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Ameriana Bancorp Reports First Quarter Net Income Of $121,000 Or $0.04 Per Share

"Our first quarter performance reflected the effects of several cross currents, including a slowdown in mortgage lending consistent with broader industry trends," Gassen continued. "As a result, fee income from these services declined from the year-earlier period. Deposits also increased on a comparable quarter basis, which given the pull-back in lending has the potential to cause margin compression in the future. On the other hand, credit quality remained stable in the first quarter compared with the fourth quarter of 2010, with no significant development of new non-performing loans and further indications from many customers that their operations are beginning to strengthen. All in all, we believe our first quarter results provide a solid start to the year.

"While we are cautiously optimistic that business conditions will continue to improve," Gassen added, "we recognize that real estate values remain under pressure and meaningful earnings growth is still dependent on greater expansion of the economic recovery, which to date has appeared neither consistent nor broad-based. The political and regulatory climate also remains uncertain. Against this backdrop, we remain committed to our long-term strategies to strengthen the Ameriana franchise, build shareholder value, and work to position our company to take advantage of opportunities for growth as conditions improve."

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, 2010, 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.


Unaudited Financial Highlights

(In thousands, except per share amounts)
  Three Months Ended March 31,
  2011       2010  
Interest income $ 4,766 $ 5,083
Interest expense   1,337     1,800  
Net interest income 3,429 3,283
Provision for loan losses   360     360  
Net interest income after provision for loan losses 3,069 2,923
Other income 1,389 1,352
Other expense   4,401     4,286  
Income (loss) before income taxes 57 (11 )
Income tax benefit   64     91  
Net income $ 121   $ 80  
Earnings per share:
Basic $ 0.04   $ 0.03  
Diluted $ 0.04   $ 0.03  
Weighted average shares outstanding:
Basic   2,989     2,989  
Diluted   2,989     2,989  
Dividends declared per share $ 0.01   $ 0.01  

Net interest margin (fully tax-equivalent basis)
  3.76 %   3.51 %


Unaudited Financial Highlights (Continued)

(In thousands, except per share amounts)
  March 31, 2011   Dec. 31,

  March 31,

Total assets $ 441,184 $ 429,657 $ 440,414
Cash and cash equivalents 31,262 11,747 20,148
Investment securities available for sale 32,769 38,608 30,869
Loans receivable 313,451 316,927 323,483
Allowance for loan losses   4,416     4,212     3,963  
Loans, net 309,035 312,715 319,520
Allowance for loan losses as a percentage of loans receivable 1.41 % 1.33 % 1.23 %
Non-performing loans $ 10,886 $ 11,247 $ 9,386
Allowance for loan losses as a percentage of

non-performing loans
40.6 % 37.4 % 42.2 %
Non-interest-bearing $ 38,093 $ 34,769 $ 32,159
Interest-bearing   316,872     303,209     304,537  
354,965 337,978 336,696
Borrowed funds $ 45,810 $ 51,810 $ 63,810
Shareholders' equity 33,190 33,251 32,733
Book value per share 11.10 11.12 10.95
Regulatory capital ratios for Ameriana Bank:
Tier 1 leverage ratio 8.74 % 8.93 % 8.54 %
Tier 1 risk-based capital ratio 11.82 % 11.86 % 11.58 %
Total risk-based capital ratio 13.08 % 13.11 % 12.83 %

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