Ameriana Bancorp (ASBI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Ameriana Bancorp

CIK: 855574 Ticker: ASBI



                                                                   EXHIBIT 99.1

                          [AMERIANA BANCORP LETTERHEAD]

News Release

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

                              AND YEAR-END RESULTS

NEW CASTLE, Ind. (February 6, 2009) - Ameriana Bancorp (NASDAQ:ASBI) today
announced results for the fourth quarter and year ended December 31, 2008. For
the quarter, Ameriana reported a net loss of $418,000 or $0.14 per share
compared with a net loss of $160,000 or $0.05 per share for the fourth quarter
of 2007. Results for the fourth quarter of 2008 included costs related to the
expansion of Ameriana's footprint in the Indianapolis market, the cost of
divesting certain non-core operations, and also reflected higher credit costs as
Ameriana and the banking industry continue to confront challenging economic

         Ameriana remained profitable for the year, posting net income of
$741,000 or $0.25 per share for 2008 compared with net income of $1,184,000 or
$0.39 per share for 2007. The results for 2007 benefited from a recovery of
earlier charge-offs totaling $2,750,000 ($1,815,000 or $0.61 per share after

         Jerome J. Gassen, President and Chief Executive Officer, said, "Despite
the emergence of significant pressures on the economy during 2008 and the very
real challenges they present for Ameriana, we are pleased that the Company
achieved growth in loans and deposits during the year, which was the primary
driver for our 20% year-over-year increase in net interest income. This
performance reflects the ongoing success of long-term strategies to build
Ameriana's franchise, both in terms of extending our physical reach as well as
expanding our product capabilities.

         "We recently added two new banking centers, one each in Fishers and
Carmel," Gassen continued, "strengthening our presence along a fast-growing
corridor on the northeast side of Indianapolis, and we are well along in plans
to add another banking center in Westfield by mid-year. We also completed a
significant renovation at our Greenfield banking center that incorporates the
new look and feel of the Ameriana brand, something we believe will change
perceptions of what a bank can be. Regarding new product capabilities, we have
put in place a full-service business model at Ameriana, with a strong focus on
commercial banking. This not only has provided a new avenue for loan and deposit
growth, but it also has added greater diversity to our balance sheet.

         "In addition to these growth initiatives, we have continued to focus on
safety and soundness at Ameriana," Gassen added. "During 2008, we increased our
loan loss provision to address the growth in our loan portfolio as well as the
increase in non-performing loans due to the challenging economic times. Despite
rising during the last half of 2008, the level of non-performing loans remains
at less than 2% of the total portfolio, the total of loans 31 to 90 days
delinquent has been reduced to 0.6% of total outstandings, and we continue to
monitor and work through problem credits in an effort to minimize credit
losses." Gassen noted that Ameriana Bank maintained a strong capital position
throughout 2008 and ended the year with a total risk-based capital ratio of
12.87%, well above the 10.00% level required under regulatory guidelines to be
considered "well capitalized." In January 2009, Ameriana announced that it has
been approved to participate in the Treasury Department's Capital Purchase
Program, under which Ameriana expects to issue $9,791,000 in preferred stock.

ASBI Reports Year-end 2008 Results
Page 2
February 6, 2009

         Looking ahead to the upcoming year, Gassen said, "With little clarity
on the depth of the current recession or the timing of a possible economic
recovery in 2009, we anticipate that our operations in the year ahead will
remain under some pressure. The downturn in real estate and business in general
likely will keep credit costs at an elevated level and may dampen loan growth.
As we continue to deal with these troubled times, we are pleased with the
fundamental strength of our Company and believe we remain on a path for improved
performance over the long term."

         Gassen noted that three significant factors affected the Company's
fourth quarter results for 2008. The first was Ameriana's sale of its entire
20.94% interest in Indiana Title Insurance Company, with the loss of $227,000
being reported as a reduction of other income. Second, the Company wrote-down a
commercial loan by $259,000, which contributed to the quarter's increase in the
provision for loan losses. Third, the Company's cost structure now includes the
two new banking centers opened during the fourth quarter of 2008. While these
centers are not expected to reach profitability for a period of time, they
quickly contributed to deposit growth in 2008, gathering almost $3 million in
new deposits over the last several weeks of the year.

         The Company's net interest margin on a fully tax-equivalent basis for
the fourth quarter declined eight basis points to 3.04% from 3.12% in the third
quarter of 2008, but was 14 basis points higher than 2.90% in the year-earlier
quarter. The decline in the net interest margin from the trailing quarter
reflected the effect of the Federal Reserve's interest rate reductions on
prime-rate indexed loans, as well as the impact of a higher level of
non-performing loans. For 2008, the net interest margin rose 33 basis points to
3.08% from 2.75% for 2007.

