EXHIBIT 99 ---------- July 28, 2003 FOR IMMEDIATE RELEASE: CONTACT: Robert M. Smith, President or Michael L. Gampp, CFO ASB Financial Corp. 503 Chillicothe Street Portsmouth, Ohio 45662-4015 (740) 354-3177 ASB FINANCIAL CORP. REPORTS NET EARNINGS FOR THE FISCAL YEAR AND QUARTER ENDED JUNE 30, 2003 Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of American Savings Bank, fsb, reported net earnings for the fiscal year ended June 30, 2003 of $2.1 million, or diluted earnings per share of $1.29, as compared to the $1.5 million, or $.97 per diluted share in net earnings recorded for the fiscal year ended June 30, 2002. Net earnings for the three months ended June 30, 2003 amounted to $552,000, or diluted earnings per share of $.33, compared to net earnings of $588,000, or $.37 per diluted share for the comparable quarter in 2002. The three month period and fiscal year ended June 30, 2002, included a $229,000 after tax gain recognized a a result of the acquisition of Waverly Building & Loan. The increase in net earnings for the fiscal year ended June 30, 2003 was due primarily to a $1.2 million, or 26.6%, increase in net interest income and a $253,000 increase in other income, which were partially offset by a $194,000, or 6.3%, increase in general, administrative and other expense, a $179,000 increase in provision for losses on loans, and a $298,000 increase in the provision for federal income taxes. Earnings per share have increased by 33.0% through a combination of increased earnings and the effects of a continuation of the share repurchase plan during the fiscal year. Additionally, for the fourth straight year, the Company has increased its quarterly dividend by $.01 per share to $.14, reflecting a 7.7% increase in the dividends paid to shareholders. The increase in net earnings for the quarter ended June 30, 2003, was due primarily to a $236,000, or 18.9%, increase in net interest income and a $93,000 increase in general, administrative and other expense, which were partially offset by a $62,000 increase in the provision for federal income taxes. At June 30, 2003, ASB Financial Corp. reported total assets of $152.6 million, total liabilities of $136.4 million, including deposits of $130.8 million, and shareholders' equity of $16.2 million. 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) JUNE 30, JUNE 30, ASSETS 2003 2002 -------- -------- Cash and cash equivalents $ 7,783 $ 7,804 Investment securities 13,150 20,866 Mortgage-backed securities 11,985 7,091 Loans receivable 114,974 109,015 Other assets 4,683 3,496 -------- -------- Total assets $152,575 $148,272 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $130,780 $126,872 Borrowings 4,187 4,223 Other liabilities 1,429 1,723 -------- -------- Total liabilities 136,396 132,818 Shareholders' equity 16,179 15,454 -------- -------- Total liabilities and shareholders' equity $152,575 $148,272 ======== ======== ASB FINANCIAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) THREE MONTHS ENDED YEAR ENDED JUNE 30, JUNE 30, 2003 2002 2003 2002 Total interest income $2,290 $2,296 $9,484 $9,543 Total interest expense 805 1,047 3,796 5,050 ------ ------ ------ ------ Net interest income 1,485 1,249 5,688 4,493 Provision for losses on loans 80 25 249 70 ------ ------ ------ ------ Net interest income after provision for losses on loans 1,405 1,224 5,439 4,423 Other income 280 113 739 486 General, administrative and other expense 918 825 3,271 3,077 ------ ------ ------ ------ Earnings before income taxes and extraordinary item 767 512 2,907 1,832 Federal income taxes 215 153 846 548 ------ ------ ------ ------ Earnings before extraordinary item 552 359 2,061 1,284 Extraordinary item - negative goodwill arising from Waverly acquisition - net of tax effects of $118 - 229 - 229 ------ ------ ------ ------ NET EARNINGS $ 552 $ 588 $2,061 $1,513 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .33 $ .39 $ 1.32 $ 1.00 ====== ====== ====== ====== Diluted $ .33 $ .37 $ 1.29 $ .97 ====== ====== ====== ======