[Ameriana Bancorp Letterhead]

                                 Contact:  Jerome J. Gassen
                                           President and Chief Executive Officer
                                           (765) 529-2230


NEW CASTLE, Ind. (February 13, 2007) - Ameriana Bancorp (NASDAQ:ASBI) today
announced results for the fourth quarter and year ended December 31, 2006. The
Company's results reflected previously announced steps taken in the fourth
quarter to restructure its balance sheet and position Ameriana for improved
profitability going forward. These actions included the sale of $34,022,000 of
low-yielding, available-for-sale government agency securities and a charge of
$339,000 for other-than-temporary impairment of available-for-sale equity
securities. Together, these steps had a negative impact on earnings of $881,000
or $0.28 per diluted share after tax in the fourth quarter.

         Primarily because of these charges, together with continued margin
compression and other costs in the fourth quarter, particularly pension plan
expense and legal fees related to certain collection litigation, Ameriana
reported a net loss for the fourth quarter totaling $1,101,000 or $0.35 per
diluted share. Net income was $172,000 or $0.05 per diluted share in the same
period last year. For the year, Ameriana posted a net loss of $970,000 or $0.31
per diluted share for 2006 compared with net income of $2,058,000 or $0.65 per
diluted share for 2005.

         Commenting on the results, Jerome J. Gassen, President and Chief
Executive Officer, said, "Obviously, this was a year of restructuring for
Ameriana as we continued our work to focus the Company as a community bank,
which we believe provides greater opportunities to achieve more attractive,
sustainable and consistent growth in the future. The steps we took to continue
this transformation, such as the repositioning of our investment portfolio, were
difficult, but necessary, and in our view, allow us to have a stronger, more
stable footing to support our goals and strategies. In this regard, we sold
certain available-for-sale securities in an effort to improve our interest rate
position and used the proceeds to repay certain short-term, variable-rate
advances. Moreover, by eliminating the drag from the low-yielding investments,
we expect to see renewed growth in the net interest income going forward, in
tandem with improved net interest margins.

         "Two other important initiatives for us in 2006 concerned the continued
ramp-up of our commercial lending activities and the realization of further
improvements in the credit quality of our loan portfolio," Gassen added. "I am
happy to say that we have made substantial progress in both areas. During the
past year, we added additional commercial lending officers and credit analysts,
steps that have figured prominently in the 14% increase in our loan portfolio
during 2006. To expand on these efforts, in December we announced our intent to
open a loan production office in fast-growing Hamilton County, and we expect
that office to open in April, providing additional momentum to our commercial
lending strategy. With regard to the quality and soundness of our loan
portfolio, in 2006 we created the new position of Chief Credit Officer,
contributing to the significant reduction we achieved in criticized loans during
the year, which declined $5,933,000 or 37% in 2006, on top of the 12% drop we
registered in 2005. We expect our progress in both growing our loan portfolio
and improving its quality will enhance the Company's performance in the future."



ASBI Reports Fourth Quarter, Year-end Results
Page 2
February 13, 2007

         Ameriana's net interest income for the quarter declined to $2,196,000
compared with $2,358,000 in the year-earlier period, reflecting continued margin
pressure. Net interest margin for the fourth quarter was 2.26%, 17 basis points
lower than the year-earlier quarter, with the decline reflecting the ongoing
impact of an inverted yield curve. Net interest income for 2006 was $8,801,000
versus $9,787,000 last year, reflecting the same pressure on margins throughout
the year, as the year-to-date net interest margin declined 29 basis points to
2.29% for 2006.

         Ameriana expects its net interest margin to improve in the coming year
as funds from the disposition of available-for-sale debt and equity securities
are redeployed into higher yielding loans. Additionally, the Company anticipates
less pressure from funding costs in 2007, as rates on deposits appear to have
stabilized and as Ameriana places greater focus on core deposit funding.

         Ameriana's credit quality continued to improve in the fourth quarter.
Non-accrual loans declined $1,322,000 to $3,326,000 as of December 31, 2006,
from $4,648,000 at September 30, 2006, but reflected an increase of $858,000 at
year's end compared with $2,468,000 at December 31, 2005. Non-accrual loans,
relative to total loans outstanding, were 1.32% at December 31, 2006, compared
with 1.85% at September 30, 2006, and 1.12% at December 31, 2005. Ameriana's
provision for loan losses was $75,000 in the fourth quarter versus $145,000 in
the year-earlier period. The provision for loan losses for 2006 was $300,000
versus a credit to the allowance for loan losses of $2,852,000, which reflected
$3,400,000 of lease recoveries in 2005.

