Exhibit 99.1
Consumers Bancorp, Inc. Reports First Quarter Earnings
Minerva, Ohio--October 19, 2004 (OTCBB: CBKM) Consumers Bancorp, Inc. today
reported record historic first quarter fiscal earnings of $674 thousand, an
increase of 28.4% compared to $525 thousand for the quarter ended September 30,
2003. Fiscal year to date earnings per share were $.31, an increase of 29% as
compared to $.24 from the prior year. Fiscal year to date return on average
assets and return on average equity were 1.42% and 14.29%, as compared to 1.14%
and 11.91%, respectively for the prior year.
Steven L. Muckley, President and Chief Executive Officer of Consumers Bancorp
Inc. and Consumers National Bank, stated "We are pleased with the record
historic earnings for the last two consecutive quarters, which is a result of
continued strong loan demand within our local markets and the continued decrease
in our non-performing assets, which resulted in lower net charge-offs during the
current quarter. Return on Average Assets and Return on Average Equity have
improved significantly over prior year ratios."
Financial results for the first quarter ended September 30, 2004, reflect an
increase in net interest income of $227 thousand or 11.0% over the quarter ended
September 30, 2003. The net interest margin for the quarter ended September 30,
2004 was 5.21% as compared to 4.96% for the quarter ended September 30, 2003.
Other income totaled $601 thousand for the quarter ended September 30, 2004, a
decrease of $13 thousand or 2.1% compared to the quarter ended September 30,
2003. Non-interest expense totaled $1.915 million in the first quarter 2004, up
3.5% from $1.850 million a year ago.
Total assets at September 30, 2004 were $190.3 million, an increase of $7.7
million, or 4.2% from last year's first quarter end. Total loans increased $3.4
million from June 2004 and $15.1 million, or 11.9%, over balances reported
September 30, 2003. Total deposits decreased $1.522 million, or .97%, compared
to September 30, 2003 balances, but increased $1.089 million, or .70%, over June
30, 2004 balances.
Net charge-offs as a percent of average loans outstanding for the quarter ended
September 30, 2004 were .04% as compared to .25% for the quarter ended September
30, 2003. At September 30, 2004, the allowance as a percent of outstanding loans
was 1.22% as compared with 1.30% for the prior year. Non-performing assets were
$2.691 million at September 30, 2004 as compared to $2.855 million as of June
30, 2004 and $2.920 million at September 30, 2003.
The Board of Directors of Consumers Bancorp Inc., parent company of Consumers
National Bank, declared a $.09 per share cash dividend for shareholders of
record on September 20, 2004, payable on September 22, 2004.
Consumers Bancorp, Inc. provides a complete range of banking and investment
services to businesses and consumers through its core operations. Consumers
Bancorp, Inc., the parent company of Consumers National Bank, is a $190 million
holding company with offices located in Minerva, Salem, Waynesburg, Hanoverton,
Carrollton, Alliance, Lisbon, Louisville, and East
Canton, Ohio. Information about Consumers National Bank can be accessed on the
Internet at http:\\www.consumersbank.com.
The information contained in this press release contains forward-looking
statements regarding expected future financial performance which are not
historical facts and which involve risks and uncertainties. For a discussion of
such risks and uncertainties, which could cause actual results and performance
to differ materially from those contemplated by these forward-looking
statements, see "Forward Looking Statements" in Consumers Bancorp, Inc.'s Annual
Report on Form 10-K for the most recently ended fiscal year, which is available
upon request.
Contact: Steven L. Muckley, President & Chief Executive Officer
1-330-868-7701 ext 140
CONSUMERS BANCORP INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
SEPTEMBER 30, 2004
(Dollars in thousands, except per share data)
Three Month Period Ended
September 30, 2004 June 30, 2004 September 30, 2003
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EARNINGS:
Net interest income $ 2,291 $ 2,140 $ 2,064
Provision for loan losses 14 41 66
Other income 601 601 614
Other expenses 1,915 1,711 1,850
Income tax expense 289 312 237
Net income 674 677 525
Net income per share -
Basic $ .31 $ .32 $ .24
PERFORMANCE RATIOS:
Return on average assets 1.42% 1.44% 1.14%
Return on average equity 14.29 14.85 11.91
Net interest margin FTE 5.21 5.00 4.96
MARKET DATA:
Book value/common share $ 8.82 $ 8.44 $ 8.17
Market close, bid 19.25 23.00 23.50
Period end common shares 2,146,281 2,146,281 2,146,281
Average equity: avg. assets 9.91% 9.70% 9.56%
Average common shares 2,146,281 2,146,281 2,146,281
ASSET QUALITY:
Net charge-offs $ 15 $ 52 $ 80
Non-performing assets 2,691 2,855 2,920
Allowance for loan losses 1,753 1,753 1,671
Net charge-off ratio .04% .15% .25%
Allowance: loan 1.22% 1.25% 1.30%
ENDING BALANCES:
Assets $ 190,261 $ 186,237 $ 182,565
Deposits 155,857 154,768 157,379
Loans, net 141,760 138,392 126,657
Shareholders' Equity 18,938 18,110 17,542