IRWIN, Pa., July 16 /PRNewswire-FirstCall/ -- IBT Bancorp, Inc.
(the "Company") (AMEX:IRW), the holding company of Irwin Bank,
today announced its results of operations for the three and six
months ended June 30, 2007. Net income for the three-month period
ended June 30, 2007 was $2,064,000 or $.35 per diluted share
compared to $2,185,000 or $.37 per diluted share for the comparable
2006 quarter. For the six-month period ended June 30, 2007 net
income was $3,932,000 or $.67 per diluted share compared to
$4,496,000 or $.76 per diluted share for the comparable 2006
six-month period. Per share data for the 2006 periods has been
adjusted for the 2-for-1 stock split effected through a 100% stock
dividend paid November 16, 2006. For the quarter ended June 30,
2007, net interest income increased $128,000 or 2.34% while
non-interest income decreased $189,000 or 10.17% due to the change
in investment security gains. The provision for loan losses
decreased to $250,000 for the quarter ended June 30, 2007 compared
to $550,000 for the quarter ended June 30, 2006. The higher
provision in 2006 was due to an increase in classified loans.
Non-interest expenses increased to $4,276,000 for the quarter ended
June 30, 2007 compared to $4,218,000 for the comparable quarter in
2006, an increase of $58,000 or 1.38%. Pension and other employee
benefits increased $114,000 as a result of increases in pension
costs and employee medical costs. Offsetting this increase was a
decrease in other expenses of $130,000, which was primarily due to
a $66,000 decrease in consulting fees and a $53,000 refund of sales
and use taxes paid in previous years. For the six months ended June
30, 2007, net interest income increased $103,000. Non-interest
income decreased $406,000 or 10.96 % due mainly to the change in
investment security gains. Non-interest expenses increased $391,000
due to an increase of $184,000 in pension and employee benefit
costs due to increased pension costs and increases in employee
medical cost. All other increases in non-interest expenses were a
result of normal increases in the cost of doing business. President
and CEO Charles G. Urtin stated, "The current interest rate
environment challenges our ability to preserve the net interest
margin. With a flattened yield curve our spread between interest
income and interest expense continues to diminish. This pressure is
fueling our endeavors to grow low cost deposits and explore
alternative sources of low cost funds." Mr. Urtin further stated,
"The Bank's new logo and customer service focused training are
already having a positive impact on our current customer base. We
are confident that our customer service efforts, rates and product
offerings will play a significant role in the future growth of this
Company." Total assets of the Company were $756,488,000 at June 30,
2007 as compared to $740,962,000 at December 31, 2006. Net loans
increased to $476,321,000 at June 30, 2007 from $467,721,000 at
December 31, 2006. Investment securities increased to $225,488,000
at June 30, 2007 as compared to $221,249,000 at December 31, 2006.
Total deposits were $574,714,000 at June 30, 2007 as compared to
$572,472,000 at December 31, 2006. Repurchase agreements were
$45,897,000 at June 30, 2007, compared to $27,417,000 at December
31, 2006. Advances from the Federal Home Loan Bank of Pittsburgh
decreased to $68,121,000 at June 30, 2007 as compared to
$72,410,000 at December 31, 2006. The Company takes advantage of
favorable interest rates offered by the Federal Home Loan Bank of
Pittsburgh and uses the proceeds to make investments and loans at
rates higher than those charged for the borrowings. Total
stockholders' equity declined to $60,977,000 at June 30, 2007
compared to $62,581,000 at December 31, 2006 due primarily to the
change in accumulated other comprehensive income. This change is
attributable to the negative impact rising interest rates have on
the market value of the investment portfolio. During the quarter
the Company repurchased 1,000 shares on the open market at a
weighted average cost of $19.33 per share. Irwin Bank is a state
chartered commercial bank that conducts its business from its main
office located in Irwin, Pennsylvania, six branch offices, two loan
centers, a trust division and three supermarket branches located in
the western 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) June 30, December 31, 2007 2006 Total Assets $756,488
$740,962 Securities available for sale $225,488 $221,249 Federal
Home Loan Bank stock, at cost $ 5,178 $ 5,197 Total loans, net
$476,321 $467,721 Total liabilities $695,511 $678,381 Interest
bearing deposits $487,761 $486,918 Non-interest bearing deposits $
86,953 $85,554 FHLB advances $ 68,121 $72,410 Stockholders' equity
$ 60,977 $62,581 Three Months Ended Six Months Ended June 30, June
30, 2007 2006 2007 2006 Interest Income $10,980 $9,872 $21,596
19,290 Interest Expense 5,373 4,393 10,606 8,404 Net interest
income 5,607 5,479 10,990 10,886 Provision for loan losses 250 550
500 850 Net interest income after provision for loan losses 5,357
4,929 10,490 10,036 Non-interest income 1,670 1,859 3,297 3,703
Non-interest expense 4,276 4,218 8,647 8,255 Income before income
taxes 2,751 2,570 5,140 5,484 Income tax expense 687 385 1,208 988
Net income $2,064 $2,185 $3,932 $4,496 Per Share Data: Basic
earnings per share $0.35 $0.37 $0.67 $0.76 Diluted earnings per
share $0.35 $0.37 $0.67 $0.76 Dividends per share $0.25 $0.25 $0.50
$0.50 Selected Ratios (annualized): Return on Average Assets 1.10%
1.23% 1.07% 1.28% Return on Average Equity 13.14% 14.19% 12.64%
14.70% Net Interest Spread 2.58% 2.81% 2.54% 2.79% Net Interest
Margin 3.15% 3.24% 3.11% 3.29% June 30, December 31, Additional Per
Share Data 2007 2006 Shares Outstanding 5,881,040 5,882,640 Book
Value per Share $ 10.37 $ 10.64 DATASOURCE: IBT Bancorp, Inc.
CONTACT: Charles G. Urtin, President-CEO, of IBT Bancorp, Inc.
+1-724-863-3100 Web site: http://www.myirwinbank.com/
http://www.irwinbank.com/
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