-----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, WC4McXRC1OLv13SpuJnXNwcVyxt0OhP6pHkdp3aGDXvrwNd3e9Ek2SjBIEsP+Mep m+i3GbPTpMqk1O0l161ifg== 0000946275-03-000104.txt : 20030211 0000946275-03-000104.hdr.sgml : 20030211 20030211172020 ACCESSION NUMBER: 0000946275-03-000104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030210 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030211 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25903 FILM NUMBER: 03550906 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 8-K 1 f8k_021203-0262.txt FORM SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 10, 2003 IBT Bancorp, Inc. ----------------- (Exact name of Registrant as specified in its Charter) Pennsylvania 0-25903 25-1532164 ------------ ------- ------------- (State or other jurisdiction (SEC File No.) (IRS Employer of incorporation) Identification Number) 309 Main Street, Irwin, Pennsylvania 15642 - ------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (724) 863-3100 -------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last Report) INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Item 5. Other Events The Registrant announced its earnings for the fourth quarter and full year 2002. For further details, reference is made to the Press Release dated February 10, 2003, which is attached hereto as Exhibit 99 and incorporated herein by this reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits Exhibit 99 -- Press Release dated February 10, 2003. 2 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: February 11, 2003 By: /s/Charles G. Urtin ---------------------------------------- Charles G. Urtin President and Chief Executive Officer EX-99 3 ex-99.txt PRESS RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Charles G. Urtin, President / CEO Telephone: 724-863-3100 www.irwinbank.com - ----------------- IBT Bancorp, Inc. Announces Operating Results for the Fourth Quarter and Year Ended December 31, 2002 Irwin, Pennsylvania, February 10, 2003: IBT Bancorp, Inc., (the "Company"), the holding company of Irwin Bank & Trust Company, today announced its results of operations for the three months and year ended December 31, 2002. The Company's net income for the three months ended December 31, 2002 increased $240,000 to $2,072,000, or $ .69 per diluted earnings per share, from $1,832,000, or $ .61 per diluted earnings per share, for the comparable 2001 quarter. Net income for the year ended December 31, 2002 increased $1,472,000, to $8,937,000, or $ 2.99 per diluted earnings per share, from $7,465,000, or $2.49 per diluted earnings per share, for the comparable 2001 period. President and CEO Charles G. Urtin stated "We are pleased to report record earnings for the year ended December 31, 2002. A favorable interest rate environment coupled with record loan volume, increases in non-interest income, and a commitment to controlling non-interest expenses produced these results." Total assets of the Company increased $59,991,000 to $584,035,000 at December 31, 2002 as compared to $524,044,000 at December 31, 2001. Total loans reached $359,872,000 at December 31, 2002 from $315,132,000 at December 31, 2001, an increase of $44,740,000 or 14%. Investments increased as well to $186,718,000 at December 31, 2002 as compared to $162,968,000 at December 31, 2001, an increase of $23,750,000 or 14%. Strong deposit growth funded the expansion of the loan portfolio and the increase in the investment portfolio. Total deposits reached $468,257,000 at December 31, 2002 as compared to total deposits of $422,462,000 at December 31, 2001. The increase in deposits was primarily the result of the growth in interest bearing deposits, which increased $41,578,000 over the prior year. Such increase was primarily attributed to the competitive market rates paid on these products. The Company also took advantage of favorably priced advances from the Federal Home Loan Bank of Pittsburgh. Outstanding advances at December 31, 2002 were $40,000,000 compared to $35,000,000 at December 31, 2001. Irwin Bank & Trust Company is a state chartered commercial bank that conducts its business from its main office located in Irwin, Pennsylvania, five branch offices, a loan center, a trust division, and five 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 OTC Bulletin Board under the symbol "IBTB". IBT Bancorp, Inc. Selected Financial Data (Unaudited) (Dollars in Thousands, except per share data) December 31, December 30, ----------------- ----------------- 2002 2001 ----------------- ----------------- Total Assets $ 584,035 $ 524,044 Securities available for sale $ 186,718 $ 162,968 Total loans, net $ 359,872 $ 315,132 Total liabilities $ 527,884 $ 474,319 Interest bearing deposits $ 393,918 $ 352,340 Non-interest bearing deposits $ 74,339 $ 70,122 FHLB advances $ 40,000 $ 35,000 Shareholders' equity $ 56,151 $ 49,725 Three Months Ended Twelve Months Ended December 31, ----------------------------------------- 2002 2001 2002 2001 ------- ----- ------ ------ Interest Income $ 8,485 8,563 33,560 35,184 Interest Expense 3,226 3,824 12,829 16,958 ------- ------- ------- ------- Net interest income 5,259 4,739 20,731 18,226 Provision for loan losses 300 235 1,100 500 ------- ------- ------- ------- Net interest income after provision for loan losses 4,959 4,504 19,631 17,726 Non-interest income 1,420 1,141 5,317 4,009 Non-interest expense 3,546 3,121 12,831 11,284 ------- ------- ------- ------- Income before income taxes 2,833 2,524 12,117 10,451 Income tax expense 761 692 3,180 2,986 ------- ------- ------- ------- Net income $ 2,072 $ 1,832 $ 8,937 $ 7,465 ======= ======= ======= ======= Per Share Data: Basic earnings per share $ 0.70 $ 0.61 $ 3.00 $ 2.49 Diluted earnings per share $ 0.69 $ 0.61 $ 2.99 $ 2.49 Dividends per share $ 0.30 $ 0.26 $ 1.20 $ 1.04 Selected Ratios (annualized): Return on Average Assets 1.42% 1.39% 1.61% 1.45% Return on Average Equity 14.81% 14.53% 16.95% 15.57% Net Interest Spread 3.29% 3.01% 3.39% 2.85% Net Interest Margin 3.82% 3.75% 3.95% 3.68% December 31, December 31, -------------- ---------------- Additional Per Share Data: 2002 2001 -------------- ---------------- Shares Outstanding 2,977,655 2,985,695 Book Value per Share $ 18.86 $ 16.65 -----END PRIVACY-ENHANCED MESSAGE-----