EXHIBIT 99
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ASB LOGO
January 27, 2004
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 Six and Three Month Periods
Ended December 31, 2003
Portsmouth, Ohio - ASB Financial Corp., parent company of American Savings
Bank, fsb, reported net earnings for the six months ended December 31, 2003
of $1.0 million, or $.59 per diluted share, compared to net earnings of $1.0
million, or $.64 per diluted share, for the same period ended December 31,
2002.
The $8,000, or .8%, increase in net earnings resulted primarily from a
$135,000, or 4.8%, increase in net interest income, a $107,000, or 39.1%,
increase in other income, a $74,000, or a 59.7%, decrease in net provision
for losses on loans, and a $112,000, or 24.5% decrease in federal income
taxes which were partially offset by a $420,000, or 27.9%, increase in
general, administrative and other expense. The increase in net interest
income resulted primarily from a $608,000, or 29.3%, decrease in total
interest expense, due to the prevailing low interest rate environment over
the past year. The increase in general, administrative and other expense is
due primarily to increases in employee compensation and benefit costs as
well as increased costs associated with the growth in assets. The decrease
in federal income taxes is due to the receipt of New Markets Tax Credits in
March 2003.
Net Earnings for the three months ended December 31, 2003 totaled $511,000,
or $.30 per diluted share, compared to net earnings of $516,000, or $.33 per
diluted share, for the quarter ended December 31, 2002. The decrease in net
earnings of $5,000, or 1.0%, was due primarily to a $312,000, or 46.6%,
increase in general, administrative and other expenses, which was partially
offset by a $76,000, or 5.3%, increase in net interest income, a $96,000, or
77.4%, decrease in net provision for losses on loans and a $106,000 or
41.6%, decrease in federal income taxes.
At December 31, 2003, ASB Financial Corp. reported total assets of $160.2
million, total liabilities of $143.1 million, including deposits of $132.5
million, and shareholders' equity of $17.0 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 Chillocothe 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)
December 31, September 30,
ASSETS 2003 2003
<s> <c> <c>
Cash and cash equivalents $ 5,484 $ 2,327
Investment securities 13,338 13,197
Mortgage-backed securities 11,403 11,856
Loans receivable 125,235 120,932
Other assets 4,691 4,617
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Total assets $160,151 $152,929
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $132,482 $130,375
Borrowings 9,419 4,429
Other liabilities 1,242 1,771
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Total liabilities 143,143 136,575
Shareholders' equity 17,008 16,354
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Total liabilities and shareholders' equity $160,151 $152,929
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ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Six months ended Three months ended
December 31, December 31,
2003 2002 2003 2002
<s> <c> <c> <c> <c>
Total interest income $4,417 $4,890 $2,222 $2,416
Total interest expense 1,464 2,072 723 993
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Net interest income 2,953 2,818 1,499 1,423
Net provision for losses on loans 50 124 28 124
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Net interest income after provision
for losses on loans 2,903 2,694 1,471 1,299
Other income 381 274 170 141
General, administrative and other expense 1,926 1,506 981 669
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Earnings before income taxes 1,358 1,462 660 771
Federal income taxes 346 458 149 255
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NET EARNINGS $1,012 $1,004 $ 511 $ 516
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EARNINGS PER SHARE
Basic $ .61 $ .67 $ .31 $ .35
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Diluted $ .59 $ .64 $ .30 $ .33
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