Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today
announced earnings for the second quarter of 2015 of $278,000, or $0.09
per basic and diluted share, compared with $603,000, or $0.20 per basic
and diluted share, for the second quarter of 2014.
For the first six months of 2015, Ameriana recorded net income of
$780,000, or $0.26 per basic and diluted share, compared with $1.3
million, or $0.45 per basic and diluted share, in the year-earlier
period.
Commenting on the announcement, Jerome J. Gassen, President and Chief
Executive Officer, said, "Earnings for the second quarter were down
sharply from the year earlier quarter due to $407,000 in legal and
investment banking fees, as well as other costs related to our recently
announced merger with Muncie, Indiana-based First Merchants Corporation.
We are excited about the opportunity to join the First Merchants family,
and look forward to the Ameriana franchise becoming a part of one of the
finest banking organizations in our market area."
In late 2015, Ameriana Bank will open its first urban banking center in
the Broad Ripple Meridian Kessler neighborhoods in Indianapolis. The
Bank's innovative approach combines high-tech amenities and
neighborhood-centric branding and design strategies with the Bank's
continued dedication to deliver best-in-class service and financial
expertise.
Gassen also commented that he was "very pleased with the Bank's
continuing success in loan portfolio growth, with an increase of $7.5
million, or 2.4% in the second quarter, bringing total growth for the
first half of 2015 to $11.3 million. Although deposit growth was flat
for the second quarter, we are up $10.5 million, or 2.8% for the first
half of this year." He added that "with our current strong commercial
loan pipeline, we believe we are likely to experience additional loan
portfolio growth in the third quarter."
Ameriana's net interest margin improved six basis points to 3.50% for
the second quarter of 2015 compared with the first quarter of 2015, due
primarily to growth in both the loan portfolio and investment securities
portfolio that utilized funds previously earning a lower yield in
overnight investments.
Total loans receivable of $331.3 million at June 30, 2015 represented an
increase of $11.3 million, or 3.5%, from December 31, 2014, while total
investment securities of $65.0 million represented an increase of $9.8
million from December 31, 2014. For the same six-month period, total
deposits increased $10.5 million, or 2.8%, to $389.4 million at June 30,
2015.
The Bank's allowance for loan losses was $3.9 million at June 30, 2015,
basically unchanged from December 31, 2014. The allowance for loan
losses at June 30, 2015 as a percentage of loans receivable and as a
percentage of non-performing loans was 1.18% and 86.0%, respectively.
Ameriana Bancorp's reported book value per common share increased $0.12
per share to $13.71 at June 30, 2015 from $13.59 at December 31, 2014.
Ameriana Bancorp and Ameriana Bank exceeded all regulatory capital
standards to be considered "well-capitalized" at June 30, 2015.
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, the possibility of unforeseen events affecting the
industry generally, uncertainties associated with newly developed or
acquired operations, the outcome of pending litigation, market
disruptions and other effects of terrorist activities, and the ability
to successfully complete the previously announced merger with First
Merchants Corporation on the expected timeframe. 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, 2014, 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,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Interest income
