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Item 5. Other Events
SIGNATURES

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: July 18, 2002

Second Bancorp Incorporated
(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: 330-841-0123

Item 5. Other Events

On July 18, 2002, the Company issued the following press release:

SECOND BANCORP
REPORTS SECOND QUARTER EARNINGS

Warren, Ohio, July 18, 2002—SECOND BANCORP INCORPORATED (Nasdaq “SECD”, “SECDP”) reported second quarter 2002 net income of $4,353,000, up 2.2% from the $4,258,000 earned during the same period last year. Year-to-date earnings were $9.04 million, an increase of 8.3% over net income reported for the first six months of 2001. Diluted earnings for the quarter were $.43 per share, marginally improved over the $.42 reported last year and, for the first half of the year, were $.90 per share or 8.4% higher than the $.83 reported a year ago.

The Company’s key performance ratios for the quarter and first half of 2002 were generally restrained. Return on average assets (ROA) were 1.01% and 1.06% respectively for the quarter and year-to-date (compared to 1.08% for both periods last year) and return on average equity (ROE) was 13.12% for the quarter and 13.75% for the first six months of 2002 (compared to 13.98% and 14.03% a year ago). The Company’s net interest margin for the quarter was 3.69%, a strong 22 basis points higher that the margin reported for second quarter 2001. The efficiency ratio for the quarter was 59.49% compared to 56.00% a year ago.

Second Bancorp Treasurer and Chief Financial Officer of subsidiary Second National Bank David L. Kellerman indicated “As reported in our preliminary release issued earlier this month, second quarter earning and key performance ratios were hurt by a steep drop in long-term interest rates during June. The resulting adjustment to the value of the $10 million asset associated with the Company’s $1 billion mortgage servicing portfolio reduced net income for the quarter by $894,000 or $.09 per diluted share. Absent that adjustment, ROA and ROE for the quarter would have been 1.21% and 15.81% and the Company’s efficiency ratio would have been 55.47%. We expect to recapture much of that lost value in subsequent reporting periods as mortgage refinancing activity picks up and/or interest rates begin to strengthen. In the interim, we have purchased interest rate floors which will help control similar earnings volatility in the future.”

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Non-interest income for the quarter was $4.05 million compared to $4.63 million for the same period last year and $9.02 million for the first half of 2002, marginally lower than the $9.19 million reported for the year-ago period. Income categories showing strength during the second quarter and year-to-date were deposit service charges which were 11% and 8% ahead of results for the same periods last year and gains on sale of loans which were $1.71 million for the quarter compared to $1.11 million a year ago. The 54% increase in gains on loan sales reflects ongoing strength in the Company’s mortgage lending business where it continues to sell a large portion of its loan production in the secondary market. Other operating income for the quarter was significantly lower than a year ago reflecting the interest rate impact on the Company’s mortgage servicing rights mentioned above. Non-interest expenses for the second quarter were $514,000 (or 4.4%) lower than was reported for the prior quarter. Expenses, compared to second quarter 2001, grew by 15% primarily reflecting increased salaries and employee benefit costs associated with the October acquisition of Commerce Exchange Bank, increased staffing in Second Bancorp’s growing mortgage lending business and staff upgrades in the Company’s developing wealth management function.

Credit quality remains a focal point for Second Bancorp. Though net loan charge-offs for the quarter were 9% lower than a year ago, non-performing loans continue to grow in absolute terms and as a percentage of total loans. Non-performing loans at quarter-end reached $12.50 million, $2.38 million higher than last year and were 1.14% of total loans compared to .94% at the end of the second quarter 2001. The Company’s reserve for loan losses as a percentage of period-end loans strengthened to a comfortable 1.54% at the end of the quarter. President and Chief Executive Officer Rick L. Blossom stated “Though our local economies have done reasonably well in what has developed into a gradual but uneven recovery, individual companies represented in our commercial loan portfolio have begun to show some weakness. We are working very closely with those companies and are confident that many will recover as current economic and political uncertainties are resolved. We believe, however, that the recent growth in non-performing loan balances will continue for the near term.”

