UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

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

Date of Report: January 23, 2003

Second Bancorp Incorporated

Ohio		0-15624		34-1547453
(State of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

108 Main Avenue S.W., Warren, Ohio		44482-1311
(Address of principal executive offices)		(Zip Code)

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

Item 5. Other Events

On January 23, 2003, the Company issued the following press release:

SECOND BANCORP REPORTS EARNINGS FOR
FOURTH QUARTER AND YEAR

Warren, Ohio, January 23, 2003—SECOND BANCORP INCORPORATED (Nasdaq “SECD”, “SECDP”) announced that, as previously indicated by the Company, fourth quarter earnings for 2002 were adversely affected by costs associated with the Company’s strategy to re-configure its retail branch system and, to a lesser extent, margin compression and credit quality issues. Net income for the fourth quarter was $3,428,000 or $.34 per diluted share compared to $4,334,000 or $.43 per share for the same period last year. Absent branch reconfiguration and merger costs recognized during the quarter, pro forma operating earnings would have been $4,797,000 ($.48 per diluted share), a 6% increase over pro forma operating results of a year ago. For the full year, net income was $18,000,000 or $1.79 per diluted share compared to $17,080,000 or $1.69 per share in 2001. Excluding the branch reconfiguration charges and merger costs, net income for the year would have been $19,449,000 ($1.94 per diluted share), 12% higher than was reported for 2001. A reconciliation of the Company’s net income (computed in accordance with GAAP) to pro forma earnings is included in the financial detail of this release.

The Company’s branch system reconfiguration strategy includes the 2003 sale of two of subsidiary Second National Bank’s retail banking centers, the consolidation of four smaller banking centers into two new, fully-staffed regional locations and new offices in the high growth Medina (relocation of an existing office) and Wooster, Ohio markets. The $2.1 million

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reconfiguration expense recognized in the fourth quarter will be fully offset by a $6 million gain on the referenced sale of branches expected to be completed during the first quarter of 2003.

Returns on average assets (ROA) for the quarter and the year were 0.75% and 1.03% respectively (compared to 1.03% and 1.07% a year ago) and returns on average equity (ROE) were 9.99% for the quarter and 13.42% for the full year (compared to 13.21% and 13.69% respectively in 2001). Excluding branch reconfiguration costs, ROA for the quarter and the full year were 1.05% and 1.11% respectively and ROE for the same periods were 13.98% and 14.49%. Historically low interest rates compressed the Company’s interest margin for the quarter to 3.38% from 3.57% during the same period last year. For the year, net interest margin improved to 3.56% from 3.49% for 2001.

“We are generally quite pleased with the Company’s overall performance during a year characterized by a progressively difficult operating environment” stated Second Bancorp President and Chief Executive Officer Rick L. Blossom. “The branch reconfiguration strategy we began implementing in the third quarter and which reduced fourth quarter earnings is a key part of our effort to enhance profitability and growth opportunities in our branch banking system ... and it will be fully funded by proceeds from the pending sale of our Steubenville, Ohio branches. Looking ahead, rock-bottom interest rates will likely continue to produce thin margins and lagging mortgage servicing rights valuations during 2003. A simmering economy next year could also retard loan growth and increase financial pressures on our traditional small and mid-market commercial customers. Our job will be to aggressively manage through these challenges and position the Company to take advantage of opportunities which will present themselves when the economy returns to a more normalized pattern.”

Credit quality continues to be a focal point for the Company. The level of non-performing loans and net charge-offs trended upward during 2002 and were 1.64% of year-end loans and .47% of average loans for the year respectively. The fourth quarter provision for loan losses was $2.35 million compared to $1.63 million a year ago. The allowance for loan losses finished the year at $17.6 million or 1.51% of year-end loans.

The Company also reported that its Board of Directors declared an eighteen cent ($.18) per share common dividend payable January 31, 2003 to shareholders of record on January 15. That dividend is unchanged from last quarter and is 5.9% higher than the dividend paid for the fourth quarter of 2001.

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 $1.9 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 subsidiaries Second National Bank and Stouffer-Herzog Insurance Agency, Inc.

