SOURCE: ASB Financial Corp.

October 27, 2005 14:24 ET

ASB Financial Corp. Reports Net Earnings for the Three Months Ended September 30, 2005

PORTSMOUTH, OH -- (MARKET WIRE) -- October 27, 2005 -- ASB Financial Corp., (OTC: ASBN) parent company of American Savings Bank, fsb, reported net earnings for the three months ended September 30, 2005 of $506,000, or $.31 per diluted share, compared to the $501,000, or $.29 per diluted share in net earnings recorded in the comparable 2004 quarter.

The net earnings were impacted by a $229,000, or 15.3%, decrease in net interest income, which was offset by a $91,000 or 47.9% decrease in provision for federal income taxes, a $103,000 or 57.9%, increase in other income and a $40,000, or 4.1%, decrease in general, administrative and other expense.

The increase in net interest income resulted primarily from a $316,000, or 39.0%, increase in total interest expense, due to an increase in the average balance and cost of deposits and borrowings. This was partially offset by a $87,000 or 3.8%, increase in total interest income due to increases in the average balance and cost of deposits and borrowings.

At September 30, 2005, ASB Financial Corp. reported total assets of $184.0 million, total liabilities of $151.1 million, including deposits of $145.1 million, and shareholders' equity of $18.1 million.

American Savings Bank, fsb, serving Portsmouth, Waverly and the Southern Ohio area was founded in 1892. The common shares of ASB are traded through Pinksheets.com and Community Banc Investments, Inc. at cbibankstocks.com.

                          ASB Financial Corp.
        CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                            (In thousands)

                                              September 30,       June 30,
                                                  2005              2005
ASSETS

Cash and cash equivalents                       $  9,354          $ 11,864
Investment securities                              9,107             9,038
Mortgage-backed securities                         8,584             9,556
Loans receivable                                 149,255           146,134
Other assets                                       7,685             8,220
                                                --------          --------

   Total assets                                 $183,985          $184,812
                                                ========          ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                        $145,162          $143,278
Borrowings                                        20,237            20,284
Other liabilities                                  1,979             2,055
                                                --------          --------
   Total liabilities                             167,378           165,617

Shareholders' equity                              16,607            19,195
                                                --------          --------

   Total liabilities and shareholders' equity   $183,985          $184,812
                                                ========          ========



                          ASB Financial Corp.
            CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                  (In thousands, except share data)

                                                    Three months ended
                                                       September 30,
                                                  2005              2004

Total interest income                           $  2,394           $ 2,307

Total interest expense                             1,126               810
                                                --------          --------

   Net interest income                             1,268             1,497

Other income                                         281               178

General, administrative and other expense            944               984
                                                --------          --------

   Earnings before income taxes                      605               691

Federal income taxes                                  99               190
                                                --------          --------

   NET EARNINGS                                 $    506           $   501
                                                ========          ========

   EARNINGS PER SHARE
      Basic                                     $    .32           $   .30
                                                ========          ========

      Diluted                                   $    .31           $   .29
                                                ========          ========

Contact Information

  • CONTACT:
    Robert M. Smith, President or
    Michael L. Gampp, CFO
    ASB Financial Corp.
    503 Chillicothe Street
    Portsmouth, Ohio 45662-4015
    (740) 354-3177