second quarter results were much improved over the first quarter net earnings of fiscal 2004. In comparison to last year's quarter, net earnings improved despite the fact that mortgage banking income declined by $250,000 or 31.4%. We are very pleased to report that our net interest income increased $174,000 or 4.6% quarter to quarter as maturing certificates of deposit and wholesale borrowings renewed at lower rates." Winton Saving and Loan Co. opened its seventh full-service branch in September 2003 and relocated an existing branch to a more strategic location in December 2003. "The branch expansion efforts which began last fiscal year contributed to the continued growth in our core deposits and planned increases in general, administrative and other expenses. As always, Management continues to focus on controlling expenses in efforts to improve the bottom line," Mr. Bollin added. For the six months ended March 31, 2004 net earnings totaled $2.4 million or $.51 per diluted share, a decrease of 27.1% as compared to net earnings of $3.2 million or $.70 per diluted share for six months ended March 31, 2003. Winton Financial Corporation is publicly traded under the symbol "WFI" on the American Stock Exchange. At March 31, 2004, Winton's total assets were $548.7 million and the book value was $9.94 per share. Winton Savings and Loan Co. operates seven full-service branches and two lending offices in Southwestern Ohio and Southeastern Indiana. WINTON FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Six months Three months ended ended March 31, March 31, 2004 2003 2004 2003 Interest Income Loans $14,964 $15,594 $7,434 $7,628 Mortgage-backed securities 144 134 72 75 Investment securities 316 192 157 109 Interest-bearing deposits and other 176 237 89 121 Total interest income 15,600 16,157 7,752 7,933 Interest Expense Deposits 4,300 5,004 2,095 2,371 Borrowings 3,391 3,492 1,663 1,742 Total interest expense 7,691 8,496 3,758 4,113 Net interest income 7,909 7,661 3,994 3,820 Provision for losses on loans 150 305 75 150 Net interest income after provision for losses on loans 7,759 7,356 3,919 3,670 Other Income Mortgage banking income 1,028 1,740 547 797 Gain on sale of office premises - 243 - - Gain on sale of investments 252 97 252 - Gain on sale of real estate acquired through foreclosure 2 25 - 2 Other operating 408 358 221 183 Total other income 1,690 2,463 1,020 982 General, Administrative and Other Expense Employee compensation and benefits 3,208 2,759 1,438 1,396 Occupancy and equipment 852 601 424 329 Data Processing 263 224 143 111 Franchise Taxes 261 208 127 108 Amortization of intangible assets 31 31 15 16 Advertising 209 124 97 64 Other operating 1,152 1,004 538 467 Total general, administrative and other expense 5,976 4,951 2,782 2,491 Earnings before federal income taxes 3,473 4,868 2,157 2,161 Federal income taxes 1,103 1,619 697 714 NET EARNINGS $2,370 $3,249 $1,460 $1,447 BASIC EARNINGS PER SHARE $.52 $.72 $.32 $.32 DILUTED EARNINGS PER SHARE $.51 $.70 $.31 $.31 DIVIDENDS PAID PER COMMON SHARE $.2250 $.2050 $.1125 $.1025 WINTON FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands, except share data) March 31, September 30, 2004 2003 (Unaudited) ASSETS Cash and due from banks $2,073 $1,848 Interest-bearing deposits in other financial institutions 8,918 7,648 Investment securities available for sale - at market 15,273 21,466 Mortgage-backed securities available for sale - at market 3,845 2,103 Mortgage-backed securities held to maturity - at cost 3,451 4,269 Loans receivable - net 495,084 487,480 Office premises and equipment - net 6,711 6,131 Real estate acquired through foreclosure 1,247 846 Federal Home Loan Bank stock - at cost 8,320 8,156 Accrued interest receivable 2,544 2,571 Prepaid expenses and other assets 905 786 Intangible assets - net 66 97 Prepaid federal income taxes 306 501 TOTAL ASSETS $548,743 $543,902 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $365,342 $354,296 Advances from FHLB and other borrowings 131,589 138,612 Accounts payable on mortgage loans serviced for others 429 401 Advance payments by borrowers 2,360 2,433 Other liabilities 1,733 2,459 Deferred federal income taxes 1,552 1,479 TOTAL LIABILITIES 503,005 499,680 SHAREHOLDERS' EQUITY Preferred stock-2,000,000 shares without par value authorized; no shares issued - - Common stock - 18,000,000 shares of no par value authorized; 4,718,568 and 4,592,884 shares issued at March 31, 2004 and September 30, 2003, respectively - - Additional paid-in capital 12,317 11,285 Retained earnings - substantially restricted 34,561 33,213 Treasury stock, 117,630 and 40,300 shares at March 31 and September 30, 2003 respectively-at cost (1,534) (529) Unrealized gain on investment securities designated as available for sale, net of tax 394 253 TOTAL SHAREHOLDERS' EQUITY 45,738 44,222 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $548,743 $543,902 DATASOURCE: Winton Financial Corporation CONTACT: Robert L. Bollin, President, or Gregory P. Niesen CPA, Treasurer-Secretary (Investor Relations) of Winton Financial Corporation, +1-513-385-3880 Web site: http://www.wintonsavings.com/

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