Ameriana Bancorp of New Castle, Ind., announced Friday that it had first-quarter earnings of $760,000, 60% more than a year earlier, but its results were helped by two one-time gains.
Harry J. Bailey, the $432 million-asset company's president and chief executive officer, said in a press release that continued net interest margin compression and a generally weak economy have hampered its core banking operations.
The one-time boosts were a $2.3 million settlement with an insurer that had refused to pay on a policy covering some fraudulent lease pools, and a $177,000 gain on the sale of some company-owned land. They "helped counter the market forces that still affect our business," Mr. Bailey said.
In late trading Friday, Ameriana's stock was down nearly 5% from Thursday's close, to $13.90.
