SPRINGFIELD, Ohio - Western Ohio Financial Corp., which owns Springfield Federal Savings Bank, said its first-quarter earnings declined 7%, to $641,000, from the same period last year.

But the results were 8% better than in the preceding quarter because of expanded lending operations and the sale of 5,000 shares of Federal Home Loan Mortgage Corp. stock.

In addition, the company said it would repurchase up to 5%, or 126,960, of its outstanding shares in the open market during the next six months.

The $189 million-asset company said that its board of directors had approved the repurchase program in view of the current price level of the company's common stock and the exceptionally strong capital position of the corporation and its subsidiary.

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