PRESS RELEASE
ADVANCE FINANCIAL BANCORP
ANNOUNCES FIRST QUARTER 2005 EARNINGS
FOR IMMEDIATE RELEASE
Contact: Stephen M. Gagliardi,
President and CEO
Telephone 304-737-3531
Wellsburg, WV (October 26, 2004) - Advance Financial Bancorp (Nasdaq SmallCap
Market: AFBC) the parent holding company of Advance Financial Savings Bank,
today announced earnings for the first quarter ended September 30, 2004. Income
for the three-month period ended September 30, 2004 decreased $124,000 to
$530,000 or $.38 per diluted share compared to $654,000 or $.48 per diluted
share, for the comparable period ended 2003. Total assets decreased $7.6 million
to $313.5 million at September 30, 2004 from $321.1 million at June 30, 2004.
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, 2004
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BALANCE SHEET
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SEPTEMBER 30 JUNE 30
2004 2004
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(Dollars in thousands)
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Investment Securities 28,348 26,859
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Loans 253,769 261,632
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Alowance for loan losses 1,861 1,799
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Total Assets 313,553 321,139
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Deposits 262,812 267,725
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Shareholder Equity 22,237 21,730
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RATIOS
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THREE MONTHS ENDED
SEPTEMBER 30
2004 2003
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Return on Average Assets 0.67% 0.81%
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Return on Average Equity 9.63% 12.80%
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Net Interest Margin 3.22% 3.26%
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Nonperforming loans to total loans 0.98% 1.02%
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ADVANCE FINANCIAL BANCORP
FINANCIAL HIGHLIGHT
(UNAUDITED)
SEPTEMBER 30, 2004
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INCOME STATEMENT
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THREE MONTHS ENDED
SEPTEMBER 30
2004 2003
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(Dollars in thousands)
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Total interest income 4,112 4,384
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Total interest expense 1,697 1,902
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Net interest income 2,415 2,482
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Provision for loan losses 211 321
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Net interest income after
provision for loan losses 2,204 2,161
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Total noninterest income 363 506
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Total noninterest expense 1,793 1,686
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Income before income taxes 774 981
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Income taxes 244 327
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Net Income 530 654
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EARNINGS PER SHARE - NET INCOME
Basic Earnings Per Share 0.39 0.49
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Diluted Earning per share 0.38 0.48
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Cash dividend declared 0.10 0.10
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