-----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, OWCWCwkXE4Rpe+rQuaXzLba1LKOf59kKVHergvjoU99c4/+d6p6Zej6SaRtx8WFX uT4AO+Bfd3nwnXyEJBQFAw== 0000910647-04-000305.txt : 20040730 0000910647-04-000305.hdr.sgml : 20040730 20040730150047 ACCESSION NUMBER: 0000910647-04-000305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040728 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040730 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: 04942034 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-8k3.txt FORM 8-K FOR JULY 28, 2004 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): July 28, 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 July 28, 2004, ASB Financial Corp. issued a press release regarding its earnings for the quarter and year ended June 30, 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: July 28, 2004 INDEX TO EXHIBITS Exhibit Number Description - -------------- ----------- 99 Press Release of ASB Financial Corp. dated July 28, 2004 EX-99 2 asbk3-99.txt EXHIBIT 99 EXHIBIT 99 ---------- July 28, 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 Fiscal Year and Quarter Ended June 30, 2004 Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of American Savings Bank, fsb, reported net earnings for the fiscal year ended June 30, 2004 of $2.0 million, or diluted earnings per share of $1.18, a decrease of $41,000, or 1.98%, from the $2.1 million, or $1.29 per diluted share in net earnings recorded for the fiscal year ended June 30, 2003. The decrease in net earnings for the fiscal year ended June 30, 2004, was due primarily to a $472,000, or 14.6%, increase in general, administrative and other expense, reflecting increases in employee compensation and benefits and professional fees and a $34,000 or 4.6% decrease in other income. This was partially offset by increases in net interest income of $215,000, or 3.8%, and decreases in the provision for loan losses of $138,000, or 55.4% and the provision for federal income taxes of $102,000, or 12.1%. Earnings per share have decreased by 8.53% due to the decrease in net income and an increase in the number of shares outstanding. Additionally, for the fifth straight year, the Company has increased its quarterly dividend by $.01 per share to $.15, reflecting a 7.1% increase in the dividends paid to shareholders. Net earnings for the three months ended June 30, 2004 amounted to $549,000, or diluted earnings per share of $.32, compared to net earnings of $552,000, or $.33 per diluted share for the comparable quarter in 2003. The decrease in net earnings for the quarter ended June 30, 2004, was due primarily to decreases of $80,000 or 8.7% in general and administrative expense and $50,000 or 62.5% in the provision for losses on loans. These were offset by decreases of $21,000, or 1.4% in net interest income and $89,000, or 31.8% in other income and an increase of $28,000 or 13.0% in the provision for federal income taxes. At June 30, 2004, ASB Financial Corp. reported total assets of $166.4 million, total liabilities of $149.0 million, including deposits of $136.8 million, and shareholders' equity of $17.4 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) June 30, June 30, ASSETS 2004 2003 Cash and cash equivalents $ 7,564 $ 7,610 Investment securities 11,885 13,005 Mortgage-backed securities 12,370 12,130 Loans receivable 129,887 114,974 Other assets 4,665 5,036 -------- -------- Total assets $166,371 $152,755 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $136,761 $130,780 Borrowings 10,899 4,188 Other liabilities 1,292 1,428 -------- -------- Total liabilities 148,952 136,396 Shareholders' equity 17,419 16,359 -------- -------- Total liabilities and shareholders' equity $166,371 $152,755 ======== ======== ASB Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Three months ended Year ended June 30, June 30, 2004 2003 2004 2003 Total interest income $2,243 $2,290 $8,953 $9,484 Total interest expense 779 805 3,050 3,796 ------ ------ ------ ------ Net interest income 1,464 1,485 5,903 5,688 Provision for losses on loans 30 80 111 249 ------ ------ ------ ------ Net interest income after provision for losses on loans 1,434 1,405 5,792 5,439 Other income 191 280 705 739 General, administrative and other expense 833 918 3,743 3,271 ------ ------ ------ ------ Earnings before income taxes 792 767 2,754 2,907 Federal income taxes 243 215 744 846 ------ ------ ------ ------ NET EARNINGS $ 549 $ 552 $2,010 $2,061 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .33 $ .33 $ 1.21 $ 1.32 ====== ====== ====== ====== Diluted $ .32 $ .33 $ 1.18 $ 1.29 ====== ====== ====== ======
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