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: April 22, 2002

Second Bancorp Incorporated

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(Exact name of registrant as specified in its charter)

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 April 18, 2002, the Company issued the following press release:

SECOND BANCORP MAINTAINS EARNINGS MOMENTUM

Warren, Ohio, April 18, 2002—SECOND BANCORP INCORPORATED (Nasdaq “SECD”, “SECDP”) reported first quarter 2002 net income of $4,683,000, 14.6% higher than the $4,087,000 reported for the same period last year. On a diluted basis, earnings per share for the quarter were $.47 or 14.6% above the $.41 reported a year ago. Excluding securities activity for the comparable quarters, operating income for the first quarter 2002 was $4,808,000 ($.48 per diluted share), 26.3% higher than the $3,806,000 ($.38 per diluted share) reported last year.

Key performance ratios also showed improvement over the same period in 2001. The Company’s return on average assets (ROA) for the quarter was 1.11% compared to 1.08% last year and return on average equity (ROE) climbed to 14.39% from 14.09% a year ago. An ongoing focus on fee income generation helped continue the Company’s recent trend of improving efficiency ratio, which finished the quarter at 59.46% compared to 60.94% for first quarter 2001.

Net interest margin was a significant contributor to the Company’s earnings performance for the quarter improving to 3.72% from 3.43% a year ago. Second Bancorp Treasurer David L. Kellerman stated “We have begun to see some of the margin growth we positioned ourselves for when our balance sheet was restructured during the third quarter of 2000. Last year’s rapidly and persistently falling interest rate environment delayed that margin improvement but recent rate stability has allowed our variable rate assets and liabilities to fully re-price and has begun to produce the anticipated earnings boost. A targeted improvement in core deposit balances and mix over the last year has also provided a solid base for margin expansion and expected growth in loan outstandings as the economy strengthens should continue to promote an upward trending margin.”

1

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Non-interest income for the quarter was $5.0 million, 8.9% ahead of results for the same period last year. The improvement was led by gains on sale of loans reflecting the Company’s aggressive secondary market activity in mortgages. Though somewhat weaker than fourth quarter 2001 results due to a return to more normal mortgage lending levels, gains on sale of loans for the quarter nearly doubled results for the same period a year ago. Non-interest income growth was restrained during the quarter by a $193,000 loss in securities and trading activity compared to a $587,000 gain a year ago. Excluding securities transactions for both quarters, non-interest income for the quarter was 29.8% higher than was reported for the same period last year.

Non-interest expenses for the first quarter were $11.8 million, up from $10.1 million a year ago but lower than the $12.0 million reported for fourth quarter 2001. The year-over-year increase, partially resulting from the Company’s acquisition of Commerce Exchange Corporation in October 2001, was led by salary and employee benefit costs, which increased by $1.1 million and by higher professional service and other operating costs.

Credit quality continues to be a focal point for the Company with non-performing assets increasing by $3 million over year-ago levels. Despite the increase in non-performing loans reflecting the slow down in economic activity during the last several quarters, net loan charge-offs for the three-month period were held to $744,000 (.27% of average loans outstanding) and the Company’s loan loss reserve remained at a solid 1.52% of quarter-end loans.

President and Chief Executive Officer Rick L. Blossom, commenting on first quarter performance and the prospects for the remainder of the year indicated, “The just completed reporting period continues our six quarter trend of improved earnings. We continue to be convinced that we have the right plan and the right people in place to meet future challenges and grow the value of this franchise. The positive performance of our stock during the quarter suggests that the markets are recognizing our potential and the progress we have made toward reaching our aggressive medium-to-long term goals.”

Second Bancorp previously announced a 5.9% increase in its quarterly dividend to $.18 per share (an annualized $.72) payable April 30, 2002 to record holders as of April 15, 2002. That action maintains Second Bancorp’s record of having increased its dividend in each of the sixteen years since its incorporation.

In an unrelated matter, the Company announced the retirements of Alan G. Brant and John C. Gibson as active members of Second Bancorp’s Board of Directors. Mr. Blossom further stated “Al Brant, Second Bancorp’s former President and CEO, and Jack Gibson have both served the Company and its subsidiary Second National Bank with great distinction for many years. Though their counsel and experience will be missed, I am glad to announce that both have been appointed to the honorary position of Director Emeritus of the Company. We are gratified that both of them will be maintaining their association with Second Bancorp.”

