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Ameriana Bancorp Second Quarter 2012 Net Income Of $453,000 Or $0.15 Per Share

Consistent with trends seen across the banking industry, Ameriana has experienced a small decline in its loan portfolio as demand was affected by uncertain business and economic conditions; however, the Bank believes it currently has a strong pipeline in place. Similarly, the Bank has experienced deposit growth as customers seek increased liquidity, but at the same time, the Bank has reduced its average cost of total deposits.

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, 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 June 30,

Six Months Ended June 30,

2012   2011 2012   2011
Interest income $ 4,555 $ 4,823 $ 9,114 $ 9,589
Interest expense   1,013     1,255     2,055     2,592  
Net interest income 3,542 3,568 7,059 6,997
Provision for loan losses   380     255     635     615  

Net interest income after provision for loan losses

3,162 3,313 6,424 6,382
Other income 1,352 1,249 2,632 2,638
Other expense   3,935     4,310     8,054     8,711  
Income before income taxes 579 252 1,002 309
Income tax (benefit)   126     (18 )   204     (82 )
Net income $ 453   $ 270   $ 798   $ 391  
 
Earnings per share:
Basic $ 0.15   $ 0.09   $ 0.27   $ 0.13  
Diluted $ 0.15   $ 0.09   $ 0.27   $ 0.13  
 
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)   3.69 %   3.74 %   3.73 %   3.75 %
 
     
AMERIANA BANCORP
Unaudited Financial Highlights (Continued)

(In thousands, except per share amounts)

 

June 30, 2012

Dec. 31, 2011

June 30, 2011

Total assets $ 449,928 $ 429,791 $ 444,061
Cash and cash equivalents 37,711 9,709 27,742
Investment securities available for sale 43,504 43,847 40,318
Loans receivable 307,807 316,641 311,076
Allowance for loan losses   4,103     4,132     4,119  
Loans, net 303,704 312,509 306,957
 
Allowance for loan losses as a percentage of loans receivable 1.33 % 1.30 % 1.32 %
Non-performing loans $ 8,590 $ 8,828 $ 8,136

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

47.8 % 46.8 % 50.6 %
 
Deposits:
Non-interest-bearing $ 47,715 $ 40,197 $ 38,906
Interest-bearing   313,411     297,053     315,259  
361,126 337,250 354,165
 
Borrowed funds $ 45,810 $ 49,810 $ 45,810
Shareholders' equity 35,501 34,505 33,475
Book value per share 11.88 11.54 11.20
 
Regulatory capital ratios for Ameriana Bank:
Tier 1 leverage ratio 8.96 % 9.23 % 8.60 %
Tier 1 risk-based capital ratio 13.00 % 12.32 % 12.07 %
Total risk-based capital ratio 14.27 % 13.58 % 13.32 %




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