Wayne Savings Bancshares, Inc. reported earnings for its second fiscal quarter of 2009 totaling $652,000, or $0.23 per share. This was up slightly from the $601,000, or $0.21 per share, it reported in the same quarter last year.

Wayne Savings Bancshares, Inc. achieved year over year growth in net income despite a quadrupling of loan loss reserves from $100,000 to $380,000. The bank reported 1.37%, or $5.5 million, of its total assets as nonperforming as of 9/30/2009.

The bank saw its net interest income increase $284,000 on a year over year basis as interest expenses fell by a greater amount than interest income. Wayne Savings Bancshares, Inc. was also able to grow its book value per share from $11.46 reported six months earlier to $12.16 per share.

Wayne Savings Bancshares, Inc. is the holding company for Wayne Savings Community Bank, which has 11 branches in Ohio. The bank has $400 million in total assets, and deposits of $300 million.

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