|
|
|
|
$
|
4,278
|
|
|
|
$
|
4,385
|
|
|
|
$
|
8,447
|
|
|
|
$
|
8,859
|
|
Interest expense
|
|
|
|
|
631
|
|
|
|
|
755
|
|
|
|
|
1,277
|
|
|
|
|
1,513
|
|
Net interest income
|
|
|
|
|
3,647
|
|
|
|
|
3,630
|
|
|
|
|
7,170
|
|
|
|
|
7,346
|
|
Provision for loan losses
|
|
|
|
|
---
|
|
|
|
|
150
|
|
|
|
|
105
|
|
|
|
|
300
|
|
Net interest income after provision for loan losses
|
|
|
|
|
3,647
|
|
|
|
|
3,480
|
|
|
|
|
7,065
|
|
|
|
|
7,046
|
|
Other income
|
|
|
|
|
1,513
|
|
|
|
|
1,383
|
|
|
|
|
3,072
|
|
|
|
|
2,747
|
|
Other expense
|
|
|
|
|
4,855
|
|
|
|
|
4,037
|
|
|
|
|
9,173
|
|
|
|
|
7,954
|
|
Income before income taxes
|
|
|
|
|
305
|
|
|
|
|
826
|
|
|
|
|
964
|
|
|
|
|
1,839
|
|
Income tax
|
|
|
|
|
27
|
|
|
|
|
223
|
|
|
|
|
184
|
|
|
|
|
507
|
|
Net income
|
|
|
|
$
|
278
|
|
|
|
$
|
603
|
|
|
|
$
|
780
|
|
|
|
$
|
1,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.26
|
|
|
|
$
|
0.45
|
|
Diluted
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.26
|
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
3,027
|
|
|
|
|
2,992
|
|
|
|
|
3,024
|
|
|
|
|
2,991
|
|
Diluted
|
|
|
|
|
3,041
|
|
|
|
|
2,997
|
|
|
|
|
3,039
|
|
|
|
|
2,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (fully tax-equivalent basis)
|
|
|
|
|
3.50
|
%
|
|
|
|
3.56
|
%
|
|
|
|
3.47
|
%
|
|
|
|
3.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIANA BANCORP
|
Unaudited Financial Highlights (Continued)
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015
|
|
|
Dec. 31, 2014
|
|
|
June 30, 2014
|
Total assets
|
|
|
|
$
|
480,789
|
|
|
|
$
|
472,818
|
|
|
|
$
|
474,440
|
|
Cash and cash equivalents
|
|
|
|
|
21,487
|
|
|
|
|
33,142
|
|
|
|
|
41,552
|
|
Interest-bearing time deposits
|
|
|
|
|
3,916
|
|
|
|
|
4,164
|
|
|
|
|
2,974
|
|
Investment securities held to maturity
|
|
|
|
|
17,141
|
|
|
|
|
7,082
|
|
|
|
|
2,346
|
|
Investment securities available for sale
|
|
|
|
|
47,820
|
|
|
|
|
48,084
|
|
|
|
|
52,035
|
|
Loans receivable
|
|
|
|
|
331,326
|
|
|
|
|
320,016
|
|
|
|
|
316,919
|
|
Allowance for loan losses
|
|
|
|
|
3,904
|
|
|
|
|
3,903
|
|
|
|
|
4,004
|
|
Loans, net
|
|
|
|
|
327,422
|
|
|
|
|
316,113
|
|
|
|
|
312,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage of loans receivable
|
|
|
|
|
1.18
|
%
|
|
|
|
1.22
|
%
|
|
|
|
1.26
|
%
|
Non-performing loans
|
|
|
|
$
|
4,542
|
|
|
|
$
|
4,391
|
|
|
|
$
|
4,572
|
|
Allowance for loan losses as a percentage of non-performing loans
|
|
|
|
|
86.0
|
%
|
|
|
|
88.9
|
%
|
|
|
|
87.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
|
|
$
|
67,711
|
|
|
|
$
|
61,063
|
|
|
|
$
|
57,622
|
|
Interest-bearing
|
|
|
|
|
321,692
|
|
|
|
|
317,884
|
|
|
|
|
319,613
|
|
|
|
|
|
|
389,403
|
|
|
|
|
378,947
|
|
|
|
|
377,235
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowed funds
|
|
|
|
$
|
42,810
|
|
|
|
$
|
45,810
|
|
|
|
$
|
50,810
|
|
Shareholders' equity
|
|
|
|
|
41,529
|
|
|
|
|
41,052
|
|
|
|
|
39,576
|
|
Book value per share
|
|
|
|
|
13.71
|
|
|
|
|
13.59
|
|
|
|
|
13.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital ratios for Ameriana Bank (A):
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio
|
|
|
|
|
9.41
|
%
|
|
|
|
9.49
|
%
|
|
|
|
9.44
|
%
|
Common equity tier 1 risk-based capital ratio
|
|
|
|
|
13.44
|
%
|
|
|
|
----
|
|
|
|
|
----
|
|
Tier 1 risk-based capital ratio
|
|
|
|
|
13.44
|
%
|
|
|
|
14.38
|
%
|
|
|
|
14.46
|
%
|
Total risk-based capital ratio
|
|
|
|
|
14.62
|
%
|
|
|
|
15.64
|
%
|
|
|
|
15.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(A) Ratios for June 30, 2015 were calculated under new Basel III
capital rules.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150724005790/en/
Copyright Business Wire 2015