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, trust, 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)

			March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
Earnings:
	Net interest income		$	14,157			$	13,503			$	12,473			$	12,298			$	11,916
	Provision for loan losses			933				1,627				988				1,342				761
	Non-interest income			5,157				5,845				4,420				4,630				3,972
	Security (losses) gains			(173	)			2				123				(12	)			529
	Trading account (losses) gains			(20	)			0				(52	)			13				58
	Non-interest expense			11,797				12,001				10,082				9,805				10,051
	Federal income taxes			1,708				1,388				1,493				1,524				1,475
	Income before accounting change			4,683				4,334				4,401				4,258				4,188
	Cumulative effect of accounting change, net of tax			0				0				0				0				(101	)
	Net income		$	4,683			$	4,334			$	4,401			$	4,258			$	4,087
Per share:
	Basic earnings before accounting change			n/a				n/a				n/a				n/a			$	0.42
	Basic earnings			0.47				0.43				0.43				0.42				0.41
	Diluted earnings before accounting change			n/a				n/a				n/a				n/a				0.42
	Diluted earnings			0.47				0.43				0.43				0.42				0.41
	Common dividends			0.18				0.17				0.17				0.17				0.17
	Book value			12.96				12.90				13.04				12.29				12.20
	Tangible book value			11.11				11.10				12.90				12.15				12.04
	Market value			24.25				21.61				20.50				22.90				17.50
Weighted average shares outstanding:
	Basic			9,944,671				9,988,137				10,033,365				10,007,904				10,020,097
	Diluted			10,054,758				10,075,690				10,117,705				10,103,060				10,046,562
Period end balance sheet:
	Assets		$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370			$	1,571,831
	Securities			411,897				417,496				407,004				380,262				377,561
	Total loans			1,114,314				1,121,892				1,060,778				1,075,039				1,076,284
	Reserve for loan losses			16,884				16,695				15,429				15,609				15,778
	Deposits			1,131,199				1,123,131				1,057,291				1,059,758				1,061,556
	Total shareholders’ equity			128,853				128,299				130,766				123,107				121,968
	Tier I capital			139,474				137,395				149,171				119,857				117,497
	Tier I ratio			11.3	%			11.3	%			13.1	%			10.4	%			10.3	%
	Total capital			154,854				152,550				163,385				134,302				131,768
	Total capital ratio			12.6	%			12.6	%			14.4	%			11.6	%			11.5	%
	Total risk-adjusted assets			1,228,918				1,210,858				1,135,902				1,155,561				1,141,685
	Tier I leverage ratio			8.3	%			8.2	%			9.4	%			7.6	%			7.6	%
Average balance sheet:
	Assets		$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016			$	1,544,368
	Earning assets			1,581,704				1,574,906				1,494,932				1,483,598				1,453,969
	Loans			1,109,990				1,100,573				1,064,655				1,074,936				1,072,460
	Deposits			1,129,829				1,109,855				1,061,537				1,063,415				1,046,349
	Shareholders’ equity			130,152				131,262				126,950				121,840				118,879
Key ratios: (%) (1)
	Return on average assets (ROA)			1.11				1.08				1.11				1.08				1.08
	Return on average shareholders’ equity (ROE)			14.39				13.81				13.87				13.98				14.09
	Net interest margin			3.72				3.57				3.49				3.47				3.43
	Net overhead			1.68				1.49				1.53				1.39				1.66
	Efficiency ratio			59.46				58.74				57.89				56.00				60.94
Credit quality:
	Non-accrual loans		$	5,313			$	5,004			$	4,273			$	4,666			$	5,163
	Restructured loans			0				258				358				38				40
	90 day past due and accruing			6,257				5,304				4,693				5,415				3,849
	Non-performing loans			11,570				10,566				9,324				10,119				9,052
	Other real estate owned			1,423				1,399				1,322				1,063				918
	Non-performing assets		$	12,993			$	11,965			$	10,646			$	11,182			$	9,970
	Charge-offs		$	1,285			$	2,458			$	1,343			$	1,808			$	862
	Recoveries			541				219				175				297				662
	Net charge-offs		$	744			$	2,239			$	1,168			$	1,511			$	200
	Reserve for loan losses as a percent of period-end loans (%)			1.52				1.49				1.45				1.45				1.47
	Net charge-offs (annualized) as a percent of average loans (%)			0.27				0.81				0.44				0.56				0.07
	Non-performing loans as a percent of loans			1.04				0.94				0.88				0.94				0.84
	Non-performing assets as a percent of assets			0.77				0.71				0.66				0.71				0.63

(1) Based on income before accounting change and excludes merger costs.

