This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ameriana Bancorp Reports Net Income Of $80,000 Or $0.03 Per Share For The First Quarter Of 2010

Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced results for the first quarter ended March 31, 2010. For the quarter, Ameriana reported net income of $80,000 or $0.03 per basic and diluted share, compared with a net loss of $113,000 or $(0.04) per basic and diluted share for the first quarter of 2009 and continuing a positive earnings trend that began in the second half of 2009.

Ameriana's year-over-year earnings improvement primarily reflected an 8% or $242,000 increase in net interest income driven by a continued improvement in net interest margin, and a $241,000 decrease in net costs of other real estate owned ("OREO") from $384,000 in the year-earlier quarter, reduced by a $181,000 increase in FDIC insurance premiums.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to announce another profitable quarter for Ameriana, our third consecutive quarter reflecting positive momentum in our operations. Although business conditions remain challenging overall and credit costs remain high, the steps we took last year to improve margins and strengthen our balance sheet – together with broader, longstanding strategies to expand our market reach and increase our focus on commercial lending – continue to pay off for Ameriana. Additionally, we continue to see signs that the credit cycle may be improving, with the most notable indication being a recent and significant decline in the level of our past due performing loans. Together, these factors underscore a solid and encouraging start to 2010 for Ameriana."

Gassen noted that the new banking centers in Carmel, Fishers and Westfield remain central to the Company's strategy to strengthen and differentiate Ameriana's brand, establish a wider customer base, and provide new catalysts for loan and deposit growth over the longer term. "We are pleased with the way our newest banking centers are ramping up, consistent with our expectations, and we are gratified by the positive response we have received from customers who experience the difference that Ameriana brings to banking," Gassen added.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs