Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced earnings for the first quarter of 2012 of $345,000, or $0.12 per basic and diluted share, compared with $121,000, or $0.04 per basic and diluted share, for the first quarter of 2011. This marked the 11th consecutive profitable quarter for Ameriana.
Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to announce that financial performance improvements for Ameriana in the first quarter of 2012 translated into a tripling of net income per diluted share compared with the prior-year period. This increase reflected the impact of a lower provision for loan losses, an increase in net interest income due primarily to lower funding costs, and a reduction in non-interest expense.
"During the first quarter, we continued to see signs of a pick-up in segments of the economy, including housing, retail and manufacturing," Gassen continued. "As a result, we added resources in the growing areas of mortgage production and commercial lending, but at the same time we continued to contain expense growth."
Gassen noted that the Company's loan portfolio declined $2.8 million, or 0.9%, to $313.9 million at the end of the first quarter of 2012 after an encouraging increase in production during the fourth quarter of 2011, but commented that the decline could quickly reverse. The Company has a solid pipeline of both residential and commercial loans that is expected to result in improved production levels in the second quarter of 2012.Total deposits of $354.9 million at March 31, 2012, represented a 5.2% increase over total deposits at December 31, 2011, that was primarily a result of growth in non-maturity deposits. Total deposits were relatively unchanged from a year earlier, but at March 31, 2012, the Company had no brokered certificates of deposit compared with $16.5 million at March 31, 2011.
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