Ameriana Reports Higher Fourth Quarter and Full Year Earnings; Announces Strategic Initiatives for Continued Growth.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. 8, 1999--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 fourth quarter and year ended December December: see month. 31, 1998. Highlights included record net interest income and earnings for both the quarter and year, another increase in Ameriana's dividend payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. , and the continued expansion of the Company's banking network in 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 Ohio during 1998. Ameriana's net income for the fourth quarter of 1998 increased 10% to $962,000 or $.27 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 versus $872,000 or $.25 per diluted share in the same period last year. Net interest income for the fourth quarter rose 4% to $3,088,000 compared with $2,966,000 in the year-earlier period, while the Company's provision for loan losses declined to $51,000 versus $95,000 in the same quarter last year. For 1998, net income rose 5% to $3,838,000 or $1.06 per diluted share compared with $3,632,000 or $1.01 per diluted share in 1997. Net interest income increased 3% to $12,308,000 compared with $11,987,000 last year, while the Company's provision for loan losses declined to $159,000 compared with $242,000 in 1997. All per share amounts have been restated to give effect to a January January: see month. 1999 11-for-10 stock split, distributed in the form of a 10% stock dividend. "We are pleased to report the second consecutive year of record operating results standably declined during the year. Yet, with coer sources, particularly gains on sales of loans associated with increased 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. , translated intle the year marked important financial milestonng, we acquired a privately held commercial ban along the I-71 corridor north of the city. Durst durst v. Archaic A past tense and a past participle of dare. of Indianapolis in 1997, is expected to open in the second half of 1999." When operational, this new offir and commercial banking services to the southwest of Ameriana's current marketing region. "Ameriana al services to a second location within our 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. office, in order to increase our penetration of the Ivices for business customers. Additionally, we otential for cross-selling various services across our customer base, and this new program will help us take ent in the future of our franchise," Bailey saise types of investments are necessary to enhance our competitive position in the market and increase sharehos, stands in testament to the success that can bBank of Ohio, offers an extensive line of banking services through branches in central Indiana and in the gra Insurance Agency, a full-service insurance agency. In addition to its banking services, Ameriana provides ry, has an interest in a life insurance company. -0-
AMERIANA BANCORP
est income $ 7,094 $ 7,294 $28,3 12,308 11,987
Provision for
loan losses 51 95 159 242
------- ------- ------- -------
3,037 2,871 12,149 11,745
Other in ======= ======= =======
Diluted $ 0.27 $ 0.25 $ 1.06 $ 1.01
======= ======= ======= =======
Weighted average shares:
Basic 3,513 3,554 3,562 3,572
======= ======= ======= =======
Diluted 3,552 3,610 3,610 3,611
======= ======= ======= =======
Dividends declared
per share $ 0.15 $ 0.14 $ 0.59 $ 0.56
======= ======= ======= =======
Dec. 31 Dec. 31
1998 1997
-------- --------
Total assets $405,718 $390,868
Cash and other investments 104,207 54,016
Loans and mortgage-backed
securities, net 286,212 324,386
Deposits 333,989 322,217
Shareholders' equity 45,349 44,435
Book value per share 12.92 12.49
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