The Company also reported that its Board of Directors declared an eighteen cent ($.18) per common share dividend payable July 31, 2002 to shareholders of record on July 15. That dividend is unchanged from the first quarter of this year and is 5.9% higher than the dividend paid for last year’s second quarter.

This announcement contains forward-looking statements that involve risk and uncertainties, including changes in general economic and financial market conditions and the Company’s ability to execute its business plans. Although management believes the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially.

Second Bancorp is a $1.7 billion financial holding company providing a full range of commercial and consumer banking, wealth management, insurance and investment products and services to communities in a nine county area of Northeastern and East-Central Ohio through subsidiary Second National Bank’s network of 37 retail banking centers.

Additional information about Second Bancorp and information about products and services offered by Second National Bank can be found on the Web at www.secondnationalbank.com.

CONTACT: Christopher Stanitz, Executive Vice President and Secretary, at 330.841.0234 (phone), 330.841.0489 (fax), or cstanitz@secondnationalbank.com.

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Second Bancorp Incorporated and Subsidiaries
Financial Highlights
Quarterly Data
(Dollars in thousands, except per share data)

			June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
Earnings:
	Net interest income		$	14,403			$	14,157			$	13,503			$	12,473			$	12,298
	Provision for loan losses			1,303				933				1,627				988				1,342
	Non-interest income			4,053				5,157				5,845				4,420				4,630
	Security (losses) gains			0				(173	)			2				123				(12	)
	Trading account (losses) gains			0				(20	)			0				(52	)			13
	Non-interest expense			11,283				11,797				12,001				10,082				9,805
	Federal income taxes			1,517				1,708				1,388				1,493				1,524
	Income before accounting change			4,353				4,683				4,334				4,401				4,258
	Cumulative effect of accounting change, net of tax			0				0				0				0				0
	Net income		$	4,353			$	4,683			$	4,334			$	4,401			$	4,258
Per share:
	Basic earnings before accounting change			n/a				n/a				n/a				n/a				n/a
	Basic earnings			0.44				0.47				0.43				0.43				0.42
	Diluted earnings before accounting change			n/a				n/a				n/a				n/a				n/a
	Diluted earnings			0.43				0.47				0.43				0.43				0.42
	Common dividends			0.18				0.18				0.17				0.17				0.17
	Book value			13.71				12.96				12.90				13.04				12.29
	Tangible book value			11.85				11.11				11.10				12.90				12.15
	Market value			27.30				24.25				21.61				20.50				22.90
Weighted average shares outstanding:
	Basic			9,958,928				9,944,671				9,988,137				10,033,365				10,007,904
	Diluted			10,087,003				10,054,758				10,075,690				10,117,705				10,103,060
Period end balance sheet:
	Assets		$	1,719,744			$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370
	Securities			448,736				411,897				417,496				407,004				380,262
	Total loans			1,092,398				1,114,314				1,121,892				1,060,778				1,075,039
	Reserve for loan losses			16,810				16,884				16,695				15,429				15,609
	Deposits			1,146,451				1,131,199				1,123,131				1,057,291				1,059,758
	Total shareholders’ equity			136,293				128,853				128,299				130,766				123,107
	Tier I capital			141,011				139,474				137,395				149,171				119,857
	Tier I ratio			11.9	%			11.3	%			11.3	%			13.1	%			10.4	%
	Total capital			155,799				154,854				152,550				163,385				134,302
	Total capital ratio			13.2	%			12.6	%			12.6	%			14.4	%			11.6	%
	Total risk-adjusted assets			1,181,029				1,228,918				1,210,858				1,135,902				1,155,561
	Tier I leverage ratio			8.4	%			8.3	%			8.2	%			9.4	%			7.6	%
Average balance sheet:
	Assets		$	1,727,642			$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016
	Earning assets			1,618,286				1,581,704				1,574,906				1,494,932				1,483,598
	Loans			1,097,302				1,109,990				1,100,573				1,064,655				1,074,936
	Deposits			1,153,065				1,129,829				1,109,855				1,061,537				1,063,415
	Shareholders’ equity			132,734				130,152				131,262				126,950				121,840
Key ratios: (%) (1)
	Return on average assets (ROA)			1.01				1.11				1.08				1.11				1.08
	Return on average shareholders’ equity (ROE)			13.12				14.39				13.81				13.87				13.98
	Net interest margin			3.69				3.72				3.57				3.49				3.47
	Net overhead			1.79				1.68				1.49				1.53				1.39
	Efficiency ratio			59.49				59.46				58.74				57.89				56.00
Credit quality:
	Non-accrual loans		$	6,287			$	5,313			$	5,004			$	4,273			$	4,666
	Restructured loans			197				0				258				358				38
	90 day past due and accruing			6,011				6,257				5,304				4,693				5,415
	Non-performing loans			12,495				11,570				10,566				9,324				10,119
	Other real estate owned			1,644				1,423				1,399				1,322				1,063
	Non-performing assets		$	14,139			$	12,993			$	11,965			$	10,646			$	11,182
	Charge-offs		$	1,625			$	1,285			$	2,458			$	1,343			$	1,808
	Recoveries			248				541				219				175				297
	Net charge-offs		$	1,377			$	744			$	2,239			$	1,168			$	1,511
	Reserve for loan losses as a percent of period-end loans (%)			1.54				1.52				1.49				1.45				1.45
	Net charge-offs (annualized) as a percent of average loans (%)			0.50				0.27				0.81				0.44				0.56

