-----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, JL8IthhTixD6gYUcFNLiANiU/i1zbs9QCnIqWo04tq0eGqC8A0jB4WWGrWA7rnU4 JSh+4w4UdHEhKrtwcVUzFA== 0000946275-07-000532.txt : 20070716 0000946275-07-000532.hdr.sgml : 20070716 20070716164518 ACCESSION NUMBER: 0000946275-07-000532 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070716 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070716 DATE AS OF CHANGE: 20070716 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: 07981927 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_0712607-0262.htm FORM

 

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)

July 16, 2007

 

 

 

IBT BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

1-31655

25-1532164

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

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):

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o

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 July 16, 2007, the Registrant issued a press release announcing its results of operations for the quarter and six months ended June 30, 2007. A copy of the press release is furnished with this report as exhibit 99.1.

 

Item 9.01.

Financial Statements and Exhibits

 

 

 

(d) Exhibits:

 

 

99.1

Press Release, dated July 16, 2007

 

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:    July 16, 2007

 

By: 


/s/Charles G. Urtin

 

 

 

Charles G. Urtin

President and Chief Executive Officer

(Duly Authorized Representative)

 

 

 

 

 EX-99 2 ex99-1.htm PRESS RELEASE

IBT Bancorp, Inc.

Announces Operating Results for the Quarter Ended June 30, 2007

 

Irwin, Pennsylvania, July 16, 2007; IBT Bancorp, Inc. (the “Company”)(Amex:IRW), the holding company of Irwin Bank, today announced its results of operations for the three and six months ended June 30, 2007. Net income for the three-month period ended June 30, 2007 was $2,064,000 or $.35 per diluted share compared to $2,185,000 or $.37 per diluted share for the comparable 2006 quarter. For the six- month period ended June 30, 2007 net income was $3,932,000 or $.67 per diluted share compared to $4,496,000 or $.76 per diluted share for the comparable 2006 six- month period. Per share data for the 2006 periods has been adjusted for the 2-for-1 stock split effected through a 100% stock dividend paid November 16, 2006.

 

For the quarter ended June 30, 2007, net interest income increased $128,000 or 2.34% while non-interest income decreased $189,000 or 10.17% due to the change in investment security gains. The provision for loan losses decreased to $250,000 for the quarter ended June 30, 2007 compared to $550,000 for the quarter ended June 30, 2006. The higher provision in 2006 was due to an increase in classified loans. Non-interest expenses increased to $4,276,000 for the quarter ended June 30, 2007 compared to $4,218,000 for the comparable quarter in 2006, an increase of $58,000 or 1.38%. Pension and other employee benefits increased $114,000 as a result of increases in pension costs and employee medical costs. Offsetting this increase was a decrease in other expenses of $130,000, which was primarily due to a $66,000 decrease in consulting fees and a $53,000 refund of sales and use taxes paid in previous years. For the six months ended June 30, 2007, net interest income increased $103,000. Non-interest income decreased $406,000 or 10.96 % due mainly to the change in investment security gains. Non-interest expenses increased $391,000 due to an increase of $184,000 in pension and employee benefit costs due to increased pension costs and increases in employee medical cost. All other increases in non-interest expenses were a result of normal increases in the cost of doing business.

 

President and CEO Charles G. Urtin stated, “The current interest rate environment challenges our ability to preserve the net interest margin. With a flattened yield curve our spread between interest income and interest expense continues to diminish. This pressure is fueling our endeavors to grow low cost deposits and explore alternative sources of low cost funds.”

 

Mr. Urtin further stated, “The Bank’s new logo and customer service focused training are already having a positive impact on our current customer base. We are confident that our customer service efforts, rates and product offerings will play a significant role in the future growth of this Company.”

 

Total assets of the Company were $756,488,000 at June 30, 2007 as compared to $740,962,000 at December 31, 2006. Net loans increased to $476,321,000 at June 30, 2007 from $467,721,000 at December 31, 2006. Investment securities increased to $225,488,000 at June 30, 2007 as compared to $221,249,000 at December 31, 2006.

Total deposits were $574,714,000 at June 30, 2007 as compared to $572,472,000 at December 31, 2006. Repurchase agreements were $45,897,000 at June 30, 2007, compared to $27,417,000 at December 31, 2006. Advances from the Federal Home Loan Bank of Pittsburgh decreased to $68,121,000 at June 30, 2007 as compared to $72,410,000 at December 31, 2006. The Company takes advantage of favorable interest rates offered by the Federal Home Loan Bank of Pittsburgh and uses the proceeds to make investments and loans at rates higher than those charged for the borrowings. Total stockholders’ equity declined to $60,977,000 at June 30, 2007 compared to $62,581,000 at December 31, 2006 due primarily to the change in accumulated other comprehensive income. This change is attributable to the negative impact rising interest rates have on the market value of the investment portfolio.

