EXHIBIT 99
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April 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 Nine and Three Months
Ended March 31, 2004
Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of
American Savings Bank, fsb, reported net earnings for the nine months ended
March 31, 2004 of $1.5 million, or diluted earnings per share of $.85, a
decrease of $47,000, or 3.1%, from the $1.5 million, or $.96 per diluted
share in net earnings recorded for the nine months ended March 31, 2003.
The decrease in net earnings for the nine month period ended March 31,
2004, was due primarily to a $556,000, or 23.6%, increase in general,
administrative and other expense, reflecting increases in employee
compensation and benefits and professional fees. This was partially offset
by increases in net interest income of $229,000, or 5.7%, $56,000, or 12.2%
in other income, and decreases in the provision for loan losses of $88,000,
or 52.1% and the provision for federal income taxes of $130,000, or 20.6%.
Net earnings for the three months ended March 31, 2004 amounted to
$450,000, or diluted earnings per share of $.26, compared to net earnings
of $505,000, or $.32 per diluted share for the comparable quarter in 2003.
The decrease in net earnings for the quarter ended March 31, 2004, was due
primarily to a $142,000 or 16.9% increase in general and administrative
expense and a $45,000 or 25.1% decrease in other income. This was partially
offset by an increase of $100,000, or 7.2% in net interest income and
decreases of $14,000, or 31.1% in the provision for losses on loans and
$18,000, or 10.4% in the provision for federal income taxes.
At March 31, 2004, ASB Financial Corp. reported total assets of $162.7
million, total liabilities of $145.4 million, including deposits of $132.9
million, and shareholders' equity of $17.3 million.
American Savings Bank, fsb, serving Portsmouth, Waverly and the Southern
Ohio area was founded in 1892.
ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2004 2003
<s> <c> <c>
Cash and cash equivalents $ 8,778 $ 7,610
Investment securities 11,256 13,005
Mortgage-backed securities 10,922 12,130
Loans receivable 126,957 114,974
Other assets 4,761 5,036
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Total assets $162,674 $152,755
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $132,930 $130,780
Borrowings 10,947 4,188
Other liabilities 1,470 1,428
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Total liabilities 145,347 136,396
Shareholders' equity 17,327 16,359
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Total liabilities and shareholders' equity $162,674 $152,755
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ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Nine months ended Three months ended
March 31, March 31,
2004 2003 2004 2003
<s> <c> <c> <c> <c>
Total interest income $6,710 $7,194 $2,293 $2,304
Total interest expense 2,272 2,991 808 919
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Net interest income 4,438 4,203 1,485 1,385
Provision for losses on loans 81 169 31 45
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Net interest income after provision for
losses on loans 4,357 4,034 1,454 1,340
Other income 515 459 134 179
General, administrative and other expense 2,909 2,353 983 841
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Earnings before income taxes 1,963 2,140 605 678
Federal income taxes 501 631 155 173
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NET EARNINGS $1,462 $1,509 $ 450 $ 505
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EARNINGS PER SHARE
Basic $ .88 $ .99 $ .27 $ .32
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Diluted $ .85 $ .96 $ .26 $ .32
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