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			June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
	Non-performing loans as a percent of loans			1.14				1.04				0.94				0.88				0.94
	Non-performing assets as a percent of assets			0.82				0.77				0.71				0.66				0.71

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(1)

Based on income before accounting change and excludes merger costs.

Second Bancorp Incorporated and Subsidiaries
Financial Highlights
Year-to-Date Data
(Dollars in thousands, except per share data)

				June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
Earnings:
	Net interest income			$	28,560			$	14,157			$	50,190			$	36,687			$	24,214
	Provision for loan losses				2,236				933				4,718				3,091				2,103
	Non-interest income				9,210				5,157				18,867				13,022				8,602
	Security gains (losses)				(173	)			(173	)			642				640				517
	Trading account gains (losses)				(20	)			(20	)			19				19				71
	Non-interest expense				23,080				11,797				41,939				29,938				19,856
	Federal income taxes				3,225				1,708				5,880				4,492				2,999
	Income before accounting change				9,036				4,683				17,181				12,847				8,446
	Cumulative effect of accounting change, net of tax				0				0				(101	)			(101	)			(101	)
		Net income		$	9,036			$	4,683			$	17,080			$	12,746			$	8,345
Per share:
	Basic earnings before accounting change				n/a				n/a			$	1.72			$	1.28			$	0.84
	Basic earnings				0.91				0.47				1.70				1.27				0.83
	Diluted earnings before accounting change				n/a				n/a				1.71				1.27				0.84
	Diluted earnings				0.90				0.47				1.69				1.26				0.83
	Common dividends				0.36				0.18				0.68				0.51				0.34
	Book value				13.71				12.96				12.90				13.04				12.29
	Tangible book value				11.85				11.11				11.10				12.90				12.15
	Market value				27.30				24.25				21.61				20.50				22.90
Weighted average shares outstanding:
	Basic				9,948,346				9,944,671				10,013,068				10,021,471				10,013,966
	Diluted				10,071,366				10,054,758				10,080,005				10,087,935				10,079,973
Period end balance sheet:
	Assets			$	1,719,744			$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370
	Securities				448,736				411,897				417,496				407,004				380,262
	Total loans				1,092,398				1,114,314				1,121,892				1,060,778				1,075,039
	Reserve for loan losses				16,810				16,884				16,695				15,429				15,609
	Deposits				1,146,451				1,131,199				1,123,131				1,057,291				1,059,758
	Total shareholders’ equity				136,293				128,853				128,299				130,766				123,107
	Tier I capital				141,011				139,474				137,395				149,171				119,857
	Tier I ratio				11.9	%			11.3	%			11.3	%			13.1	%			10.4	%
	Total capital				155,799				154,854				152,550				163,385				134,302
	Total capital ratio				13.2	%			12.6	%			12.6	%			14.4	%			11.6	%
	Total risk-adjusted assets				1,181,029				1,228,918				1,210,858				1,135,902				1,155,561
	Tier I leverage ratio				8.4	%			8.3	%			8.2	%			9.4	%			7.6	%
Average balance sheet:
	Assets			$	1,709,483			$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263
	Earning assets				1,600,096				1,581,704				1,502,164				1,477,650				1,468,866
	Loans				1,103,611				1,109,990				1,078,196				1,070,655				1,073,705
	Deposits				1,141,511				1,129,829				1,070,439				1,057,156				1,054,929
	Shareholders’ equity				131,450				130,152				124,773				122,586				120,368
Key ratios: (%) (1)
	Return on average assets (ROA)				1.06				1.11				1.09				1.09				1.08
	Return on average shareholders’ equity (ROE)				13.75				14.39				13.93				13.97				14.03
	Net interest margin				3.70				3.72				3.49				3.47				3.45
	Net overhead				1.74				1.68				1.51				1.52				1.52
	Efficiency ratio				59.47				59.46				58.35				58.20				58.36
Credit quality:
	Non-accrual loans			$	6,287			$	5,313			$	5,004			$	4,273			$	4,666
	Restructured loans				197				0				258				358				38
	90 day past due and accruing				6,011				6,257				5,304				4,693				5,415
	Non-performing loans				12,495				11,570				10,566				9,324				10,119
	Other real estate owned				1,644				1,423				1,399				1,322				1,063
	Non-performing assets			$	14,139			$	12,993			$	11,965			$	10,646			$	11,182
	Charge-offs			$	2,910			$	1,285			$	6,471			$	4,013			$	2,670

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				June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
	Recoveries				789				541				1,353				1,134				959
	Net charge-offs			$	2,121			$	744			$	5,118			$	2,879			$	1,711
	Reserve for loan losses as a percent of period-end loans (%)				1.54				1.52				1.49				1.45				1.45
	Net charge-offs (annualized) as a percent of average loans (%)				0.38				0.27				0.47				0.36				0.32
	Non-performing loans as a percent of loans				1.14				1.04				0.94				0.88				0.94
	Non-performing assets as a percent of assets				0.82				0.77				0.71				0.66				0.71

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(1)

Based on income before accounting change and excludes merger costs.

Second Bancorp Incorporated and Subsidiaries
Consolidated Statements of Income
Quarterly Data
(Dollars in thousands, except per share data)

