EXHIBIT 99
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ASB LOGO
October 23, 2003
FOR IMMEDIATE RELEASE:
CONTACT:
Robert M. Smith, President or
Michael L. Gampp, CFO
ASB Financial Corp.
503 Chillicothe Street
Portsmouth, Ohio 45662-4015
(740) 354-3177
ASB Financial Corp. Reports Net Earnings For The Three Months Ended
September 30, 2003
Portsmouth, Ohio - ASB Financial Corp., parent company of American Savings
Bank, fsb, reported net earnings for the three months ended September 30,
2003 of $501,000, or $.29 per diluted share, compared to the $488,000, or
$.31 per diluted share in net earnings recorded in the comparable 2002
quarter.
The increase in net earnings resulted primarily from a $59,000, or 4.2%,
increase in net interest income and a $78,000, or 58.6% increase in other
income, which were partially offset by an $130,000, or 15.56%, increase in
general, administrative and other expense and a $6,000, or 3.0%, decrease in
federal income taxes.
The increase in net interest income resulted primarily from a $339,000, or
31.4%, decrease in total interest expense, due to the prevailing low
interest rate environment over the past year.
At September 30, 2003, ASB Financial Corp. reported total assets of $152.9
million, total liabilities of $136.6 million, including deposits of $130.3
million, and shareholders' equity of $16.4 million.
American Savings Bank, fsb, serving Portsmouth, Waverly and the Southern
Ohio area was founded in 1892. The common shares of ASB are listed on the
NASDAQ under the symbol ASBP.
503 Chillicothe St., P.O. Box 1583, Portsmouth, Ohio 45662 740-354-3177
FAX 740-354-3170
ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2003 2003
<s> <c> <c>
Cash and cash equivalents $ 2,327 $ 7,610
Investment securities 13,197 13,178
Mortgage-backed securities 11,856 12,130
Loans receivable 120,932 114,974
Other assets 4,617 4,863
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Total assets $152,929 $152,755
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $130,375 $130,780
Borrowings 4,429 4,188
Other liabilities 1,771 1,428
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Total liabilities 136,575 136,396
Shareholders' equity 16,354 16,359
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Total liabilities and shareholders' equity $152,929 $152,755
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ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2003 2002
<s> <c> <c>
Total interest income $2,194 $2,474
Total interest expense 740 1,079
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Net interest income 1,454 1,395
Other income 211 133
General, administrative and other expense 967 837
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Earnings before income taxes 698 691
Federal income taxes 197 203
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NET EARNINGS $ 501 $ 488
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EARNINGS PER SHARE
Basic $ .30 $ .32
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Diluted $ .29 $ .31
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