Ameriana Bancorp, a bank holding company, has reported net income of $183,000, or $0.06 per basic and diluted share, for the fourth quarter ended December 31, 2007, compared to a net loss of $1.10 million, or $0.35 per basic and diluted share, for the fourth quarter of 2006.
For the full-year period of 2007, net income was $1.53 million, or $0.51 per basic and diluted share, compared to a net loss of $970,000, or $0.31 per basic and diluted share for the full-year period of 2006.
The company said that one of the main drivers of its improved performance in the fourth quarter and throughout 2007 was continued growth in the company’s loan portfolio, which increased 17.9% during 2007 to $296.95 million. The growth underscored the greater focus Ameriana has placed on expanding its commercial lending business, which resulted in commercial loan growth of $13.33 million, or 9.4%, for the fourth quarter and $32.69 million, or 26.7%, for the full year.
Jerome Gassen, president and CEO, said: The past year has been pivotal for us as we have continued to see the positive effects of our efforts to reshape Ameriana’s operations as a community bank. The tangible benefits we have witnessed include attractive loan growth, with an increasing focus on commercial lending.