TABLE OF CONTENTS

Item 5. Other Events
Financial Highlights
Financial Highlights
Consolidated Statements of Income
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Average Balance Sheets
Consolidated Average Balance Sheets
Financial Highlights — Non-GAAP Operating Results
Financial Highlights — Non-GAAP Operating Results

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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 17, 2003

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 17, 2003, the Company issued the following press release:

SECOND BANCORP REPORTS SECOND QUARTER EARNINGS
UP 25% OVER A YEAR AGO

Warren, Ohio, July 17, 2003—SECOND BANCORP INCORPORATED (Nasdaq “SECD”, “SECDP”) reported consolidated net income for second quarter 2003 of $5,438,000, a 25% increase over the $4,353,000 reported for the same period last year. Year-to-date earnings were $14,099,000, 56% above the $9,036,000 reported for the first half of 2002. On a per share basis, diluted earnings for the just completed quarter were $.57 or 33% above the $.43 reported for the year-ago quarter. Earnings per share for the first two quarters of the year reached $1.46, a 62% improvement over the $.90 reported for the same period last year. Year-to-date 2003 earnings include a one time $3.65 million (or $.38 diluted per share) after-tax gain on the sale of two banking centers completed during the first quarter.

The Company’s key ratios for the quarter and for the first half of 2003 were similarly improved over last year. Returns on average assets (ROA) for the quarter and year-to-date were 1.14% and 1.49% respectively compared to 1.01% and 1.06% a year ago. Returns on average equity (ROE) also strengthened to 15.62% for the quarter and 20.54% year-to-date compared to 13.12% and 13.75% respectively last year. The Company’s efficiency ratio for the quarter was 56.10% and 51.48% for the first six months of the year compared to the 59.49% and 59.44% reported for the respective year-ago periods. Historically low interest rates continued to pressure Second Bancorp’s net interest margin which was 3.19% for the quarter and 3.26% for the first half of 2003. The margin for the same periods last year was 3.69% and 3.70%.

Non-interest income for the quarter was $10.70 million, 164% above the $4.05 million reported last year. Leading that strong performance was $6.31 million in gains on sale of loans reflecting secondary market activity in the Company’s mortgage lending line of business, $4.60 million more than was generated in second quarter 2002. Non-interest income was similarly improved

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for the year’s first two quarters reaching $24.96 million (including the above mentioned gain on sale of two banking centers) compared to $9.02 million for the same period last year.

Non-interest expenses for the quarter were $14.02 million, up from $11.28 million a year ago. The quarter-over-quarter increase was led by salaries and benefits which grew $1.32 million primarily reflecting higher pension costs, incentive compensation payouts and additions to staff associated with acquisition activity and growth in the Company’s mortgage business.

President and Chief Executive Officer Rick L. Blossom stated “Strategic decisions made several years ago have allowed us to maintain earnings growth at an attractive rate despite persistent margin compression and a slow economy. Aggressive expansion of our mortgage lending business as interest rates fell and the sale of a large percentage of our loan production into the secondary market allowed us to claim a growing share of the booming home finance market without burdening our balance sheet with long-term, fixed-rate loans. As interest rates return to more normal levels and mortgage activity moderates, the profitability of our traditional lending businesses will benefit from expanding margins and, along with our ongoing migration into higher growth markets, will be a driver of future earnings.”

Credit quality was stable during the second quarter. Period-end non-performing loans, however, remained at elevated levels generally reflecting economic conditions and the impact of two non-performing commercial credits aggregating $7.2 million in outstandings. John L. Falatok, Senior Vice President and Chief Lending Officer of subsidiary Second National Bank indicated “The referenced credits, first identified and reserved during last year’s third quarter, are substantially secured and covered by surety bonds issued by several well capitalized insurance companies. Collection of those loans has been delayed by pending litigation and bankruptcy proceedings but we continue to believe that additional charges to our loan loss reserve resulting from these loans will be minimal.” Quarter-end “non-accrual” and “90-days past due but accruing” loans were $12.24 million and $7.23 million respectively compared to $6.29 million and $6.01 for the same periods last year. Net loan charge-offs for the quarter were $2.58 million compared to the $1.38 million taken during second quarter 2002. Falatok further stated “The half million dollar increase in net charge-offs from first quarter levels was the result of the deterioration of a small group of seasoned commercial loans. We believe this quarter-over-quarter result is an anomaly and that net charge-offs levels will generally trend downward during foreseeable reporting periods.” The Company’s loan loss reserve at the end of the quarter was 1.50% of period-end loans, down slightly from the 1.54% reported a year earlier while non-performing loans as a percentage of total loans has largely stabilized over the last four quarters.

The Company also reported that its Board of Directors declared a nineteen cent ($.19) per share common dividend payable July 31, 2003 to shareholders of record on July 15. That dividend is unchanged from the first quarter of the year and is 5.6% higher than the dividend paid for the second quarter last year.

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 an eight county area of Northeastern Ohio through subsidiaries Second National Bank and Stouffer-Herzog Insurance Agency, Inc. Additional information about Second Bancorp can be found on the Web at www.secondbancorp.com.

