-----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, C6quAaW1EQlCIHopW3RYDbIt44RO4m9l3eyMm9JIax0LCWFRy45jONeEw5wZY96W IGtFCoIsFZdjCnDoC2wldQ== 0000908834-98-000280.txt : 19981109 0000908834-98-000280.hdr.sgml : 19981109 ACCESSION NUMBER: 0000908834-98-000280 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981020 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /IN/ CENTRAL INDEX KEY: 0000840458 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351775411 STATE OF INCORPORATION: IN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-17915 FILM NUMBER: 98739426 BUSINESS ADDRESS: STREET 1: THIRD & BUSSERON STREETS CITY: VINCENNES STATE: IN ZIP: 47591 BUSINESS PHONE: 8128824528 MAIL ADDRESS: STREET 1: THIRD & BUSSERON STREET STREET 2: P O BOX 1417 CITY: VINCENNES STATE: IN ZIP: 47591 8-K 1 1ST FORM 8-K 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 20, 1998 1ST BANCORP (Exact name of registrant as specified in its charter) INDIANA (State or other jurisdiction of incorporation) 0-17915 35-1775411 (Commission File Number) (IRS Employer Identification No.) 101 North Third Street Vincennes, Indiana 47591 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (812)885-4528 Item 5. Other Events On October 20, 1998, 1ST BANCORP ("1ST") announced its earnings for the quarter ended September 30, 1998. Pursuant to General Instruction F to Form 8-K, the press release issued October 20, 1998 , concerning those earnings is incorporated herein by reference and is attached hereto as Exhibit 20. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit 20 Press Release dated October 20, 1998. 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. By: /s/ Mary Lynn Stenftenagel ------------------------------- Mary Lynn Stenftenagel, Secretary/Treasurer Dated: November 6, 1998 EX-20 2 PRESS RELEASE DATED OCTOBER 20, 1998 PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Frank Baracani (812) 885-2255 October 20, 1998 1ST BANCORP ANNOUNCES FIRST QUARTER EARNINGS Vincennes, Indiana -- 1ST BANCORP today announced earnings of $441,000, representing $.40 per share, for the quarter ended September 30, 1998. This compares to earnings of $455,000, or $.41 per share, for the quarter ended September 30, 1997 "We are pleased to report this consistent earnings level," stated C. James McCormick, Chairman of 1ST BANCORP. "We are also pleased that our net interest margin and the level of net interest income continues to increase." Net interest income increased to $1,719,000 during the quarter ended September 30, 1998 as compared to $1,578,000 during the quarter ended September 30, 1997. The net interest margin increased to 2.75% during the first quarter of fiscal year 1999 as compared to 2.49% during the first quarter of the prior fiscal year. These increases can be attributed to the composition of the loan portfolio which includes "A+", "A", and "B+" graded nonconforming mortgage loans and to the lowering interest rates which have driven the liability cost downward. To mitigate the credit risk associated with nonconforming loans, general valuation allowances have been increased. During the quarter ended September 30, 1998, the provision for loan losses aggregated $150,000 as compared to the $90,000 loan loss provision during the quarter ended September 30, 1997. At September 30, 1998 assets were $268.0 million as compared to $260.9 million at September 30, 1997. Stockholders' equity increased to $24.4 million at September 30, 1998 from $22.6 million at September 30, 1997. 1ST BANCORP (NASDAQ - FBCV) is a holding company whose subsidiaries include First Federal Bank, A Federal Savings Bank, First Financial Insurance Agency, Inc., and First Title Insurance Company. First Federal operates two retail banking offices in Vincennes, Indiana and operates a loan origination office in Evansville, Indiana. First Financial Insurance Agency offices are located in Vincennes and Princeton, Indiana. First Title Insurance Company is also located in Vincennes, Indiana. Information about 1ST BANCORP may be found at http://www.businesswire.com/cnn/fbcv.htm and information about First Federal Bank may be found at www.firstfedafsb.com on the World Wide Web. 1ST BANCORP has announced its acquisition by German American Bancorp, Jasper, Indiana, which is anticipated to occur during the first quarter of calendar year 1999. 1ST BANCORP Consolidated Financial Highlights (Dollars in Thousands, Except Per Share Data) FOR THE THREE MONTHS ENDED SEPTEMBER 30: 1998 1997 ---------------- -------------- Total Interest Income $4,973 $4,978 Total Interest Expense 3,254 3,400 Net Interest Income 1,719 1,578 Provision for Loan Losses 150 90 Other Income 493 369 Other Expenses 1,436 1,237 Income Tax 185 165 Net Earnings 441 455 Earnings Per Share $0.40 $0.41 Interest Rate Margin 2.75% 2.49% Return on Average Equity 7.31% 8.07% Return on Average Assets 0.67% 0.68% AT SEPTEMBER 30: 1998 1997 ---------------- -------------- Total Assets $267,997 $260,935 Investment Securities 28,341 46,546 Loans Receivable 198,104 178,658 Savings Deposits 115,868 134,864 Borrowings 124,381 100,247 Common Stock 1,096 692 Additional Paid-In Capital 2,162 2,428 Retained Earnings 21,139 19,454 Stockholders' Equity 24,397 22,574 Stockholders' Equity Per Share $22.25 $20.72 SHARES OUTSTANDING 1,096,388 1,089,468 -----END PRIVACY-ENHANCED MESSAGE-----