EXHIBIT 99
May 1, 2003
FOR IMMEDIATE RELEASE:
CONTACT:
Robert M. Smith, President
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, 2003
Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of
American Savings Bank, fsb, reported net earnings for the nine months ended
March 31, 2003 of $1.5 million, or diluted earnings per share of $.96, an
increase of $584,000, or 63.1%, over the $925,000, or $.60 per diluted share in
net earnings recorded for the nine months ended March 31, 2002.
The increase in net earnings for the nine month period ended March 31, 2003, was
due primarily to a $964,000, or 29.8%, increase in net interest income,
reflecting the beneficial effects of the low market interest rates during fiscal
2003 on the Company's cost of funds. Total interest expense declined by $1.0
million, or 25.4%, year to year. This increase in net interest income was
partially offset by a $106,000, or 4.7%, increase in general, administrative and
other expense, a $124,000 increase in the provision for losses on loans and a
$236,000 increase in federal income taxes.
Net earnings for the three months ended March 31, 2003 amounted to $505,000, or
diluted earnings per share of $.32, compared to net earnings of $329,000, or
$.21 per diluted share for the comparable quarter in 2002. The increase in net
earnings for the quarter ended March 31, 2003, was due primarily to a $186,000
or 15.5% increase in net interest income and a $76,000, or 73.8%, increase in
other income, which were partially offset by a $41,000, or 5.1%, increase in
general, administrative and other expense and a $23,000, or 15.3%, increase in
federal income taxes.
At March 31, 2003, ASB Financial Corp. reported total assets of $151.2 million,
total liabilities of $135.5 million, including deposits of $127.9 million, and
shareholders' equity of $15.7 million.
ASB Financial Corp., the holding company for American Savings Bank, fsb, has
declared a quarterly dividend of $.13 per share, payable on April 30, 2003, to
shareholders on record as of April 16, 2003. This is the thirty-second
consecutive quarterly dividend declared by ASB since the completion of the
mutual to stock conversion of American Savings Bank in May 1995. In an ongoing
effort to manage capital, the Board announced that a special dividend of $1.00
per share will also be payable on April 30, 2003 to shareholders on record as of
April 16, 2003. American Savings Bank, fsb, serving Portsmouth, Waverly and the
Southern Ohio area was founded in 1892. The common shares of ASB are listed on
the NASDAQ under the symbol ASBP.
ASB Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2003 2002
Cash and cash equivalents $ 5,835 $ 7,704
Investment securities 15,988 20,866
Mortgage-backed securities 10,276 7,091
Loans receivable 114,718 109,015
Other assets 4,381 3,596
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Total assets $151,198 $148,272
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $127,908 $126,872
Borrowings 4,197 4,223
Other liabilities 3,350 1,723
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Total liabilities 135,455 132,818
Shareholders' equity 15,743 15,454
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Total liabilities and shareholders' equity $151,198 $148,272
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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,
2003 2002 2003 2002
Total interest income $7,194 $7,247 $2,304 $2,316
Total interest expense 2,991 4,008 919 1,117
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Net interest income 4,203 3,239 1,385 1,199
Provision for losses on loans 169 45 45 23
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Net interest income after provision for
losses on loans 4,034 3,194 1,340 1,176
Other income 459 373 179 103
General, administrative and other expense 2,353 2,247 841 800
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Earnings before income taxes 2,140 1,320 678 479
Federal income taxes 631 395 173 150
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NET EARNINGS $1,509 $ 925 $ 505 $ 329
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EARNINGS PER SHARE
Basic $ .99 $ .61 $ .32 $ .21
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Diluted $ .96 $ .60 $ .32 $ .21
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