-----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, Bd4uG0+PiYT1buGT1Y043xoiAcYSrYwJL3BklQpd8zonX3VcqhTn6bzJSqv4Mbdk YSSPYUelFzDp4S7/B0iL2A== 0000946275-01-500081.txt : 20010515 0000946275-01-500081.hdr.sgml : 20010515 ACCESSION NUMBER: 0000946275-01-500081 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBT BANCORP INC CENTRAL INDEX KEY: 0000801122 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [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: 1633302 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 f10q_033101-0262.txt FORM 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 March 31, 2001 -------------- 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 May 01, 2001: 2,997,403 --------- IBT BANCORP, INC. Contents --------
Pages ----- PART I - FINANCIAL INFORMATION Item 1. Financial Statements.............................................................................. Consolidated statements of financial condition at March 31, 2001 (unaudited) and December 31, 2000.............................................................. 1 Consolidated statements of operations (unaudited) for the three months ended March 31, 2001 and 2000 .................................................................. 2 Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2001 and 2000................................................................... 3 Notes to financial statements................................................................... 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................................................................... 5 Item 3. Quantitative and Qualitative Disclosures About Market Risk...................................... 8 PART II - OTHER INFORMATION Item 1. Legal Proceedings.............................................................................. 9 Item 2. Changes in Securities and Use of Records....................................................... 9 Item 3. Defaults upon Senior Securities................................................................ 9 Item 4. Submission of Matters to a Vote of Security-Holders............................................ 9 Item 5. Other Information.............................................................................. 9 Item 6. Exhibits and Reports on Form 8-K............................................................... 9 Signatures..................................................................................................... 10
CONSOLIDATED BALANCE SHEETS IBT BANCORP, INC. AND SUBSIDIARY
March 31, 2001 December 31, 2000 --------------- ----------------- (unaudited) (unaudited) --------------- ----------------- ASSETS Cash and due from banks $ 11,796,275 $ 12,877,327 Interest-bearing deposits in banks 3,147,735 4,740,068 Federal funds sold 13,840,000 4,129,000 Certificates of deposit 1,600,000 2,700,000 Securities available for sale 166,286,429 165,909,886 Federal Home Loan Bank stock, at cost 1,964,300 1,964,300 Loans, net 297,768,432 291,914,060 Premises and equipment, net 4,870,192 4,899,777 Other assets 5,977,071 7,245,015 ------------- ------------- Total Assets $ 507,250,434 $ 496,379,433 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits Non-interest bearing $ 64,489,723 $ 64,316,265 Interest-bearing 347,570,220 345,322,197 ------------- ------------- Total deposits 412,059,943 409,638,462 Repurchase agreements 9,499,038 9,022,190 Accrued interest and other liabilities 6,609,619 5,104,200 Long-term debt 32,000,000 28,000,000 ------------- ------------- Total liabilities 460,168,600 451,764,852 Stockholders' Equity Capital stock, par value $1.25, 50,000,000 shares authorized, 3,023,799 shares issued, 2,999,923 and 3,001,923 shares outstanding at March 31, 2001 and December 31, 2000, respectively 3,779,749 3,779,749 Surplus 2,073,102 2,073,102 Retained earnings 40,246,532 39,261,880 Accumulated other comprehensive income 1,715,806 189,326 ------------- ------------- 47,815,189 45,304,057 Less: Treasury stock, at cost (733,355) (689,476) ------------- ------------- Total stockholders' equity 47,081,834 44,614,581 ------------- ------------- Total Liabilities and Stockholders' Equity $ 507,250,434 $ 496,379,433 ============= =============
