AMERIANA'S FOURTH QUARTER OPERATING EARNINGS INCREASE 11% TO $.30 PER SHARE.Bancorp (The Nasdaq Stock Market Nasdaq stock marketThe first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. : ASBI ASBI American Segmental Bridge Institute ) today reported financial results for the fourth quarter and year ended December 31, 1995. Ameriana's net income for the fourth quarter of 1995 totaled $807,000 or $.30 per share compared with operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $747,000 or $.27 per share in the year-earlier period. In the fourth quarter of 1994, the Company reported an after-tax gain totaling $1,450,000 or $.55 per share from the settlement of a lawsuit. Net income for the year-earlier period, including this gain, was $2,197,000 or $.82 per share. Net interest income for the fourth quarter of 1995 was $2,749,000 compared with $2,962,000 in the year-earlier period. The provision for loan losses totaled $3,000 versus $37,000 last year. Net income for 1995 totaled $3,237,000 or $1.23 per share compared with operating earnings in 1994 of $3,262,000 or $1.22 per share. The gain on settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. increased net income for 1994 to $4,712,000 or $1.77 per share. Net interest income increased to $11,240,000 compared with $11,230,000 a year ago. The provision for loan losses was $117,000 compared with $181,000 in 1994. Commenting on the results, Harry J. Bailey, President and Chief Executive Officer, said, "We are very pleased to report increased earnings for 1995, especially considering the investments we have made over the past two years to expand our branch network. In 1994, we added a full-service branch, our first new location in several years, and in 1995 we completed the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of our Greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. office. We are pleased with the Company's progress this past year in absorbing the additional costs associated with this expansion while continuing to produce higher profits for the year." Bailey noted that, as previously announced, Ameriana plans to enter the suburban Indianapolis market during the coming year with the construction of a new full-service branch in Avon, Indiana Avon is a town in Hendricks County, Indiana, United States. The population was 6,248 at the 2000 census. The 2005 Indiana Population Estimate Update estimated the population as 8,918.[1] Avon was incorporated in 1995. . In order to establish an early presence in that market, Ameriana will open a loan production office in Avon within the next few weeks. The branch office is expected to open in October 1996. "We believe there are attractive opportunities to expand in the areas contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. to our current markets, and through those efforts, further enhance the value of Ameriana's franchise in Indiana and Ohio," Bailey added. Ameriana Bancorp, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ameriana Bank, a federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , and Deer Park Deer Park. 1 Uninc. village (1990 pop. 28,840), Babylon town, Suffolk co., SE N.Y., a primarily residential suburb on Long Island. 2 City (1990 pop. 27,652), Harris co., SE Tex. Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , offers an extensive line of banking services through branches in central Indiana and in the greater Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. area. Ameriana Bancorp also offers title insurance through Indiana Title Insurance Company. In addition to its banking services, Ameriana Bank, through Ameriana Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., has an interest in a life insurance company, owns Ameriana Insurance Agency -- a full-service insurance agency, and provides a full line of investments and securities products in its brokerage center. -0-
AMERIANA BANCORP
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31 December 31
1995 1994 1995 1994
Interest income $ 6,572 $ 5,822 $ 25,608 $ 21,877
Interest expense 3,823 2,860 14,368 10,647
Net interest income 2,749 2,962 11,240 11,230
Provision for loan
losses 3 37 117 181
Net interest income
after provision
for loan losses 2,746 2,925 11,123 11,049
Other income 525 552 2,214 2,589
Other expense 2,011 2,290 8,155 8,495
Income from continuing
operations before
income taxes 1,260 1,187 5,182 5,143
Income taxes 453 440 1,945 1,881
Income from continuing
operations 807 747 3,237 3,262
Discontinued
operations:
recovery of costs
from discontinued
operations, net of
income taxes
of $747 -- 1,450 -- 1,450
Net income $ 807 $ 2,197 $ 3,237 $ 4,712
Earnings per share: Income from continuing operations $ .30 $ .27 $ 1.23 $ 1.22 Income from discontinued operations -- .55 -- .55
$ .30 $ .82 $ 1.23 $ 1.77
Weighted average shares 2,644 2,656 2,633 2,657 Dividends declared per share $ .17 $ .40 $ .64 $ .85
Dec. 31 Dec. 31
1995 1994
Total assets $ 356,813 $ 335,354
Cash and other investments 35,128 19,763
Loans and mortgage-backed securities 311,007 307,496
Savings deposits 290,785 277,439
Shareholders' equity 47,115 45,590
Book value per share 17.79 17.29
CONTACT: Ameriana Bancorp, New Castle Harry J. Bailey, 317/529-2230 |
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