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Ameriana Bancorp's Net Income For The Fourth Quarter Of 2011 Rises To $453,000 Or $0.15 Per Share

Total deposits declined $5.6 million or 1.6% on a linked-quarter basis, primarily as a result of $8.4 million of brokered certificates of deposit either maturing or being called and redeemed by the Bank, and a $4.0 million net outflow of retail certificate of deposit balances. These declines were partially offset by an increase of $5.9 million in checking, savings and money market accounts, reflecting the Bank's ongoing focus on core deposits as well as a preference among customers for greater liquidity. Total deposits at December 31, 2011, declined $728,000 or 0.2% from year-end 2010, as all brokered certificates of deposit, which totaled $10.4 million at the beginning of 2011, either matured or were called and redeemed during the year.

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, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, 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 December 31,

 

Year Ended December 31,

2011   2010 2011   2010
Interest income $ 4,532 $ 4,881 $ 18,794 $ 19,985
Interest expense   1,091     1,439     4,870     6,574  
Net interest income 3,441 3,442 13,924 13,411
Provision for loan losses   515     555     1,385     1,933  

Net interest income after provision for loan losses

2,926 2,887 12,539 11,478
Other income 1,682 1,250 5,628 5,650
Other expense   4,066     4,109     17,004     16,817  
Income before income taxes 542 28 1,163 311
Income tax (benefit)   89     (74 )   21     (242 )
Net income $ 453   $ 102   $ 1,142   $ 553  
 
Earnings per share:
Basic $ 0.15   $ 0.03   $ 0.38   $ 0.19  
Diluted $ 0.15   $ 0.03   $ 0.38   $ 0.19  
 
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   $ 0.04   $ 0.04  
 
Net interest margin (fully tax-equivalent basis)   3.75 %   3.78 %   3.73 %   3.63 %
 
 

AMERIANA BANCORP

 Unaudited Financial Highlights (Continued)

(In thousands, except per share amounts)

 
 

Dec. 31, 2011

 

Sept. 30, 2011

 

Dec. 31, 2010

Total assets $ 429,791 $ 431,183 $ 429,657
Cash and cash equivalents 9,709 26,440 11,747
Investment securities available for sale 43,847 40,535 38,608
Loans receivable 316,641 303,576 316,927
Allowance for loan losses   4,132     4,229     4,212  
Loans, net 312,509 299,347 312,715
Allowance for loan losses as a percentage of loans receivable 1.30 % 1.39 % 1.33 %
Non-performing loans $ 8,828 $ 9,055 $ 11,247

Allowance for loan losses as a percentage of non-performing loans

46.8 % 46.7 % 37.4 %
Deposits:
Non-interest-bearing $ 40,197 $ 39,846 $ 34,769
Interest-bearing   297,053     303,040     303,209  
337,250 342,886 337,978
 
Borrowed funds $ 49,810 $ 45,810 $ 51,810
Shareholders' equity 34,505 34,201 33,251
Book value per share 11.54 11.44 11.12
 
Regulatory capital ratios for Ameriana Bank:
Tier 1 leverage ratio 9.23 % 8.84 % 8.93 %
Tier 1 risk-based capital ratio 12.32 % 12.37 % 11.86 %
Total risk-based capital ratio 13.58 % 13.64 % 13.11 %
 




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