					June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	19,965			$	20,471			$	20,764			$	21,015			$	21,751
		Exempt from federal income taxes				233				243				257				268				279
	Securities:
		Taxable				5,797				5,322				5,716				5,471				5,302
		Exempt from federal income taxes				715				774				789				800				775
	Federal funds sold and other temp. investments					394				213				268				326				298
			Total interest income			27,104				27,023				27,794				27,880				28,405
INTEREST EXPENSE
	Deposits					7,429				7,674				8,882				10,467				11,192
	Federal funds purchased and securities sold under agreements to repurchase					636				566				727				937				1,053
	Note Payable					0				0				0				13				16
	Other borrowed funds					2				16				15				23				15
	Federal Home Loan Bank advances					3,901				3,877				3,939				3,946				3,831
	Corporation-obligated manditorily redeemable capital securities of subsidiary trust					733				733				728				21				0
			Total interest expense			12,701				12,866				14,291				15,407				16,107
			Net interest income			14,403				14,157				13,503				12,473				12,298
Provision for loan losses						1,303				933				1,627				988				1,342
			Net interest income after provision for loan losses			13,100				13,224				11,876				11,485				10,956
NON-INTEREST INCOME
	Service charges on deposit accounts					1,411				1,320				1,424				1,344				1,273
	Trust fees					696				786				604				761				749
	Gain on sale of loans					1,709				1,544				2,531				1,394				1,106
	Trading account (losses) gains					0				(20	)			0				(52	)			13
	Security (losses) gains					0				(173	)			2				123				(12	)
	Other operating income					237				1,507				1,286				921				1,502
			Total non-interest income			4,053				4,964				5,847				4,491				4,631
NON-INTEREST EXPENSE
	Salaries and employee benefits					6,325				6,309				5,941				5,313				5,096
	Net occupancy					1,125				1,137				1,084				1,001				1,062
	Equipment					1,023				1,202				883				1,038				921
	Professional services					443				485				716				320				397
	Assessment on deposits and other taxes					330				329				321				415				405
	Amortization of goodwill and other intangibles					111				110				135				81				80
	Merger costs					0				0				305				0				0
	Other operating expenses					1,926				2,225				2,616				1,914				1,844
			Total non-interest expense			11,283				11,797				12,001				10,082				9,805
Income before federal income taxes						5,870				6,391				5,722				5,894				5,782
Income tax expense						1,517				1,708				1,388				1,493				1,524
Income before accounting change						4,353				4,683				4,334				4,401				4,258
Cumulative effect of accounting change, net of tax						0				0				—				—				—
Net income					$	4,353			$	4,683			$	4,334			$	4,401			$	4,258
NET INCOME PER COMMON SHARE:
			Basic before accounting change			n/a				n/a				n/a				n/a				n/a
			Basic		$	0.44			$	0.47			$	0.43			$	0.44			$	0.42
			Diluted before accounting change			n/a				n/a				n/a				n/a				n/a
			Diluted		$	0.43			$	0.47			$	0.43			$	0.43			$	0.42

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					June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
Weighted average common shares outstanding:
			Basic			9,958,928				9,944,671				9,988,137				10,033,365				10,007,904
			Diluted			10,087,003				10,054,758				10,075,690				10,117,705				10,103,060
Note: Fully taxable equivalent adjustment					$	510			$	548			$	563			$	575			$	568

Second Bancorp Incorporated and Subsidiaries
Consolidated Statements of Income
Year-to-Date Data
(Dollars in thousands, except per share data)

