This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ameriana Bancorp Reports Third Quarter 2013 Net Income Of $561,000 Or $0.19 Per Share

Stocks in this article: ASBI

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,353.95 +158.53 0.92%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,620.8430 +54.7050 1.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs