-----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, JaqbSHQmi28YafQT/1CGda+C4v3UE0CyQpaMhgz9wXu8Yi4Lothzt9f2NF2ZoZAl NOZIRg/6xnHM4HJmqUaDtA== 0000946275-05-001014.txt : 20051027 0000946275-05-001014.hdr.sgml : 20051027 20051027145405 ACCESSION NUMBER: 0000946275-05-001014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051027 DATE AS OF CHANGE: 20051027 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: 001-31655 FILM NUMBER: 051159829 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-102705_0262.txt FORM 8-K ================================================================================ UNITED STATES 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) October 27, 2005 ---------------- IBT BANCORP, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 1-31655 25-1532164 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below) [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). ================================================================================ IBT BANCORP, INC. INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Item 2.02. Results of Operations and Financial Condition - --------------------------------------------------------- On October 27, 2005, the Registrant issued a press release announcing its results of operations for the quarter and nine months ended September 30, 2005. A copy of the press release is furnished with this report as exhibit 99.1. Item 9.01. Financial Statements and Exhibits - -------------------------------------------- (c) Exhibits: The following exhibits are furnished herewith. 99.1 Press Release, dated October 27, 2005 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 hereunto duly authorized. IBT BANCORP, INC. Date: October 27, 2005 By: /s/ Charles G. Urtin ---------------------------------------- Charles G. Urtin President and Chief Executive Officer (Duly Authorized Representative) EX-99 2 ex99_0262.txt PRESS RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT: Charles G. Urtin, President/CEO Telephone: 724-863-3100 www.myirwinbank.com IBT Bancorp, Inc. Announces Operating Results for the Third Quarter Irwin, Pennsylvania, October 27, 2005; IBT Bancorp, Inc. (AMEX: IRW), the holding company of Irwin Bank & Trust Company, today announced its results of operations for the three and nine months ended September 30, 2005. Net income for the three-month period ended September 30, 2005 was $2,038,000 or $.68 per diluted share compared to $2,161,000 or $.72 per diluted share for the comparable 2004 quarter. For the nine-month period ended September 30, 2005, net income was $6,688,000 or $2.24 per diluted share compared to $6,602,000 or $2.20 per diluted share for the comparable period in 2004. For the quarter ended September 30, 2005, net interest income, after the provision for loan losses decreased $192,000 or 3.55% while non-interest income increased $369,000 or 29% from the comparable 2004 quarter. The decline in net interest income after the provision for loan loss is due to an increase in the provision for loan losses of $260,000. Net interest income before the provision for loan losses actually increased $68,000 or 1.26% over the comparable quarter in 2004. The increase in non-interest income is due primarily to an increase in service charges of $282,000 or 43.6% compared to the comparable 2004 quarter. Non-interest expenses increased to $4,135,000 for the quarter ended September 30, 2005 compared to $3,715,000 for the comparable 2004 quarter due to increased staffing costs. Other non-interest expenses increased nominally. The provision for income taxes decreased $120,000 for the quarter or 15.2% due to a decline in the Company's effective tax rate, which is primarily the result of increases in tax free investment and loan income. For the nine months ended September 30, 2005, net interest income increased $262,000 but the provision for loan losses increased $610,000 causing the net interest income after the provision for loan losses to decrease $348,000 or 2.16%. The increase in the loan loss provision reflects the historical loss experience and recognition of the risk elements within the loan portfolio. Non-interest income increased $1,086,000, or 27.5% over the comparable quarter in 2004 due primarily to an increase in service fees of $873,000. Non-interest expenses increased $677,000 due to increases in employee salaries which are the result of merit increases and increases in staff. President and CEO Charles G. Urtin stated, " While we did not report an increase in third quarter 2005 earnings over 2004, I am pleased to report a slight increase in 2005 year to date earnings over 2004. Our net interest income has increased during 2005 and non-interest income continues to increase and impact favorably on net income. " Total net loans were $435,890,000 at September 30, 2005 as compared to $436,548,000 at December 31, 2004. Investments increased to $200,285,000 at September 30, 2005 as compared to $191,208,000 at December 31, 2004. Total deposits decreased to $520,419,000 at September 30, 2005 as compared to $526,216,000 at year end due mainly to an additional $23.5 million that swept into overnight repurchase agreements at September 30, 2005. Advances from the Federal Home Loan Bank of Pittsburgh decreased to $69,059,000 at September 30, 2005 as compared to $70,265,000 at December 31, 2004 due to the repayment of amortizing advances. Repurchase agreements nearly doubled to $38,686,000. Irwin Bank and Trust Company 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 department and four 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 American Stock Exchange 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) September 30, December 31, ------------------ ------------------ 2005 2004 ------------------ ------------------ Total Assets $ 694,643 $ 675,857 Securities available for sale $ 200,285 $ 191,208 Federal Home Loan Bank stock, at cost $ 4,914 $ 5,683 Total loans, net $ 435,890 $ 436,548 Total liabilities $ 632,716 $ 616,014 Interest bearing deposits $ 436,706 $ 438,968 Non-interest bearing deposits $ 83,713 $ 87,248 FHLB advances $ 69,059 $ 70,265 Shareholders' equity $ 61,927 $ 59,843 Three Months Ended Nine Months Ended September 30, ------- ------- ------- ------- 2005 2004 2005 2004 ------- ------- ------- ------- Interest Income $ 9,016 $ 8,402 $26,569 $25,084 Interest Expense 3,516 2,970 9,923 8,700 ------- ------- ------- ------- Net interest income 5,500 5,432 16,646 16,384 Provision for loan losses 300 40 900 290 ------- ------- ------- ------- Net interest income after provision for loan losses 5,200 5,392 15,746 16,094 Non-interest income 1,639 1,270 5,041 3,955 Non-interest expense 4,135 3,715 11,909 11,232 ------- ------- ------- ------- Income before income taxes 2,704 2,947 8,878 8,817 Income tax expense 666 786 2,190 2,215 ------- ------- ------- ------- Net income $ 2,038 $ 2,161 $ 6,688 $ 6,602 ======= ======= ======= ======= Per Share Data: Basic earnings per share $ 0.69 $ 0.73 $ 2.26 $ 2.23 Diluted earnings per share $ 0.68 $ 0.72 $ 2.24 $ 2.20 Dividends per share $ 0.46 $ 0.40 $ 1.38 $ 1.20 Selected Ratios (annualized): Return on Average Assets 1.20% 1.30% 1.31% 1.35% Return on Average Equity 13.27% 15.20% 14.58% 14.72% Net Interest Spread 2.96% 3.08% 3.04% 3.15% Net Interest Margin 3.41% 3.46% 3.47% 3.55% September 30, December 31, ------------------ ------------------ Additional Per Share Data: 2005 2004 ------------------ ------------------ Shares Outstanding 2,955,455 2,955,455 Book Value per Share $ 20.95 $ 20.25 -----END PRIVACY-ENHANCED MESSAGE-----