SOURCE: ASB Financial Corp.

April 26, 2005 11:48 ET

ASB Financial Corp. Reports Net Earnings for the Nine and Three Months Ended March 31, 2005

PORTSMOUTH, OH -- (MARKET WIRE) -- April 26, 2005 -- ASB Financial Corp. (NASDAQ: ASBP), parent company of American Savings Bank, fsb, reported net earnings for the nine months ended March 31, 2005, of $1.5 million, or diluted earnings per share of $.90, a increase of $66,000, or 4.5%, from the $1.5 million, or $.85 per diluted share in net earnings recorded for the nine months ended March 31, 2004.

The increase in net earnings for the nine month period ended March 31, 2005, was due primarily to a $146,000, or 3.3%, increase in net interest income, reflecting increases in interest earned on adjustable rate loans, and a $51,000, or 9.9%, increase in other income. This was partially offset by increases of $68,000, or 84.0%, in provision for losses on loans and $67,000, or 13.4% in the provision for federal income taxes.

Net earnings for the three months ended March 31, 2005, amounted to $507,000, or diluted earnings per share of $.29, compared to net earnings of $450,000, or $.26 per diluted share for the comparable quarter in 2004. The increase in net earnings for the quarter ended March 31, 2005, was due primarily to a $92,000, or 68.6%, increase in other income and a $58,000, or 3.9%, increase in net interest income. This was partially offset by an increase of $26,000, or 2.6% in general, administrative and other expense and an increase of $66,000, or 42.6% in the provision for federal income taxes.

At March 31, 2005, ASB Financial Corp. reported total assets of $176.6 million, total liabilities of $157.8 million, including deposits of $139.8 million, and shareholders' equity of $18.8 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)

                                         March 31,       June 30,
        ASSETS                             2005            2004

Cash and cash equivalents               $   7,644      $   7,385
Investment securities                       9,452         12,487
Mortgage-backed securities                 10,430         11,768
Loans receivable                          141,632        129,821
Other assets                                7,454          4,910
                                        ---------      ---------

  Total assets                          $ 176,612      $ 166,371
                                        =========      =========

        LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                $ 139,832      $ 136,761
Borrowings                                 16,257         10,899
Other liabilities                           1,717          1,287
                                        ---------      ---------
  Total liabilities                       157,806        148,947

Shareholders' equity                       18,806         17,424
                                        ---------      ---------

  Total liabilities and
   shareholders' equity                 $ 176,612      $ 166,371
                                        =========      =========


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

                                Nine months ended   Three months ended
                                     March 31,           March 31,
                                  2005      2004      2005      2004

Total interest income            $7,106    $6,710    $2,416    $2,293

Total interest expense            2,522     2,272       873       808
                                 ------    ------    ------    ------

  Net interest income             4,584     4,438     1,543     1,485

Provision for losses on loans       149        81        32        31
                                 ------    ------    ------    ------

  Net interest income after
   provision for losses
   on loans                       4,435     4,357     1,511     1,454

Other income                        566       515       226       134

General, administrative and
 other expense                    2,905     2,909     1,009       983
                                 ------    ------    ------    ------

  Earnings before income taxes    2,096     1,963       728       605

Federal income taxes                568       501       221       155
                                 ------    ------    ------    ------

  NET EARNINGS                   $1,528    $1,462    $  507    $  450
                                 ======    ======    ======    ======

  EARNINGS PER SHARE
    Basic                        $  .90    $  .88    $  .30    $  .27
                                 ======    ======    ======    ======

    Diluted                      $  .90    $  .85    $  .29    $  .26
                                 ======    ======    ======    ======


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