-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HOIHVCydXLQpjdC3fSOmBHwx3j1lM9VIx3AyMXyytns98EZwZf9gHjBZgy0/oRsh LO2tsnN6kr3rRs1R5nOcfQ== /in/edgar/work/20001103/0000946275-00-000485/0000946275-00-000485.txt : 20001106 0000946275-00-000485.hdr.sgml : 20001106 ACCESSION NUMBER: 0000946275-00-000485 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBT BANCORP INC CENTRAL INDEX KEY: 0000801122 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 251532164 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25903 FILM NUMBER: 752319 BUSINESS ADDRESS: STREET 1: 309 MAIN ST CITY: IRWIN STATE: PA ZIP: 15642 BUSINESS PHONE: 7248633100 MAIL ADDRESS: STREET 1: IBT BANCORP INC STREET 2: 309 MAIN ST CITY: IRWIN STATE: PA ZIP: 15642 10-Q 1 0001.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 ------------------ OR |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . -------- -------- Commission File No. 0-25903 IBT Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Pennsylvania 25-1532164 ------------------------------- ------------------------------------ (State of incorporation or organization) (I.R.S. employer identification no.) 309 Main Street, Irwin, Pennsylvania 15642 - ---------------------------------------- ------------------------------------ (Address of principal executive offices) (zip code) (724) 863-3100 - -------------------------------------------------------------------------------- Issuer's telephone number, including area code Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ------------ ------------ Number of shares of Common Stock outstanding as of November 1, 2000: 3,001,923 --------- IBT BANCORP, INC. Contents --------
Pages ----- PART I - FINANCIAL INFORMATION Item 1. Financial Statements.............................................................................. Consolidated balance sheets at September 30, 2000 (unaudited) and December 31, 1999.............................................................. 1 Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2000 and 1999............................................................... 2 Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2000 and 1999............................................................... 3 Notes to condensed consolidated financial statements (unaudited)................................ 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................................................................... 6 Item 3. Quantitative and Qualitative Disclosures About Market Risk...................................... 9 PART II - OTHER INFORMATION Item 1. Legal Proceedings.............................................................................. 10 Item 2. Changes in Securities and Use of Records....................................................... 10 Item 3. Defaults upon Senior Securities................................................................ 10 Item 4. Submission of Matters to a Vote of Security-Holders............................................ 10 Item 5. Other Information.............................................................................. 10 Item 6. Exhibits and Reports on Form 8-K............................................................... 10 Signatures..................................................................................................... 11
CONSOLIDATED BALANCE SHEETS IBT BANCORP, INC. AND SUBSIDIARY
September 30, 2000 December 31, 1999 -------------------------- ---------------------- (unaudited) ASSETS Cash and due from banks $ 14,371,603 $ 19,171,977 Interest-bearing deposits in banks 553,292 92,590 Federal funds sold 11,637,000 - Certificates of deposit 100,000 3,000,000 Securities available for sale 161,190,085 149,098,906 Federal Home Loan Bank stock, at cost 1,964,300 1,964,300 Loans, net 288,375,433 260,502,270 Premises and equipment, net 4,653,413 4,728,702 Other assets 7,209,320 7,162,670 ----------------------- -------------------- Total Assets $ 490,054,446 $ 445,721,415 ======================= ==================== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits Non-interest bearing $ 62,474,200 $ 57,097,999 Interest-bearing 343,933,307 311,582,486 ----------------------- -------------------- Total deposits 406,407,507 368,680,485 Repurchase agreements 9,066,727 6,456,597 Federal funds purchased - 7,000,000 Accrued interest and other liabilities 4,196,460 3,679,053 Long-term debt 29,000,000 22,000,000 ----------------------- -------------------- Total liabilities 448,670,694 407,816,135 Stockholders' Equity Capital stock, par value $1.25, 50,000,000 shares authorized, 3,023,799 shares issued, 3,001,923 and 3,021,174 shares outstanding at September 30, 2000 and December 31, 1999, respectively 3,779,749 3,779,749 Surplus 2,073,102 2,073,102 Retained earnings 38,285,500 35,318,637 Accumulated other comprehensive income (2,065,123) (3,178,596) ----------------------- -------------------- 42,073,228 37,992,892 Less: Treasury stock, at cost (689,476) (87,612) ----------------------- -------------------- Total stockholders' equity 41,383,752 37,905,280 ----------------------- -------------------- Total Liabilities and Stockholders' Equity $ 490,054,446 $ 445,721,415 ======================= ====================
