UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
| x | QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2005
OR
| ¨ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For the transition period from to
Commission File Number: 0-18392
AMERIANA BANCORP
(Exact name of registrant as specified in its charter)
| Indiana | 35-1782688 | |||
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |||
| 2118 Bundy Avenue, New Castle, Indiana | 47362-1048 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (765) 529-2230
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ¨ No x
At March 31, 2005, the registrant had 3,155,204 shares of its common stock outstanding.
AMERIANA BANCORP
| Page No. | ||||||
| Part I. Financial Information | ||||||
| Item 1. |
||||||
| Consolidated Condensed Balance Sheets at March 31, 2005 and December 31, 2004 |
1 | |||||
| Consolidated Condensed Statements of Income for the Three Months Ended March 31, 2005 and 2004 |
2 | |||||
| Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended March 31, 2005 |
3 | |||||
| Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 31, 2005 and 2004 |
4 | |||||
| 5 | ||||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition or Results of Operations |
7 | ||||
| Item 3. |
13 | |||||
| Item 4. |
14 | |||||
| Item 1. |
15 | |||||
| Item 2. |
15 | |||||
| Item 3. |
15 | |||||
| Item 4. |
15 | |||||
| Item 5. |
15 | |||||
| Item 6. |
15 | |||||
PART I - FINANCIAL INFORMATION
Consolidated Condensed Balance Sheets
(in thousands, except share data)
| March 31, 2005 |
December 31, 2004 | |||||
| (Unaudited) | ||||||
| Assets |
||||||
| Cash on hand and in other institutions |
$ | 5,021 | $ | 8,645 | ||
| Interest-bearing demand deposits |
6,725 | 8,408 | ||||
| Cash and cash equivalents |
11,746 | 17,053 | ||||
| Investment securities held to maturity (fair value of $166,942 and $156,294) |
170,718 | 158,322 | ||||
| Investment securities available for sale |
12,022 | 12,032 | ||||
| Loans, net of allowance for loan losses of $3,350 and $3,128 |
193,513 | 196,344 | ||||
| Premises and equipment |
7,715 | 7,966 | ||||
| Stock in Federal Home Loan Bank |
7,343 | 7,265 | ||||
| Goodwill |
564 | 564 | ||||
| Cash value of life insurance |
20,627 | 20,472 | ||||
| Other assets |
7,407 | 8,535 | ||||
| Total assets |
$ | 431,655 | $ | 428,553 | ||
| Liabilities and Shareholders’ Equity |
||||||
| Liabilities |
||||||
| Deposits |
||||||
| Noninterest-bearing |
$ | 16,288 | $ | 19,649 | ||
| Interest-bearing |
328,893 | 324,398 | ||||
| Total deposits |
345,181 | 344,047 | ||||
| Borrowings |
41,092 | 40,390 | ||||
| Drafts payable |
2,637 | 2,327 | ||||
| Other liabilities |
3,921 | 3,146 | ||||
| Total liabilities |
392,831 | 389,910 | ||||
| Commitments and contingencies |
||||||
| Shareholders’ equity |
||||||
| Preferred stock - 5,000,000 shares authorized and unissued |
— | — | ||||
| Common stock, $1.00 par value |
||||||
| Authorized 15,000,000 shares |
||||||
| Issued and outstanding – 3,155,204 and 3,150,988 shares |
3,155 | 3,151 | ||||
| Additional paid-in capital |
548 | 537 | ||||
| Retained earnings |
34,926 | 34,670 | ||||
| Accumulated other comprehensive income |
195 | 285 | ||||
| Total shareholders’ equity |
38,824 | 38,643 | ||||
| Total liabilities and shareholders’ equity |
$ | 431,655 | $ | 428,553 | ||
See notes to consolidated condensed financial statements.
