Ameriana Reports Third Quarter 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)--Nov. 2, 2001 Ameriana Bancorp (Nasdaq:ASBI ASBI American Segmental Bridge Institute ) today announced results for the third quarter and nine months ended September September: see month. 30, 2001. Net income for the quarter totaled $751,000 or $0.24 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 net income of $863,000 or $0.27 per diluted share reported in the same period last year. Net interest income for the quarter was $2,797,000 compared with $3,013,000 in the year-earlier period, while the provision for loan losses amounted to $90,000 versus $119,000 in the same quarter last year. For the first nine months of 2001, net income totaled $2,584,000 or $0.82 per diluted share compared with $2,804,000 or $0.89 per diluted share in the year-earlier period. Net interest income for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period was $8,931,000 versus $9,292,000 in the first nine months of last year, while the provision for loan losses amounted to $270,000 compared with $298,000 in the year-earlier period. Commenting on the results, Harry J. Bailey, President and Chief Executive Officer, said, "Ameriana continued to post a solid operating performance during the past quarter, despite a steadily slowing general economy and mounting consumer and business uncertainties related to recent terrorist activities in our country. Throughout this time our loan volume has trended ahead of expectations, aided by declining interest rates. These same rate trends have focused more customer interest on fixed-rate loans Fixed-rate loan A loan whose rate is fixed for the life of the loan. , which we typically resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. in the secondary markets as part of our asset and liability management strategy, resulting in higher gains on sales of loans for the period. On the other hand, even with declining interest rate levels and the continuing run-off of higher cost deposits from late 2001, we witnessed a slight deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in interest margin during the third quarter versus the same quarter last year, accompanied by a reduction in our interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . Taken together, these forces have restrained net interest income while strengthening our gains from the sale of loans, resulting in total revenue for Ameriana - including interest and other sources of income - that was virtually in line with our expectations for the quarter, as was the Company's level of earnings for the quarter. "Looking ahead, we expect to see renewed growth in the level of our interest earning assets going forward and continued strong loan volume due to the significant reductions in market interest rates that have occurred this year," Bailey continued. "As we continue to overcome the higher funding costs experienced in late 2000, these rate and volume trends should begin to have a positive impact on our results in 2002." 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 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 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 an interest in Family Financial Life 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 "believe," "will," "expect," "should," and "outlook" 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, 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
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
------------------- -------------------
2001 2000 2001 2000
-------- -------- -------- --------
Interest income $ 8,565 $ 9,579 $ 27,561 $ 27,233
Interest expense 5,768 6,566 18,630 17,941
-------- -------- -------- --------
Net interest income 2,797 3,013 8,931 9,292
Provision for loan losses 90 119 270 298
-------- -------- -------- --------
Net interest income after
provision for loan
losses 2,707 2,894 8,661 8,994
Other income 999 857 2,991 2,812
Other expense 2,690 2,654 8,106 8,092
-------- -------- -------- --------
Income before income taxes 1,016 1,097 3,546 3,714
Income taxes 265 234 962 910
-------- -------- -------- --------
Net income $ 751 $ 863 $ 2,584 $ 2,804
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Earnings per share:
Basic $ 0.24 $ 0.27 $ 0.82 $ 0.89
Diluted $ 0.24 $ 0.27 $ 0.82 $ 0.89
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Weighted average shares:
Basic 3,147 3,147 3,147 3,146
Diluted 3,150 3,147 3,148 3,147
======== ======== ======== ========
Dividends declared per
share $ 0.15 $ 0.15 $ 0.45 $ 0.45
======== ======== ======== ========
Sept. 30 Dec. 31
2001 2000
-------- --------
Total assets $511,383 $557,288
Cash and other investments 61,235 114,197
Loans and mortgage-backed securities, net 417,179 409,295
Deposits 391,512 367,595
Shareholders' equity 42,879 41,711
Book value per share 13.63 13.26
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