Exhibit 99.1

 

LOGO

 

      Contact:  

Jerome J. Gassen

President and Chief Executive Officer

(765) 529-2230

        

AMERIANA BANCORP REPORTS SECOND QUARTER 2014 NET INCOME

OF $603,000 OR $0.20 PER SHARE

NEW CASTLE, Ind. (July 18, 2014) – Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced earnings for the second quarter of 2014 of $603,000, or $0.20 per basic and diluted share, compared with $531,000, or $0.18 per basic and diluted share, for the second quarter of 2013.

For the first six months of 2014, Ameriana’s net income increased to $1.3 million, or $0.45 per basic and diluted share, compared with $1.1 million, or $0.38 per basic and diluted share, in the year-earlier period.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, “We are pleased with our continued growth in earnings over the same period a year earlier, which resulted from improvement in our credit metrics and interest from investment securities. The Bank’s efforts to grow its loan portfolio in the second quarter were hampered by the repayment of several large low-income housing loans, but a strong commercial pipeline at the end of the quarter is expected to produce more favorable results in the second half of the year.” Gassen also noted that noninterest expense declined from the same periods a year earlier, and although the net interest margin for the second quarter declined seven basis points from the same quarter in 2013, it still remains relatively stable given the current interest rate environment.

“I am particularly pleased with our progress in reducing non-performing loans and in shrinking our portfolio of other real estate owned (OREO),” Gassen continued. “Non-performing loans decreased to $4.6 million as of quarter end from $6.6 million at June 30, 2013, which also represented a $2.0 million improvement from the year-earlier total of $8.6 million.” OREO declined to $5.7 million at June 30, 2014, from $6.1 million and $8.5 million at June 30, 2013 and June 30, 2012, respectively.

-MORE-


The following information was filed by Ameriana Bancorp (ASBI) on Monday, July 21, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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