(1)
Consolidated Condensed Statements of Income
(in thousands, except share data)
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2005 |
2004 |
|||||||
| Interest Income |
||||||||
| Interest and fees on loans |
$ | 3,118 | $ | 3,448 | ||||
| Interest on mortgage-backed securities |
439 | 346 | ||||||
| Interest on investment securities |
919 | 756 | ||||||
| Other interest and dividend income |
181 | 155 | ||||||
| Total interest income |
4,657 | 4,705 | ||||||
| Interest Expense |
||||||||
| Interest on deposits |
1,843 | 1,529 | ||||||
| Interest on borrowings |
388 | 215 | ||||||
| Total interest expense |
2,231 | 1,744 | ||||||
| Net Interest Income |
2,426 | 2,961 | ||||||
| Provision (adjustment) for loan losses |
(2,050 | ) | 150 | |||||
| Net Interest Income After Provision for Loan Losses |
4,476 | 2,811 | ||||||
| Other Income |
||||||||
| Other fees and service charges |
380 | 312 | ||||||
| Brokerage and insurance commissions |
336 | 340 | ||||||
| Gains on sales of loans and servicing rights |
46 | 78 | ||||||
| Increase in cash value of life insurance |
155 | 212 | ||||||
| Gain on sale of land |
177 | — | ||||||
| Other |
64 | 36 | ||||||
| Total other income |
1,158 | 978 | ||||||
| Other Expense |
||||||||
| Salaries and employee benefits |
3,213 | 2,150 | ||||||
| Net occupancy expense |
197 | 172 | ||||||
| Furniture and equipment expense |
213 | 210 | ||||||
| Legal and professional fees |
325 | 145 | ||||||
| Data processing expense |
130 | 123 | ||||||
| Printing and office supplies |
41 | 68 | ||||||
| Other |
582 | 483 | ||||||
| Total other expense |
4,701 | 3,351 | ||||||
| Income Before Income Taxes |
933 | 438 | ||||||
| Income tax expense (benefit) |
173 | (33 | ) | |||||
| Net Income |
$ | 760 | $ | 471 | ||||
| Basic and Diluted Earnings Per Share |
$ | 0.24 | $ | 0.15 | ||||
| Dividends Declared Per Share |
$ | 0.16 | $ | 0.16 | ||||
See notes to consolidated condensed financial statements.
(2)
Consolidated Condensed Statements of Shareholders’ Equity
(in thousands, except per share data)
| Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated (Loss) |
Total |
||||||||||||||
| Balance at December 31, 2004 |
$ | 3,151 | $ | 537 | $ | 34,670 | $ | 285 | $ | 38,643 | ||||||||
| Net income |
— | — | 760 | — | 760 | |||||||||||||
| Change in unrealized gain on available-for-sale securities |
— | — | — | (90 | ) | (90 | ) | |||||||||||
| Comprehensive income |
670 | |||||||||||||||||
| Exercise of stock options |
4 | 11 | — | — | 15 | |||||||||||||
| Tax benefit related to exercise of non-qualified stock options |
— | — | 1 | — | 1 | |||||||||||||
| Dividends declared ($0.16 per share) |
— | — | (505 | ) | — | (505 | ) | |||||||||||
| Balance at March 31, 2005 |
$ | 3,155 | $ | 548 | $ | 34,926 | $ | 195 | $ | 38,824 | ||||||||
See notes to consolidated condensed financial statements.
(3)
Consolidated Condensed Statements of Cash Flows
(in thousands)
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2005 |
2004 |
|||||||
| Operating Activities |
||||||||
| Net income |
$ | 760 | $ | 471 | ||||
| Items not requiring (providing) cash |
||||||||
| Provision (adjustment) for losses on loans |
(2,050 | ) | 150 | |||||
| Depreciation and amortization |
368 | 307 | ||||||
| Increase in cash value of life insurance |
(155 | ) | (212 | ) | ||||
| Mortgage loans originated for sale |
(2,021 | ) | (5,612 | ) | ||||
| Proceeds from sale of mortgage loans |
2,384 | 5,972 | ||||||
| Gains on sale of loans and servicing rights |
(46 | ) | (77 | ) | ||||
| Increase (decrease) in drafts payable |
310 | (436 | ) | |||||
| Other adjustments |
1,138 | 1,478 | ||||||
| Net cash provided by operating activities |
688 | 2,041 | ||||||
| Investing Activities |
||||||||
| Purchase of investment securities held to maturity |
(14,913 | ) | (12,741 | ) | ||||
| Principal collected on mortgage-backed securities held to maturity |
2,324 | — | ||||||
| Purchase of investment securities available for sale |
(107 | ) | (6,442 | ) | ||||
| Proceeds from maturities/calls of securities available for sale |
— | 16,154 | ||||||
| Principal collected on mortgage-backed securities available for sale |
— | 2,345 | ||||||
| Net change in loans |
4,854 | 8,637 | ||||||
| Net purchases of premises and equipment |
(39 | ) | (287 | ) | ||||
| Purchase of Federal Home Loan Bank stock |
(78 | ) | (85 | ) | ||||
| Other investing activities |
352 | 14 | ||||||
| Net cash provided by (used in) investing activities |
(7,607 | ) | ||||||