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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Financial Highlights
Quarterly Data
(Dollars in thousands, except per share data)

			Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
Earnings:
	Net interest income		$	13,946			$	13,954			$	14,403			$	14,157			$	13,503
	Provision for loan losses			2,350				1,573				1,303				933				1,627
	Non-interest income			7,314				6,329				4,053				5,157				5,845
	Security (losses) gains			(67	)			832				0				(173	)			2
	Trading account (losses) gains			0				0				0				(20	)			0
	Non-interest expense			14,575				11,841				11,283				11,797				12,001
	Federal income taxes			840				2,165				1,517				1,708				1,388
	Income before accounting change			3,428				5,536				4,353				4,683				4,334
	Cumulative effect of accounting change, net of tax			0				0				0				0				0
	Net income		$	3,428			$	5,536			$	4,353			$	4,683			$	4,334
Per share:
	Basic earnings before accounting change			n/a				n/a				n/a				n/a				n/a
	Basic earnings			0.35				0.56				0.44				0.47				0.43
	Diluted earnings before accounting change			n/a				n/a				n/a				n/a				n/a
	Diluted earnings			0.34				0.55				0.43				0.47				0.43
	Common dividends			0.18				0.18				0.18				0.18				0.17
	Book value			13.91				14.14				13.71				12.96				12.90
	Tangible book value			11.69				11.99				11.85				11.11				11.10
	Market value			26.50				26.73				27.30				24.25				21.61
Weighted average shares outstanding:
	Basic			9,835,995				9,876,844				9,958,928				9,944,671				9,988,137
	Diluted			9,967,373				9,993,241				10,087,003				10,054,758				10,075,690
Period end balance sheet:
	Assets		$	1,894,775			$	1,825,235			$	1,719,744			$	1,684,848			$	1,680,356
	Securities			523,669				535,174				448,736				411,897				417,496
	Total loans			1,167,791				1,153,581				1,092,398				1,114,314				1,121,892
	Reserve for loan losses			17,595				17,443				16,810				16,884				16,695
	Deposits			1,195,112				1,181,281				1,146,451				1,131,199				1,123,131
	Total shareholders’ equity			135,780				139,682				136,293				128,853				128,299
	Tier I capital			138,000				139,983				141,011				139,474				137,395
	Tier I ratio			10.8	%			10.7	%			11.9	%			11.3	%			11.3	%
	Total capital			153,925				156,401				155,799				154,854				152,550
	Total capital ratio			12.1	%			11.9	%			13.2	%			12.6	%			12.6	%
	Total risk-adjusted assets			1,272,335				1,312,414				1,181,029				1,228,918				1,210,858
	Tier I leverage ratio			7.7	%			8.4	%			8.4	%			8.3	%			8.2	%
Average balance sheet:
	Assets		$	1,825,714			$	1,770,928			$	1,727,642			$	1,691,123			$	1,685,148
	Earning assets			1,712,604				1,657,438				1,618,286				1,581,704				1,574,906
	Loans			1,171,162				1,108,133				1,097,302				1,109,990				1,100,573
	Deposits			1,180,609				1,173,188				1,153,065				1,129,829				1,109,855
	Shareholders’ equity			137,229				136,494				132,734				130,152				131,262
Key ratios: (%)
	Return on average assets (ROA)			0.75				1.25				1.01				1.11				1.03
	Return on average shareholders’ equity (ROE)			9.99				16.22				13.12				14.39				13.21
	Net interest margin			3.38				3.49				3.69				3.72				3.57
	Net overhead			1.70				1.33				1.79				1.68				1.56
	Efficiency ratio			66.94				56.94				59.49				59.40				60.27
Credit quality:
	Non-accrual loans		$	13,123			$	12,756			$	6,287			$	5,313			$	5,004
	Restructured loans			378				259				197				0				258
	90 day past due and accruing			5,692				6,995				6,011				6,257				5,304
	Non-performing loans			19,193				20,010				12,495				11,570				10,566
	Other real estate owned			1,371				1,593				1,644				1,423				1,399
	Non-performing assets		$	20,564			$	21,603			$	14,139			$	12,993			$	11,965
	Charge-offs		$	2,558			$	1,116			$	1,625			$	1,285			$	2,458
	Recoveries			360				176				248				541				219
	Net charge-offs		$	2,198			$	940			$	1,377			$	744			$	2,239
	Reserve for loan losses as a percent of period-end loans (%)			1.51				1.51				1.54				1.52				1.49
	Net charge-offs (annualized) as a percent of average loans			0.75				0.34				0.50				0.27				1.86
	Non-performing loans as a percent of loans			1.64				1.73				1.14				1.04				0.94
	Non-performing assets as a percent of assets			1.09				1.18				0.82				0.77				0.71

