Wayne Savings Bancshares Inc. (WAYN) reported third-quarter net income of $510,000 or $0.18 per share, up from $476,000 or $0.16 per share in the year ago quarter. The increase in earnings was primarily due to a decrease in noninterest expenses, which consisted of a reduction in the provision for impairment on foreclosed assets held for sale, reduced provision for federal income taxes and an increase in net interest income and other income. These increases were partially offset by an increased provision for loan losses.
Net interest income for the quarter rose to $3.16 million from $3.13 million in the prior year quarter. Total non-interest income was $515 thousand, up from $484 thousand in year ago quarter.
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