PRESS RELEASE
ADVANCE FINACIAL BANCORP
ANNOUNCES SECOND QUARTER 2004 EARNINGS
FOR IMMEDIATE RELEASE
Contact: Stephen M. Gagliardi,
President and CEO
Telephone 304-737-3531
Wellsburg, WV (January 23, 2003 - Advance Financial Bancorp (Nasdaq SmallCap
Market: AFBC) the parent holding company of Advance Financial Savings Bank,
today announced earnings for the second quarter ended December 31, 2003. Income
for the three-month period ending December 31, 2003 increased to $833,000 from
$362,000 for the same period ending 2002. Income for the six-month period ending
December 31, 2003 increased to $1,488,000 from $887,000 for the same period
ending 2002. Income for both the three and six month periods of 2003 includes
approximately $446,000 in net investment gains as a result of a one-time sale of
available for sale investment securities that occurred during the period..
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)
DECEMBER 31,2003
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INCOME STATEMENT
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SIX MONTHS ENDED THREE MONTHS ENDED
DECEMBER 31 DECEMBER 31
2003 2002 2003 2002
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(In thousands)
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Total interest income $8,831 $6,998 $4,447 $3,488
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Total interest expense 3,793 3,349 1,899 1,673
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Net interest income 5,038 3,649 2,548 1,815
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Provision for loan losses 672 154 351 105
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Net interest income after
provision for loan losses 4,366 3,495 2,197 1,710
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Total noninterest income 1,393 704 887 301
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Total noninterest expense 3,495 2,770 1,801 1,415
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Income before income taxes 2,264 1,429 1,283 596
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Income taxes 776 542 450 234
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Net income 1,488 887 833 362
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EARNINGS PER SHARE - NET INCOME
Basic Earnings Per Share 1.10 0.66 0.61 0.27
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Diluted Earning per share 1.08 0.66 0.60 0.27
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Cash dividend declared .20 0.16 0.10 0.08
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ADVANCE FINANCIAL BANCORP
FINANCIAL HIGHLIGHT
(UNAUDITED)
DECEMBER 31,2003
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BALANCE SHEET
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DECEMBER 31 JUNE 30
2003 2003
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(Dollars in thousands)
Investment Securities $ 38,107 $ 55,783
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Loans 264,829 230,336
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Alowance for loan losses 1,496 1,096
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Total Assets 322,839 321,901
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Deposits 266,387 272,829
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Shareholder Equity 20,953 20,088
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RATIOS
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SIX MONTHS ENDED THREE MONTHS ENDED
DECEMBER 31 DECEMBER 31
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2003 2002 2003 2002
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Return on Average Assets 0.92% 0.80% 1.02% 0.64%
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Return on Average Equity 14.41% 9.46% 16.00% 7.61%
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Net Interest Margin 3.28% 3.43% 3.30% 3.35%
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Nonperforming loans to total loans 0.62% 0.75% - -
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