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

				Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
Earnings:
	Net interest income			$	56,460			$	42,514			$	28,560			$	14,157			$	50,190
	Provision for loan losses				6,159				3,809				2,236				933				4,718
	Non-interest income				22,853				15,539				9,210				5,157				18,867
	Security gains (losses)				592				659				(173	)			(173	)			642
	Trading account gains (losses)				(20	)			(20	)			(20	)			(20	)			19
	Non-interest expense				49,496				34,921				23,080				11,797				41,939
	Federal income taxes				6,230				5,390				3,225				1,708				5,880
	Income before accounting change				18,000				14,572				9,036				4,683				17,181
	Cumulative effect of accounting change, net of tax				0				0				0				0				(101	)
		Net income		$	18,000			$	14,572			$	9,036			$	4,683			$	17,080
Per share:
	Basic earnings before accounting change				n/a				n/a				n/a				n/a			$	1.72
	Basic earnings				1.82				1.47				0.91				0.47				1.70
	Diluted earnings before accounting change				n/a				n/a				n/a				n/a				1.71
	Diluted earnings				1.79				1.45				0.90				0.47				1.69
	Common dividends				0.72				0.54				0.36				0.18				0.68
	Book value				13.91				14.14				13.71				12.96				12.90
	Tangible book value				11.69				11.99				11.85				11.11				11.10
	Market value				26.50				26.73				27.30				24.25				21.61
Weighted average shares outstanding:
	Basic				9,905,832				9,929,276				9,948,346				9,944,671				10,013,068
	Diluted				10,040,001				10,051,077				10,071,366				10,054,758				10,080,005
Period end balance sheet:
	Assets			$	1,894,775			$	1,825,235			$	1,719,744			$	1,684,848			$	1,680,356
	Securities				523,669				535,174				448,736				411,897				417,496
	Total loans				1,167,791				1,153,581				1,092,398				1,114,314				1,121,892
	Reserve for loan losses				17,595				17,443				16,810				16,884				16,695
	Deposits				1,195,112				1,181,281				1,146,451				1,131,199				1,123,131
	Total shareholders’ equity				135,780				139,682				136,293				128,853				128,299
	Tier I capital				138,000				139,983				141,011				139,474				137,395
	Tier I ratio				10.8	%			10.7	%			11.9	%			11.3	%			11.3	%
	Total capital				153,925				156,401				155,799				154,854				152,550
	Total capital ratio				12.1	%			11.9	%			13.2	%			12.6	%			12.6	%
	Total risk-adjusted assets				1,272,335				1,312,414				1,181,029				1,228,918				1,210,858
	Tier I leverage ratio				7.7	%			8.4	%			8.4	%			8.3	%			8.2	%
Average balance sheet:
	Assets			$	1,754,156			$	1,730,190			$	1,709,483			$	1,691,123			$	1,595,968
	Earning assets				1,642,907				1,619,420				1,600,096				1,581,704				1,502,164
	Loans				1,121,777				1,105,135				1,103,611				1,109,990				1,078,196
	Deposits				1,159,350				1,152,186				1,141,511				1,129,829				1,070,439
	Shareholders’ equity				134,178				133,150				131,450				130,152				124,773
Key ratios: (%)
	Return on average assets (ROA)				1.03				1.12				1.06				1.11				1.07
	Return on average shareholders’ equity (ROE)				13.42				14.59				13.75				14.39				13.69
	Net interest margin				3.56				3.63				3.70				3.72				3.49
	Net overhead				1.62				1.60				1.73				1.68				1.54
	Efficiency ratio				60.81				58.57				59.44				59.40				58.79
Credit quality:
	Non-accrual loans			$	13,123			$	12,756			$	6,287			$	5,313			$	5,004
	Restructured loans				378				259				197				0				258
	90 day past due and accruing				5,692				6,995				6,011				6,257				5,304
	Non-performing loans				19,193				20,010				12,495				11,570				10,566
	Other real estate owned				1,371				1,593				1,644				1,423				1,399
	Non-performing assets			$	20,564			$	21,603			$	14,139			$	12,993			$	11,965
	Charge-offs			$	6,584			$	4,026			$	2,910			$	1,285			$	6,471
	Recoveries				1,325				965				789				541				1,353
	Net charge-offs			$	5,259			$	3,061			$	2,121			$	744			$	5,118
	Reserve for loan losses as a percent of period-end loans (%)				1.51				1.51				1.54				1.52				1.49
	Net charge-offs (annualized) as a percent of average loans (%)				0.47				0.37				0.38				0.27				0.47
	Non-performing loans as a percent of loans				1.64				1.73				1.14				1.04				0.94
	Non-performing assets as a percent of assets				1.09				1.18				0.82				0.77				0.71

