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 ====== ====== ====== ======