Ameriana Bancorp Reports a Revision to Earnings for the Three-Month and Six-Month Periods Ended June 30, 2015

Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced that earnings for the second quarter of 2015 previously reported as $278,000, or $0.09 per basic and diluted share, have been revised to $188,000, or $0.06 per basic and diluted share. Earnings for the six month period ended June 30, 2015 have been revised from the previously reported $780,000, or $0.26 per basic and diluted share to $690,000, or $0.23 per basic and diluted share.

The revised financial results reflect increases in income tax expense for the three-month and six-month periods ended June 30, 2015, to $117,000 and $274,000, respectively. The increase in income tax expense of $90,000 for each period was due to the non-deductible nature of a portion of the merger-related expenses incurred by the Company in the second quarter of 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.

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