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Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced net income of $121,000 or $0.04 per basic and diluted share for the first quarter of 2011 compared with $80,000 or $0.03 per basic and diluted share for the first quarter of 2010.
Ameriana Bancorp's net interest margin on a fully tax-equivalent basis was 3.76% for the first quarter of 2011. This represented a decline of two basis points from the fourth quarter of 2010 as a result of higher overall deposit levels and relatively soft loan demand, but was 25 basis points higher than the first quarter of 2010. Total deposits in the quarter increased $17.0 million, with $6.2 million coming from callable brokered certificates of deposit and $11.7 million from increased levels of checking, savings and money-market accounts, while non-brokered certificates of deposit decreased $882,000. Funds from the new brokered deposits were used to repay a $6.0 million note to the Federal Home Loan Bank, reducing total borrowing to $45.8 million.
The provision for loan losses totaled $360,000 for the first quarter of 2011, down $195,000 from the fourth quarter of 2010 and flat compared with the year-earlier quarter. The allowance for loan losses increased to 1.41% of total loans at March 31, 2011, from 1.33% of total loans at December 31, 2010, and 1.23% of total loans at March 31, 2010. Total non-performing loans at the end of the first quarter declined $361,000 to $10.9 million from December 31, 2010. Non-performing loans were 3.4% of total loans at March 31, 2011, also down slightly from the end of the prior quarter. Other real estate owned (OREO) declined slightly from the fourth quarter of 2010. The total of classified loans (substandard, non-accrual and OREO) declined $3.5 million from December 31, 2010.
Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to report Ameriana's ongoing profitability in the first quarter of 2011, especially considering the continued challenges that our industry faces. With these results, the Company has remained profitable for seven consecutive quarters.