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

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	19,637			$	19,598			$	19,965			$	20,471			$	20,764
		Exempt from federal income taxes				219				227				233				243				257
	Securities:
		Taxable				5,566				5,963				5,797				5,322				5,716
		Exempt from federal income taxes				735				722				715				774				789
	Federal funds sold and other temp. investments					154				324				394				213				268
			Total interest income			26,311				26,834				27,104				27,023				27,794
INTEREST EXPENSE
	Deposits					6,771				7,526				7,429				7,674				8,882
	Federal funds purchased and securities sold under agreements to repurchase					700				597				636				566				727
	Note Payable					28				10				0				0				0
	Other borrowed funds					14				10				2				16				15
	Federal Home Loan Bank advances					4,119				4,003				3,901				3,877				3,939
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					733				734				733				733				728
			Total interest expense			12,365				12,880				12,701				12,866				14,291
			Net interest income			13,946				13,954				14,403				14,157				13,503
Provision for loan losses						2,350				1,573				1,303				933				1,627
			Net interest income after provision for loan losses			11,596				12,381				13,100				13,224				11,876
NON-INTEREST INCOME
	Service charges on deposit accounts					1,587				1,505				1,411				1,320				1,424
	Trust fees					637				596				696				786				604
	Gain on sale of loans					5,462				2,421				1,709				1,544				2,531
	Trading account (losses) gains					0				0				0				(20	)			0
	Security (losses) gains					(67	)			832				0				(173	)			2
	Other operating income					(372	)			1,807				237				1,507				1,286
			Total non-interest income			7,247				7,161				4,053				4,964				5,847
NON-INTEREST EXPENSE
	Salaries and employee benefits					7,217				6,494				6,325				6,309				5,941
	Net occupancy					1,099				1,119				1,125				1,137				1,084
	Equipment					742				931				1,023				1,202				883
	Professional services					648				563				443				485				716
	Assessment on deposits and other taxes					354				384				330				329				321
	Amortization of goodwill and other intangibles					144				110				111				110				135
	Merger costs					10				124				0				0				305
	Banking center reconfiguration					2,096				0				0				0				0
	Other operating expenses					2,265				2,116				1,926				2,225				2,616
			Total non-interest expense			14,575				11,841				11,283				11,797				12,001
Income before federal income taxes						4,268				7,701				5,870				6,391				5,722
Income tax expense						840				2,165				1,517				1,708				1,388
Income before accounting change						3,428				5,536				4,353				4,683				4,334
Cumulative effect of accounting change, net of tax						0				0				0				0				—
Net income					$	3,428			$	5,536			$	4,353			$	4,683			$	4,334
NET INCOME PER COMMON SHARE:
			Basic before accounting change			n/a				n/a				n/a				n/a				n/a
			Basic		$	0.35			$	0.56			$	0.44			$	0.47			$	0.43
			Diluted before accounting change			n/a				n/a				n/a				n/a				n/a
			Diluted		$	0.34			$	0.55			$	0.43			$	0.47			$	0.43
Weighted average common shares outstanding:
			Basic			9,835,995				9,876,844				9,958,928				9,944,671				9,988,137
			Diluted			9,967,373				9,993,241				10,087,003				10,054,758				10,075,690
Note: Fully taxable equivalent adjustment					$	514			$	511			$	510			$	548			$	563

