IBT Bancorp, Inc. Announces Operating Results for the Quarter Ended March 31, 2008
April 22 2008 - 5:10PM
PR Newswire (US)
IRWIN, Pa., April 22 /PRNewswire-FirstCall/ -- IBT Bancorp, Inc.
(AMEX:IRW), the holding company of Irwin Bank, today announced
earnings of $2,047,000 or $.34 per diluted share for the quarter
ended March 31, 2008 compared to $1,868,000 or $.32 per diluted
share for the comparable 2007 quarter. For the three months ended
March 31, 2008 net interest income increased to $5,895,000 from
$5,382,000 during the comparable 2007 period. Interest income
increased 7.11% over the comparable 2007 quarter, while interest
expense increased only 4.62%. A reduction in the interest rate paid
to customers contributed to the minimal increase in interest
expense even though average interest bearing liabilities increased
$54,434,000. For the three months ended March 31, 2008, the
provision for loan losses was $150,000 compared to $250,000 for the
comparable 2007 period. Total non-interest income increased to
$1,753,000 for the quarter ended March 31, 2008 compared to
$1,627,000 for the comparable quarter in 2007. Total non-interest
expense for the quarter ended March 31, 2008 was $4,554,000
compared to $4,370,000 for the comparable quarter in 2007. The
increase in non-interest expense reflects an increase in
miscellaneous expense, which offset lower expenses for pension and
employee benefits, advertising and data processing. Income taxes
increased to $767,000 for the quarter ended March 31, 2008 from
$521,000 for the comparable quarter in 2007 as a result of the
increase in pretax income. Total assets of the Company were
$827,191,000 at March 31, 2008 as compared to $787,187,000 at
December 31, 2007. Net loans were $476,848,000 at March 31, 2008 as
compared to $477,319,000 at December 31, 2007. The Bank experienced
some significant loan payoffs which were not offset by loan growth.
Investments increased to $268,249,000 at March 31, 2008 as compared
to $255,962,000 at December 31, 2007. In addition, the Company had
$30,000,000 invested in federal funds at March 31, 2008 compared to
none at December 31, 2007. Total deposits were $644,270,000 at
March 31, 2008 as compared to $610,757,000 at December 31, 2007.
There were substantial increases in certificates of deposit during
the period ended March 31, 2008. Advances from the Federal Home
Loan Bank of Pittsburgh decreased to $56,000,000 at March 31, 2008
as compared to $57,631,000 at December 31, 2007. Irwin Bank is a
state chartered commercial bank that conducts its business from its
main office located in Irwin, Pennsylvania, six branch offices, a
loan center, a trust division and three supermarket branches
located in the Pennsylvania counties of Westmoreland and Allegheny.
The Bank's deposits are insured up to the maximum legal amount by
the Federal Deposit Insurance Corporation. The Company's common
stock is traded on the American Stock Exchange under the symbol
"IRW". For more information please visit at
http://www.myirwinbank.com/. Statements contained in this news
release which are not historical facts are forward-looking
statements as the term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties which could cause actual results
to differ materially from those currently anticipated due to a
number of factors, which include, but are not limited to, factors
discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time. The Company does not
undertake and specifically disclaims any obligation to update any
such forward-looking statements. IBT Bancorp, Inc. Selected
Financial Data (Unaudited) (Dollars in Thousands, except per share
data) March 31, December 31, 2008 2007 Total Assets $827,191
$787,187 Securities available for sale $264,040 $251,539 Federal
Home Loan Bank stock, at cost $4,208 $4,423 Total loans, net
$476,848 $477,319 Total liabilities $754,891 $721,173 Interest
bearing deposits $545,270 $526,649 Non-interest bearing deposits
$99,000 $84,108 FHLB advances $56,000 $57,631 Stockholders' equity
$69,660 $66,014 Three Months Ended March 31, 2008 2007 Interest
Income $11,371 $10,616 Interest Expense 5,476 5,234 Net interest
income 5,895 5,382 Provision for loan losses 150 250 Net interest
income after provision for loan losses 5,745 5,132 Non-interest
income 1,753 1,627 Non-interest expense 4,554 4,370 Income before
income taxes 2,944 2,389 Income tax expense 897 521 Net income
$2,047 $1,868 Per Share Data: Basic earnings per share $0.35 $0.32
Diluted earnings per share $0.34 $0.32 Dividends per share $0.25
$0.25 Selected Ratios (annualized): Return on Average Assets 1.03%
1.01% Return on Average Equity 12.40% 12.09% Net Interest Spread
2.58% 2.52% Net Interest Margin 3.11% 3.08% March 31, December 31,
Additional Per Share Data: 2008 2007 Shares Outstanding 5,852,924
5,852,924 Book Value per Share $11.90 $11.28 DATASOURCE: IBT
Bancorp, Inc. CONTACT: Charles G. Urtin, President/CEO of Irwin
Bank, +1-724-863-3100, for IBT Bancorp, Inc. Web site:
http://www.myirwinbank.com/
Copyright
Ibt Bancorp Pa (AMEX:IRW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ibt Bancorp Pa (AMEX:IRW)
Historical Stock Chart
From Sep 2023 to Sep 2024