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

				March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
Earnings:
	Net interest income			$	14,157			$	50,190			$	36,687			$	24,214			$	11,916
	Provision for loan losses				933				4,718				3,091				2,103				761
	Non-interest income				5,157				18,867				13,022				8,602				3,972
	Security gains (losses)				(173	)			642				640				517				529
	Trading account gains (losses)				(20	)			19				19				71				58
	Non-interest expense				11,797				41,939				29,938				19,856				10,051
	Federal income taxes				1,708				5,880				4,492				2,999				1,475
	Income before accounting change				4,683				17,181				12,847				8,446				4,188
	Cumulative effect of accounting change, net of tax				0				(101	)			(101	)			(101	)			(101	)
		Net income		$	4,683			$	17,080			$	12,746			$	8,345			$	4,087
Per share:
	Basic earnings before accounting change				n/a			$	1.72			$	1.28			$	0.84			$	0.42
	Basic earnings				0.47				1.70				1.27				0.83				0.41
	Diluted earnings before accounting change				n/a				1.71				1.27				0.84				0.42
	Diluted earnings				0.47				1.69				1.26				0.83				0.41
	Common dividends				0.18				0.68				0.51				0.34				0.17
	Book value				12.96				12.90				13.04				12.29				12.20
	Tangible book value				11.11				11.10				12.90				12.15				12.04
	Market value				24.25				21.61				20.50				22.90				17.50
Weighted average shares outstanding:
	Basic				9,944,671				10,013,068				10,021,471				10,013,966				10,020,097
	Diluted				10,054,758				10,080,005				10,087,935				10,079,973				10,046,562
Period end balance sheet:
	Assets			$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370			$	1,571,831
	Securities				411,897				417,496				407,004				380,262				377,323
	Total loans				1,114,314				1,121,892				1,060,778				1,075,039				1,076,284
	Reserve for loan losses				16,884				16,695				15,429				15,609				15,778
	Deposits				1,131,199				1,123,131				1,057,291				1,059,758				1,061,556
	Total shareholders’ equity				128,853				128,299				130,766				123,107				121,968
	Tier I capital				139,474				137,395				149,171				119,857				117,497
	Tier I ratio				11.3	%			11.3	%			13.1	%			10.4	%			10.3	%
	Total capital				154,854				152,550				163,385				134,302				131,768
	Total capital ratio				12.6	%			12.6	%			14.4	%			11.6	%			11.5	%
	Total risk-adjusted assets				1,228,918				1,210,858				1,135,902				1,155,561				1,141,685
	Tier I leverage ratio				8.3	%			8.2	%			9.4	%			7.6	%			7.6	%
Average balance sheet:
	Assets			$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263			$	1,544,368
	Earning assets				1,581,704				1,502,164				1,477,650				1,468,866				1,453,969
	Loans				1,109,990				1,078,196				1,070,655				1,073,705				1,072,460
	Deposits				1,129,829				1,070,439				1,057,156				1,054,929				1,046,349
	Shareholders’ equity				130,152				124,773				122,586				120,368				118,879
Key ratios: (%) (1)
	Return on average assets (ROA)				1.11				1.09				1.09				1.08				1.08
	Return on average shareholders’ equity (ROE)				14.39				13.93				13.97				14.03				14.09
	Net interest margin				3.72				3.49				3.47				3.45				3.43
	Net overhead				1.68				1.51				1.52				1.52				1.66
	Efficiency ratio				59.46				58.35				58.20				58.36				60.94
Credit quality:
	Non-accrual loans			$	5,313			$	5,004			$	4,273			$	4,666			$	5,163
	Restructured loans				0				258				358				38				40
	90 day past due and accruing				6,257				5,304				4,693				5,415				3,849
	Non-performing loans				11,570				10,566				9,324				10,119				9,052
	Other real estate owned				1,423				1,399				1,322				1,063				918
	Non-performing assets			$	12,993			$	11,965			$	10,646			$	11,182			$	9,970
	Charge-offs			$	1,285			$	6,471			$	4,013			$	2,670			$	862
	Recoveries				541				1,353				1,134				959				662
	Net charge-offs			$	744			$	5,118			$	2,879			$	1,711			$	200
	Reserve for loan losses as a percent of period-end loans (%)				1.52				1.49				1.45				1.45				1.47
	Net charge-offs (annualized) as a percent of average loans (%)				0.27				0.47				0.36				0.32				0.07
	Non-performing loans as a percent of loans				1.04				0.94				0.88				0.94				0.84
	Non-performing assets as a percent of assets				0.77				0.71				0.66				0.71				0.63