CONTACT: Christopher Stanitz, Executive Vice President, General Counsel 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)

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Second Bancorp Incorporated and Subsidiaries

Financial Highlights

Year-to-Date Data

(Dollars in thousands, except per share data)

				June 2003				March 2003				Dec. 2002				Sept. 2002				June 2002
Earnings:
	Net interest income			$	27,873			$	14,083			$	56,460			$	42,514			$	28,560
	Provision for loan losses				5,028				2,173				6,159				3,809				2,236
	Non-interest income				24,911				14,211				22,853				15,539				9,210
	Security gains (losses)				51				51				592				659				(173	)
	Trading account losses				0				0				(20	)			(20	)			(20	)
	Non-interest expense				27,689				13,673				49,496				34,921				23,080
	Federal income taxes				6,019				3,838				6,230				5,390				3,225
		Net income		$	14,099			$	8,661			$	18,000			$	14,572			$	9,036
Per share:
	Basic earnings				1.48				0.90				1.82				1.47				0.91
	Diluted earnings				1.46				0.89				1.79				1.45				0.90
	Common dividends				0.38				0.19				0.72				0.54				0.36
	Book value				14.81				14.36				13.97				14.14				13.71
	Tangible book value				12.40				11.95				11.75				11.99				11.85
	Market value				25.80				22.15				26.50				26.73				27.30
Weighted average shares outstanding:
	Basic				9,552,569				9,621,709				9,905,832				9,929,276				9,948,346
	Diluted				9,645,041				9,715,561				10,040,001				10,051,077				10,071,366
Period end balance sheet:
	Assets			$	1,926,233			$	1,909,027			$	1,894,775			$	1,825,235			$	1,719,744
	Securities				556,434				539,309				523,669				535,174				448,736
	Total loans				1,199,630				1,215,481				1,167,791				1,153,581				1,092,398
	Allowance for loan losses				18,030				17,756				17,595				17,443				16,810
	Deposits				1,172,816				1,121,866				1,195,112				1,181,281				1,146,451
	Total shareholders’ equity				140,215				136,369				136,334				139,682				136,293
	Tier I capital				140,335				137,595				138,000				139,983				141,011
	Tier I ratio				10.8	%			10.5	%			10.8	%			10.7	%			11.9	%
	Total capital				156,613				154,010				153,925				156,401				155,799
	Total capital ratio				12.0	%			11.7	%			12.1	%			11.9	%			13.2	%
	Total risk-adjusted assets				1,300,512				1,311,849				1,272,335				1,312,414				1,181,029
	Tier I leverage ratio				7.6	%			7.5	%			7.7	%			8.4	%			8.4	%
Average balance sheet:
	Assets			$	1,889,360			$	1,869,524			$	1,754,156			$	1,730,190			$	1,709,483
	Earning assets				1,770,363				1,750,900				1,642,907				1,619,420				1,600,096
	Loans				1,187,513				1,177,617				1,121,777				1,105,135				1,103,611
	Deposits				1,147,766				1,135,681				1,159,350				1,152,186				1,141,511
	Shareholders’ equity				137,273				135,254				134,178				133,150				131,450
Key ratios: (%)
Return on average assets (ROA)					1.49				1.85				1.03				1.12				1.06
	Return on average shareholders’ equity (ROE)				20.54				25.61				13.42				14.59				13.75
	Net interest margin				3.26				3.33				3.56				3.63				3.70
	Net overhead				0.31				(0.12	)			1.62				1.60				1.73
	Efficiency ratio				51.48				47.48				60.81				58.57				59.44
Credit quality:
	Non-accrual loans			$	12,238			$	12,709			$	13,123			$	12,756			$	6,287
	Restructured loans				340				374				378				259				197
	90 day past due and accruing				7,231				6,623				5,692				6,995				6,011
	Non-performing loans				19,809				19,706				19,193				20,010				12,495
	Other real estate owned				621				1,270				1,371				1,593				1,644
	Non-performing assets			$	20,430			$	20,976			$	20,564			$	21,603			$	14,139
	Charge-offs			$	4,934			$	2,213			$	6,584			$	4,026			$	2,910
	Recoveries				340				201				1,325				965				789
	Net charge-offs			$	4,594			$	2,012			$	5,259			$	3,061			$	2,121
	Allowance for loan losses as a percent of period-end loans (%)				1.50				1.46				1.51				1.51				1.54
	Net charge-offs (annualized) as a percent of average loans (%)				0.77				0.68				0.47				0.37				0.38
	Non-performing loans as a percent of loans				1.65				1.62				1.64				1.73				1.14
	Non-performing assets as a percent of assets				1.06				1.10				1.09				1.18				0.82

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Second Bancorp Incorporated and Subsidiaries

Consolidated Statements of Income

Quarterly Data

(Dollars in thousands, except per share data)

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Second Bancorp Incorporated and Subsidiaries

Consolidated Statements of Income

Year-to-Date Data

(Dollars in thousands, except per share data)

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Second Bancorp Incorporated and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands)

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Second Bancorp Incorporated and Subsidiaries

Consolidated Average Balance Sheets

For the Quarter Ended

(Dollars in Thousands)

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Second Bancorp Incorporated and Subsidiaries

Consolidated Average Balance Sheets

For the Year-to-date period ended:

(Dollars in Thousands)

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Second Bancorp Incorporated and Subsidiaries

Financial Highlights — Non-GAAP Operating Results

Quarterly Data

(Dollars in thousands, except per share data)

Second Bancorp Incorporated and Subsidiaries
Reconciliation of GAAP vs. Non-GAAP Operating Results
Quarterly Data

Note: Recap of Income from Mortgage Servicing

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Second Bancorp Incorporated and Subsidiaries

Financial Highlights — Non-GAAP Operating Results

Year-to-Date Data

(Dollars in thousands, except per share data)

Second Bancorp Incorporated and Subsidiaries
Reconciliation of GAAP vs. Non-GAAP Operating Results
Year-to-Date Data

Note: Recap of Income from Mortgage Servicing

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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.

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