Ameriana Bancorp Reports Year-End 2002 Earnings.Business Editors 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. .--(BUSINESS WIRE)--Feb. 7, 2003 Ameriana Bancorp (NASDAQ/NM:ASBI ASBI American Segmental Bridge Institute ) today reported results for the fourth quarter and year ended December 31, 2002. As previously announced, Ameriana set aside additional reserves during the fourth quarter, primarily for two pools of commercial leases that have been classified as non-accruing. This charge, totaling $5.6 million or $1.08 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, led to a net loss of $2,410,000 or $0.77 per diluted share for the fourth quarter compared with net income of $1,216,000 or $0.39 per diluted share reported in the same period last year. Net interest income for the fourth quarter of 2002 was $3,308,000 versus $3,459,000 in the year-earlier period, with the decline largely reflecting the non-accrual of interest income on the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. leases. The provision for loan losses was $5,750,000 in the fourth quarter versus $90,000 in the same quarter last year - the quarter-over-quarter change again reflecting the additional reserves set aside in the fourth quarter of 2002. For the year ended December 31, 2002, the Company incurred a net loss of $3,075,000 or $0.98 per diluted share compared with net income of $3,800,000 or $1.21 per diluted share in 2001. Net interest income for the year was $12,433,000 versus $12,390,000 in 2001 while the provision for loan losses amounted to $7,300,000 compared with $360,000 in the prior year. Commenting on the results, Harry J. Bailey, President and Chief Executive Officer, said, "The events and 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 of the past year - including historically low interest rate levels, an anemic anemic pertaining to anemia. economy and heightened political tensions - provided an unusual and uncertain operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for Ameriana and many companies in our industry during 2002. In light of these challenges, we continued to take action throughout 2002 to address business development, credit quality and interest rate risk, all with a view toward the long-term interest of our Company and its shareholders. By addressing these issues head on, even though they called for tough and decisive action, we believe we have positioned Ameriana favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to take advantage of any upturn in the economy that occurs in 2003 and, more important, to remain resilient See resiliency. should the timing and nature of that upturn continue to be elusive." 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, the Company offers an extensive line of banking services and provides a range of investments and securities products 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. As its name implies, Ameriana Bank and Trust also offers trust and investment management services, has interests in Family Financial Life Insurance Company 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, identified by words such as "view" and "believe," 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 and changes in interest rates, increased competition, changes in consumer demand for 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. , the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the amount of losses incurred from the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of certain of the Company's investments, the eventual outcome 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. to enforce certain surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. agreements, 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 release revisions to these forward-looking statements publicly to reflect events or circumstances 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 to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report 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
-------------------- --------------------
2002 2001 2002 2001
-------- -------- -------- --------
Interest income $ 6,638 $ 9,072 $ 29,974 $ 36,633
Interest expense 3,330 5,613 17,541 24,243
-------- -------- -------- --------
Net interest income 3,308 3,459 12,433 12,390
Provision for loan
losses 5,750 90 7,300 360
-------- -------- -------- --------
Net interest income after
provision for loan
losses (2,442) 3,369 5,133 12,030
Gain on disposition
of assets -- -- 1,247 --
Other income 1,604 1,522 4,763 4,513
Loss on disposition
of investments -- -- 3,271 --
Penalty for early pay-off
of FHLB advances -- -- 1,077 --
Other expense 3,097 3,172 12,389 11,278
-------- -------- -------- --------
Income (loss) before
income taxes (3,935) 1,719 (5,594) 5,265
Income taxes (benefit) (1,525) 503 (2,519) 1,465
-------- -------- -------- --------
Net income (loss) $ (2,410) $ 1,216 $ (3,075) $ 3,800
======== ======== ======== ========
Earnings (loss) per share:
Basic $ (0.77) $ 0.39 $ (0.98) $ 1.21
======== ======== ======== ========
Diluted $ (0.77) $ 0.39 $ (0.98) $ 1.21
======== ======== ======== ========
Weighted average shares:
Basic 3,147 3,147 3,147 3,147
======== ======== ======== ========
Diluted 3,148 3,150 3,149 3,148
======== ======== ======== ========
Dividends declared per
share $ 0.16 $ 0.16 $ 0.64 $ 0.61
======== ======== ======== ========
Dec. 31 Dec. 31
2002 2001
-------- --------
Total assets $454,196 $552,079
Cash and other investments 45,761 11,810
Investment securities 58,155 140,629
Loans, net 304,586 347,465
Deposits 402,187 412,413
Borrowed funds 6,432 88,593
Shareholders' equity 39,040 42,895
Non-performing loans 18,442 2,573
Book value per share 12.40 13.63
Note: 2001 balance sheet amounts have been restated to conform to 2002
presentation.
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