AMERIANA ANNOUNCES YEAR-END RESULTS.NEW CASTLE, Ind.--(BUSINESS WIRE)--Jan. 27, 1995--Harry J. Bailey, President and Chief Executive Officer of 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 continued strength in the Company's banking operations. He noted that the Company's income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the reached the second highest mark in Ameriana's history in 1994, following a record year in 1993. "Ameriana's continued progress during the past year, despite a volatile interest rate environment, reflects its strong position in the communities it serves," Bailey commented. "To capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these strengths, we initiated in 1994 the first significant expansion program for Ameriana Bank in several years. The first phase of that program, completed in March, involved the opening of a new full-service branch in Anderson, Indiana Anderson is a city in Madison County, Indiana, United States. The city is the county seat of Madison CountyGR6. It is the principal city of the Anderson, Indiana Metropolitan Statistical Area which encompasses Madison county. , in order to enhance our existing mortgage lending presence there by offering a complete line of 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. . Additionally, we embarked on plans to relocate 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 to address the growth of that community. Our new branch in Greenfield opened January 16, 1995." Ameriana's net income for 1994 totaled $4,712,000 or $1.77 per share compared with $3,687,000 or $1.39 per share in 1993. Net income for 1994 included a fourth quarter gain of $1,450,000 or $.55 per share from the settlement of a lawsuit against Aetna Casualty and Surety Company related to previously announced 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. . In the first quarter of 1993, Ameriana adopted a new accounting standard for income taxes, the cumulative effect of which added $127,000 or $.05 per share to income for 1993. Excluding these gains, Ameriana's 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 for 1994 totaled $3,262,000 or $1.22 per share in 1994 compared with operating earnings of $3,560,000 or $1.34 per share in 1993. Net income for the fourth quarter of 1994 totaled $2,197,000 or $.82 per share compared with $834,000 or $.32 per share last year. Earnings for 1994 included the gain from settlement of litigation. Bailey noted that the earnings for the prior year, and particularly for the fourth quarter of 1993, benefitted from the sale of fixed-rate loans Fixed-rate loan A loan whose rate is fixed for the life of the loan. into the secondary market. The volume of these sales declined significantly in 1994, resulting in lower related income. Reduced gains on the sale of loans was the principal reason for the Company's lower operating earnings in 1994 compared with 1993. Bailey also pointed out that during the fourth quarter of 1994, Ameriana's Board of Directors declared a special dividend of $.25 per share, in effect distributing to its shareholders approximately one-half of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). the Company received in connection with the settlement of the Aetna litigation. This special dividend, combined with Ameriana's regular quarterly dividend payments, resulted in a declared distribution to shareholders for 1994 totaling $.85 per share. 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 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 data)
Three Months Ended Year Ended
December 31 December 31
1994 1993 1994 1993
Interest income $ 5,822 $ 5,414 $ 21,876 $ 22,515
Interest expense 2,860 2,711 10,646 11,290
Net interest income 2,962 2,703 11,230 11,225
Provision for loan losses 37 44 181 324
Net interest income after
provision for loan losses 2,925 2,659 11,049 10,901
Other income 552 845 2,589 2,548
Other expense 2,290 2,154 8,495 7,632
Income from continuing operations
before income taxes and
cumulative effect of change
in accounting principle 1,187 1,350 5,143 5,817
Income taxes 440 516 1,881 2,257
Income from continuing operations
before effect of change in
accounting principle 747 834 3,262 3,560
Discontinued operations:
recovery of costs
from discontinued
operations, net of
income taxes of $747 1,450 -- 1,450 --
Income before cumulative
effect of change
in accounting 2,197 834 4,712 3,560
Cumulative effect of change
in accounting for
income taxes -- -- -- 127
Net income $ 2,197 $ 834 $ 4,712 $ 3,687
Earnings per share:
Income from
continuing operations $ .27 $ .32 $ 1.22 $ 1.34
Income from discontinued
operations .55 -- .55 --
Cumulative effect of
change in
accounting -- -- -- .05
---------- ---------- ---------- ----------
$ .82 $ .32 $ 1.77 $ 1.39
Dividends declared per share $ .40 $ .15 $ .85 $ .54
December 31 December 31
1994 1993
Total assets $ 335,354 $ 325,843
Cash and other investments 16,816 26,050
Loans and mortgage-backed securities 307,496 288,625
Savings deposits 277,439 276,811
Shareholders' equity 45,590 43,731
CONTACT: Ameriana Bancorp, New Castle Harry J. Bailey, 317/529-2230 |
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