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(1)

Based on income before accounting change and excludes merger costs.

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

						March 31				December 31				September 30				June 30				March 31
						2002				2001				2001				2001				2001
ASSETS
Cash and due from banks						$	36,397			$	40,837			$	32,441			$	36,024			$	36,937
Federal funds sold and other temp. investments							42,631				24,016				51,233				27,979				25,451
Securities:
		Trading					0				0				0				0				238
		Available-for-sale					411,897				417,496				407,004				380,262				377,323
			Total securities				411,897				417,496				407,004				380,262				377,561
Loans:
	Commercial						500,604				508,579				425,149				434,416				432,633
	Consumer						317,858				316,097				318,614				322,776				314,290
	Real estate						295,852				297,216				317,015				317,847				329,361
		Total loans					1,114,314				1,121,892				1,060,778				1,075,039				1,076,284
Less reserve for loan losses							16,884				16,695				15,429				15,609				15,778
			Net loans				1,097,430				1,105,197				1,045,349				1,059,430				1,060,506
Premises and equipment							16,737				16,416				16,650				17,122				17,533
Accrued interest receivable							9,596				10,272				10,272				9,759				10,118
Goodwill and intangible assets							28,187				26,578				8,328				7,547				6,157
Other assets							41,973				39,544				37,742				40,247				37,568
				Total assets		$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370			$	1,571,831
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
	Demand — non-interest bearing					$	138,107			$	144,953			$	111,539			$	109,477			$	105,920
	Demand — interest bearing						99,284				105,221				94,831				90,077				86,124
	Savings						335,460				276,628				234,601				234,314				239,661
	Time deposits						558,348				596,329				616,320				625,890				629,851
				Total deposits			1,131,199				1,123,131				1,057,291				1,059,758				1,061,556
Federal funds purchased and securities sold under agreements to repurchase							108,951				107,279				110,071				117,275				119,684
Note payable							0				0				0				1,000				1,000
Other borrowed funds							724				5,853				5,745				4,981				46
Accrued expenses and other liabilities							12,661				10,200				11,185				10,802				10,986
Federal Home Loan Bank advances							272,005				275,152				267,301				261,447				256,591
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust							30,455				30,442				26,660				0				0
				Total liabilities			1,555,995				1,552,057				1,478,253				1,455,263				1,449,863
Shareholders’ equity:
	Common stock, no par value; 30,000,000 shares authorized;						37,722				37,453				37,424				37,166				36,953
	Treasury stock						(17,397	)			(16,798	)			(15,072	)			(14,740	)			(14,740	)
	Other comprehensive income						1,424				3,434				6,850				1,810				2,950
	Retained earnings						107,104				104,210				101,564				98,871				96,805
				Total shareholders’ equity			128,853				128,299				130,766				123,107				121,968
				Total liabilities and shareholders’ equity		$	1,684,848			$	1,680,356			$	1,609,019			$	1,578,370			$	1,571,831
Miscellaneous data:
	Common shares issued						10,856,360				10,832,810				10,828,310				10,802,510				10,785,760
	Treasury shares						911,689				883,494				801,512				785,000				785,000
	Bank owned life insurance (in other assets)					$	31,858			$	31,449			$	31,041			$	30,645			$	30,270
	Loans serviced for others					$	936,559			$	812,774			$	652,337			$	565,044			$	487,253
	Mortgage servicing rights					$	10,006			$	8,313			$	6,560			$	5,688			$	4,261
	Goodwill						14,645				14,645				1,014				1,061				1,107
	Other intangibles						3,536				3,620				754				798				789
		Total goodwill and intangibles assets				$	28,187			$	26,578			$	8,328			$	7,547			$	6,157

