This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Fourth Quarter Net Income Of $102,000 Or $0.03 Per Share

Stocks in this article: ASBI

Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced net income of $102,000 or $0.03 per basic and diluted share for the fourth quarter of 2010 compared with $128,000 or $0.04 per basic and diluted share for the fourth quarter of 2009. For 2010, net income totaled $553,000 or $0.19 per basic and diluted share versus a net loss of $264,000 or $(0.09) per basic and diluted share for 2009.

The provision for loan losses totaled $555,000 for the fourth quarter of 2010 and $1.9 million for the year, which represented decreases of $352,000 and $247,000 from the three and twelve months ended December 31, 2009, respectively. Total non-performing loans increased $3.7 million for the quarter and were up $2.2 million for the year. Non-performing loans were 3.55% and 2.78% of total loans at December 31, 2010 and 2009, respectively. The allowance for loan losses increased to $4.2 million at December 31, 2010, or 1.33% of total loans. Other real estate owned declined $730,000 from September 30, 2010, reflecting several sales that occurred during the fourth quarter.

For the fourth quarter of 2010, Ameriana Bancorp's net interest margin on a fully tax-equivalent basis was 3.78%, 16 basis points higher than the third quarter of 2010 and 44 basis points higher than the fourth quarter of 2009. For 2010, the Company's net interest margin on a fully tax-equivalent basis was 3.63%, up 56 basis points from 2009.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to report a profit for the final quarter of 2010 – which is the sixth consecutive profitable quarter for our company. Other highlights for the year included an ongoing strengthening in net interest margin, which was up steadily during the year and 56 basis points higher year over year. Also, a higher level of income from core business for the year, combined with continued expense control, contributed to an improved efficiency ratio for 2010. Of course, during the past year we were adversely affected by high credit costs as we continued to confront a difficult economic environment and we experienced an increase in non-performing loans in the fourth quarter. However, a substantial portion of that increase already has been placed on defined work-out programs as we continue to take appropriate steps to address problem assets in our portfolio.

1 of 3

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!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

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