The accompanying notes are an integral part of these consolidated financial statements. -1- CONSOLIDATED STATEMENTS OF INCOME IBT BANCORP, INC. AND SUBSIDIARY
Three Months Ended Nine Months Ended September 30, September 30, --------------------------- -------------------------- 2000 1999 2000 1999 ------------ ------------ ------------ ------------ (unaudited) (unaudited) ------------ ------------ ------------ ------------ Interest Income Loans $ 5,890,379 $ 5,065,722 $16,795,571 $14,811,131 Investment securities 2,642,988 2,376,310 7,774,220 6,609,582 Federal funds sold 94,783 172,135 232,617 423,961 ------------ ------------ ------------ ------------ Total interest income 8,628,150 7,614,167 24,802,408 21,844,674 Interest Expense Deposits 3,823,228 3,196,223 10,446,969 9,206,211 Long-term debt 402,284 284,222 1,126,498 648,969 Repurchase agreements 92,694 66,892 249,181 110,330 ------------ ------------ ------------ ------------ Total interest expense 4,318,206 3,547,337 11,822,648 9,965,510 ------------ ------------ ------------ ------------ Net Interest Income 4,309,944 4,066,830 12,979,760 11,879,164 Provision for Loan Losses 75,000 105,000 225,000 195,000 ------------ ------------ ------------ ------------ Net Interest Income after Provision 4,234,944 3,961,830 12,754,760 11,684,164 for Loan Losses Other Income (Losses) Service fees 431,788 389,609 1,228,787 1,062,517 Investment security gains - 19,268 - 24,057 Investment security losses - - (106,974) - Other income 332,779 322,051 1,054,100 925,877 ------------ ------------ ------------ ------------ Total other income 764,567 730,928 2,175,913 2,012,451 Other Expenses Salaries 961,235 870,431 2,950,028 2,529,701 Pension and other employee benefits 274,982 266,297 850,472 767,533 Occupancy expense 266,758 246,442 783,297 740,157 Data processing expense 148,500 134,681 439,263 399,484 ATM expense 100,609 103,176 284,376 251,862 FDIC insurance 18,788 9,800 59,522 29,863 Other expenses 758,179 699,014 2,198,925 1,968,530 ------------ ------------ ------------ ------------ Total other expenses 2,529,051 2,329,841 7,565,883 6,687,130 ------------ ------------ ------------ ------------ Income Before Income Taxes 2,470,460 2,362,917 7,364,790 7,009,485 Provision for Income Taxes 740,248 760,121 2,326,352 2,248,727 ------------ ------------ ------------ ------------ Net Income $ 1,730,212 $ 1,602,796 $ 5,038,438 $ 4,760,758 ============ ============ ============ ============ Basic Earnings per Share $ 0.58 $ 0.53 $ 1.68 $ 1.57 ============ ============ ============ ============ Diluted Earnings per Share $ 0.58 $ 0.53 $ 1.68 $ 1.57 ============ ============ ============ ============ Dividends per Share $ 0.23 $ 0.20 $ 0.69 $ 0.60 ============ ============ ============ ============
The accompanying notes are an integral part of these consolidated financial statements. -2- CONSOLIDATED STATEMENTS OF CASH FLOWS IBT BANCORP, INC. AND SUBSIDIARY
Nine Months ended September 30, ------------------------------- 2000 1999 ------------ --------------- (unaudited) ------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 5,038,438 $ 4,760,758 Adjustments to reconcile net cash from operating activities: Depreciation 414,743 400,500 Net amortization/accretion of premiums and discounts 3,974 17,235 Net investment security losses/(gains) 106,974 (24,057) Provision for loan losses 225,000 195,000 Increase (decrease) in cash due to changes in assets and liabilities: Other assets (620,258) (386,354) Accrued interest and other liabilities 517,407 89,099 ------------ --------------- Net Cash From Operating Activities 5,686,278 5,052,181 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of certificates of deposit (100,000) - Proceeds from maturity of certificates forofadeposit 3,000,000 - Proceeds from sales of securities available for sale 5,285,333 6,502,031 Proceeds from maturities of securities held to maturity - 2,569,215 Proceeds from maturities of securities available for sale 6,105,573 41,406,716 Purchase of securities available for sale (21,905,952) (85,097,520) Net loans made to customers (28,098,163) (18,109,754) Purchases of premises and equipment (339,454) (219,379) Purchase of Federal Home Loan Bank stock - (656,200) ------------ --------------- Net Cash Used By Investing Activities (36,052,663) (53,604,891) CASH FLOWS FROM FINANCING ACTIVITIES Net increase in deposits 37,727,022 18,564,802 Net increase in securities sold under repurchase agreements 2,610,130 7,495,613 Dividends (2,071,575) (1,814,280) Federal funds purchased (7,000,000) - Proceeds from long-term debt 7,000,000 10,000,000 Payments on long-term debt - (2,000,000) Purchase of treasury stock (601,864) - ------------ --------------- Net Cash From (Used By) Financing Activities 37,663,713 32,246,135 ------------ --------------- Net Change in Cash and Cash Equivalents 7,297,328 (16,306,575) Cash and Cash Equivalents at Beginning of Period 19,264,567 43,396,314 ------------ --------------- Cash and Cash Equivalents at End of Period 26,561,895 $ 27,089,739 ============ ===============