         Because of a loss of $1,335,000 on the sales of available-for-sale
securities, other income for the fourth quarter of 2006 was a negative $433,000
compared with other income of $1,050,000 in the same quarter in 2005. For 2006,
other income declined to $2,462,000 from $4,115,000 in 2005, reflecting the
charges associated with repositioning the Company's investment portfolio. For
the fourth quarter, other expense increased to $3,615,000 from $3,202,000 in the
same quarter last year due to additional staffing in the commercial lending and
credit administration areas, a voluntary contribution of $325,000 toward the
Company's unfunded pension plan liability, and higher legal fees related to
ongoing costs of discovery in Ameriana's collection litigation against RLI
Insurance Co. For 2006, other expense declined to $13,366,000 from $14,513,000
in 2005.

         Ameriana's total assets were $437,236,000 at December 31, 2006,
compared with $449,369,000 at December 31, 2005, with the decline primarily
reflecting the disposition of available-for-sale securities in the fourth
quarter of 2006. The Company's loans (net) increased 14% to $249,272,000 at
December 31, 2006, from $218,291,000 at December 31, 2005. The decline in
deposits of 5% to $322,434,000 at the end of 2006 from $339,351,000 at December
31, 2005, was due to a reduction of higher-cost brokered and public-entity
deposits. Total stockholders' equity was $33,124,000 at December 31, 2006,
compared with $35,657,000 at December 31, 2005.


ASBI Reports Fourth Quarter, Year-end Results
Page 3
February 13, 2007

         Ameriana Bancorp is a bank holding company. Through its wholly owned
subsidiary, Ameriana Bank, SB, 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 owns Ameriana Insurance
Agency, a full-service insurance agency, and has interests in Family Financial
Holdings, Inc. and Indiana Title Insurance Company. Ameriana Financial Services
offers securities and insurance products through Linsco/Private Ledger.

          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. 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



ASBI Reports Fourth Quarter, Year-end Results
Page 4
February 13, 2007

AMERIANA BANCORP UNAUDITED FINANCIAL HIGHLIGHTS (In thousands, except per share amounts) THREE MONTHS ENDED YEAR ENDED DECEMBER 31 DECEMBER 31 --------------------------- --------------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Interest income $ 6,079 $ 5,232 $ 22,604 $ 19,782 Interest expense 3,883 2,874 13,803 9,995 ----------- ----------- ----------- ----------- Net interest income 2,196 2,358 8,801 9,787 Provision (adjustment) for loan losses 75 145 300 (2,852) ----------- ----------- ----------- ----------- Net interest income after provision for loan losses 2,121 2,213 8,501 12,639 Other income (loss) (433) 1,050 2,462 4,115 Other expense 3,615 3,202 13,366 14,513 ----------- ----------- ----------- ----------- Income (loss) before income taxes (1,927) 61 (2,403) 2,241 Income tax expense (benefit) (826) (111) (1,433) 183 ----------- ----------- ----------- ----------- Net income (loss) $ (1,101) $ 172 $ (970) $ 2,058 =========== =========== =========== =========== Earnings (loss) per share: Basic $ (0.35) $ 0.05 $ (0.31) $ 0.65 =========== =========== =========== =========== Diluted $ (0.35) $ 0.05 $ (0.31) $ 0.65 =========== =========== =========== =========== Weighted average shares outstanding: Basic 3,108 3,170 3,164 3,160 =========== =========== =========== =========== Diluted 3,113 3,179 3,169 3,173 =========== =========== =========== =========== Dividends declared per share $ 0.04 $ 0.16 $ 0.52 $ 0.64 =========== =========== =========== =========== DEC. 31 DEC. 31 2006 2005 ----------- ----------- Total assets $ 437,236 $ 449,369 Cash and cash equivalents 12,070 14,270 Investment securities available for sale 129,776 168,686 Loans, net 249,272 218,291 Deposits 322,434 339,351 Borrowed funds 74,683 66,889 Shareholders' equity 33,124 35,657 Loans accounted for on a non-accrual basis 3,326 2,468 Book value per share 10.85 11.23

The following information was filed by Ameriana Bancorp (ASBI) on Thursday, February 15, 2007 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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