-----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, Pbg9n+it9dAFBEpgNHBGhgOUSDvIAANLk4XlRsR7My1nLOGuv0GrN1nGTLVQdU2J sDhpTj48QcyjpvuhKKMfyw== 0001171520-05-000392.txt : 20051114 0001171520-05-000392.hdr.sgml : 20051111 20051114151408 ACCESSION NUMBER: 0001171520-05-000392 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051114 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051114 DATE AS OF CHANGE: 20051114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST IPSWICH BANCORP /MA CENTRAL INDEX KEY: 0000885979 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 223768777 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-47057 FILM NUMBER: 051200743 BUSINESS ADDRESS: STREET 1: 31 MARKET STREET CITY: IPSWICH STATE: MA ZIP: 01938 BUSINESS PHONE: 9783568257 MAIL ADDRESS: STREET 1: 31 MARKET STREET CITY: IPSWICH 8-K 1 eps1929.txt FIRST IPSWICH BANCORP ================================================================================ 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): November 14, 2005 FIRST IPSWICH BANCORP (Exact name of registrant as specified in its charter) Massachusetts 333-114018 04-2955061 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 31 Market Street, Ipswich, Massachusetts 01938 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 356-3700 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: |_| Written communication 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)) ================================================================================ Item 2.02 Results of Operations and Financial Conditions On November 14, 2005, the Company issued a press release announcing the Company's financial results for the quarter and nine months ended September 30, 2005. The press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Item 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit No. Description - ----------- ----------- Exhibit 99.1 Press Release dated November 14, 2005. -2- SIGNATURE 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. FIRST IPSWICH BANCORP By: /s/ Donald P. Gill -------------------- Donald P. Gill President and C.E.O. Date: November 14, 2005 -3- EXHIBIT INDEX Exhibit No. Exhibit Description - ----------- ------------------- 99.1 Press Release dated November 14, 2005. EX-99.1 2 ex99-1.txt Exhibit 99.1 [LETTERHEAD OF THE FIRST NATIONAL BANK OF IPSWICH] FOR IMMEDIATE RELEASE Contact: Joanne Lattanzi First National Bank of Ipswich (978) 356-8105 Alexander Caswell Regan Communications (617) 488-2885 First Ipswich Bancorp Announces Earnings Ipswich, MA, November 14, 2005 - First Ipswich Bancorp (OTC: FIWC), the bank holding company for The First National Bank of Ipswich, today announced earnings for the three months and nine months ended September 30, 2005. The Company reported assets of $390.3 million as of September 30, 2005. Net loans increased $62.6 million, or 37.8%, since September 30, 2004 to $228.2 million as of September 30, 2005 due primarily to the acquisition of loans at the new Boston branch in June 2005. Deposits increased $9.9 million, or 3.8%, to $267.6 million as of September 30, 2005. Net income for the quarter-ended September 30, 2005 was $130,000 compared to a net income of $325,000 for the quarter-ended September 30, 2004. Basic and diluted earnings per share for the quarter-ended September 30, 2005 were both $0.06 per share. Net income for the nine months ended September 30, 2005 was $284,000 compared to net income of $635,000 for the nine months ended September 30, 2004. Commenting on the Company's results, Donald P. Gill, President and Chief Executive Officer, stated, "The expenses associated with the recent expansion of our branch network and product lines continued to impact earnings in the third quarter, as expected. We anticipate that these initiatives will contribute to future earnings growth as these branches and products reach their full potential. In addition, we are pleased to report increases in net income and deposits over the second quarter." Financial Highlights (un-audited)
Three months ended September 30, Nine months ended September 30, --------------------------------- -------------------------------- 2005 2004 2005 2004 -------------------------------------------------------------------------- (In thousands, except per share data) Net income (loss) $ 130 $ 325 $ 284 $ 635 Earnings per share: Basic $ 0.06 $ 0.16 $ 0.13 $ 0.34 Diluted $ 0.06 $ 0.15 $ 0.13 $ 0.32 Weighted average shares outstanding: Basic 2,220 2,058 2,220 1,859 Diluted 2,220 2,161 2,220 1,962
================================================================================ First Ipswich Bancorp is the bank holding company of The First National Bank of Ipswich, a national banking institution established in 1892. Headquartered in Ipswich, Massachusetts, approximately 25 miles northeast of Boston, The First National Bank of Ipswich operates thirteen full-service offices in Ipswich, Gloucester, Essex, Newburyport, Rowley, Beverly, Boston, and Cambridge, Massachusetts, and Londonderry, Manchester, Newington and Salem, New Hampshire. The First National Bank of Ipswich offers a wide array of personal and commercial banking products and services. This press release may contain "forward-looking statements." Words such as "intends," "believes," "expects," "may," "will," "should," "contemplates," or "anticipates" may indicate forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. These important factors include, without limitation, competitive conditions in the Bank's marketplace generally, the effect of the Bank's acquisition of the Boston branch of Atlantic Bank of New York, the Bank's continued ability to originate quality loans, fluctuation in interest rates including fluctuations which may affect the Bank's interest rate spread, real estate conditions in the Bank's lending areas, changes in the securities or financial markets, changes in loan defaults and charge-off rates, general and local economic conditions, the Bank's continued ability to attract and retain deposits, the Company's ability to control costs, new accounting pronouncements, and changing regulatory requirements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. ### -----END PRIVACY-ENHANCED MESSAGE-----