					June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	40,436			$	20,471			$	85,631			$	64,867			$	43,852
		Exempt from federal income taxes				476				243				1,092				835				567
	Securities:
		Taxable				11,119				5,322				21,614				15,898				10,427
		Exempt from federal income taxes				1,489				774				3,137				2,348				1,548
	Federal funds sold and other temp. investments					607				213				1,083				815				489
			Total interest income			54,127				27,023				112,557				84,763				56,883
INTEREST EXPENSE
	Deposits					15,103				7,674				42,010				33,128				22,661
	Federal funds purchased and securities sold under agreements to repurchase					1,202				566				3,904				3,177				2,240
	Note Payable					0				0				47				47				34
	Other borrowed funds					18				16				90				75				52
	Federal Home Loan Bank advances					7,778				3,877				15,567				11,628				7,682
	Corporation-obligated manditorily redeemable capital securities of subsidiary trust					1,466				733				749				21				0
			Total interest expense			25,567				12,866				62,367				48,076				32,669
			Net interest income			28,560				14,157				50,190				36,687				24,214
Provision for loan losses						2,236				933				4,718				3,091				2,103
			Net interest income after provision for loan losses			26,324				13,224				45,472				33,596				22,111
NON-INTEREST INCOME
	Service charges on deposit accounts					2,731				1,320				5,302				3,878				2,534
	Trust fees					1,482				786				2,870				2,266				1,505
	Gain on sale of loans					3,253				1,544				5,814				3,283				1,889
	Trading account (losses) gains					(20	)			(20	)			19				19				71
	Security (losses) gains					(173	)			(173	)			642				640				517
	Other operating income					1,744				1,507				4,881				3,595				2,674
			Total non-interest income			9,017				4,964				19,528				13,681				9,190
NON-INTEREST EXPENSE
	Salaries and employee benefits					12,634				6,309				21,544				15,603				10,290
	Net occupancy					2,262				1,137				4,263				3,179				2,178
	Equipment					2,225				1,202				3,891				3,008				1,970
	Professional services					928				485				1,776				1,060				740
	Assessment on deposits and other taxes					659				329				1,542				1,221				806
	Amortization of goodwill and other intangibles					221				110				377				242				161
	Merger costs					0				0				305				0				0
	Other operating expenses					4,151				2,225				8,241				5,625				3,711
			Total non-interest expense			23,080				11,797				41,939				29,938				19,856
Income before federal income taxes						12,261				6,391				23,061				17,339				11,445
Income tax expense						3,225				1,708				5,880				4,492				2,999
Income before accounting change						9,036				4,683				17,181				12,847				8,446
Cumulative effect of accounting change, net of tax						0				0				(101	)			(101	)			(101	)
Net income					$	9,036			$	4,683			$	17,080			$	12,746			$	8,345
NET INCOME PER COMMON SHARE:
			Basic before accounting change			n/a				n/a			$	1.72			$	1.28			$	0.84
			Basic		$	0.91			$	0.47			$	1.70			$	1.27			$	0.83
			Diluted before accounting change			n/a				n/a			$	1.71			$	1.27			$	0.84
			Diluted		$	0.90			$	0.47			$	1.69			$	1.26			$	0.83
Weighted average common shares outstanding:
			Basic			9,948,346				9,944,671				10,013,068				10,021,471				10,013,966
			Diluted			10,071,366				10,054,758				10,080,005				10,087,935				10,079,973
Note: Fully taxable equivalent adjustment					$	1,058			$	548			$	2,277			$	1,714			$	1,139

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Second Bancorp Incorporated and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands)