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 March 31, ---------------------------- 2001 2000 -------------- ------------ (unaudited) -------------- ------------ Interest Income Loans $ 6,052,561 $ 5,355,383 Investment securities 2,741,558 2,540,463 Federal funds sold 77,337 13,138 ----------- ----------- Total interest income 8,871,456 7,908,984 Interest Expense Deposits 3,950,209 3,233,483 Long-term debt 424,228 333,405 Repurchase agreements 96,249 71,626 ----------- ----------- Total interest expense 4,470,686 3,638,514 ----------- ----------- Net Interest Income 4,400,770 4,270,470 Provision for Loan Losses 75,000 75,000 ----------- ----------- Net Interest Income after Provision for Loan Losses 4,325,770 4,195,470 Other Income (Losses) Service fees 382,336 375,041 Investment security gains 75,646 - Investment security losses (2,188) - Other income 343,620 294,045 ----------- ----------- Total other income 799,414 669,086 Other Expenses Salaries 967,254 909,579 Pension and other employee benefits 292,512 291,617 Occupancy expense 279,098 258,687 Data processing expense 163,824 143,911 ATM expense 96,144 86,739 Other expenses 801,962 740,854 ----------- ----------- Total other expenses 2,600,794 2,431,387 ----------- ----------- Income Before Income Taxes 2,524,390 2,433,169 Provision for Income Taxes 759,238 781,192 ----------- ----------- Net income $ 1,765,152 $ 1,651,977 =========== =========== Basic Earnings per share $ 0.59 $ 0.55 =========== =========== Diluted Earnings per share $ 0.59 $ 0.55 =========== =========== Dividends per Share $ 0.26 $ 0.23 =========== =========== The accompanying notes are an integral part of these consolidated financial statements. -2- CONSOLIDATED STATEMENTS OF CASH FLOWS IBT BANCORP, INC. AND SUBSIDIARY Three Months ended March 31, ------------------------------ 2001 2000 -------------- -------------- (unaudited) -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,765,152 $ 1,651,977 Adjustments to reconcile net cash from operating activities: Depreciation 148,455 136,343 Net amortization/accretion of premiums and discounts (8,242) 5,163 Net investment security gains (73,458) -- Provision for loan losses 75,000 75,000 Increase (decrease) in cash due to changes in assets and liabilities: Other assets 946,952 (341,825) Accrued interest and other liabilities 719,050 224,740 ------------ ------------ Net Cash From Operating Activities 3,572,909 1,751,398 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of certificates of deposit (1,500,000) -- Proceeds from maturity of certificates forofadeposit 2,600,000 3,000,000 Proceeds from sales of securities available for sale 6,067,942 -- Proceeds from maturities of securities available for sale 20,884,965 2,972,717 Purchase of securities available for sale (24,934,901) (6,043,990) Net loans made to customers (5,608,380) (4,996,269) Purchases of premises and equipment (118,870) (49,304) ------------ ------------ Net Cash Used By Investing Activities (2,609,244) (5,116,846) CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in deposits 2,421,481 7,015,541 Net increase in securities sold under repurchase agreements 476,848 354,098 Dividends (780,500) (690,691) Federal funds purchased -- (7,000,000) Proceeds from long-term debt 8,000,000 5,000,000 Repayment of long-term debt (4,000,000) -- Purchase of treasury stock (43,879) (601,864) ------------ ------------ Net Cash From Financing Activities 6,073,950 4,077,084 ------------ ------------ Net Change in Cash and Cash Equivalents 7,037,615 711,636 Cash and Cash Equivalents at Beginning of Period 21,746,395 19,264,567 ------------ ------------ Cash and Cash Equivalents at End of Period $ 28,784,010 $ 19,976,203 ============ ============ The accompanying notes are an integral part of these consolidated financial statements. -3- IBT BANCORP, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 ended March 31, 2001 are not necessarily indicative of the results that may be expected for the year ended December 31, 2001 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, 2000. 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 3,001,879 and 3,007,597 for the three months ended March 31, 2001 and 2000, respectively. NOTE C - COMPREHENSIVE INCOME Total comprehensive income for the three months ended March 31, 2001 and 2000 was $3,291,632 and $1,554,896, respectively. NOTE D - INVESTMENT SECURITIES Investment securities available for sale consist of the following:
March 31, 2001 -------------------------------------------------------------- Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value -------------------------------------------------------------- Obligations of U.S. Government Agencies $ 73,551,036 1,537,527 (6,950) $ 75,081,613 Obligations of State and political sub-divisions 18,365,060 734,267 (35,380) 19,063,947 Mortgage-backed securities 61,815,417 365,660 (106,093) 62,074,984 Other securities 798,667 29,293 - 827,960 Equity securities 9,156,541 87,384 (6,000) 9,237,925 -------------------------------------------------------------- $ 163,686,721 $ 2,754,131 $ (154,423) $ 166,286,429 ==============================================================
