SPRINGFIELD, Ohio - Western Ohio Financial Corp., a $186 million- asset savings bank holding company, said its fourth-quarter 1994 earnings of $595,000 were down 5% from the same period in 1993. Net income for the year was down 1%, to $2.62 million from $2.65 million in 1993.

The company attributed the profit declines to rising interest rates, which increased the cost of its primary business, mortgage loans.

Earnings per share were 24 cents for the fourth quarter and 42 cents for the period between July 29 - the date of the company's initial public offering - and the end of the year.

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