EX-99 2 ex99-1.htm PRESS RELEASE

 

PRESS RELEASE

 

FOR IMMEDIATE RELEASE

Contact: Charles G. Urtin,

President / CEO

Telephone: 724-863-3100

www.irwinbank.com

 

IBT Bancorp, Inc. (AMEX: IRW)

Announces Operating Results for the Fourth Quarter and Year Ended December 31, 2007

 

Irwin, Pennsylvania, February 5, 2008: [AMEX: IRW] IBT Bancorp, Inc., (the “Company”), the holding company of Irwin Bank, today announced its results of operations for the three months and year ended December 31, 2007. The Company’s net income for the three months ended December 31, 2007 increased $96,000 to $1,905,000 or $ .32 per diluted earnings per share, from $1,809,000, or $ .30 per diluted earnings per share. Net income for the year ended December 31, 2007 decreased $600,000 to $7,856,000, or $ 1.33 per diluted earnings per share, from $8,456,000 or $1.42 per diluted earnings per share.

 

Total assets of the Company increased $46,225,000 to $787,187,000 at December 31, 2007 as compared to $740,962,000 at December 31, 2006. Total loans reached $477,319,000 at December 31, 2007 from $467,721,000 at December 31, 2006, an increase of $9,598,000 or 2.1%. Securities available for sale increased $30,290,000 to $251,539,000 at December 31, 2007 as compared to $221,249,000 at December 31, 2006, an increase of 13.7%. Total deposits reached $610,757,000 at December 31, 2007 as compared to total deposits of $572,472,000 at December 31, 2006. The increase in deposits was primarily the result of the growth in interest bearing deposits, which increased $39,731,000, or 8.2% over the prior year. Securities sold to repurchase, which secure our sweep accounts, grew to $44,944,000 at December 31, 2007, an increase of $17,528,000 or 64% compared to balances outstanding at December 31, 2006. Outstanding advances at the Federal Home Loan Bank of Pittsburgh at December 31, 2007 were $57,631,000 compared to $72,410,000 at December 31, 2006. The decrease was due to the maturity of advances and repayment of amortizing advances.

 

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.

 

Irwin Bank is a state chartered commercial bank that conducts its business from its main office located in Irwin, Pennsylvania, six branch offices, a loan center, three supermarket branches located in the Pennsylvania counties of Westmoreland and Allegheny and a trust office in Greensburg, Pennsylvania. 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”.

 

IBT Bancorp, Inc.

Selected Financial Data (Unaudited)

 

(Dollars in Thousands, except per share data)

 

 

 

December 31,

 

 

December 31,

 

 

 

2007

 

 

2006

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

787,187

 

 

$

740,962

 

Securities available for sale

 

$

251,539

 

 

$

221,249

 

Federal Home Loan Bank stock, at cost

 

$

4,423

 

 

$

5,197

 

Total loans, net

 

$

477,319

 

 

$

467,721

 

Total liabilities

 

$

721,173

 

 

$

678,381

 

Interest bearing deposits

 

$

526,649

 

 

$

486,918

 

Non-interest bearing deposits

 

$

84,108

 

 

$

85,554

 

Repurchase agreements

 

$

44,944

 

 

$

27,416

 

FHLB advances

 

$

57,631

 

 

$

72,410

 

Stockholders’ equity

 

$

66,014

 

 

$

62,581

 

 

 

 

 

Three Months Ended
December 31,

 

 

Twelve Months Ended
December 31,

 

 

 

2007

 

 

2006

 

 

2007

 

 

2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

11,571

 

 

$

10,744

 

 

$

44,449

 

 

$

40,393

 

Interest Expense

 

 

5,868

 

 

 

5,257

 

 

 

22,161

 

 

 

18,514

 

Net interest income

 

 

5,703

 

 

 

5,487

 

 

 

22,288

 

 

 

21,879

 

Provision for loan losses

 

 

150

 

 

 

300

 

 

 

900

 

 

 

1,500

 

Net interest income after

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

provision for loan losses

 

 

5,553

 

 

 

5,187

 

 

 

21,388

 

 

 

20,379

 

Non-interest income

 

 

1,785

 

 

 

1,706

 

 

 

6,806

 

 

 

7,349

 

Non-interest expense

 

 

4,916

 

 

 

4,706

 

 

 

18,025

 

 

 

17,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,422

 

 

 

2,187

 

 

 

10,169

 

 

 

10,491

 

Income tax expense

 

 

517

 

 

 

378

 

 

 

2,313

 

 

 

2,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,905

 

 

$

1,809

 

 

$

7,856

 

 

$

8,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.33

 

 

$

0.30

 

 

$

1.34

 

 

$

1.43

 

Diluted earnings per share

 

$

0.32

 

 

$

0.30

 

 

$

1.33

 

 

$

1.42

 

Dividends per share

 

$

0.25

 

 

$

0.25

 

 

$

1.00

 

 

$

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Ratios *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

0.98

%

 

 

0.98

%

 

 

1.04

%

 

 

1.18

%

Return on Average Equity

 

 

13.56

%

 

 

11.59

%

 

 

12.71

%

 

 

13.74

%

Net Interest Spread

 

 

2.53

%

 

 

2.58

%

 

 

2.54

%

 

 

2.72

%

Net Interest Margin

 

 

3.08

%

 

 

3.16

%

 

 

3.11

%

 

 

3.24

%

 

 

 

December 31,

 

 

December 31,

 

 

 

2007

 

 

2006

 

Additional Per Share Data:

 

 

 

 

 

 

 

 

Shares outstanding

 

 

5,852,924

 

 

 

5,882,640

 

Book Value per Share

 

$

11.28

 

 

$

10.64

 

 

 

* Quarterly ratios are annualized