EX-99 3 l05201aexv99.txt EXHIBIT 99 EXHIBIT 99 ---------- Winton Financial Corporation FOR IMMEDIATE RELEASE --------------------- January 21, 2004 WINTON FINANCIAL CORPORATION REPORTS FIRST QUARTER FISCAL 2004 NET EARNINGS FOR PERIOD ENDING DECEMBER 31, 2003 CINCINNATI, OHIO--WINTON FINANCIAL CORPORATION (AMEX: WFI), the parent of Winton Savings and Loan Co., reported quarterly net earnings for the first quarter ended December 31, 2003 of $910,000 or $.20 per diluted share compared to first quarter fiscal 2002 net earnings of $1.8 million or $.39 per diluted share. The change in net earnings for the three months ended December 31, 2003 was comprised of a $74,000 increase in net interest income, a decrease in the provision for losses on loans of $80,000, a decline in other income of $811,000, a $734,000 increase in general, administrative and other expenses and a reduction in federal income taxes of $499,000. Other income was impacted by a decrease in mortgage banking income of $462,000, quarter to quarter, and non-recurring gains on sales of real estate of $243,000 and gains on sale of investment securities designated as available for sale of $97,000 which occurred in the prior year's quarter. The increase in general, administrative and other expenses was primarily attributable to a $407,000 reduction in deferred salary costs due to a decrease in loan production volume coupled with a one-time retirement payment. Occupancy and equipment expense increased by $156,000 as compared to the prior year's first quarter. The increase resulted from the expansion of the branch network and mortgage operations center plus technology upgrades to our computer system. Robert L. Bollin, President of Winton Financial, commented that, "Our prior year's first quarter results were difficult to sustain. Reflected in the prior quarter were several substantial one-time gains and an unprecedented level of mortgage banking income due to the refinancing boom. Refinancing activity started to decline in the latter half of calendar 2003, which impacted our current quarter results; we also took a one-time charge to relocate an existing branch. Our focus going forward will be to continue to control expenses and look for opportunities to replace the reduced other income." Winton Financial Corporation is publicly traded under the symbol "WFI" on the American Stock Exchange. At December 31, 2003, Winton's total assets were $556.6 million and the book value was $9.77. Winton Savings and Loan Co. operates two lending offices and seven full-service branches in Southwestern Ohio and Southeastern Indiana. CONTACT: ROBERT L. BOLLIN, PRESIDENT GREGORY P. NIESEN, TREASURER/SECRETARY (INVESTOR RELATIONS) (513) 385-3880 www.wintonsavings.com WINTON FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited)

WINTON FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands, except share data)

WINTON FINANCIAL CORP 8-K