The accompanying notes are an integral part of these consolidated financial statements. -3- NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) IBT BANCORP, INC. AND SUBSIDIARY Period Ended September 30, 2000 NOTE A - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring accruals considered necessary for a fair presentation have been included. Operating results for the three months and nine months ended September 30, 2000 are not necessarily indicative of the results that may be expected for the year ended December 31, 2000 or any future interim period. The interim financial statements should be read in conjunction with the financial statements and footnotes thereto included in IBT Bancorp, Inc. and subsidiary Annual Report or Form 10-K for the year ended December 31, 1999. Certain previously reported items have been reclassified to conform to the current period's classifications. The reclassifications have no effect on total assets, total liabilities and stockholders' equity, or net income. NOTE B - EARNINGS PER SHARE Earnings per share are calculated on the basis of the weighted average number of shares outstanding. The weighted average shares outstanding was 3,001,923 and 3,003,807 for the three and nine months ended September 30, 2000, respectively and 3,023,799 for the three and nine months ended September 30, 1999. NOTE C - COMPREHENSIVE INCOME Total comprehensive income for the three months ended September 30, 2000 and 1999 was $2,760,938 and $1,003,237 respectively and for the nine months ended September 30, 2000 and 1999 was $6,151,911 and $1,630,960, respectively. NOTE D - INVESTMENT SECURITIES Investment securities available for sale consist of the following:
September 30, 2000 ----------------------------------------------------------- Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value ------------ -------- ----------- -------------- Obligations of U.S. Government Agencies $ 99,265,535 $101,083 ($1,681,370) $ 97,685,248 Obligations of State and political sub-divisions 14,979,669 227,062 (206,177) 15,000,554 Mortgage-backed securities 45,728,422 15,099 (1,646,826) 44,096,695 Other securities 185,281 5,562 - 190,843 Equity securities 4,160,153 59,835 (3,243) 4,216,745 ------------ -------- ----------- ------------ $164,319,060 $408,641 ($3,537,616) $161,190,085 ============ ======== =========== ============
-4- NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) IBT BANCORP, INC. AND SUBSIDIARY Period Ended September 30, 2000 NOTE E - JOINT VENTURES During the second quarter of 2000, IBT Bancorp, Inc. (the Bancorp) formed a new subsidiary, IBT Financial Services, LLC. The newly formed subsidiary commenced operations in June 2000 and offers a full range of investment and insurance services to customers and the general public. The Bancorp owns fifty percent of the newly formed company and is recording their investment using the equity method. The Bancorp's initial investment was $125,000. During the third quarter of 2000, the Bancorp formed a new partnership, T.A. of Irwin, L.P. This newly formed partnership will commence operations in October 2000 and will provide title insurance to the general public. The Bancorp's capital contribution was $13,231 representing and 85% limited partnership interest. -5- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words "believes", "anticipate", "contemplates", "expects", and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in interest rates, risks associated with the effect of opening a new branch, the ability to control costs and expenses, and general economic conditions. IBT Bancorp, Inc. undertakes no obligation to publicly release the results of any revisions to those forward looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. GENERAL IBT Bancorp, Inc. is a bank holding company headquartered in Irwin, Pennsylvania, which provides a full range of commercial and retail banking services through its wholly owned banking subsidiary, Irwin Bank & Trust Co. (collectively, the "Company"). IB&T Financial Services, LLC ("IB&T Financial") commenced operations on June 26, 2000. IB&T Financial, a subsidiary of IBT Bancorp, Inc., offers insurance and investment services to customers and the general public. For further information see Note E to the condensed consolidated financial statements. T.A. of Irwin, L.P. ("T.A. of Irwin), formed during the third quarter, commenced operations in October, 2000. T.A. of Irwin, an investment of IBT Bancorp, Inc., will offer title insurance to customers and the general public. For further information see Note E to the condensed consolidated financial statements. FINANCIAL CONDITION At September 30, 2000, total assets increased $44.4 million to $490.1 million from $445.7 million at December 31, 1999. Of this increase, net loans receivable increased $27.9 million, securities available for sale increased $12.1 million, and federal funds sold increased $11.6 million. Such increases were offset by a $4.8 million decrease in cash & due from banks and a $2.9 million decrease in certificates of deposit. Such funds were primarily used to pay down the outstanding federal