EXHIBIT 99
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October 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 Three Months Ended
September 30, 2004
Portsmouth, Ohio - ASB Financial Corp., parent company of American Savings
Bank, fsb, reported net earnings for the three months ended September 30,
2004 of $501,000, or $.29 per diluted share, compared to the $501,000, or
$.29 per diluted share in net earnings recorded in the comparable 2003
quarter.
The net earnings were impacted by a $43,000, or 3.0%, increase in net
interest income and a $7,000 or 3.55%, decrease in federal income taxes,
which were offset by a $33,000 or 18.5%, decrease in other income and a
$17,000, or 1.76%, increase in general, administrative and other expense.
The increase in net interest income resulted primarily from a $113,000, or
5.15%, increase in total interest income, due to an increase in the average
balance of loans outstanding. This was partially offset by a $70,000 or
9.46%, increase in total interest expense due to an increases in the average
balance and cost of deposits and borrowings.
At September 30, 2004, ASB Financial Corp. reported total assets of $169.2
million, total liabilities of $151.1 million, including deposits of $136.7
million, and shareholders' equity of $18.1 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.
ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2004 2004
Cash and cash equivalents $ 4,914 $ 7,385
Investment securities 11,561 12,487
Mortgage-backed securities 12,957 11,768
Loans receivable 135,225 129,821
Other assets 4,549 4,910
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Total assets $169,206 $166,371
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $136,708 $136,761
Borrowings 12,601 10,899
Other liabilities 1,795 1,287
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Total liabilities 151,104 148,947
Shareholders' equity 18,102 17,424
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Total liabilities and shareholders' equity $169,206 $166,371
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ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2004 2003
Total interest income $2,307 $2,194
Total interest expense 810 740
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Net interest income 1,497 1,454
Other income 178 211
General, administrative and other expense 984 967
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Earnings before income taxes 691 698
Federal income taxes 190 197
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NET EARNINGS $ 501 $ 501
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EARNINGS PER SHARE
Basic $ .30 $ .30
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Diluted $ .29 $ .29
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