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Second Bancorp Incorporated and Subsidiaries

Consolidated Statements of Income
Quarterly Data
(Dollars in thousands, except per share data)

					March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	20,471			$	20,764			$	21,015			$	21,751			$	22,101
		Exempt from federal income taxes				243				257				268				279				288
	Securities:
		Taxable				5,322				5,716				5,471				5,302				5,125
		Exempt from federal income taxes				774				789				800				775				773
	Federal funds sold and other temp. investments					213				268				326				298				191
			Total interest income			27,023				27,794				27,880				28,405				28,478
INTEREST EXPENSE
	Deposits					7,674				8,882				10,467				11,192				11,469
	Federal funds purchased and securities sold under agreements to repurchase					566				727				937				1,053				1,187
	Note Payable					0				0				13				16				18
	Other borrowed funds					16				15				23				15				37
	Federal Home Loan Bank advances					3,877				3,939				3,946				3,831				3,851
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					733				728				21				0				0
			Total interest expense			12,866				14,291				15,407				16,107				16,562
			Net interest income			14,157				13,503				12,473				12,298				11,916
Provision for loan losses						933				1,627				988				1,342				761
			Net interest income after provision for loan losses			13,224				11,876				11,485				10,956				11,155
NON-INTEREST INCOME
	Service charges on deposit accounts					1,320				1,424				1,344				1,273				1,261
	Trust fees					786				604				761				749				756
	Gain on sale of loans					1,544				2,531				1,394				1,106				783
	Trading account (losses) gains					(20	)			0				(52	)			13				58
	Security (losses) gains					(173	)			2				123				(12	)			529
	Other operating income					1,507				1,286				921				1,502				1,172
			Total non-interest income			4,964				5,847				4,491				4,631				4,559
NON-INTEREST EXPENSE
	Salaries and employee benefits					6,309				5,941				5,313				5,096				5,194
	Net occupancy					1,137				1,084				1,001				1,062				1,116
	Equipment					1,202				883				1,038				921				1,049
	Professional services					485				716				320				397				343
	Assessment on deposits and other taxes					329				321				415				405				401
	Amortization of goodwill and other intangibles					110				135				81				80				81
	Merger costs					0				305				0				0				0
	Other operating expenses					2,225				2,616				1,914				1,844				1,867
			Total non-interest expense			11,797				12,001				10,082				9,805				10,051
Income before federal income taxes						6,391				5,722				5,894				5,782				5,663
Income tax expense						1,708				1,388				1,493				1,524				1,475
Income before accounting change						4,683				4,334				4,401				4,258				4,188
Cumulative effect of accounting change, net of tax						0				—				—				—				(101	)
Net income					$	4,683			$	4,334			$	4,401			$	4,258			$	4,087
NET INCOME PER COMMON SHARE:
			Basic before accounting change		$	0.47			$	0.43			$	0.44			$	0.42			$	0.42
			Basic		$	0.47			$	0.43			$	0.44			$	0.42			$	0.41
			Diluted before accounting change		$	0.47			$	0.43			$	0.43			$	0.42			$	0.42
			Diluted		$	0.47			$	0.43			$	0.43			$	0.42			$	0.41
Weighted average common shares outstanding:
			Basic			9,944,671				9,988,137				10,033,365				10,007,904				10,020,097
			Diluted			10,054,758				10,075,690				10,117,705				10,103,060				10,046,562
Note: Fully taxable equivalent adjustment					$	548			$	563			$	575			$	568			$	571

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Second Bancorp Incorporated and Subsidiaries
Consolidated Statements of Income

Year-to-Date Data
(Dollars in thousands, except per share data)

