Ameriana Reports Second Quarter Results; Receives Regulatory Approval for New Trust Department.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)--Aug. 3, 1999-- Ameriana Bancorp (Nasdaq: ASBI ASBI American Segmental Bridge Institute ) today announced results for the second quarter and six months ended June 30, 1999. Net income per share was $.25 on 3.4 million average shares outstanding for the second quarter of 1999 versus $.25 on 3.6 million average share outstanding for the year-earlier period, reflecting the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of shares under the Company's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Net interest income for the second quarter was $3,080,000 compared with $3,047,000 in the year-earlier period, while the Company's provision for loan losses amounted to $30,000 versus $36,000 in the same quarter last year. Net income for the second quarter of 1999 totaled $861,000 versus $915,000 in the same period last year. For the first half of 1999, net interest income was $6,133,000 compared with $6,093,000, while the Company's provision for loan losses was $68,000 compared with $72,000 in the first six months of 1998. Net income for the period was $1,658,000 or $.48 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 compared with $1,943,000 or $.53 per diluted share in the first six months of 1998. All per share amounts have been restated to give effect to a January 1999 11-for-10 stock split, distributed in the form of a 10% stock dividend. Commenting on the results, Harry J. Bailey, President and Chief Executive Officer, said, "We are pleased to note that Ameriana's strong earnings for the second quarter, on a diluted per share basis, matched last year's record level. This accomplishment is especially satisfying considering the competitive environment in which we operate and the several 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. growth initiatives that we have implemented recently. While these measures were not expected to contribute to earnings right away, and in fact have had a negative impact on profits near term during the start-up Start-up The earliest stage of a new business venture. of new operations, we have been pleased with the progress of Ameriana's newest programs and continue to see them as strategic to the Company from a competitive standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the and in terms of creating greater future value for shareholders. "In particular, we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the growth of our new Business Services Division, which has helped Ameriana accelerate its commercial lending -- by 29% for the first six months -- which offset to some extent the highly competitive conditions witnessed in the home mortgage market," he continued. "Also, the three branches acquired last year have added strength to our franchise in both Indiana and Ohio; we expect to continue this process with the opening later this year of another branch facility in New Palestine, Indiana New Palestine is a town in Hancock County, Indiana, along Sugar Creek. The population was 1,264 at the 2000 census. Geography New Palestine is located at (39.722566, -85.889824)GR1. ." Bailey noted that groundbreaking for the new Ameriana Bank of Indiana office in New Palestine occurred recently and that the Company expects the branch to open during the fourth quarter of 1999. Ameriana also announced today that it has received regulatory approval for its new Trust Department, which will provide trust and investment management services to Ameriana customers. Bailey said, "We are very pleased to receive swift regulatory approval for our new Trust Department. Ameriana customers now will be able to obtain comprehensive financial and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the services which integrate banking and trust investment relationships in a convenient, timely, and cost-effective manner. These trust services will create a new level of synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with our brokerage and banking services, providing a more complete response to the increasingly complex needs of our customers. At a time when many larger regional and super-regional banks have all but abandoned personal service, particularly in our local markets, we believe Ameriana can meet these growing needs and at the same time enhance both the bank's profitability and shareholder value." 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. There are certain important factors that could cause actual results to differ materially from those anticipated by the statements made herein. Among the factors that could cause actual results to differ from predicted or expected results are: 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, 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 of Indiana and Ameriana Bank of Ohio, 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 and owns Ameriana Insurance Agency, a full-service insurance agency. In addition to its banking services, Ameriana provides a full line of investments and securities products in branch-located brokerage centers and, through a financial services subsidiary, has an interest in a life insurance company. -0-
AMERIANA BANCORP
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
------------------ ------------------
1999 1998 1999 1998
------- ------- ------- -------
Interest income $ 6,882 $ 6,950 $13,769 $14,003
Interest expense 3,802 3,903 7,636 7,910
------- ------- ------- -------
Net interest income 3,080 3,047 6,133 6,093
Provision for loan losses 30 36 68 72
------- ------- ------- -------
Net interest income after
provision for loan losses 3,050 3,011 6,065 6,021
Other income 771 824 1,551 1,649
Other expense 2,560 2,381 5,144 4,651
------- ------- ------- -------
Income before income taxes 1,261 1,454 2,472 3,019
Income taxes 400 539 814 1,076
------- ------- ------- -------
Net income $ 861 $ 915 $ 1,658 $ 1,943
======= ======= ======= =======
Earnings per share:
Basic $ 0.25 $ 0.25 $ 0.48 $ 0.55
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Diluted $ 0.25 $ 0.25 $ 0.48 $ 0.53
======= ======= ======= =======
Weighted average shares:
Basic 3,419 3,578 3,455 3,572
======= ======= ======= =======
Diluted 3,446 3,633 3,485 3,630
======= ======= ======= =======
Dividends declared
per share $ 0.15 $ 0.15 $ 0.30 $ 0.29
======= ======= ======= =======
June 30 Dec. 31
1999 1998
-------- --------
Total assets $413,084 $405,718
Cash and other investments 96,456 100,619
Loans and mortgage-backed securities, net 282,403 287,496
Deposits 335,605 333,989
Shareholders' equity 43,997 45,349
Book value per share 12.98 12.92
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