EX-99 2 ex-99.htm EXHIBIT 99 - PRESS RELEASE

IBT Bancorp, Inc.

Announces Operating Results for the Quarter Ended March 31, 2008

 

Irwin, Pennsylvania, April 22, 2008; IBT Bancorp, Inc. (AMEX:IRW), the holding company of Irwin Bank, today announced earnings of $2,047,000 or $.34 per diluted share for the quarter ended March 31, 2008 compared to $1,868,000 or $.32 per diluted share for the comparable 2007 quarter.

 

For the three months ended March 31, 2008 net interest income increased to $5,895,000 from $5,382,000 during the comparable 2007 period. Interest income increased 7.11% over the comparable 2007 quarter, while interest expense increased only 4.62%. A reduction in the interest rate paid to customers contributed to the minimal increase in interest expense even though average interesting bearing liabilities increased $54,434,000. For the three months ended March 31, 2008, the provision for loan losses was $150,000 compared to $250,000 for the comparable 2007 period. Total non-interest income increased to $1,753,000 for the quarter ended March 31, 2008 compared to $1,627,000 for the comparable quarter in 2007. Total non-interest expense for the quarter ended March 31, 2008 was $4,554,000 compared to $4,370,000 for the comparable quarter in 2007. The increase in non-interest expense reflects an increase in miscellaneous expense, which offset lower expenses for pension and employee benefits, advertising and data processing. Income taxes increased to $767,000 for the quarter ended March 31, 2008 from $521,000 for the comparable quarter in 2007 as a result of the increase in pretax income.

 

Total assets of the Company were $827,191,000 at March 31, 2008 as compared to $787,187,000 at December 31, 2007. Net loans were $476,848,000 at March 31, 2008 as compared to $477,319,000 at December 31, 2007. The Bank experienced some significant loan payoffs which were not offset by loan growth. Investments increased to $268,249,000 at March 31, 2008 as compared to $255,962,000 at December 31, 2007. In addition, the Company had $30,000,000 invested in federal funds at March 31, 2008 compared to none at December 31, 2007. Total deposits were $644,270,000 at March 31, 2008 as compared to $610,757,000 at December 31, 2007. There were substantial increases in certificates of deposit during the period ended March 31, 2008. Advances from the Federal Home Loan Bank of Pittsburgh decreased to $56,000,000 at March 31, 2008 as compared to $57,631,000 at December 31, 2007.

 

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, a trust division and three 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 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)

 

 

 

March 31,

 

December 31,

 

 

 

2008

 

2007

 

Total Assets

 

$

827,191

 

$

787,187

 

Securities available for sale

 

$

264,040

 

$

251,539

 

Federal Home Loan Bank stock, at cost

 

$

4,208

 

$

4,423

 

Total loans, net

 

$

476,848

 

$

477,319

 

Total liabilities

 

$

754,891

 

$

721,173

 

Interest bearing deposits

 

$

545,270

 

$

526,649

 

Non-interest bearing deposits

 

$

99,000

 

$

84,108

 

FHLB advances

 

$

56,000

 

$

57,631

 

Stockholders’ equity

 

$

69,660

 

$

66,014

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

 

2008

 

 

2007

 

 

Interest Income

 

$

11,371

 

 

$

10,616

 

 

Interest Expense

 

 

5,476

 

 

 

5,234

 

 

Net interest income

 

 

5,895

 

 

 

5,382

 

 

Provision for loan losses

 

 

150

 

 

 

250

 

 

Net interest income after

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

5,745

 

 

 

5,132

 

 

Non-interest income

 

 

1,753

 

 

 

1,627

 

 

Non-interest expense

 

 

4,554

 

 

 

4,370

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,944

 

 

 

2,389

 

 

Income tax expense

 

 

897

 

 

 

521

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,047

 

 

$

1,868

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.35

 

 

$

0.32

 

 

Diluted earnings per share

 

$

0.34

 

 

$

0.32

 

 

Dividends per share

 

$

0.25

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

Selected Ratios (annualized):

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

1.03

%

 

 

1.01

%

 

Return on Average Equity

 

 

12.40

%

 

 

12.09

%

 

Net Interest Spread

 

 

2.58

%

 

 

2.52

%

 

Net Interest Margin

 

 

3.11

%

 

 

3.08

%

 

 

 

 

 

 

March 31,

 

December 31,

 

Additional Per Share Data:

 

2008

 

2007

 

Shares Outstanding

 

 

5,852,924

 

 

5,852,924

 

Book Value per Share

 

$

11.90

 

$

11.28