ASB Financial Corp. Reports Net Earnings for the Nine and Three Months Ended March 31, 2001

Apr 24, 2001, 01:00 ET from ASB Financial Corp.

    PORTSMOUTH, Ohio, April 24 /PRNewswire Interactive News Release/ --
 ASB Financial Corp. (Nasdaq: ASBP), parent company of American Savings Bank,
 fsb, reported net earnings for the nine months ended March 31, 2001 of
 $823,000, or basic earnings per share of $.54, an increase of $46,000 or $.04
 per basic share over the $777,000, or $.50 per basic share in net earnings
 recorded for the nine months ended March 31, 2000.
     Net earnings for the three months ended March 31, 2001 amounted to
 $284,000, or basic earnings per share of $.19, compared to net earnings of
 $245,000, or $.16 per basic share for the comparable quarter in 2000.
     The 18.75% increase in net earnings for the quarter ended March 31, 2001,
 was due primarily to a $60,000 increase in other income and a $43,000 decrease
 in general, administrative and other expense, which were partially offset by a
 $46,000, or 4.8%, decrease in net interest income.  Additionally, the Company
 has increased earnings per share through a continuation of the share
 repurchase plan during the period.
     The 8.0% increase in net earnings for the nine months ended March 31,
 2001, was due primarily to a $141,000 increase in other income, which was
 partially offset by a $50,000, or 1.8%, decrease in net interest income and a
 $34,000, or 1.7% decrease in general, administrative and other expense.
     At March 31, 2001, ASB Financial Corp. reported total assets of
 $137.8 million, total liabilities of $123.5 million, including deposits of
 $117.2 million, and shareholders' equity of $14.3 million.
     American Savings Bank, fsb, has served Portsmouth and the Scioto county
 area since 1892.
 
                              ASB Financial Corp.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (In thousands)
 
                                            March 31,         June 30,
       ASSETS                                 2001             2000
     Cash and cash equivalents              $  4,588         $  5,069
     Investment securities                    21,379           19,112
     Mortgage-backed securities                8,172            8,616
     Loans receivable                        100,081           95,084
     Other assets                              3,578            4,017
       Total assets                         $137,798         $131,898
 
       LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits                               $117,178         $110,007
     Borrowings                                4,366            7,963
     Other liabilities                         1,992            1,347
       Total liabilities                     123,536          119,317
     Shareholders' equity                     14,262           12,581
       Total liabilities and
         shareholders' equity               $137,798         $131,898
 
 
                              ASB Financial Corp.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (In thousands, except share data)
 
                                          Nine months ended  Three months ended
                                                March 31,           March 31,
                                             2001      2000      2001      2000
 
     Total interest income                 $7,711    $6,860    $2,590    $2,350
     Total interest expense                 4,907     4,006     1,685     1,399
       Net interest income                  2,804     2,854       905       951
     Provision for losses on loans              1         1         1         -
       Net interest income after
         provision for losses on loans      2,803     2,853       904       951
     Other income                             365       224       129        69
     General, administrative and
       other expense                        2,033     1,999       642       685
       Earnings before income taxes         1,135     1,078       391       335
     Federal income taxes                     312       301       107        90
       NET EARNINGS                        $  823    $  777    $  284    $  245
 
       EARNINGS PER SHARE
         Basic                               $.54      $.50      $.19      $.16
         Diluted                             $.53      $.50      $.18      $.16
 
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SOURCE ASB Financial Corp.
    PORTSMOUTH, Ohio, April 24 /PRNewswire Interactive News Release/ --
 ASB Financial Corp. (Nasdaq: ASBP), parent company of American Savings Bank,
 fsb, reported net earnings for the nine months ended March 31, 2001 of
 $823,000, or basic earnings per share of $.54, an increase of $46,000 or $.04
 per basic share over the $777,000, or $.50 per basic share in net earnings
 recorded for the nine months ended March 31, 2000.
     Net earnings for the three months ended March 31, 2001 amounted to
 $284,000, or basic earnings per share of $.19, compared to net earnings of
 $245,000, or $.16 per basic share for the comparable quarter in 2000.
     The 18.75% increase in net earnings for the quarter ended March 31, 2001,
 was due primarily to a $60,000 increase in other income and a $43,000 decrease
 in general, administrative and other expense, which were partially offset by a
 $46,000, or 4.8%, decrease in net interest income.  Additionally, the Company
 has increased earnings per share through a continuation of the share
 repurchase plan during the period.
     The 8.0% increase in net earnings for the nine months ended March 31,
 2001, was due primarily to a $141,000 increase in other income, which was
 partially offset by a $50,000, or 1.8%, decrease in net interest income and a
 $34,000, or 1.7% decrease in general, administrative and other expense.
     At March 31, 2001, ASB Financial Corp. reported total assets of
 $137.8 million, total liabilities of $123.5 million, including deposits of
 $117.2 million, and shareholders' equity of $14.3 million.
     American Savings Bank, fsb, has served Portsmouth and the Scioto county
 area since 1892.
 
                              ASB Financial Corp.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (In thousands)
 
                                            March 31,         June 30,
       ASSETS                                 2001             2000
     Cash and cash equivalents              $  4,588         $  5,069
     Investment securities                    21,379           19,112
     Mortgage-backed securities                8,172            8,616
     Loans receivable                        100,081           95,084
     Other assets                              3,578            4,017
       Total assets                         $137,798         $131,898
 
       LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits                               $117,178         $110,007
     Borrowings                                4,366            7,963
     Other liabilities                         1,992            1,347
       Total liabilities                     123,536          119,317
     Shareholders' equity                     14,262           12,581
       Total liabilities and
         shareholders' equity               $137,798         $131,898
 
 
                              ASB Financial Corp.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (In thousands, except share data)
 
                                          Nine months ended  Three months ended
                                                March 31,           March 31,
                                             2001      2000      2001      2000
 
     Total interest income                 $7,711    $6,860    $2,590    $2,350
     Total interest expense                 4,907     4,006     1,685     1,399
       Net interest income                  2,804     2,854       905       951
     Provision for losses on loans              1         1         1         -
       Net interest income after
         provision for losses on loans      2,803     2,853       904       951
     Other income                             365       224       129        69
     General, administrative and
       other expense                        2,033     1,999       642       685
       Earnings before income taxes         1,135     1,078       391       335
     Federal income taxes                     312       301       107        90
       NET EARNINGS                        $  823    $  777    $  284    $  245
 
       EARNINGS PER SHARE
         Basic                               $.54      $.50      $.19      $.16
         Diluted                             $.53      $.50      $.18      $.16
 
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 SOURCE  ASB Financial Corp.