         At December 31, 2008, the combined total of loans 31 to 90 days
delinquent, non-accruing loans, and other real estate owned remained relatively
stable compared with the end of the prior quarter. The increase in non-accruing
loans during the quarter represented primarily the migration of one- to
four-family residential mortgages from the 31 to 90 days delinquent category.
Ameriana has not participated in the sub-prime lending market, either as an
originator or purchaser.

         For the fourth quarter and year ended December 31, 2008, the Company
recorded an income tax benefit of $434,000 and $781,000, respectively. The
income tax benefit for both periods resulted from the pre-tax loss and the
effect of a significant amount of tax-exempt income from bank-owned life
insurance (BOLI) and from municipal securities and loans.

         Ameriana's total assets were $463,502,000 at December 31, 2008, up 9%
from $426,791,000 at December 31, 2007. The Company's loan portfolio increased
10% to $325,525,000 at December 31, 2008, from $296,950,000 at December 31,
2007. Investment securities totaled $75,371,000 at December 31, 2008, up 13%
from $66,692,000 at December 31, 2007. The increase resulted from purchases of
U.S. government agency mortgage-backed securities.

         Total deposits were $324,406,000 at December 31, 2008, which
represented a 3% increase from $314,746,000 at December 31, 2007. The Company
continues to focus on strategies designed to grow total balances in the
typically more stable multi-product deposit relationships. Borrowings grew to
$97,735,000 at December 31, 2008, from $68,513,000 at December 31, 2007, with
these additional funds supporting the growth in the loan and investment
securities portfolios.


ASBI Reports Year-end 2008 Results
Page 3
February 6, 2009

         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 an interest in Family Financial
Holdings, Inc. Ameriana Financial Services 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, 2007, and our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30,
2008, and September 30, 2008, 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.


ASBI Reports Year-end 2008 Results Page 4 February 6, 2009 AMERIANA BANCORP UNAUDITED FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ------------------------------ ------------------------------ 2008 2007 2008 2007 ------------- ------------- ------------- ------------- Interest income $ 5,939 $ 6,046 $ 23,581 $ 23,900 Interest expense 2,891 3,449 11,788 14,078 ------------- ------------- ------------- ------------- Net interest income 3,048 2,597 11,793 9,822 Provision (credit) for loan losses 453 120 1,250 (1,627) ------------- ------------- ------------- ------------- Net interest income after provision for loan losses 2,595 2,477 10,543 11,449 Other income 612 531 3,801 3,494 Other expense 4,059 3,522 14,384 13,978 ------------- ------------- ------------- ------------- Income (loss) before income taxes (852) (514) (40) 965 Income tax benefit (434) (354) (781) (219) ------------- ------------- ------------- ------------- Net income (loss) $ (418) $ (160) $ 741 $ 1,184 ============= ============= ============= ============= Earnings (loss) per share: Basic $ (0.14) $ (0.05) $ 0.25 $ 0.39 ============= ============= ============= ============= Diluted $ (0.14) $ (0.05) $ 0.25 $ 0.39 ============= ============= ============= ============= Weighted average shares outstanding: Basic 2,989 2,989 2,989 3,000 ============= ============= ============= ============= Diluted 2,989 2,989 2,989 3,000 ============= ============= ============= ============= Dividends declared per share $ 0.04 $ 0.04 $ 0.16 $ 0.16 ============= ============= ============= ============= DEC. 31, SEPT. 30, DEC. 31, 2008 2008 2007 ------------- ------------- ------------- Total assets $ 463,502 $ 467,802 $ 426,791 Cash and cash equivalents 8,449 17,806 17,172 Investment securities available for sale 75,371 78,221 66,692 Loans receivable 325,525 317,739 296,950 Allowance for loan losses 2,990 3,014 2,677 ------------- ------------- ------------- Loans, net 322,535 314,725 294,273 Allowance for loan losses as a percentage of loans receivable 0.92% 0.95% 0.90% Non-performing loans $ 6,218 $ 4,467 $ 2,638 Allowance for loan losses as a percentage of non-performing loans 48.1% 67.5% 101.5% Deposits: Non-interest-bearing $ 22,071 $ 22,806 $ 20,429 Interest-bearing 302,335 297,969 294,317 ------------- ------------- ------------- 324,406 320,775 314,746 Borrowed funds $ 97,735 $ 105,235 $ 68,513 Shareholders' equity 33,776 32,982 33,646 Book value per share 11.30 11.03 11.26

The following information was filed by Ameriana Bancorp (ASBI) on Monday, February 9, 2009 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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Ameriana Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2009 10-K Annual Report includes:

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SEC Filing Tools
Ticker: ASBI
CIK: 855574
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-067924
Submitted to the SEC: Mon Mar 30 2009 5:25:44 PM EST
Accepted by the SEC: Mon Mar 30 2009
Period: Wednesday, December 31, 2008
Industry: Savings Institution Federally Chartered

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