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

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	79,671			$	60,034			$	40,436			$	20,471			$	85,631
		Exempt from federal income taxes				922				703				476				243				1,092
	Securities:
		Taxable				22,648				17,082				11,119				5,322				21,614
		Exempt from federal income taxes				2,946				2,211				1,489				774				3,137
	Federal funds sold and other temp. investments					1,085				931				607				213				1,083
			Total interest income			107,272				80,961				54,127				27,023				112,557
INTEREST EXPENSE
	Deposits					29,400				22,629				15,103				7,674				42,010
	Federal funds purchased and securities sold under agreements to repurchase					2,499				1,799				1,202				566				3,904
	Note Payable					38				10				0				0				47
	Other borrowed funds					42				28				18				16				90
	Federal Home Loan Bank advances					15,900				11,781				7,778				3,877				15,567
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					2,933				2,200				1,466				733				749
			Total interest expense			50,812				38,447				25,567				12,866				62,367
			Net interest income			56,460				42,514				28,560				14,157				50,190
Provision for loan losses						6,159				3,809				2,236				933				4,718
			Net interest income after provision for loan losses			50,301				38,705				26,324				13,224				45,472
NON-INTEREST INCOME
	Service charges on deposit accounts					5,823				4,236				2,731				1,320				5,302
	Trust fees					2,715				2,078				1,482				786				2,870
	Gain on sale of loans					11,136				5,674				3,253				1,544				5,814
	Trading account (losses) gains					(20	)			(20	)			(20	)			(20	)			19
	Security gains (losses)					592				659				(173	)			(173	)			642
	Other operating income					3,179				3,551				1,744				1,507				4,881
			Total non-interest income			23,425				16,178				9,017				4,964				19,528
NON-INTEREST EXPENSE
	Salaries and employee benefits					26,345				19,128				12,634				6,309				21,544
	Net occupancy					4,480				3,381				2,262				1,137				4,263
	Equipment					3,898				3,156				2,225				1,202				3,891
	Professional services					2,139				1,491				928				485				1,776
	Assessment on deposits and other taxes					1,397				1,043				659				329				1,542
	Amortization of goodwill and other intangibles					475				331				221				110				377
	Merger costs					134				124				0				0				305
	Banking center reconfiguration					2,096				0				0				0				0
	Other operating expenses					8,532				6,267				4,151				2,225				8,241
			Total non-interest expense			49,496				34,921				23,080				11,797				41,939
Income before federal income taxes						24,230				19,962				12,261				6,391				23,061
Income tax expense						6,230				5,390				3,225				1,708				5,880
Income before accounting change						18,000				14,572				9,036				4,683				17,181
Cumulative effect of accounting change, net of tax						0				0				0				0				(101	)
Net income					$	18,000			$	14,572			$	9,036			$	4,683			$	17,080
NET INCOME PER COMMON SHARE:
			Basic before accounting change			n/a				n/a				n/a				n/a			$	1.72
			Basic		$	1.82			$	1.47			$	0.91			$	0.47			$	1.70
			Diluted before accounting change			n/a				n/a				n/a				n/a			$	1.71
			Diluted		$	1.79			$	1.45			$	0.90			$	0.47			$	1.69
Weighted average common shares outstanding:
			Basic			9,905,832				9,929,276				9,948,346				9,944,671				10,013,068
			Diluted			10,040,001				10,051,077				10,071,366				10,054,758				10,080,005
Note: Fully taxable equivalent adjustment					$	2,083			$	1,569			$	1,058			$	548			$	2,277

