Contact:
Jerome J. Gassen
   
President and Chief Executive Officer
   
(765) 529-2230
     
AMERIANA BANCORP REPORTS NET INCOME OF $128,000 OR $0.04 PER SHARE
FOR THE FOURTH QUARTER OF 2009

NEW CASTLE, Ind. (February 8, 2010) – Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced results for the fourth quarter and year ended December 31, 2009.  The Company's profit for the fourth quarter continued a positive earnings trend in the second half of the year.

For the fourth quarter, Ameriana reported net income of $128,000 or $0.04 per basic and diluted share, compared with a net loss of $418,000 or $0.14 per basic and diluted share for the fourth quarter of 2008.  For the year ended December 31, 2009, Ameriana's net loss was $264,000 or $0.09 per basic and diluted share, compared with net income of $741,000 or $0.25 per basic and diluted share in the same period last year.

Ameriana's earnings for the fourth quarter of 2009 primarily reflected the benefit of gains on sales of securities and higher net interest income, which reflected a continued improvement in net interest margin.  These increases helped offset a higher provision for loan losses for the quarter, additional write-downs of other real estate owned ("OREO"), and a significant increase in FDIC insurance.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, "As expected, 2009 was a tough year for banking, marked by an increase in credit costs and reduced lending activity – both symptoms of the severe recession that began in late 2008.  Considering these challenges, we are pleased with Ameriana's fundamental performance over the past year as we maintained a reasonably stable loan portfolio in 2009, and as we returned to profitability in the second half because of the strength of improved margins along with strategic sales of investment securities.
 
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2118 Bundy Avenue
PO Box H
New Castle, IN 47362-1048
765.529.2230
Fax 765.521.7628
www.ameriana.com

The following information was filed by Ameriana Bancorp (ASBI) on Tuesday, February 9, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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