PRESS RELEASE
ADVANCE FINANCIAL BANCORP
ANNOUNCES FOURTH QUARTER 2004 EARNINGS
FOR IMMEDIATE RELEASE
Contact: Stephen M. Gagliardi,
President and CEO
Telephone 304-737-3531
Wellsburg, WV (July 27, 2004) - Advance Financial Bancorp (Nasdaq SmallCap
Market: AFBC) the parent holding company of Advance Financial Savings Bank,
today announced earnings for the fourth quarter ended June 30, 2004. Income for
the three-month period ended June 30, 2004 decreased to $486,000 or $.35 diluted
earnings per share compared to $626,000 or $.47 diluted earnings per share, for
the comparable 2003 period. For the year ended June 30, 2004, the company
reported income of $2,492,000 or $1.84 diluted earnings per share, compared to
$1,884,000 or $1.41 diluted earnings per share, for the comparable 2003 fiscal
year end.
Total assets were $321 million at June 30, 2004 as compared to $322 million at
June 30, 2003.
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)
JUNE 30, 2004
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INCOME STATEMENT
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YEAR ENDED THREE MONTHS ENDED
JUNE 30 JUNE 30
2004 2003 2004 2003
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(Dollars in thousands, (Dollars in thousands,
except per share data) except per share data)
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Total interest income $ 17,289 $ 15,097 $ 4,177 $ 4,226
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Total interest expense 7,373 7,259 1,746 1,950
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Net interest income 9,916 7,838 2,431 2,276
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Provision for loan losses 1,169 399 264 123
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Net interest income after
provision for loan losses 8,747 7,439 2,167 2,153
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Total noninterest income 2,153 1,550 375 454
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Total noninterest expense 7,068 6,096 1,771 1,673
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Income before income taxes 3,832 2,893 771 934
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Income taxes 1,340 1,009 285 308
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Net income 2,492 1,884 486 626
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EARNINGS PER SHARE - NET INCOME
Basic Earnings Per Share $ 1.84 $ 1.41 $ .35 $ .47
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Diluted Earning per share 1.81 1.40 .35 .46
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Cash dividend declared .40 .36 .10 .10
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BALANCE SHEET
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JUNE 30 JUNE 30
2004 2003
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Investment Securities $ 26,859 $ 55,783
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Loans 261,632 230,336
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Alowance for loan losses 1,799 1,096
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Total Assets 321,086 321,901
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Deposits 267,725 272,829
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Shareholders' Equity 21,730 20,088
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RATIOS
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YEAR ENDED THREE MONTHS ENDED
JUNE 30 JUNE 30
2004 2003 2004 2003
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Return on Average Assets 0.77% 0.72% 0.61% 0.78%
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Return on Average Equity 11.85% 9.86% 8.99% 12.72%
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Net Interest Margin 3.25% 3.14% 3.21% 2.98%
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Nonperforming loans to total loans 0.92% 1.25% - -
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