-4- 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"). FINANCIAL CONDITION On March 31, 2001, total assets increased $10.8 million, or 2.18%, to $507.2 million from $496.4 million at December 31, 2000. The growth in assets resulted primarily from the net increase of $7.0 million in cash and cash equivalents (primarily federal funds sold) and $5.9 million in net loans. The increase in the growth of assets was offset by a $1.3 million decline in other assets. At December 31, 2000, other assets included a receivable for an investment security that was called on December 30, 2000 but the proceeds were not received by year end. The increase in the loan portfolio was primarily due to the growth of the fixed rate one- to four- family residential mortgage loans of $3.7 million. The Company's loan portfolio continues to grow due to the Company's offering of competitive market interest rates. Additionally, net cash and cash equivalents increased during the quarter in order to meet anticipated future loan demand. At March 31, 2001, total liabilities increased $8.4 million, or 1.86%, to $460.2 million from $451.8 million at December 31, 2000. This increase was primarily the result of additional long-term borrowings, which rose $4.0 million from $28.0 million at December 31, 2000. Such borrowings were fixed rate loans from Federal Home Loan Bank used to fund the current loan demand. Additionally, interest-bearing deposits increased $2.3 million to $347.6 million at March 31, 2001 from $345.3 million at December 31, 2000. The growth is primarily the result of increases in interest bearing checking accounts of $4.7 -5- million and increases in savings accounts of $2.4 million. The increases were offset by a net decrease of $5.0 million in certificate of deposit accounts. Such net decreases primarily reflected certificates of deposit of Municipalities which were not renewed. Total interest bearing deposit growth was attributed to depositors maintaining higher balances and an increase in the number of deposit accounts. At March 31, 2001, total stockholders' equity increased $2.5 million to $47.1 million from $44.6 million at December 31, 2000. The increase was due to net income of $1.8 million for the period and an increase of $1.5 million in accumulated other comprehensive income, offset by the purchase of $44,000 of Company stock, and dividends paid of $781,000. Accumulated other comprehensive income increased as a result of changes in the net unrealized gain on the available for sale securities due to fluctuations in interest rates. Because of interest rate volatility, the Company's accumulated other comprehensive income could materially fluctuate for each interim period and year-end. See Note D to the condensed consolidated financial statements. As previously reported, the Company plans to purchase up to 151,100 shares of the Company's common stock. As of March 31, 2001 the Company repurchased 23,876 shares. RESULTS OF OPERATIONS Net income. Net income for the three months ended March 31, 2001 increased $100,000, or 5.9%, to $1.8 million from $1.7 million for the comparable three month period in 2000. The increase for the three months ended March 31, 2001 was the result of higher net interest income and other income offset by increases in other expenses. Interest income. Interest income for the three months ended March 31, 2001 increased $1.0 million to $8.9 million from $7.9 million for the comparable three month period in 2000. The increase in the current three month period was primarily attributed to an increase in average loans of $30.0 million and average investment securities available for sale of $19.3 million offset by a 4 basis point decrease in the yield on average interest earning assets to 7.46% for the first three months of 2001 from 7.50% for the comparable three month period in 2000. See "Average Balance Sheet and Rate/Volume Analysis" Interest expense. Interest expense for the three months ended March 31, 2001 increased $900,000 to $4.5 million from $3.6 million for the comparable three month period in 2000. Such increases were primarily the result of an increase in average certificates of deposit of $35.2 million coupled with a 42 basis point increase in average cost of funds to 4.66% for the first three months of 2001 from 4.24% for the comparable three month period in 2000. See "Average Balance Sheet and Rate/Volume Analysis" -6- Average Balance Sheet The following table sets forth certain information relating to the Company for the periods indicated. Average yields and costs are derived by dividing income or expense on an annualized basis by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are derived from average daily balances.
