Non-interest income for the first quarter of 2012 declined $109,000, or 7.9%, from the year-earlier quarter primarily due to reduced income from other real estate owned coupled with an increase in write-downs, as the Company continues to aggressively pursue the disposition of properties acquired through foreclosure. Non-interest expense for the first quarter of 2012 declined $282,000, or 6.4%, primarily due to a reduction in salaries and employee benefits, and lower FDIC insurance premiums.

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 March 31,
2012     2011
Interest income $ 4,559 $ 4,766
Interest expense   1,042     1,337  
Net interest income 3,517 3,429
Provision for loan losses   255     360  
Net interest income after provision for loan losses 3,262 3,069
Other income 1,280 1,389
Other expense   4,119     4,401  
Income before income taxes 423 57
Income tax (benefit)   78     (64 )
Net income $ 345   $ 121  
 
Earnings per share:
Basic $ 0.12   $ 0.04  
Diluted $ 0.12   $ 0.04  
 
Weighted average shares outstanding:
Basic   2,989     2,989  
Diluted   2,989     2,989  
 
Dividends declared per share $ 0.01   $ 0.01  
 
Net interest margin (fully tax-equivalent basis)   3.764 %   3.756 %
 
 

AMERIANA BANCORP

Unaudited Financial Highlights (Continued)

(In thousands, except per share amounts)
 
   

March 31, 2012
   

Dec. 31, 2011
   

March 31, 2011
Total assets $ 443,114 $ 429,791 $ 441,184
Cash and cash equivalents 27,221 9,709 31,262
Investment securities available for sale 42,153 43,847 32,769
Loans receivable 313,884 316,641 313,451
Allowance for loan losses   4,032     4,132     4,416  
Loans, net 309,852 312,509 309,035
 
Allowance for loan losses as a percentage of loans receivable 1.28 % 1.30 % 1.41 %
Non-performing loans $ 8,620 $ 8,828 $ 10,886

Allowance for loan losses as a percentage of non-performing loans
46.8 % 46.8 % 40.6 %
 
Deposits:
Non-interest-bearing $ 48,092 $ 40,197 $ 38,093
Interest-bearing   306,780     297,053     316,872  
354,872 337,250 354,965
 
Borrowed funds $ 45,810 $ 49,810 $ 45,810
Shareholders' equity 34,800 34,505 33,190
Book value per share 11.64 11.54 11.10
 
Regulatory capital ratios for Ameriana Bank:
Tier 1 leverage ratio 8.98 % 9.23 % 8.74 %
Tier 1 risk-based capital ratio 12.43 % 12.32 % 11.82 %
Total risk-based capital ratio 13.69 % 13.58 % 13.08 %

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