					March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
INTEREST INCOME
	Loans (including fees):
		Taxable			$	20,471			$	85,631			$	64,867			$	43,852			$	22,101
		Exempt from federal income taxes				243				1,092				835				567				288
	Securities:
		Taxable				5,322				21,614				15,898				10,427				5,125
		Exempt from federal income taxes				774				3,137				2,348				1,548				773
	Federal funds sold and other temp. investments					213				1,083				815				489				191
			Total interest income			27,023				112,557				84,763				56,883				28,478
INTEREST EXPENSE
	Deposits					7,674				42,010				33,128				22,661				11,469
	Federal funds purchased and securities sold under agreements to repurchase					566				3,904				3,177				2,240				1,187
	Note Payable					0				47				47				34				18
	Other borrowed funds					16				90				75				52				37
	Federal Home Loan Bank advances					3,877				15,567				11,628				7,682				3,851
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					733				749				21				0				0
			Total interest expense			12,866				62,367				48,076				32,669				16,562
			Net interest income			14,157				50,190				36,687				24,214				11,916
Provision for loan losses						933				4,718				3,091				2,103				761
			Net interest income after provision for loan losses			13,224				45,472				33,596				22,111				11,155
NON-INTEREST INCOME
	Service charges on deposit accounts					1,320				5,302				3,878				2,534				1,261
	Trust fees					786				2,870				2,266				1,505				756
	Gain on sale of loans					1,544				5,814				3,283				1,889				783
	Trading account (losses) gains					(20	)			19				19				71				58
	Security (losses) gains					(173	)			642				640				517				529
	Other operating income					1,507				4,881				3,595				2,674				1,172
			Total non-interest income			4,964				19,528				13,681				9,190				4,559
NON-INTEREST EXPENSE
	Salaries and employee benefits					6,309				21,544				15,603				10,290				5,194
	Net occupancy					1,137				4,263				3,179				2,178				1,116
	Equipment					1,202				3,891				3,008				1,970				1,049
	Professional services					485				1,776				1,060				740				343
	Assessment on deposits and other taxes					329				1,542				1,221				806				401
	Amortization of goodwill and other intangibles					110				377				242				161				81
	Merger costs					0				305				0				0				0
	Other operating expenses					2,225				8,241				5,625				3,711				1,867
			Total non-interest expense			11,797				41,939				29,938				19,856				10,051
Income before federal income taxes						6,391				23,061				17,339				11,445				5,663
Income tax expense						1,708				5,880				4,492				2,999				1,475
Income before accounting change						4,683				17,181				12,847				8,446				4,188
Cumulative effect of accounting change, net of tax						0				(101	)			(101	)			(101	)			(101	)
Net income					$	4,683			$	17,080			$	12,746			$	8,345			$	4,087
NET INCOME PER COMMON SHARE:
			Basic before accounting change		$	0.47			$	1.72			$	1.28			$	0.84			$	0.42
			Basic		$	0.47			$	1.70			$	1.27			$	0.83			$	0.41
			Diluted before accounting change		$	0.47			$	1.71			$	1.27			$	0.84			$	0.42
			Diluted		$	0.47			$	1.69			$	1.26			$	0.83			$	0.41
Weighted average common shares outstanding:
			Basic			9,944,671				10,013,068				10,021,471				10,013,966				10,020,097
			Diluted			10,054,758				10,080,005				10,087,935				10,079,973				10,046,562
Note: Fully taxable equivalent adjustment					$	548			$	2,277			$	1,714			$	1,139			$	571

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Second Bancorp Incorporated and Subsidiaries
Consolidated Average Balance Sheets

For the Quarter Ended
(Dollars in Thousands)

ASSETS					March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
Cash and demand balances due from banks					$	35,183			$	44,615			$	32,340			$	30,980			$	33,942
Federal funds sold and other temp. investments						51,953				47,585				37,091				27,222				12,146
Securities:
		Trading				123				99				52				141				165
		Available-for-sale				419,638				426,649				393,134				381,299				369,198
			Total securities			419,761				426,748				393,186				381,440				369,363
Loans:
	Commercial					505,782				492,110				427,029				434,445				425,127
	Consumer					313,542				316,100				319,838				318,937				309,135
	Real estate					290,666				292,363				317,788				321,554				338,198
		Total loans				1,109,990				1,100,573				1,064,655				1,074,936				1,072,460
		Reserve for loan losses				16,884				16,747				15,464				15,743				15,594
		Net loans				1,093,106				1,083,826				1,049,191				1,059,193				1,056,866
Premises and equipment						16,449				16,716				17,061				17,448				17,923
Goodwill and intangible assets						27,169				20,309				7,985				6,471				6,067
Other						47,502				45,349				46,080				47,262				48,061
		Total assets			$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016			$	1,544,368
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	139,013			$	134,160			$	111,635			$	110,124			$	107,260
	Demand deposits (interest bearing)					99,765				99,783				90,783				88,920				83,381
	Savings					308,104				259,322				232,661				234,781				242,120
	Time deposits					582,947				616,590				626,458				629,590				613,588
		Total deposits				1,129,829				1,109,855				1,061,537				1,063,415				1,046,349
	Federal funds purchased and securities sold under agreements to repurchase					114,128				130,769				112,029				111,816				109,724
	Note payable					0				0				967				1,000				1,000
	Borrowed funds					3,112				2,928				2,240				1,554				2,230
	Accrued expenses and other liabilities					10,157				10,794				10,601				10,223				9,002
	Federal Home Loan Bank advances					273,299				269,600				267,744				260,168				257,184
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					30,446				29,940				866				0				0
		Total liabilities				1,560,971				1,553,886				1,455,984				1,448,176				1,425,489
Shareholders’ equity:
	Common stock					37,568				37,438				37,331				37,046				36,945
	Treasury shares					(17,281	)			(15,924	)			(14,814	)			(14,739	)			(14,465	)
	Other comprehensive income					4,449				7,312				4,548				2,364				1,493
	Retained earnings					105,416				102,436				99,885				97,169				94,906
		Total shareholders’ equity				130,152				131,262				126,950				121,840				118,879
			Total liabilities and shareholders’ equity		$	1,691,123			$	1,685,148			$	1,582,934			$	1,570,016			$	1,544,368