funds purchased of $7.0 million in the first quarter. The growth in total deposits of $37.7 million was used to fund the growth in the loan portfolio and increase the federal funds sold. The increase in the loan portfolio was primarily due to the growth of the fixed rate one- to four- family residential mortgage loans -6- of $8.9 million and growth of the adjustable rate real estate secured commercial loans of $6.5 million. Such increases were offset by the sale of the credit card portfolio of $1.6 million in the second quarter. The Company's loan portfolio continues to grow due to the Company's offering of competitive market interest rates. Federal funds sold during the quarter increased in order to meet anticipated future loan demand. Additionally, management took advantage of higher interest rates during the quarter and purchased $6.6 million of available for sale securities. Non-interest bearing deposits increased $5.4 million to $62.5 million at September 30, 2000 from $57.1 million at December 31, 1999. Interest-bearing deposits increased $32.4 million from $311.6 million at December 31, 1999. The growth is primarily the result of increases in certificate of deposit accounts, which rose $31.0 million to $199.9 million at September 30, 2000 from $168.9 million at December 31, 1999. This growth was primarily attributed to the competitive interest rates paid for these products. At September 30, 2000, total stockholders' equity increased $3.5 million to $41.4 million from $37.9 million at December 31, 1999. The increase was due to net income of $5.0 million for the period and an increase of $1.1 million in accumulated other comprehensive income, offset by the purchase of $602,000 of Company stock, and dividends paid of $2.1 million. As previously reported, the Company plans to purchase up to 151,100 shares of the Company's common stock. As of September 30, 2000 the Company repurchased 21,876 shares. Accumulated other comprehensive income increased as a result of changes in the net unrealized loss on the available for sale securities due to fluctuations in interest rates. Pursuant to generally accepted accounting principles, securities available for sale are recorded at current market value and net unrealized gains or losses on such securities are excluded from current earnings and reported net of income taxes, as part of comprehensive income, until realized. Because of interest rate volatility, the Company's accumulated other comprehensive income could materially fluctuate for each interim period and year-end. The majority of the accumulated unrealized loss resulted from the Company's investment in U.S. government agencies and mortgage backed securities. The change in market value of the investment securities available for sale will not affect the Company's net income until the securities are sold. See Note D to the condensed consolidated financial statements. RESULTS OF OPERATIONS Net income. Net income for the three months ended September 30, 2000 increased $127,000 to $1.7 million from $1.6 million for the comparable three month period in 1999. Net income for the nine months ended September 30, 2000 increased $277,000 to $5.0 million from $4.8 million for the comparable nine months 1999 period. Such increases for the three and nine months ended September 30, 2000 were the result of higher net interest income and other income offset by increases in other expenses. -7- Interest income. Interest income for the three months ended September 30, 2000 increased $1.0 million to $8.6 million from $7.6 million for the comparable three month period in 1999. Interest income for the nine months ended September 30, 2000 increased $2.9 million to $24.8 million from $21.9 million for the comparable nine months 1999 period. The increases in the current three and nine month periods were primarily due to the increases in the average loan receivables and the average available for sale securities portfolio. Interest expense. Interest expense for the three months ended September 30, 2000 increased $771,000 to $4.3 million from $3.5 million for the comparable three month period in 1999. Interest expense for the nine months ended September 30, 2000 increased $1.8 million to $11.8 million from $10.0 million for the comparable nine months 1999 period. Increased interest expense for the current three and nine month periods were primarily due to the increase in FHLB advances, corporate repurchase agreement deposits, and interest earning deposits. Provision for loan losses. For the three and nine months ended September 30, 2000, provision for loan losses were $75,000 and $225,000 respectively compared to $105,000 and $195,000 for the comparable 1999 periods. The evaluation for determining the provision includes evaluations of concentrations of credit, past loss experience, current economic conditions, amount and composition of the loan portfolio (including loans being specifically monitored by management), estimated fair value of underlying collateral, loan commitments outstanding, delinquencies, and other information available at such times. The Company will continue to monitor its allowance for loan