						June 30				March 31				Dec. 31				Sept. 30				June 30
						2002				2002				2001				2001				2001
ASSETS
Cash and due from banks						$	36,230			$	36,397			$	40,837			$	32,441			$	36,024
Federal funds sold and other temp. investments							64,194				42,631				24,016				51,233				27,979
Securities:
		Trading					0				0				0				0				0
		Available-for-sale					448,736				411,897				417,496				407,004				380,262
			Total securities				448,736				411,897				417,496				407,004				380,262
Loans:
	Commercial						485,652				500,604				508,579				425,149				434,416
	Consumer						333,178				317,858				316,097				318,614				322,776
	Real estate						273,568				295,852				297,216				317,015				317,847
		Total loans					1,092,398				1,114,314				1,121,892				1,060,778				1,075,039
Less reserve for loan losses							16,810				16,884				16,695				15,429				15,609
	Net loans						1,075,588				1,097,430				1,105,197				1,045,349				1,059,430
Premises and equipment							16,592				16,737				16,416				16,650				17,122
Accrued interest receivable							8,724				9,596				10,272				10,272				9,759
Goodwill and intangible assets							28,415				28,187				26,578				8,328				7,547
Other assets							41,265				41,973				39,544				37,742				40,247
				Total assets		$	1,719,744			$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
	Demand — non-interest bearing					$	145,006			$	138,107			$	144,953			$	111,539			$	109,477
	Demand — interest bearing						98,893				99,284				105,221				94,831				90,077
	Savings						394,907				335,460				276,628				234,601				234,314
	Time deposits						507,645				558,348				596,329				616,320				625,890
				Total deposits			1,146,451				1,131,199				1,123,131				1,057,291				1,059,758
Federal funds purchased and securities sold under agreements to repurchase							119,867				108,951				107,279				110,071				117,275
Note payable							0				0				0				0				1,000
Other borrowed funds							4,249				724				5,853				5,745				4,981
Accrued expenses and other liabilities							10,486				12,661				10,200				11,185				10,802
Federal Home Loan Bank advances							271,930				272,005				275,152				267,301				261,447
Corporation-obligated manditorily redeemable capital securities of subsidiary trust							30,468				30,455				30,442				26,660				0
				Total liabilities			1,583,451				1,555,995				1,552,057				1,478,253				1,455,263
Shareholders’ equity:
	Common stock, no par value; 30,000,000 shares authorized;						38,822				37,722				37,453				37,424				37,166
	Treasury stock						(19,462	)			(17,397	)			(16,798	)			(15,072	)			(14,740	)
	Other comprehensive income						7,265				1,424				3,434				6,850				1,810
	Retained earnings						109,668				107,104				104,210				101,564				98,871
				Total shareholders’ equity			136,293				128,853				128,299				130,766				123,107
				Total liabilities and shareholders’ equity		$	1,719,744			$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370
Miscellaneous data:
	Common shares issued						10,932,360				10,856,360				10,832,810				10,828,310				10,802,510
	Treasury shares						991,589				911,689				883,494				801,512				785,000
	Bank owned life insurance (in other assets)					$	32,268			$	31,858			$	31,449			$	31,041			$	30,645
	Loans serviced for others					$	1,047,988			$	936,559			$	812,774			$	652,337			$	565,044
