EXHIBIT 99
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July 28, 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 Fiscal Year and Quarter
Ended June 30, 2004
Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of
American Savings Bank, fsb, reported net earnings for the fiscal year ended
June 30, 2004 of $2.0 million, or diluted earnings per share of $1.18, a
decrease of $41,000, or 1.98%, from the $2.1 million, or $1.29 per diluted
share in net earnings recorded for the fiscal year ended June 30, 2003.
The decrease in net earnings for the fiscal year ended June 30, 2004, was
due primarily to a $472,000, or 14.6%, increase in general, administrative
and other expense, reflecting increases in employee compensation and
benefits and professional fees and a $34,000 or 4.6% decrease in other
income. This was partially offset by increases in net interest income of
$215,000, or 3.8%, and decreases in the provision for loan losses of
$138,000, or 55.4% and the provision for federal income taxes of $102,000,
or 12.1%. Earnings per share have decreased by 8.53% due to the decrease
in net income and an increase in the number of shares outstanding.
Additionally, for the fifth straight year, the Company has increased its
quarterly dividend by $.01 per share to $.15, reflecting a 7.1% increase in
the dividends paid to shareholders.
Net earnings for the three months ended June 30, 2004 amounted to $549,000,
or diluted earnings per share of $.32, compared to net earnings of
$552,000, or $.33 per diluted share for the comparable quarter in 2003.
The decrease in net earnings for the quarter ended June 30, 2004, was due
primarily to decreases of $80,000 or 8.7% in general and administrative
expense and $50,000 or 62.5% in the provision for losses on loans. These
were offset by decreases of $21,000, or 1.4% in net interest income and
$89,000, or 31.8% in other income and an increase of $28,000 or 13.0% in
the provision for federal income taxes.
At June 30, 2004, ASB Financial Corp. reported total assets of $166.4
million, total liabilities of $149.0 million, including deposits of $136.8
million, and shareholders' equity of $17.4 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)
June 30, June 30,
ASSETS 2004 2003
Cash and cash equivalents $ 7,564 $ 7,610
Investment securities 11,885 13,005
Mortgage-backed securities 12,370 12,130
Loans receivable 129,887 114,974
Other assets 4,665 5,036
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Total assets $166,371 $152,755
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $136,761 $130,780
Borrowings 10,899 4,188
Other liabilities 1,292 1,428
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Total liabilities 148,952 136,396
Shareholders' equity 17,419 16,359
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Total liabilities and shareholders' equity $166,371 $152,755
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ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended Year ended
June 30, June 30,
2004 2003 2004 2003
<s> <c> <c> <c> <c>
Total interest income $2,243 $2,290 $8,953 $9,484
Total interest expense 779 805 3,050 3,796
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Net interest income 1,464 1,485 5,903 5,688
Provision for losses on loans 30 80 111 249
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Net interest income after provision for
losses on loans 1,434 1,405 5,792 5,439
Other income 191 280 705 739
General, administrative and other expense 833 918 3,743 3,271
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Earnings before income taxes 792 767 2,754 2,907
Federal income taxes 243 215 744 846
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NET EARNINGS $ 549 $ 552 $2,010 $2,061
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EARNINGS PER SHARE
Basic $ .33 $ .33 $ 1.21 $ 1.32
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Diluted $ .32 $ .33 $ 1.18 $ 1.29
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