Page 6 of 12

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

						December 31				September 30				June 30				March 31				December 31
						2002				2002				2002				2002				2001
ASSETS
Cash and due from banks						$	60,822			$	40,815			$	36,230			$	36,397			$	40,837
Federal funds sold and other temp. investments							61,449				15,033				64,194				42,631				24,016
Securities:
		Trading					0				0				0				0				0
		Available-for-sale					523,669				535,174				448,736				411,897				417,496
			Total securities				523,669				535,174				448,736				411,897				417,496
Loans:
	Commercial						542,693				520,175				485,652				500,604				508,579
	Consumer						322,840				325,088				333,178				317,858				316,097
	Real estate						302,258				308,318				273,568				295,852				297,216
		Total loans					1,167,791				1,153,581				1,092,398				1,114,314				1,121,892
Less reserve for loan losses							17,595				17,443				16,810				16,884				16,695
	Net loans						1,150,196				1,136,138				1,075,588				1,097,430				1,105,197
Premises and equipment							16,632				16,333				16,592				16,737				16,416
Accrued interest receivable							8,762				9,582				8,724				9,596				10,272
Goodwill and intangible assets							20,422				20,224				17,636				17,746				17,856
Servicing assets							12,403				10,961				10,779				10,441				8,722
Other assets							40,420				40,975				41,265				41,973				39,544
				Total assets		$	1,894,775			$	1,825,235			$	1,719,744			$	1,684,848			$	1,680,356
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
	Demand — non-interest bearing					$	179,714			$	153,341			$	145,006			$	138,107			$	144,953
	Demand — interest bearing						103,583				98,359				98,893				99,284				105,221
	Savings						405,437				410,322				394,907				335,460				276,628
	Time deposits						506,378				519,259				507,645				558,348				596,329
				Total deposits			1,195,112				1,181,281				1,146,451				1,131,199				1,123,131
Federal funds purchased and securities sold under agreements to repurchase							138,796				166,532				119,867				108,951				107,279
Note payable							7,000				3,000				0				0				0
Other borrowed funds							3,863				3,788				4,249				724				5,853
Accrued expenses and other liabilities							17,885				14,583				10,486				12,661				10,200
Federal Home Loan Bank advances							365,844				285,887				271,930				272,005				275,152
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust							30,495				30,482				30,468				30,455				30,442
				Total liabilities			1,758,995				1,685,553				1,583,451				1,555,995				1,552,057
Shareholders’ equity:
	Common stock, no par value; 30,000,000 shares authorized;						41,209				40,994				38,822				37,722				37,453
	Treasury stock						(27,180	)			(23,631	)			(19,462	)			(17,397	)			(16,798	)
	Other comprehensive income						6,656				8,894				7,265				1,424				3,434
	Retained earnings						115,095				113,425				109,668				107,104				104,210
				Total shareholders’ equity			135,780				139,682				136,293				128,853				128,299
				Total liabilities and shareholders’ equity		$	1,894,775			$	1,825,235			$	1,719,744			$	1,684,848			$	1,680,356
Miscellaneous data:
	Common shares issued						11,041,263				11,024,693				10,932,360				10,856,360				10,832,810
	Treasury shares						1,279,009				1,147,849				991,589				911,689				883,494
	Bank owned life insurance (in other assets)					$	33,086			$	32,677			$	32,268			$	31,858			$	31,449
	Loans serviced for others					$	1,320,316			$	1,121,372			$	1,047,988			$	936,559			$	812,774
	Goodwill					$	16,708			$	17,344			$	14,645			$	14,645			$	14,645
	Other intangibles						3,714				2,880				2,991				3,101				3,211
		Total goodwill and intangibles assets				$	20,422			$	20,224			$	17,636			$	17,746			$	17,856
	Mortgage servicing rights (net of allowance)					$	11,967			$	10,516			$	10,323			$	10,006			$	8,313
	Other servicing assets						436				445				456				435				409
						$	12,403			$	10,961			$	10,779			$	10,441			$	8,722
Valuation allowance for mortgage servicing rights included above						$	(3,794	)		$	(3,087	)		$	(2,285	)		$	(910	)		$	(810	)