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Second Bancorp Incorporated and Subsidiaries

Consolidated Average Balance Sheets
For the Year-to-date period ended:

(Dollars in Thousands)

ASSETS					March 2002				Dec. 2001				Sept. 2001				June 2001				March 2001
Cash and demand balances due from banks					$	35,183			$	35,490			$	32,415			$	32,453			$	33,942
Federal funds sold						51,953				31,125				25,578				19,726				12,146
Securities:
		Trading				123				114				119				153				165
		Available-for-sale				419,638				392,729				381,298				375,282				369,198
			Total securities			419,761				392,843				381,417				375,435				369,363
Loans:
	Commercial					505,782				444,813				428,874				429,812				425,127
	Consumer					313,542				316,032				316,009				314,063				309,135
	Real estate					290,666				317,351				325,772				329,830				338,198
		Total loans				1,109,990				1,078,196				1,070,655				1,073,705				1,072,460
		Reserve for loan losses				16,884				15,889				15,600				15,669				15,594
		Net loans				1,093,106				1,062,307				1,055,055				1,058,036				1,056,866
Premises and equipment						16,449				17,283				17,474				17,684				17,923
Goodwill and intangible assets						27,169				10,241				6,848				6,270				6,067
Other						47,502				46,679				47,127				47,659				48,061
		Total assets			$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263			$	1,544,368
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Demand deposits (non-interest bearing)				$	139,013			$	115,857			$	109,689			$	108,700			$	107,260
	Demand deposits (interest bearing)					99,765				90,762				87,722				86,166				83,381
	Savings					308,104				242,242				236,486				238,430				242,120
	Time deposits					582,947				621,578				623,259				621,633				613,588
		Total deposits				1,129,829				1,070,439				1,057,156				1,054,929				1,046,349
	Federal funds purchased and securities sold under agreements to repurchase					114,128				116,131				111,198				110,776				109,724
	Note payable					0				740				989				1,000				1,000
	Borrowed funds					3,112				2,240				2,008				1,890				2,230
	Accrued expenses and other liabilities					10,157				10,161				9,948				9,616				9,002
	Federal Home Loan Bank advances					273,299				263,719				261,737				258,684				257,184
	Corporation-obligated mandatorily redeemable capital securities of subsidiary trust					30,446				7,765				292				0				0
		Total liabilities				1,560,971				1,471,195				1,443,328				1,436,895				1,425,489
Shareholders’ equity:
	Common stock					37,568				37,192				37,109				36,996				36,945
	Treasury shares					(17,281	)			(14,989	)			(14,674	)			(14,603	)			(14,465	)
	Net unrealized holding gains					4,449				3,947				2,813				1,931				1,493
	Retained earnings					105,416				98,623				97,338				96,044				94,906
		Total shareholders’ equity				130,152				124,773				122,586				120,368				118,879
			Total liabilities and shareholders’ equity		$	1,691,123			$	1,595,968			$	1,565,914			$	1,557,263			$	1,544,368

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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: April 22, 2002		/s/ David L. Kellerman David L. Kellerman, Treasurer

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