EXHIBIT 99
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January 25, 2005
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, 2004
Portsmouth, Ohio - ASB Financial Corp., parent company of American Savings
Bank, fsb, reported net earnings for the six months ended December 31, 2004
of $1.0 million, or $.60 per diluted share, essentially unchanged from the
net earnings of $1.0 million, or $.59 per diluted share, for the six months
ended December 31, 2003.
The $9,000, or .9%, increase in net earnings resulted primarily from a
$18,000, or .6%, increase in net interest income, a $4,000, or 8.0%,
decrease in net provision for losses on loans, a $30,000, or a 1.6%,
decrease in general, administrative and other expense, which were partially
offset by a $2,000, or .6%, increase in provision for federal income taxes
and a $41,000, or a 10.8% decrease in other income. The increase in net
interest income resulted primarily from a $203,000, or 4.6%, increase in
total interest income, which was partially offset by a $185,000, or a 12.6%
increase in total interest expense, due to the increasing interest rate
environment over the past year. The decrease in general, administrative and
other expense is due primarily to decreases in audit, legal, compliance and
other operating expenses. The increase in federal income taxes is due to
the increase in net income.
Net earnings for the three months ended December 31, 2004 totaled $520,000,
or $.30 per diluted share, compared to net earnings of $511,000, or $.30
per diluted share, for the quarter ended December 31, 2003. The increase in
net earnings of $9,000, or 1.8%, was due primarily to a $49,000, or 5.0%,
decrease in general, administrative and other expenses and a $3,000 or
10.7% decrease in provision for losses on loans, which were partially
offset by a $26,000, or 1.7%, decrease in net interest income, a $9,000, or
6.0%, increase in provision for federal income taxes and a $8,000 or 4.7%,
decrease in other income.
At December 31, 2004, ASB Financial Corp. reported total assets of $172.9
million, total liabilities of $154.3 million, including deposits of $138.0
million, and shareholders' equity of $18.7 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)
December 31, September 30,
ASSETS 2004 2004
<s> <c> <c>
Cash and cash equivalents $ 5,638 $ 4,914
Investment securities 10,935 11,561
Mortgage-backed securities 11,287 12,957
Loans receivable 137,987 135,225
Other assets 7,114 4,549
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Total assets $172,961 $169,206
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $138,035 $136,708
Borrowings 14,952 12,601
Other liabilities 1,313 1,795
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Total liabilities 154,300 151,104
Shareholders' equity 18,661 18,102
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Total liabilities and shareholders' equity $172,961 $169,206
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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,
2004 2003 2004 2003
<s> <c> <c> <c> <c>
Total interest income $4,620 $4,417 $2,313 $2,222
Total interest expense 1,649 1,464 840 723
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Net interest income 2,971 2,953 1,473 1,499
Net provision for losses on loans 46 50 25 28
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Net interest income after provision
for losses on loans 2,925 2,903 1,448 1,471
Other income 340 381 162 170
General, administrative and other expense 1,896 1,926 932 981
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Earnings before income taxes 1,369 1,358 678 660
Federal income taxes 348 346 158 149
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NET EARNINGS $1,021 $1,012 $ 520 $ 511
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EARNINGS PER SHARE
Basic $ .60 $ .61 $ .31 $ .31
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Diluted $ .60 $ .59 $ .30 $ .30
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