Page 7 of 12

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

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
ASSETS
Cash and demand balances due from banks					$	35,454			$	35,266			$	32,510			$	35,183			$	44,615
Federal funds sold and other temp. investments						47,197				80,102				94,687				51,953				47,585
Securities:
		Trading				0				0				0				123				99
		Available-for-sale				494,245				469,203				426,297				419,638				426,649
			Total securities			494,245				469,203				426,297				419,761				426,748
Loans:
	Commercial					533,996				507,412				510,444				516,807				492,110
	Consumer					323,939				319,482				308,804				302,517				316,100
	Real estate					313,227				281,239				278,054				290,666				292,363
		Total loans				1,171,162				1,108,133				1,097,302				1,109,990				1,100,573
		Reserve for loan losses				17,345				16,904				16,830				16,884				16,747
		Net loans				1,153,817				1,091,229				1,080,472				1,093,106				1,083,826
Premises and equipment						16,611				16,497				16,849				16,449				16,716
Goodwill and intangible assets						19,676				19,400				18,435				18,544				13,378
Servicing assets						11,832				10,184				10,672				9,369				6,931
Other						46,882				48,609				47,720				37,158				45,349
		Total assets			$	1,825,714			$	1,770,490			$	1,727,642			$	1,681,523			$	1,685,148
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	156,607			$	145,177			$	145,418			$	139,013			$	134,160
	Demand deposits (interest bearing)					100,240				105,903				98,924				99,765				99,783
	Savings					411,109				405,813				370,748				308,104				259,322
	Time deposits					512,653				516,295				537,975				582,947				616,590
		Total deposits				1,180,609				1,173,188				1,153,065				1,129,829				1,109,855
	Federal funds purchased and securities sold under agreements to repurchase					165,504				135,611				128,361				114,128				130,769
	Note payable					4,107				1,190				0				0				0
	Borrowed funds					1,281				1,757				773				3,112				2,928
	Accrued expenses and other liabilities					14,306				13,211				10,269				10,157				10,794
	Federal Home Loan Bank advances					291,957				278,568				271,968				273,299				269,600
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					30,721				30,471				30,472				30,446				29,940
		Total liabilities				1,688,485				1,633,996				1,594,908				1,560,971				1,553,886
Shareholders’ equity:
	Common stock					41,153				39,522				38,421				37,568				37,438
	Treasury shares					(25,050	)			(21,641	)			(18,291	)			(17,281	)			(15,924	)
	Other comprehensive income					7,032				7,951				4,503				4,449				7,312
	Retained earnings					114,094				110,662				108,101				105,416				102,436
		Total shareholders’ equity				137,229				136,494				132,734				130,152				131,262
			Total liabilities and shareholders’ equity		$	1,825,714			$	1,770,490			$	1,727,642			$	1,691,123			$	1,685,148

Page 8 of 12

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

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
ASSETS
Cash and demand balances due from banks					$	34,606			$	34,320			$	33,839			$	35,183			$	35,490
Federal funds sold						68,503				75,683				73,438				51,953				31,125
Securities:
		Trading				40				41				61				123				114
		Available-for-sale				452,587				438,561				422,986				419,638				392,729
			Total securities			452,627				438,602				423,047				419,761				392,843
Loans:
	Commercial					517,185				511,520				513,608				516,807				444,813
	Consumer					313,760				310,330				305,678				302,517				316,032
	Real estate					290,832				283,285				284,325				290,666				317,351
		Total loans				1,121,777				1,105,135				1,103,611				1,109,990				1,078,196
		Reserve for loan losses				16,992				16,873				16,857				16,884				15,889
		Net loans				1,104,785				1,088,262				1,086,754				1,093,106				1,062,307
Premises and equipment						16,602				16,598				16,650				16,449				17,283
Goodwill and intangible assets						19,018				18,797				18,489				18,544				4,482
Servicing assets						10,520				10,078				10,024				9,369				5,759
Other						47,495				47,702				47,242				46,758				46,679
		Total assets			$	1,754,156			$	1,730,042			$	1,709,483			$	1,691,123			$	1,595,968
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	146,598			$	143,225			$	142,233			$	139,013			$	115,857
	Demand deposits (interest bearing)					101,222				101,553				99,342				99,765				90,762
	Savings					374,313				361,913				339,599				308,104				242,242
	Time deposits					537,217				545,495				560,337				582,947				621,578
		Total deposits				1,159,350				1,152,186				1,141,511				1,129,829				1,070,439
	Federal funds purchased and securities sold under agreements to repurchase					136,041				126,112				121,284				114,128				116,131
	Note payable					1,335				401				0				0				740
	Borrowed funds					1,726				1,876				1,936				3,112				2,240
	Accrued expenses and other liabilities					12,000				11,223				10,213				10,157				10,161
	Federal Home Loan Bank advances					278,998				274,631				272,630				273,299				263,719
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					30,528				30,463				30,459				30,446				7,765
		Total liabilities				1,619,978				1,596,892				1,578,033				1,560,971				1,471,195
Shareholders’ equity:
	Common stock					39,177				38,511				37,997				37,568				37,192
	Treasury shares					(20,590	)			(19,087	)			(17,789	)			(17,281	)			(14,989	)
	Net unrealized holding gains					5,996				5,647				4,476				4,449				3,947
	Retained earnings					109,595				108,079				106,766				105,416				98,623
		Total shareholders’ equity				134,178				133,150				131,450				130,152				124,773
			Total liabilities and shareholders’ equity		$	1,754,156			$	1,730,042			$	1,709,483			$	1,691,123			$	1,595,968