Three Months Ended March 31, Three Months Ended March 31, ------------------------------------------- ---------------------------------------- 2001 2000 ------------------------------------------- ---------------------------------------- Average Average Average Average Balance Interest Yield/Cost Balance Interest Yield/Cost --------- --------- ---------- --------- ---------- ---------- (In Thousands) (In Thousands) Interest-earning assets: Loans receivable (1) (7) $ 297,797 $ 6,053 8.13% $ 267,807 $ 5,355 8.00% Investment securities available for sale (2) 172,068 2,741 6.37% 152,774 2,540 6.65% Other interest-earning assets (5) 5,879 77 5.26% 992 13 5.24% --------- ------- --------- ------- Total interest earning assets $ 475,744 $ 8,871 7.46% $ 421,573 $ 7,908 7.50% --------- ------- ------ --------- ------- Non-interest earning assets 18,622 21,175 --------- --------- Total assets $ 494,366 $442,748 ========= ======== Interest-bearing liabilities: Money market accounts 54,280 502 3.70% 56,327 543 3.86% Certificates of Deposit 202,648 3,015 5.95% 167,427 2,183 5.22% Other liabilities 127,188 953 3.00% 119,654 912 3.05% --------- ------- --------- ------- Total interest-bearing liabilities $ 384,116 $ 4,470 4.65% $ 343,408 $ 3,638 4.24% --------- ------- ------ --------- ------- Non-interest-bearing liabilities 65,388 61,373 --------- --------- Total liabilities $ 449,504 $ 404,781 --------- --------- Retained Earnings (6) 44,862 37,967 --------- --------- Total liabilities and stockholders' equity $ 494,366 $ 442,748 ========= ========= Net interest income $ 4,401 $ 4,270 ======= ======= Interest rate spread (3) 2.81% 3.26% ====== ====== Net yield on interest-earning assets (4) 3.70% 4.05% ====== ====== Ratio of average interest-earning assets to average interest-bearing liabilities 123.85% 122.76% ====== ======
(1) Average balances include non-accrual loans, and are net of deferred loan fees. (2) Includes interest-bearing deposits in other financial institutions. (3) Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. (4) Net yield on interest-earning assets represents net interest income as a percentage of average interest earning assets. (5) Includes federal funds sold of $5,879 and $992, respectively. (6) Includes capital stock, surplus and accumulated other comprehensive income. (7) For both periods presented, interest income includes business manager income, which was previously classified as other non-interest income. -7- The table below sets forth certain information regarding changes in interest income and interest expenses of the Company for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (i) changes in volume (changes in average volume multiplied by old rate); and (ii) changes in rates (changes in rate multiplied by old average volume).
Three Month Period ended March 31, 2001 --------------------------------------- 2001 vs. 2000 --------------------------------------- Increase (Decrease) Due to Volume Rate Net --------------------------------------- (In Thousands) Interest income: Loans receivable 600 98 698 Investment securities available for sale 321 (120) 201 Other interest earning assets 64 0 64 --- ---- --- Total interest-earning assets 985 (22) 963 === ==== === Interest expense: Money market accounts (20) (21) (41) Certificates of deposit 459 373 832 Other liabilities 57 (16) 41 --- ---- --- Total interest-bearing liabilities 496 336 832 --- ---- --- Net change in interest income 487 (358) 131 === ==== ===
Provision for loan losses. For the three months ended March 31, 2001 and the comparable three month period in 2000, the provision for loan losses was $75,000. 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 March 31, 2001 increased $130,000 to $799,000 from $669,000 for the comparable three month period in 2000. The increase in other income for the three months ended March 31, 2001 is primarily due to $73,000 of net investment securities gains which were not reflected in the previous year period and $49,000 in other income. Of the total net investment securities gains, $47,000 of such gains resulted from investment securities purchased at a discount which were called prior to maturity. Other income increased primarily due to fees generated from customer usage of the debit card. Other expense. Total other expense for the three months ended March 31, 2001 increased $200,000 to $2.6 million from $2.4 million for the comparable three month period in 2000. The increase is primarily due to increased employment, occupancy, and data processing expenses. Salary, pension, and other employee benefit costs increased $59,000, or 4.9% in 2001. Such increases were the result of normal merit increases and increased staff. Occupancy expense increased $20,000, or 7.7% in 2001. This increase is primarily attributable to the opening of a new supermarket branch office in Penn Township, Westmoreland County in June of 2000, of which such costs were not included in the prior year period. An increase in data processing fees of $20,000, or 13.9%, in 2001 is primarily the result of increased fees from the Company's third party processor. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There were no significant changes for the three months ended March 31, 2001 from the information presented in the 10K statement, under the caption Market Risk, for the year ended December 31, 2000. -8- 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 The Annual Meeting of Shareholders of the Company was held on April 17, 2001 and the following matter was voted upon: Proposal I- Election of directors with terms to expire in 2004 FOR WITHHELD --- -------- Robert Rebich, jr. 2,250,911 4,580 Grant J. Shevchick 2,244,641 10,850 Charles G. Urtin 2,250,155 5,336 Proposal II - The ratification of Edwards, Sauer & Owens as auditors. FOR AGAINST WITHHELD --- ------- -------- 2,242,835 7,160 5,496 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***
------------------------- * 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 10K for December 31, 1999. *** Incorporated by reference to the definitive proxy statement of the registrant filed on March 17, 2000. (b) None. -9- 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: May 14, 2001 By: /s/Charles G. Urtin ---------------------------------- Charles G. Urtin President, Chief Executive Officer And Chief Accounting Officer (Duly authorized officer) -----END PRIVACY-ENHANCED MESSAGE-----