Ameriana Bancorp (ASBI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2015

Exhibit 99.1

AMERIANA BANCORP REPORTS SECOND QUARTER 2015 NET INCOME

OF $278,000 OR $0.09 PER SHARE

NEW CASTLE, Ind. (July 24, 2015) – Ameriana Bancorp (NASDAQ: ASBI), parent company for Ameriana Bank, today announced earnings for the second quarter of 2015 of $278,000, or $0.09 per basic and diluted share, compared with $603,000, or $0.20 per basic and diluted share, for the second quarter of 2014.

For the first six months of 2015, Ameriana recorded net income of $780,000, or $0.26 per basic and diluted share, compared with $1.3 million, or $0.45 per basic and diluted share, in the year-earlier period.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive Officer, said, “Earnings for the second quarter were down sharply from the year earlier quarter due to $407,000 in legal and investment banking fees, as well as other costs related to our recently announced merger with Muncie, Indiana-based First Merchants Corporation. We are excited about the opportunity to join the First Merchants family, and look forward to the Ameriana franchise becoming a part of one of the finest banking organizations in our market area.”

In late 2015, Ameriana Bank will open its first urban banking center in the Broad Ripple Meridian Kessler neighborhoods in Indianapolis. The Bank’s innovative approach combines high-tech amenities and neighborhood-centric branding and design strategies with the Bank’s continued dedication to deliver best-in-class service and financial expertise.

Gassen also commented that he was “very pleased with the Bank’s continuing success in loan portfolio growth, with an increase of $7.5 million, or 2.4% in the second quarter, bringing total growth for the first half of 2015 to $11.3 million. Although deposit growth was flat for the second quarter, we are up $10.5 million, or 2.8% for the first half of this year.” He added that “with our current strong commercial loan pipeline, we believe we are likely to experience additional loan portfolio growth in the third quarter.”

Ameriana’s net interest margin improved six basis points to 3.50% for the second quarter of 2015 compared with the first quarter of 2015, due primarily to growth in both the loan portfolio and investment securities portfolio that utilized funds previously earning a lower yield in overnight investments.