-----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, VFQH2qE6i1OP3zzAHKdb9o3d1KSWqnBNS1XfyzSXl3XHxcS0lluOp6yln9reckYX nR9dCkpe6pf0BLeH4pdolg== 0000910647-05-000025.txt : 20050128 0000910647-05-000025.hdr.sgml : 20050128 20050128105519 ACCESSION NUMBER: 0000910647-05-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050128 DATE AS OF CHANGE: 20050128 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: 05556347 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-8k1.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): January 25, 2005 ---------------- ASB Financial Corp. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Ohio 0-25906 31-1429488 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission IRS Employer Identification No.) of incorporation) File Number) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 2 - Financial Information Item 2.02 Results of Operations and Financial Condition. - ---------------------------------------------------------- On January 25, 2005, ASB Financial Corp. issued a press release regarding its earnings for the quarter ended December 31, 2004. The press release is attached as Exhibit 99 hereto and is incorporated herein by reference. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. - ---------------------------------------------- (a) and (b). Not applicable. (c) Exhibits. See Index to Exhibits. 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 hereunto duly authorized. ASB FINANCIAL CORP. By: /s/ Michael L. Gampp ------------------------------------------ Michael L. Gampp Vice President and Chief Financial Officer Date: January 27, 2005 INDEX TO EXHIBITS ----------------- Exhibit Number Description - -------------- ----------- 99 Press Release of ASB Financial Corp. dated January 25, 2005 EX-99 2 asb1-99.txt EXHIBIT 99 EXHIBIT 99 ---------- January 25, 2005 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 Six and Three Month Periods Ended December 31, 2004 Portsmouth, Ohio - ASB Financial Corp., parent company of American Savings Bank, fsb, reported net earnings for the six months ended December 31, 2004 of $1.0 million, or $.60 per diluted share, essentially unchanged from the net earnings of $1.0 million, or $.59 per diluted share, for the six months ended December 31, 2003. The $9,000, or .9%, increase in net earnings resulted primarily from a $18,000, or .6%, increase in net interest income, a $4,000, or 8.0%, decrease in net provision for losses on loans, a $30,000, or a 1.6%, decrease in general, administrative and other expense, which were partially offset by a $2,000, or .6%, increase in provision for federal income taxes and a $41,000, or a 10.8% decrease in other income. The increase in net interest income resulted primarily from a $203,000, or 4.6%, increase in total interest income, which was partially offset by a $185,000, or a 12.6% increase in total interest expense, due to the increasing interest rate environment over the past year. The decrease in general, administrative and other expense is due primarily to decreases in audit, legal, compliance and other operating expenses. The increase in federal income taxes is due to the increase in net income. Net earnings for the three months ended December 31, 2004 totaled $520,000, or $.30 per diluted share, compared to net earnings of $511,000, or $.30 per diluted share, for the quarter ended December 31, 2003. The increase in net earnings of $9,000, or 1.8%, was due primarily to a $49,000, or 5.0%, decrease in general, administrative and other expenses and a $3,000 or 10.7% decrease in provision for losses on loans, which were partially offset by a $26,000, or 1.7%, decrease in net interest income, a $9,000, or 6.0%, increase in provision for federal income taxes and a $8,000 or 4.7%, decrease in other income. At December 31, 2004, ASB Financial Corp. reported total assets of $172.9 million, total liabilities of $154.3 million, including deposits of $138.0 million, and shareholders' equity of $18.7 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)
December 31, September 30, ASSETS 2004 2004 Cash and cash equivalents $ 5,638 $ 4,914 Investment securities 10,935 11,561 Mortgage-backed securities 11,287 12,957 Loans receivable 137,987 135,225 Other assets 7,114 4,549 -------- -------- Total assets $172,961 $169,206 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $138,035 $136,708 Borrowings 14,952 12,601 Other liabilities 1,313 1,795 -------- -------- Total liabilities 154,300 151,104 Shareholders' equity 18,661 18,102 -------- -------- Total liabilities and shareholders' equity $172,961 $169,206 ======== ========
ASB Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Six months ended Three months ended December 31, December 31, 2004 2003 2004 2003 Total interest income $4,620 $4,417 $2,313 $2,222 Total interest expense 1,649 1,464 840 723 ------ ------ ------ ------ Net interest income 2,971 2,953 1,473 1,499 Net provision for losses on loans 46 50 25 28 ------ ------ ------ ------ Net interest income after provision for losses on loans 2,925 2,903 1,448 1,471 Other income 340 381 162 170 General, administrative and other expense 1,896 1,926 932 981 ------ ------ ------ ------ Earnings before income taxes 1,369 1,358 678 660 Federal income taxes 348 346 158 149 ------ ------ ------ ------ NET EARNINGS $1,021 $1,012 $ 520 $ 511 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .60 $ .61 $ .31 $ .31 ====== ====== ====== ====== Diluted $ .60 $ .59 $ .30 $ .30 ====== ====== ====== ======
-----END PRIVACY-ENHANCED MESSAGE-----