-----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, GSYEXVUQmBVyDw+rkQ6awazCsm8vSwaldPQXah74PpiOE+Id5vkyEj8shRw5Gzlb 3oV1zO8VEhAAbTcElQ948Q== 0000950152-03-005082.txt : 20030506 0000950152-03-005082.hdr.sgml : 20030506 20030506162321 ACCESSION NUMBER: 0000950152-03-005082 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030501 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 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: 03684501 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 l00817ae8vk.txt ASB FINANCIAL CORP. | 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): May 1, 2003 ASB FINANCIAL CORP. ------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 0-25906 31-1429488 - ----------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 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 9. Regulation FD Disclosure. The following information is being furnished under Item 12 of Form 8-K, "Disclosure of Results of Operations and Financial Condition": On May 1, 2003, ASB Financial Corp. issued a press release regarding its earnings for the quarter ended March 31, 2003. 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: May 6, 2003 INDEX TO EXHIBITS
Exhibit Number Description -------------- ----------- 99 Press Release of ASB Financial Corp. dated May 1, 2003
EX-99 3 l00817aexv99.txt EX-99 PRESS RELEASE EXHIBIT 99 May 1, 2003 FOR IMMEDIATE RELEASE: CONTACT: Robert M. Smith, President 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, 2003 Portsmouth, Ohio - ASB Financial Corp. (Nasdaq: "ASBP"), parent company of American Savings Bank, fsb, reported net earnings for the nine months ended March 31, 2003 of $1.5 million, or diluted earnings per share of $.96, an increase of $584,000, or 63.1%, over the $925,000, or $.60 per diluted share in net earnings recorded for the nine months ended March 31, 2002. The increase in net earnings for the nine month period ended March 31, 2003, was due primarily to a $964,000, or 29.8%, increase in net interest income, reflecting the beneficial effects of the low market interest rates during fiscal 2003 on the Company's cost of funds. Total interest expense declined by $1.0 million, or 25.4%, year to year. This increase in net interest income was partially offset by a $106,000, or 4.7%, increase in general, administrative and other expense, a $124,000 increase in the provision for losses on loans and a $236,000 increase in federal income taxes. Net earnings for the three months ended March 31, 2003 amounted to $505,000, or diluted earnings per share of $.32, compared to net earnings of $329,000, or $.21 per diluted share for the comparable quarter in 2002. The increase in net earnings for the quarter ended March 31, 2003, was due primarily to a $186,000 or 15.5% increase in net interest income and a $76,000, or 73.8%, increase in other income, which were partially offset by a $41,000, or 5.1%, increase in general, administrative and other expense and a $23,000, or 15.3%, increase in federal income taxes. At March 31, 2003, ASB Financial Corp. reported total assets of $151.2 million, total liabilities of $135.5 million, including deposits of $127.9 million, and shareholders' equity of $15.7 million. ASB Financial Corp., the holding company for American Savings Bank, fsb, has declared a quarterly dividend of $.13 per share, payable on April 30, 2003, to shareholders on record as of April 16, 2003. This is the thirty-second consecutive quarterly dividend declared by ASB since the completion of the mutual to stock conversion of American Savings Bank in May 1995. In an ongoing effort to manage capital, the Board announced that a special dividend of $1.00 per share will also be payable on April 30, 2003 to shareholders on record as of April 16, 2003. 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)
March 31, June 30, ASSETS 2003 2002 Cash and cash equivalents $ 5,835 $ 7,704 Investment securities 15,988 20,866 Mortgage-backed securities 10,276 7,091 Loans receivable 114,718 109,015 Other assets 4,381 3,596 -------- -------- Total assets $151,198 $148,272 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $127,908 $126,872 Borrowings 4,197 4,223 Other liabilities 3,350 1,723 -------- -------- Total liabilities 135,455 132,818 Shareholders' equity 15,743 15,454 -------- -------- Total liabilities and shareholders' equity $151,198 $148,272 ======== ========
ASB Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Nine months ended Three months ended March 31, March 31, 2003 2002 2003 2002 Total interest income $7,194 $7,247 $2,304 $2,316 Total interest expense 2,991 4,008 919 1,117 ------ ------ ------ ------ Net interest income 4,203 3,239 1,385 1,199 Provision for losses on loans 169 45 45 23 ------ ------ ------ ------ Net interest income after provision for losses on loans 4,034 3,194 1,340 1,176 Other income 459 373 179 103 General, administrative and other expense 2,353 2,247 841 800 ------ ------ ------ ------ Earnings before income taxes 2,140 1,320 678 479 Federal income taxes 631 395 173 150 ------ ------ ------ ------ NET EARNINGS $1,509 $ 925 $ 505 $ 329 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .99 $ .61 $ .32 $ .21 ====== ====== ====== ====== Diluted $ .96 $ .60 $ .32 $ .21 ====== ====== ====== ======
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