 

During the quarter the Company repurchased 1,000 shares on the open market at a weighted average cost of $19.33 per share.

 

Irwin Bank 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 division and three supermarket branches located in the western 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 at 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. The Company does not undertake and specifically disclaims any obligation to update any such forward-looking statements.

 

IBT Bancorp, Inc.

 

 

 

 

 

 

 

 

 

Selected Financial Data (Unaudited)

 

 

 

 

 

 

 

 

 

(Dollars in Thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

December 31,

 

 

 

 

 

2007

 

 

 

2006

 

Total Assets

 

 

 

$

756,488

 

 

 

$

740,962

 

Securities available for sale

 

 

 

$

225,488

 

 

 

$

221,249

 

Federal Home Loan Bank stock, at cost

 

 

 

$

5,178

 

 

 

$

5,197

 

Total loans, net

 

 

 

$

476,321

 

 

 

$

467,721

 

Total liabilities

 

 

 

$

695,511

 

 

 

$

678,381

 

Interest bearing deposits

 

 

 

$

487,761

 

 

 

$

486,918

 

Non-interest bearing deposits

 

 

 

$

86,953

 

 

 

$

85,554

 

FHLB advances

 

 

 

$

68,121

 

 

 

$

72,410

 

Stockholders’ equity

 

 

 

$

60,977

 

 

 

$

62,581

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

 

2007

 

 

 

2006

 

 

 

2007

 

 

 

2006

 

Interest Income

 

 

 

$

10,980

 

 

 

$

9,872

 

 

 

$

21,596

 

 

 

 

19,290

 

Interest Expense

 

 

 

 

5,373

 

 

 

 

4,393

 

 

 

 

10,606

 

 

 

 

8,404

 

Net interest income

 

 

 

 

5,607

 

 

 

 

5,479

 

 

 

 

10,990

 

 

 

 

10,886

 

Provision for loan losses

 

 

 

 

250

 

 

 

 

550

 

 

 

 

500

 

 

 

 

850

 

Net interest income after

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

provision for loan losses

 

 

 

 

5,357

 

 

 

 

4,929

 

 

 

 

10,490

 

 

 

 

10,036

 

Non-interest income

 

 

 

 

1,670

 

 

 

 

1,859

 

 

 

 

3,297

 

 

 

 

3,703

 

Non-interest expense

 

 

 

 

4,276

 

 

 

 

4,218

 

 

 

 

8,647

 

 

 

 

8,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

 

2,751

 

 

 

 

2,570

 

 

 

 

5,140

 

 

 

 

5,484

 

Income tax expense

 

 

 

 

687

 

 

 

 

385

 

 

 

 

1,208

 

 

 

 

988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

$

2,064

 

 

 

$

2,185

 

 

 

$

3,932

 

 

 

$

4,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

$

0.35

 

 

 

$

0.37

 

 

 

$

0.67

 

 

 

$

0.76

 

Diluted earnings per share

 

 

 

$

0.35

 

 

 

$

0.37

 

 

 

$

0 .67

 

 

 

$

0.76

 

Dividends per share

 

 

 

$

0.25

 

 

 

$

0.25

 

 

 

$

0 .50

 

 

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Ratios (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

 

 

1.10

%

 

 

 

1.23

%

 

 

 

1.07

%

 

 

 

1.28

%

Return on Average Equity

 

 

 

 

13.14

%

 

 

 

14.19

%

 

 

 

12.64

%

 

 

 

14.70

%

Net Interest Spread

 

 

 

 

2.58

%

 

 

 

2.81

%

 

 

 

2.54

%

 

 

 

2.79

%

Net Interest Margin

 

 

 

 

3.15

%

 

 

 

3.24

%

 

 

 

3.11

%

 

 

 

3.29

%

 

 

 

 

 

 

June 30,

 

 

 

December 31,

 

Additional Per Share Data:

 

 

 

2007

 

 

 

2006

 

Shares Outstanding    

 

 

 

 

5,881,040

 

 

 

 

5,882,640

 

Book Value per Share    

 

 

 

$

10.37

 

 

 

$

10.64

 

 

 

 

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