	Mortgage servicing rights (net of allowance)					$	10,323			$	10,006			$	8,313			$	6,560			$	5,688
	Goodwill						14,645				14,645				14,645				1,014				1,061
	Other intangibles						3,447				3,536				3,620				754				798
		Total goodwill and intangibles assets				$	28,415			$	28,187			$	26,578			$	8,328			$	7,547
Valuation allowance for mortgage servicing rights included above						$	(2,285	)		$	(910	)		$	(810	)		$	(505	)		$	(30	)

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Second Bancorp Incorporated and Subsidiaries
Consolidated Average Balance Sheets
For the Quarter Ended
(Dollars in Thousands)

ASSETS					June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
Cash and demand balances due from banks					$	32,510			$	35,183			$	44,615			$	32,340			$	30,980
Federal funds sold and other temp. investments						94,687				51,953				47,585				37,091				27,222
Securities:
		Trading				0				123				99				52				141
		Available-for-sale				426,297				419,638				426,649				393,134				381,299
			Total securities			426,297				419,761				426,748				393,186				381,440
Loans:
	Commercial					495,622				505,782				492,110				427,029				434,445
	Consumer					323,626				313,542				316,100				319,838				318,937
	Real estate					278,054				290,666				292,363				317,788				321,554
		Total loans				1,097,302				1,109,990				1,100,573				1,064,655				1,074,936
		Reserve for loan losses				16,830				16,884				16,747				15,464				15,743
		Net loans				1,080,472				1,093,106				1,083,826				1,049,191				1,059,193
Premises and equipment						16,849				16,449				16,716				17,061				17,448
Goodwill and intangible assets						28,654				27,169				20,309				7,985				6,471
Other						48,173				47,502				45,349				46,080				47,262
		Total assets			$	1,727,642			$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	145,418			$	139,013			$	134,160			$	111,635			$	110,124
	Demand deposits (interest bearing)					98,924				99,765				99,783				90,783				88,920
	Savings					370,748				308,104				259,322				232,661				234,781
	Time deposits					537,975				582,947				616,590				626,458				629,590
		Total deposits				1,153,065				1,129,829				1,109,855				1,061,537				1,063,415
	Federal funds purchased and securities sold under agreements to repurchase					128,361				114,128				130,769				112,029				111,816
	Note payable					0				0				0				967				1,000
	Borrowed funds					773				3,112				2,928				2,240				1,554
	Accrued expenses and other liabilities					10,269				10,157				10,794				10,601				10,223
	Federal Home Loan Bank advances					271,968				273,299				269,600				267,744				260,168
	Corporation-obligated manditorily redeemable capital securities of subsidiary trust					30,472				30,446				29,940				866				0
		Total liabilities				1,594,908				1,560,971				1,553,886				1,455,984				1,448,176
Shareholders’ equity:
	Common stock					38,421				37,568				37,438				37,331				37,046
	Treasury shares					(18,291	)			(17,281	)			(15,924	)			(14,814	)			(14,739	)
	Other comprehensive income					4,503				4,449				7,312				4,548				2,364
	Retained earnings					108,101				105,416				102,436				99,885				97,169
		Total shareholders’ equity				132,734				130,152				131,262				126,950				121,840
			Total liabilities and shareholders’ equity		$	1,727,642			$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016

