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Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced earnings for the third quarter of 2013 of $561,000, or $0.19 per basic and diluted share, compared with $465,000, or $0.16 per basic and diluted share, for the third quarter of 2012.
For the first nine months of 2013, Ameriana's net income increased $443,000, or 35.1%, to $1.7 million, or $0.57 per basic and diluted share, compared with $1.3 million, or $0.42 per basic and diluted share, in the year-earlier period.
Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "We are pleased to report continued improvement in earnings over the prior-year periods, and loan portfolio growth in the third quarter that is critical to maintaining the Company's earnings growth momentum. The Company's success in increasing non-interest revenue has also been an important contributing factor." Gassen also noted "the net interest margin for the third quarter was essentially unchanged from the same quarter a year earlier, which was a positive result given the current difficult interest rate environment for financial institutions.
"I am particularly pleased with our progress in improving the Bank's credit metrics," Gassen continued. "As a result of our strong efforts, coupled with slowly improving economic conditions, non-performing loans are down, and we've also experienced favorable results in disposing of foreclosed properties, all of which have allowed us to reduce our provision for loan losses." He commented that "major challenges currently facing the industry include continuing modest loan demand and deposit customers' increasing propensity to pursue other investment alternatives in search of higher returns."
Net loans receivable of $318.8 million at September 30, 2013 represented an increase of $5.3 million for the quarter, due primarily to $7.7 million growth in the Bank's residential real estate portfolio that was achieved while also generating mortgage banking revenue that exceeded the same quarter a year earlier. Totals for non-performing loans of $7.4 million and other real estate owned of $6.0 million at September 30, 2013 were reduced from the year earlier totals by 13.3% and 23.8%, respectively.