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