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Second Bancorp Incorporated and Subsidiaries
Consolidated Average Balance Sheets
For the Year-to-date period ended:
(Dollars in Thousands)

ASSETS					June 2002				March 2002				Dec. 2001				Sept. 2001				June 2001
Cash and demand balances due from banks					$	33,839			$	35,183			$	35,490			$	32,415			$	32,453
Federal funds sold						73,438				51,953				31,125				25,578				19,726
Securities:
		Trading				61				123				114				119				153
		Available-for-sale				422,986				419,638				392,729				381,298				375,282
			Total securities			423,047				419,761				392,843				381,417				375,435
Loans:
	Commercial					500,674				505,782				444,813				428,874				429,812
	Consumer					318,612				313,542				316,032				316,009				314,063
	Real estate					284,325				290,666				317,351				325,772				329,830
		Total loans				1,103,611				1,109,990				1,078,196				1,070,655				1,073,705
		Reserve for loan losses				16,857				16,884				15,889				15,600				15,669
		Net loans				1,086,754				1,093,106				1,062,307				1,055,055				1,058,036
Premises and equipment						16,650				16,449				17,283				17,474				17,684
Goodwill and intangible assets						27,769				27,169				10,241				6,848				6,270
Other						47,986				47,502				46,679				47,127				47,659
		Total assets			$	1,709,483			$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	142,233			$	139,013			$	115,857			$	109,689			$	108,700
	Demand deposits (interest bearing)					99,342				99,765				90,762				87,722				86,166
	Savings					339,599				308,104				242,242				236,486				238,430
	Time deposits					560,337				582,947				621,578				623,259				621,633
		Total deposits				1,141,511				1,129,829				1,070,439				1,057,156				1,054,929
	Federal funds purchased and securities sold under agreements to repurchase					121,284				114,128				116,131				111,198				110,776
	Note payable					0				0				740				989				1,000
	Borrowed funds					1,936				3,112				2,240				2,008				1,890
	Accrued expenses and other liabilities					10,213				10,157				10,161				9,948				9,616
	Federal Home Loan Bank advances					272,630				273,299				263,719				261,737				258,684
	Corporation-obligated manditorily redeemable capital securities of subsidiary trust					30,459				30,446				7,765				292				0
		Total liabilities				1,578,033				1,560,971				1,471,195				1,443,328				1,436,895
Shareholders’ equity:
	Common stock					37,997				37,568				37,192				37,109				36,996
	Treasury shares					(17,789	)			(17,281	)			(14,989	)			(14,674	)			(14,603	)
	Net unrealized holding gains					4,476				4,449				3,947				2,813				1,931
	Retained earnings					106,766				105,416				98,623				97,338				96,044
		Total shareholders’ equity				131,450				130,152				124,773				122,586				120,368
			Total liabilities and shareholders’ equity		$	1,709,483			$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Second Bancorp Incorporated
Date: July 18, 2002		/s/ David L. Kellerman David L. Kellerman, Treasurer

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