losses and make future adjustments to the allowance through the provision for loan losses as economic conditions dictate. Management continues to offer a wider variety of loan products coupled with the continued success of changing the mix of the products offered in the loan portfolio from lower yielding loans (i.e., one- to four-family loans) to higher yielding loans (i.e., equity loans, multi-family (five or more units) buildings, and commercial (nonresidential) mortgages). Although the Company maintains its allowance for loan losses at a level that it considers to be adequate to provide for the inherent risk of loss in its loan portfolio, there can be no assurance that future losses will not exceed estimated amounts or that additional provisions for loan losses will not be required in future periods due to the higher degree of credit risk which might result from the change in the mix of the loan portfolio. Other income. Total other income for the three months ended September 30, 2000 increased $34,000 to $765,000 from $731,000 for the comparable three month period in 1999. Such increases were due to increased service fees resulting primarily from the increase in overdraft fees. Other income for the nine months ended September 30, 2000 increased $163,000 to $2.2 million from $2.0 million for the comparable period in 1999. The total increases for the nine months ended September 30, 2000 were due to the increase in service fees and a gain of $115,000 resulting from the sale of the credit card -8- portfolio offset by a loss of $106,000 on the sale of available for sale securities. The increase in service fees resulted primarily from the increase in overdraft fees. Other expense. Total other expense for the three months ended September 30, 2000 increased $199,000 to $2.5 million from $2.3 million for the comparable three month period in 1999. Other expense for the nine months ended September 30, 2000 increased $879,000 to $7.6 million from $6.7 million for the comparable period in 1999. While virtually all other expenses increased during the current three month and nine month periods, salaries, pension and other employee benefits, ATM expenses, and FDIC insurance were the most significant. As previously disclosed, effective January 1, 2000, the Bank Insurance Fund ("BIF") increased its assessments on deposits for all banks insured by the BIF and the Company instituted an across the board salary increase to all non-officer employees and eliminated the bonus reward program in January 2000. Also, health insurance premiums increased causing increases in pension and other employee benefits. ATM expense increased for the current three and nine month periods due to increased fees from the Company's processor. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There were no significant changes for the three and nine months ended September 30, 2000 from the information presented in the 10K statement, under the caption Market Risk, for the year ended December 31, 1999. -9- PART II. OTHER INFORMATION Item 1. Legal Proceedings The registrant is not engaged in any legal proceedings at the present time. From time to time, the Bank is a party to legal proceedings within the normal course of business wherein it enforces its security interest in loans made by it, and other matters of a like kind. Item 2. Changes in Securities and Use of Proceeds None. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information Not applicable. Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits 3(i) Articles of Incorporation of IBT Bancorp, Inc.* 3(ii) Bylaws of IBT Bancorp, Inc.* 10 Change In Control Severance Agreement with Charles G. Urtin ** 10.1 Deferred Compensation Plan For Bank Directors** 10.2 Retirement Agreement Between Irwin Bank & Trust Co. And J. Curt Gardner** 10.3 Death Benefit Only Deferred Compensation Plan For Bank Directors effective as of January 1, 1990** 10.4 Retirement and Death Benefit Deferred Compensation Plan For Bank Directors effective as of January 1, 1990** 10.5 2000 Stock Option Plan*** 27 Financial Data Schedule (electronic filing only) ------------------------- * Incorporated by reference to the identically numbered exhibits of the Registrant's Form 10 (file no. 0-25903) ** Incorporated by reference to the identically numbered exhibits of the Registrant's Form 10Ks for December 31, 1999. *** Incorporated by reference to the definitive proxy statement of the registrant filed on March 17, 2000. (b) None.
-10- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. IBT BANCORP, INC. Date: November 3, 2000 By: /s/Charles G. Urtin --------------------------------------- Charles G. Urtin President, Chief Executive Officer And Chief Accounting Officer (Duly authorized officer) -11- EX-27 2 0002.txt FDS
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION. 1000 9-MOS DEC-31-2000 SEP-30-2000 4,711 553 11,637 0 163,154 0 0 290,331 1,956 490,054 406,408 0 13,263 29,000 0 0 3,780 37,604 490,054 16,796 7,774 233 24,802 10,447 1,375 12,980 225 (107) 7,566 7,365 7,365 0 0 5,038 1.68 1.68 0 88 1,326 0 0 2,366 650 15 1,956 1,956 0 0
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