Ameriana Bancorp Reports Fourth Quarter, Year-end 2005 Results.NEW CASTLE, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- Ameriana Bancorp (NASDAQ/NM: ASBI ASBI American Segmental Bridge Institute ) today announced earnings for the quarter and year ended December December: see month. 31, 2005. Net income for the fourth quarter totaled $172,000 or $0.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up from $108,000 or $0.03 per diluted share reported for the same period last year. Net income for 2005 totaled $2,058,000 or $0.65 per diluted share compared with net income of $1,426,000 or $0.45 per diluted share for 2004. Net income for 2005 reflected total recoveries of $3,400,000 in the Commercial Money Center ("CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ") matter, including a payment of $2,300,000 received during the first quarter in 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. against one of the sureties for the lease pools and a payment of $1,100,000 received during the second quarter in settlement of the CMC bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . These amounts were recorded as recoveries to the allowance for loan losses, resulting in an adjustment for loan losses of $2,852,000 for the year ended December 31, 2005, compared with a provision for loan losses of $392,000 for 2004. Net income for 2005 also reflected an increase of $1,132,000 or 8% in other expenses over 2004, primarily because the Company made a voluntary payment of $1,100,000 in the first quarter of 2005 to fund a portion of its pension liability. Other expenses for the fourth quarter of 2005 declined $370,000 or 10% from the year-earlier period. Net interest income for the fourth quarter was $2,358,000 compared with $2,568,000 for the year-earlier period, reflecting continued margin compression caused by a highly competitive lending and deposit environment and a flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve. Net interest income for 2005 was $9,787,000 versus $10,765,000 for 2004. During 2005, Ameriana experienced solid loan growth, with net loans increasing 11% for the year. This growth, virtually all of which occurred in the second half of the year, reflected in large part the addition of two seasoned commercial lenders Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
A middle-market newspaper is one that attempts to cater to readers who want some entertainment value from their newspaper as well as adequate serious coverage of significant news business lending. Ameriana continued to experience improving credit quality in the fourth quarter. Non-accrual loans declined $371,000 or 13% to $2,468,000 at December 31, 2005, compared with non-accrual loans at September September: see month. 30, 2005, and were 57% below the year-end 2004 level of $5,736,000. These declines primarily reflected third-quarter actions to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. on a commercial real estate loan, successfully restructure another commercial real estate loan, and partially charge off a third commercial real estate loan. The Company's higher provision for loan losses in the fourth quarter versus the same period last year was attributable primarily to increased loan volume in the second half of the year, primarily in commercial loans, which carry greater risk than residential lending. Commenting on the results, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to report a profitable conclusion to 2005, with higher earnings for both the fourth quarter and year versus comparable 2004 periods. There were a number of highlights in the Company's performance during 2005, including sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. recoveries of past loan losses, a continuing and dramatic improvement in
asset quality and, more recently, our ability to bring other expenses
down based on actions to control costs. Still, an overall challenging
market environment persisted throughout the year, with continued
pressures on interest margins and a further downturn DownturnThe transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in mortgage loan originations 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. and related gains on sales of loans following a steeper decline in 2004. "In response to these challenges, we have undertaken a thorough review of our business and strategies and have identified what we believe are several opportunities to enhance our operating performance," Gassen continued. "The initiatives we have crafted to address these challenges touch on all areas and levels of our organization. Clearly, we cannot change the fundamental dynamics of interest rate changes and how they affect our near-term results, but I am pleased to see progress in growing loans and reducing expenses, which should improve our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. performance and extend the progress we have witnessed in 2005. In 2006, we will remain focused on improving the soundness of our organization, growing core earnings, and expanding customer relationships in the communities we serve." Ameriana Bancorp is a bank holding company. Through its wholly owned subsidiary 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 and Trust SB, the Company offers an extensive line of banking services and provides a range of investments and securities products through branches in the central Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). area. As its name implies, Ameriana Bank and Trust SB also offers trust and investment management services. The Bank has interests in Family Financial Holdings, Inc. and Indiana Title Insurance Company, and owns Ameriana Insurance Agency, a full-service insurance agency. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions Market Disruption A situation where markets cease to function in a regular manner, typically characterized by rapid and large market declines. Market disruptions can result from both physical threats to the stock exchange or a unusual trading (as in a crash). and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.
AMERIANA BANCORP
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31 December 31
--------------------- ---------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Interest income $ 5,232 $ 4,691 $ 19,782 $ 18,331
Interest expense 2,874 2,123 9,995 7,566
--------- --------- --------- ---------
Net interest income 2,358 2,568 9,787 10,765
Provision (adjustment)
for loan losses 145 117 (2,852) 392
--------- --------- --------- ---------
Net interest income
after provision for
loan losses 2,213 2,451 12,639 10,373
Other income 1,050 961 4,115 3,961
Other expense 3,202 3,572 14,513 13,381
--------- --------- --------- ---------
Income before income
taxes 61 (160) 2,241 953
Income tax (benefit)
expense (111) (268) 183 (473)
--------- --------- --------- ---------
Net income $ 172 $ 108 $ 2,058 $ 1,426
========= ========= ========= =========
Earnings per share:
Basic $ 0.05 $ 0.03 $ 0.65 $ 0.45
========= ========= ========= =========
Diluted $ 0.05 $ 0.03 $ 0.65 $ 0.45
========= ========= ========= =========
Weighted average shares
outstanding:
Basic 3,170 3,151 3,160 3,149
========= ========= ========= =========
Diluted 3,179 3,180 3,173 3,181
========= ========= ========= =========
Dividends declared per
share $ 0.16 $ 0.16 $ 0.64 $ 0.64
========= ========= ========= =========
Dec. 31 Dec. 31
2005 2004
--------- ---------
Total assets $ 449,369 $ 428,553
Cash and cash equivalents 14,270 17,053
Investment securities held to maturity -- 158,322
Investment securities available for sale 168,686 12,032
Loans, net 218,291 196,344
Deposits 339,351 344,047
Borrowed funds 66,889 40,390
Shareholders' equity 35,657 38,643
Loans accounted for on a non-accrual basis 2,468 5,736
Book value per share 11.23 12.26
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion