PRESS RELEASE
ADVANCE FINACIAL BANCORP
ANNOUNCES FIRST QUARTER 2004 EARNINGS
FOR IMMEDIATE RELEASE
Contact: Stephen M. Gagliardi,
President and CEO
Telephone 304-737-3531
Wellsburg, WV (October 28, 2003 - Advance Financial Bancorp (Nasdaq SmallCap
Market: AFBC) the parent holding company of Advance Financial Savings Bank,
today reported net income for the quarter ended September 30, 2003 of $654,000
or $ .72 per diluted share comparable to $525,000 or $ .59 per diluted share,
reported for the quarter ended September 30, 2002. Total assets increased $5.1
million to $327 million at September 30, 2003 from $321.9 million at June 30,
2003.
"We are extremely proud to deliver solid financial results in what continues to
be challenging times for the economy in general," stated Stephen M. Gagliardi,
President and Chief Executive Officer.
Advance Financial Savings Bank operates seven community-banking facilities that
provide retail and commercial banking services primarily to individual customers
and small businesses in the counties of Brooke, Ohio and Hancock, West Virginia
and in the counties Jefferson and Belmont, Ohio.
ADVANCE FINANCIAL BANCORP
FINANCIAL HIGHLIGHT
(UNAUDITED)
SEPTEMBER 30, 2003
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INCOME STATEMENT
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THREE MONTHS ENDED
SEPTEMBER 30
2003 2002
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(Dollars in thousands)
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Total interest income 4,384 3,510
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Total interest expense 1,894 1,677
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Net interest income 2,490 1,833
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Provision for loan losses 321 49
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Net interest income after
provision for loan losses 2,169 1,784
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Total noninterest income 506 404
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Total noninterest expense 1,694 1,356
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Income before income taxes 981 832
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Income taxes 327 307
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Net Income 654 525
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EARNINGS PER SHARE - NET INCOME
Basic Earnings Per Share 0.73 0.59
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Diluted Earning per share 0.72 0.59
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Cash dividend declared 0.15 0.12
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ADVANCE FINANCIAL BANCORP
FINANCIAL HIGHLIGHT
(UNAUDITED)
SEPTEMBER 30, 2003
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BALANCE SHEET
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SEPTEMBER 30 JUNE 30
2003 2003
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(Dollars in thousands)
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Investment Securities 51,631 55,783
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Loans 254,783 230,336
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Alowance for loan losses 1,275 1,096
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Total Assets 327,013 321,901
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Deposits 265,195 272,829
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Shareholder Equity 20,540 20,088
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RATIOS
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THREE MONTHS ENDED
SEPTEMBER 30
2003 2002
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Return on Average Assets 0.81% 0.97%
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Return on Average Equity 12.80% 11.36%
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Net Interest Margin 3.26% 3.52%
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Nonperforming loans to total loans 1.02% 0.91%
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