EX-99 3 ex-99.txt PRESS RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Charles G. Urtin, President / CEO Telephone: 724-863-3100 www.myirwinbank.com ------------------- IBT Bancorp, Inc. Announces Operating Results for the First Quarter Ended March 31, 2003 Irwin, Pennsylvania, April 25, 2003: IBT Bancorp, Inc., (the "Company"), the holding company of Irwin Bank & Trust Company, today announced its results of operations for the three months ended March 31, 2003. The Company's net income for the three months ended March 31, 2003 increased $198,000 to $2,629,000, or $ .88 per diluted earnings per share, from $2,431,000, or $ .81 per diluted earnings per share, for the comparable 2002 quarter. President and CEO Charles G. Urtin stated, "We have been able to manage our balance sheet to produce an increase in net income over the prior year's first quarter despite continued pressure on the net interest margin resulting from the current historically low interest rates earned on the Company's assets. Increases in loan volume, however, have contributed to the improved results." Total assets of the Company increased $15,529,000 to $599,564,000 at March 31, 2003 as compared to $584,035,000 at December 31, 2002. Total loans reached $372,466,000 at March 31, 2003 from $359,872,000 at December 31, 2002, an increase of $12,594,000 or 3.5%. Investments increased to $188,054,000 at March 31, 2003 as compared to $186,718,000 at December 31, 2002. Total deposits were $468,132,000 at March 31, 2003 as compared to total deposits of $468,257,000 at December 31, 2002. The decrease in total deposits of $125,000 was primarily the result of expected reductions in deposits of local municipalities. The Company also took advantage of low-rate advances from the Federal Home Loan Bank of Pittsburgh. Outstanding advances at March 31, 2003 were $53,875,000 compared to $40,000,000 at December 31, 2002. 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, 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 AMEX under the symbol "IRW". For more information please visit 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. IBT Bancorp, Inc. Selected Financial Data (Unaudited) (Dollars in Thousands, except per share data)
March 31, December 31, ------------------------------------- 2003 2002 ------------------------------------- Total Assets $ 599,564 $ 584,035 Securities available for sale $ 188,054 $ 186,718 Total loans, net $ 372,466 $ 359,872 Total liabilities $ 542,177 $ 527,884 Interest bearing deposits $ 389,666 $ 393,918 Non-interest bearing deposits $ 78,466 $ 74,339 FHLB advances $ 53,875 $ 40,000 Shareholders' equity $ 57,388 $ 56,151
Three Months Ended March 31, ------------------------------------- 2003 2002 ------------------------------------- Interest Income 8,493 8,208 Interest Expense 2,974 3,207 ------------------------------------- Net interest income 5,519 5,001 Provision for loan losses 150 250 ------------------------------------- Net interest income after provision for loan losses 5,369 4,751 Non-interest income 1,440 1,335 Non-interest expense 3,246 2,850 ------------------------------------- Income before income taxes 3,563 3,236 Income tax expense 934 805 ------------------------------------- Net income $ 2,629 $ 2,431 ===================================== Per Share Data: Basic earnings per share $ 0.88 $ 0.81 Diluted earnings per share $ 0.88 $ 0.81 Dividends per share $ 0.35 $ 0.30 Selected Ratios (annualized): Return on Average Assets 1.77% 1.83% Return on Average Equity 18.56% 19.27% Net Interest Spread 3.43% 3.39% Net Interest Margin 3.91% 3.98%
March 31, December 31, ------------------------------------- Additional Per Share Data: 2003 2002 ------------------------------------- Shares Outstanding 2,977,655 2,977,655 Book Value per Share $ 19.27 $ 18.86