-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PBQZN/cKiSKgzq1yka34DRZY/x2kItOVFuBb5G/chLizOq/qPGRBmOA3iiE84W2a zrVW/4xC8g8lQTT+gyvN9Q== 0000910647-04-000199.txt : 20040428 0000910647-04-000199.hdr.sgml : 20040428 20040428152346 ACCESSION NUMBER: 0000910647-04-000199 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040427 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASB FINANCIAL CORP /OH CENTRAL INDEX KEY: 0000944304 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 311429488 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25906 FILM NUMBER: 04760438 BUSINESS ADDRESS: STREET 1: 503 CHILLICOTHE ST CITY: PORTSMOUTH STATE: OH ZIP: 45662 BUSINESS PHONE: 6143543177 MAIL ADDRESS: STREET 1: 503 CHILLICTHE ST CITY: PORTSMOUTH STATE: OH ZIP: 45662 8-K 1 asb-8k2.txt BODY OF FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 27, 2004 -------------- ASB FINANCIAL CORP. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Ohio 0-25906 31-1429488 - ---------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 503 Chillicothe Street, Portsmouth, Ohio 45662 -------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (740) 354-3177 -------------- ------------------------------------------------------------- (Former name or former address, if changed since last report) FORM 8-K -------- Item 7. Financial Statements and Exhibits. - ------- ---------------------------------- (a) and (b). Not applicable. (c) Exhibits. See Index to Exhibits. Item 12. Results of Operations and Financial Condition. - -------- ---------------------------------------------- On April 27, 2004, ASB Financial Corp. issued a press release regarding its earnings for the quarter ended March 31, 2004. The press release is attached as Exhibit 99 hereto and incorporated herein by reference. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ASB FINANCIAL CORP. By: /s/ Robert M. Smith -------------------------------- Robert M. Smith President Date: April 27, 2004 INDEX TO EXHIBITS ----------------- Exhibit Number Description - -------------- ----------- 99 Press Release of ASB Financial Corp. dated April 27, 2004 EX-99 2 asb2-99.txt EXHIBIT 99 EXHIBIT 99 ---------- April 27, 2004 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 Nine and Three Months Ended March 31, 2004 Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of American Savings Bank, fsb, reported net earnings for the nine months ended March 31, 2004 of $1.5 million, or diluted earnings per share of $.85, a decrease of $47,000, or 3.1%, from the $1.5 million, or $.96 per diluted share in net earnings recorded for the nine months ended March 31, 2003. The decrease in net earnings for the nine month period ended March 31, 2004, was due primarily to a $556,000, or 23.6%, increase in general, administrative and other expense, reflecting increases in employee compensation and benefits and professional fees. This was partially offset by increases in net interest income of $229,000, or 5.7%, $56,000, or 12.2% in other income, and decreases in the provision for loan losses of $88,000, or 52.1% and the provision for federal income taxes of $130,000, or 20.6%. Net earnings for the three months ended March 31, 2004 amounted to $450,000, or diluted earnings per share of $.26, compared to net earnings of $505,000, or $.32 per diluted share for the comparable quarter in 2003. The decrease in net earnings for the quarter ended March 31, 2004, was due primarily to a $142,000 or 16.9% increase in general and administrative expense and a $45,000 or 25.1% decrease in other income. This was partially offset by an increase of $100,000, or 7.2% in net interest income and decreases of $14,000, or 31.1% in the provision for losses on loans and $18,000, or 10.4% in the provision for federal income taxes. At March 31, 2004, ASB Financial Corp. reported total assets of $162.7 million, total liabilities of $145.4 million, including deposits of $132.9 million, and shareholders' equity of $17.3 million. American Savings Bank, fsb, serving Portsmouth, Waverly and the Southern Ohio area was founded in 1892. ASB Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)
March 31, June 30, ASSETS 2004 2003 Cash and cash equivalents $ 8,778 $ 7,610 Investment securities 11,256 13,005 Mortgage-backed securities 10,922 12,130 Loans receivable 126,957 114,974 Other assets 4,761 5,036 -------- -------- Total assets $162,674 $152,755 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $132,930 $130,780 Borrowings 10,947 4,188 Other liabilities 1,470 1,428 -------- -------- Total liabilities 145,347 136,396 Shareholders' equity 17,327 16,359 -------- -------- Total liabilities and shareholders' equity $162,674 $152,755 ======== ========
ASB Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Nine months ended Three months ended March 31, March 31, 2004 2003 2004 2003 Total interest income $6,710 $7,194 $2,293 $2,304 Total interest expense 2,272 2,991 808 919 ------ ------ ------ ------ Net interest income 4,438 4,203 1,485 1,385 Provision for losses on loans 81 169 31 45 ------ ------ ------ ------ Net interest income after provision for losses on loans 4,357 4,034 1,454 1,340 Other income 515 459 134 179 General, administrative and other expense 2,909 2,353 983 841 ------ ------ ------ ------ Earnings before income taxes 1,963 2,140 605 678 Federal income taxes 501 631 155 173 ------ ------ ------ ------ NET EARNINGS $1,462 $1,509 $ 450 $ 505 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .88 $ .99 $ .27 $ .32 ====== ====== ====== ====== Diluted $ .85 $ .96 $ .26 $ .32 ====== ====== ====== ======
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