AMERIANA ANNOUNCES SECOND QUARTER EARNINGS UP 14% TO $.25 PER SHARE.NEW CASTLE, Ind.--(BUSINESS WIRE)--July 25, 1996--Ameriana Bancorp (The Nasdaq Stock Market Nasdaq stock market The 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 second quarter and six months ended June 30, 1996. Ameriana's net income for the second quarter of 1996 increased 8% to $842,000 compared with $781,000 in the year-earlier period, while net income per share increased 14% to $.25 from $.22 last year. Net interest income for the quarter rose 2% to $2,916,000 compared with $2,854,000 in the year-earlier period. The provision for loan losses totaled $21,000 versus $31,000 last year. For the first half of 1996, net income increased 10% to $1,742,000 versus $1,587,000 in the same period last year, while net income per share increased 13% to $.51 compared with $.45 last year. Net interest income rose 2% to $5,822,000 compared with $5,717,000 a year ago. The provision for loan losses was $39,000 compared with $109,000 in the first six months of 1995. All share and per share amounts have been restated to reflect the four-for-three stock split declared on February 26, 1996. "We are very pleased with the Company's progress during the second quarter," said Harry J. Bailey, President and Chief Executive Officer. "Ameriana's higher earnings in 1996 reflects the growth of net interest income. This trend provides an encouraging sign about the potential for continued growth in the second half of the year, especially as we look toward our expansion into the Indianapolis market later this fall with the opening of a new branch office 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. ." 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 area. Ameriana Bancorp also offers title insurance through Indiana Title Insurance Company. In addition to its banking services, Ameriana Bank, through Ameriana Financial Services, 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 Six Months Ended June 30 June 30 1996 1995 1996 1995 Interest income $ 7,029 $ 6,419 $ 13,924 $ 12,461 Interest expense 4,113 3,565 8,102 6,744 Net interest income 2,916 2,854 5,822 5,717 Provision for loan losses 21 31 39 109 Net interest income after provision for loan losses 2,895 2,823 5,783 5,608 Other income 522 539 1,080 1,126 Other expense 2,112 2,099 4,104 4,196 Income before income taxes 1,305 1,263 2,759 2,538 Income taxes 463 482 1,017 951 Net income $ 842 $ 781 $ 1,742 $ 1,587 Earnings per share $ .25 $ .22 $ .51 $ .45 Weighted average shares 3,316 3,501 3,392 3,504 Dividends declared per share $ .14 $ .11 $ .28 $ .22 June 30 December 31 1996 1995 Total assets $ 402,051 $ 356,813 Cash and other investments 69,888 35,128 Loans and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. 320,183 311,007 Savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. 318,328 290,785 Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 44,609 47,115 Book value per share 13.51 13.34 All share and per share amounts have been restated to reflect the four-for-three stock split declared on February 26, 1996. CONTACT: Ameriana Bancorp, New Castle Harry J. Bailey, 317/529-2230 |
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