While the levels of non-performing assets and net charge-offs reflect a certain amount of stability in credit quality, the Company recognizes that the ongoing decline in asset values often makes a favorable resolution of problem loans difficult. 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 $658,000 provision for loan losses in the second quarter of 2010. The Company's allowance for loan losses was $4.0 million or 1.32% of total loans at June 30, 2010, up from 1.23% of total loans at December 31, 2009 and 1.07% of total loans at June 30, 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).
Ameriana Bancorp Reports Second Quarter Net Income Of $229,000 Or $0.08 Per Share
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