Ameriana Bancorp Reports Fourth Quarter Net Income of $102,000 or $0.03 Per Share

Ameriana Bancorp

, parent company for Ameriana Bank, today announced net income of $102,000 or $0.03 per basic and diluted share for the fourth quarter of 2010 compared with $128,000 or $0.04 per basic and diluted share for the fourth quarter of 2009. For 2010, net income totaled $553,000 or $0.19 per basic and diluted share versus a net loss of $264,000 or $(0.09) per basic and diluted share for 2009. The provision for loan losses totaled $555,000 for the fourth quarter of 2010 and $1.9 million for the year, which represented decreases of $352,000 and $247,000 from the three and twelve months ended December 31, 2009, respectively. Total non-performing loans increased $3.7 million for the quarter and were up $2.2 million for the year. Non-performing loans were 3.55% and 2.78% of total loans at December 31, 2010 and 2009, respectively. The allowance for loan losses increased to $4.2 million at December 31, 2010, or 1.33% of total loans. Other real estate owned declined $730,000 from September 30, 2010, reflecting several sales that occurred during the fourth quarter.