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Ameriana Bancorp Reports Second Quarter Net Income Of $270,000 Or $0.09 Per Share

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.

AMERIANA BANCORP

Unaudited Financial Highlights

(In thousands, except per share amounts)
 
Three Months Ended June 30, Six Months Ended

June 30,
  2011     2010     2011     2010  
Interest income $ 4,823 $ 5,117 $ 9,589 $ 10,200
Interest expense   1,255     1,745     2,592     3,545  
Net interest income 3,568 3,372 6,997 6,655
Provision for loan losses   255     658     615     1,018  
Net interest income after provision

for loan losses
3,313 2,714 6,382 5,637
Other income 1,249 1,719 2,638 3,071
Other expense   4,310     4,220     8,711     8,506  
Income before income taxes 252 213 309 202
Income tax benefit   18     16     82     107  
Net income $ 270   $ 229   $ 391   $ 309  
 
Earnings per share:
Basic $ 0.09   $ 0.08   $ 0.13   $ 0.10  
Diluted $ 0.09   $ 0.08   $ 0.13   $ 0.10  
 
Weighted average shares outstanding:
Basic   2,989     2,989     2,989     2,989  
Diluted   2,989     2,989     2,989     2,989  
 
Dividends declared per share $ 0.01   $ 0.01   $ 0.02   $ 0.02  
 
Net interest margin (fully tax-equivalent basis)   3.74 %   3.61 %   3.75 %   3.56 %

AMERIANA BANCORP

Unaudited Financial Highlights (Continued)

(In thousands, except per share amounts)
     
June 30, 2011 Dec. 31, 2010 June 30,

2010
Total assets $ 444,061 $ 429,657 $ 430,741
Cash and cash equivalents 27,742 11,747 20,775
Investment securities available for sale 40,318 38,608 39,767
Loans receivable 311,076 316,927 306,513
Allowance for loan losses   4,119     4,212     4,033  
Loans, net 306,957 312,715 302,480
Allowance for loan losses as a percentage of loans receivable 1.32 % 1.33 % 1.32 %
Non-performing loans $ 8,136 $ 11,247 $ 5,872
Allowance for loan losses as a percentage of

non-performing loans
50.6 % 37.4 % 68.7 %
Deposits:
Non-interest-bearing $ 38,906 $ 34,769 $ 31,374
Interest-bearing   315,259     303,209     300,411  
354,165 337,978 331,785
 
Borrowed funds $ 45,810 $ 51,810 $ 58,810
Shareholders' equity 33,475 33,251 33,381
Book value per share 11.20 11.12 11.17
 
Regulatory capital ratios for Ameriana Bank:
Tier 1 leverage ratio 8.60 % 8.93 % 8.70 %
Tier 1 risk-based capital ratio 12.07 % 11.86 % 12.12 %
Total risk-based capital ratio 13.32 % 13.11 % 13.38 %

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