AMERIANA BANCORP REPORTS THIRD QUARTER 2014 NET INCOME
OF $501,000 OR $0.17 PER SHARE
NEW CASTLE, Ind. (October 20, 2014) – Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced earnings for the third quarter of 2014 of $501,000, or $0.17 per basic and diluted share, compared with $561,000, or $0.19 per basic and diluted share, for the third quarter of 2013.
For the first nine months of 2014, Ameriana’s net income increased to $1.8 million, or $0.61 per basic and diluted share, compared with $1.7 million, or $0.57 per basic and diluted share, in the year-earlier period.
Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, “Although earnings for the third quarter were lower than those of the same quarter a year earlier, we are pleased to report that earnings for the first nine months of 2014 exceeded earnings for the same period of 2013 by $127,000, or 7.4%. The lower quarter-over-quarter earnings resulted mostly from sluggish mortgage banking activity and a $159,000 drop in net gains from sales of investments and other real estate owned. Additionally in the third quarter, we incurred start-up costs associated with the September opening of our Noblesville Banking Center and a planned fourth quarter opening of our Fishers Crossing Banking Center, both located in Hamilton County in the greater Indianapolis metropolitan area. We have continued to focus on this vibrant market as we further develop both our retail and commercial growth strategies.
“I am also pleased that we achieved meaningful results in our efforts to grow the Bank’s loan portfolio, as we generated third quarter growth of $8.1 million and also carried a substantial commercial loan pipeline into the fourth quarter,” Gassen continued. “Deposits provided by both existing and new banking centers will contribute to funding the current pipeline as well as future growth strategies for the Bank.”
Total loans receivable increased $9.0 million, or 2.8%, to $325.0 million at September 30, 2014, from December 31, 2013, while total investment securities of $56.9 million at September 30, 2014, represented an increase of $16.8 million, or 41.8%, from December 31, 2013. For the same nine-month period, total deposits increased $13.4 million, or 3.7%, to $376.1 million.
The following information was filed by Ameriana Bancorp (ASBI) on Tuesday, October 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.