EXHIBIT 99
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April 26, 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 Nine and Three Months Ended
March 31, 2005
Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of
American Savings Bank, fsb, reported net earnings for the nine months ended
March 31, 2005 of $1.5 million, or diluted earnings per share of $.90, a
increase of $66,000, or 4.5%, from the $1.5 million, or $.85 per diluted share
in net earnings recorded for the nine months ended March 31, 2004.
The increase in net earnings for the nine month period ended March 31, 2005,
was due primarily to a $146,000, or 3.3%, increase in net interest income,
reflecting increases in interest earned on adjustable rate loans, and a
$51,000, or 9.9%, increase in other income. This was partially offset by
increases of $68,000, or 84.0%, in provision for losses on loans and $67,000,
or 13.4% in the provision for federal income taxes.
Net earnings for the three months ended March 31, 2005 amounted to $507,000,
or diluted earnings per share of $.29, compared to net earnings of $450,000,
or $.26 per diluted share for the comparable quarter in 2004. The increase in
net earnings for the quarter ended March 31, 2005, was due primarily to a
$92,000, or 68.6%, increase in other income and a $58,000, or 3.9%, increase
in net interest income. This was partially offset by an increase of $26,000,
or 2.6% in general, administrative and other expense and an increase of
$66,000, or 42.6% in the provision for federal income taxes.
At March 31, 2005, ASB Financial Corp. reported total assets of $176.6
million, total liabilities of $157.8 million, including deposits of $139.8
million, and shareholders' equity of $18.8 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 2005 2004
<s> <c> <c>
Cash and cash equivalents $ 7,644 $ 7,385
Investment securities 9,452 12,487
Mortgage-backed securities 10,430 11,768
Loans receivable 141,632 129,821
Other assets 7,454 4,910
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Total assets $176,612 $166,371
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $139,832 $136,761
Borrowings 16,257 10,899
Other liabilities 1,717 1,287
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Total liabilities 157,806 148,947
Shareholders' equity 18,806 17,424
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Total liabilities and shareholders' equity $176,612 $166,371
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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,
2005 2004 2005 2004
<s> <c> <c> <c> <c>
Total interest income $7,106 $6,710 $2,416 $2,293
Total interest expense 2,522 2,272 873 808
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Net interest income 4,584 4,438 1,543 1,485
Provision for losses on loans 149 81 32 31
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Net interest income after provision
for losses on loans 4,435 4,357 1,511 1,454
Other income 566 515 226 134
General, administrative and other expense 2,905 2,909 1,009 983
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Earnings before income taxes 2,096 1,963 728 605
Federal income taxes 568 501 221 155
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NET EARNINGS $1,528 $1,462 $ 507 $ 450
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EARNINGS PER SHARE
Basic $ .90 $ .88 $ .30 $ .27
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Diluted $ .90 $ .85 $ .29 $ .26
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