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

As part of its efforts to manage credit issues and boost the Company's allowance for loan losses in the face of a still-elevated level of net charge-offs and non-performing loans, Ameriana recorded a $360,000 provision for loan losses in the first quarter of 2010. The Company's allowance for loan losses was $4.0 million or 1.23% of total loans at March 31, 2010, virtually level with the allowance at December 31, 2009, and up from $3.2 million or 0.95% of total loans at March 31, 2009.

Ameriana Bancorp is a bank holding company. Through its wholly owned subsidiary, Ameriana Bank, the Company offers an extensive line of banking services and provides a range of investments and securities products through banking centers in the central Indiana area. Ameriana Bank owns Ameriana Insurance Agency, a full-service insurance agency, and Ameriana Financial Services, which offers securities and insurance products through LPL Financial (Member FINRA/SIPC).

This news release contains forward-looking statements 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 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, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets, changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. For discussion of these and other risks that may cause actual results to differ from expectations, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2009, on file with the Securities and Exchange Commission, including the section entitled "Risk Factors." The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required 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

March 31,

2010   2009
Interest income $ 5,083 $ 5,823
Interest expense   1,800     2,782  
Net interest income 3,283 3,041
Provision for loan losses   360     338  
Net interest income after provision for loan losses 2,923 2,703
Other income 1,370 778
Other expense   4,304     3,855  
Loss before income taxes (11 ) (374 )
Income tax benefit   (91 )   (261 )
Net income (loss) $ 80   $ (113 )
 
Earnings (loss) per share:
Basic $ 0.03   $ (0.04 )
Diluted $ 0.03   $ (0.04 )
 
Weighted average shares outstanding:
Basic   2,989     2,989  
Diluted   2,989     2,989  
 
Dividends declared per share $ 0.01   $ 0.04  
 
  March 31,

2010

Dec. 31,

2009

March 31,

2009

Total assets $ 440,414 $ 441,563 $ 496,280
Cash and cash equivalents 20,148 19,588 33,874
Investment securities available for sale 30,869 35,841 65,878
Loans receivable 323,483 325,549 339,000
Allowance for loan losses   3,963     4,005     3,225  
Loans, net 319,520 321,544 335,775
Allowance for loan losses as a percentage of loans receivable 1.23 % 1.23 % 0.95 %
Non-performing loans $ 9,386 $ 9,052 $ 3,292

Allowance for loan losses as a percentage of non-performing loans

42.2 % 44.2 % 98.0 %
Deposits:
Non-interest-bearing $ 32,159 $ 29,531 $ 24,057
Interest-bearing   304,537     308,850     334,526  
336,696 338,381 358,583
 
Borrowed funds $ 63,810 $ 64,185 $ 94,235
Shareholders' equity 32,733 32,575 33,784
Book value per share 10.95 10.90 11.30




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