Page 9 of 12

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Second Bancorp Incorporated and Subsidiaries
Financial Highlights — Pro Forma Operating Results
Quarterly Data
(Dollars in thousands, except per share data)

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
Earnings:
		Net interest income			$	13,946			$	13,954			$	14,403			$	14,157			$	13,503
		Provision for loan losses				2,350				1,573				1,303				933				1,627
		Non-interest income				7,314				6,329				4,053				5,157				5,845
		Security gains				(67	)			832				0				(173	)			2
	Trading account					0				0				0				(20	)			0
		Non-interest expense				12,469				11,717				11,283				11,797				11,696
		Federal income taxes				1,577				2,208				1,517				1,708				1,495
			Net income		$	4,797			$	5,617			$	4,353			$	4,683			$	4,532
Per share:
		Basic earnings			$	0.49			$	0.57			$	0.44			$	0.47			$	0.45
		Diluted earnings				0.48				0.56				0.43				0.47				0.45
Key ratios: (%)
		Return on average assets (ROA)				1.05				1.27				1.01				1.11				1.08
		Return on average shareholders’ equity (ROE)				13.98				16.46				13.12				14.39				13.81
		Net interest margin				3.38				3.49				3.69				3.72				3.57
		Net overhead				1.20				1.30				1.79				1.68				1.49
		Efficiency ratio				57.27				56.35				59.49				59.40				58.74
Second Bancorp Incorporated and Subsidiaries Reconciliation of GAAP vs. Pro Forma Operating Results Quarterly Data
	Net income				$	3,428			$	5,536			$	4,353			$	4,683			$	4,334
Adjustments to GAAP to reflect Pro Forma Operating Basis:
			Add non-recurring costs:
Merger costs						10				124				0				0				305
Banking center reconfiguration						2,096				0				0				0				0
Total adjustments						2,106				124				0				0				305
	Federal income taxes (benefit)					737				43				0				0				107
		Net income			$	4,797			$	5,617			$	4,353			$	4,683			$	4,532

Page 10 of 12

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

					Dec. 2002				Sept. 2002				June 2002				March 2002				Dec. 2001
Earnings:
		Net interest income			$	56,460			$	42,514			$	28,560			$	14,157			$	50,190
		Provision for loan losses				6,159				3,809				2,236				933				4,718
		Non-interest income				22,853				15,539				9,210				5,157				18,867
		Security gains				592				659				(173	)			(173	)			642
	Trading account					(20	)			(20	)			(20	)			(20	)			19
		Non-interest expense				47,266				34,797				23,080				11,797				41,634
		Federal income taxes				7,011				5,433				3,225				1,708				5,987
			Net income		$	19,449			$	14,653			$	9,036			$	4,683			$	17,379
Per share:
		Basic earnings			$	1.96			$	1.48			$	0.91			$	0.47			$	1.74
		Diluted earnings				1.94				1.46				0.90				0.47				1.72
Key ratios: (%)
		Return on average assets (ROA)				1.11				1.13				1.06				1.11				1.09
		Return on average shareholders’ equity (ROE)				14.49				14.67				13.75				14.39				13.93
		Net interest margin				3.56				3.63				3.70				3.72				3.49
		Net overhead				1.49				1.59				1.73				1.68				1.52
		Efficiency ratio				58.07				58.36				59.44				59.40				58.36
Second Bancorp Incorporated and Subsidiaries Reconciliation of GAAP vs. Pro Forma Operating Results Year-to-Date Data
	Net income				$	18,000			$	14,572			$	9,036			$	4,683			$	17,080
Adjustments to GAAP to reflect Pro Forma Operating Basis:
			Add non-recurring costs:
Merger costs						134				124				0				0				305
Banking center reconfiguration						2,096				0				0				0				0
Total adjustments						2,230				124				0				0				305
	Federal income taxes (benefit)					781				43				0				0				107
	Add: Cumulative effect of accounting change, net of tax					0				0				0				0				101
		Net income			$	19,449			$	14,653			$	9,036			$	4,683			$	17,379

Page 11 of 12

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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: January 23, 2003		/s/ David L. Kellerman
		David L. Kellerman, Treasurer

Page 12 of 12