Ameriana Reports First Quarter Earnings Per Share Up 22%.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)--April 28, 2000 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 announced results for the first quarter ended March 31, 2000. Net interest income for the first quarter was $3,116,000 compared with $3,053,000 in the year-earlier period, while the Company's provision for loan losses amounted to $70,000 versus $38,000 in the same quarter last year. Net income for the first quarter of 2000 totaled $1,065,000 or $.34 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 and included positive, one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. adjustments to certain cash surrender values The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses. on key man insurance policies, totaling approximately $197,000. Excluding these adjustments, net income for the first quarter of 2000 increased 9% to $868,000 from $797,000 in the same period last year. On a diluted per share basis, without the one-time adjustments, net income rose 22% to $.28 from $.23 in the year-earlier period. Commenting on the results, Harry J. Bailey, President and Chief Executive Officer, said, "Ameriana posted a strong start to the new year with solid earnings from lending operations and noteworthy growth in service and other income. This progress, in part, reflects our continued efforts to expand Ameriana's market reach and enhance the value of its franchise through new services and added locations. Importantly, we have translated that revenue momentum into higher earnings and, in combination with our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, a much more attractive return on equity capital." 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 "intend," "believe," or "expect," or variations of such words or similar expressions, involve risks and uncertainties which could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, 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, and the uncertainties associated with newly developed or acquired operations. The Company undertakes no obligation to release revisions to these forward-looking statements publicly 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 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 is a bank holding company. 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 and Trust of 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). and Ameriana Bank of Ohio, 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 of Indiana also offers trust and investment management services and has an interest in a life insurance company. In addition to these financial services, Ameriana Bancorp offers title insurance through Indiana Title Insurance Company and owns Ameriana Insurance Agency, a full-service insurance agency.
AMERIANA BANCORP
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended
March 31
2000 1999
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Interest income $ 8,501 $ 6,887
Interest expense 5,385 3,834
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Net interest income 3,116 3,053
Provision for loan losses 70 38
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Net interest income after provision for
loan losses 3,046 3,015
Other income 1,098 784
Other expense 2,690 2,587
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Income before income taxes 1,454 1,212
Income taxes 389 415
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Net income $ 1,065 $ 797
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Earnings per share:
Basic $ 0.34 $ 0.23
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Diluted $ 0.34 $ 0.23
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Weighted average shares:
Basic 3,146 3,491
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Diluted 3,146 3,526
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Dividends declared per share $ 0.15 $ 0.15
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March 31 Dec. 31
2000 1999
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Total assets $504,425 $486,349
Cash and other investments 103,786 113,508
Loans and mortgage-backed securities, net 368,909 340,447
Deposits 353,803 355,759
Shareholders' equity 40,630 40,029
Book value per share 12.91 12.72
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