-----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, ULCBROBeDLzVO7iuRB35iVKnNKSNxut1KP7ro9nY35c7jYp0ijnkum2uG7C79MvY 2SBrQn/er363I/pnUIZSFg== 0000927089-99-000260.txt : 19990726 0000927089-99-000260.hdr.sgml : 19990726 ACCESSION NUMBER: 0000927089-99-000260 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990723 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMANENT BANCORP INC CENTRAL INDEX KEY: 0000916604 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351908797 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23370 FILM NUMBER: 99669675 BUSINESS ADDRESS: STREET 1: 101 SOUTHEAST THIRD ST CITY: EVANSVILLE STATE: IN ZIP: 47708 BUSINESS PHONE: 8124286800 MAIL ADDRESS: STREET 1: 101 SOUTHEAST THIRD STREET CITY: EVANSVILLE STATE: IN ZIP: 47708 8-K 1 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 22, 1999 PERMANENT BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 0-23370 35-1908797 - ------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File No.) Identification incorporation) Number) 101 Southeast Third Street, Evansville, Indiana 47708 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (812) 428-6800 - ------------------------------------------------------------------------------- N/A - ------------------------------------------------------------------------------- (Former name or former address, if changed since last Report) Item 5. Other Events - ------------------------- On July 22, 1999, the Registrant issued the attached press release announcing quarterly earnings per share increase of 33% from the prior year. Item 7. Financial Statements and Exhibits - --------------------------------------------- (c) Exhibits. 99 Press release, dated July 22, 1999. 2 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 thereunto duly authorized. PERMANENT BANCORP, INC. Date: July 23, 1999 By: /s/ Donald P. Weinzapfel ---------------------------------- Donald P. Weinzapfel Chairman and Chief Executive Officer 3 EXHIBIT 99 [PERMANENT BANCORP, INC. LETTERHEAD] NEWS RELEASE Donald P. Weinzapfel Chairman of the Board and FOR IMMEDIATE RELEASE Chief Executive Officer --------------------- Permanent Bancorp, Inc. July 22, 1999 101 S.E. Third Street Evansville, IN 47708 FOR FURTHER INFORMATION 812/428-6800 ---------------------- Robert A. Cern 812/428-6804 PERMANENT BANCORP, INC. REPORTS QUARTERLY EARNINGS PER SHARE INCREASE OF 33% FROM THE PRIOR YEAR EVANSVILLE, INDIANA (NASDAQ: "PERM"), Permanent Bancorp, Inc., the holding company for Permanent Federal Savings Bank, reported earnings for its first fiscal quarter, which ended on June 30, 1999, of $776,900 or $0.20 and $0.19 for basic and diluted per share amounts, respectively, compared to $627,300 or $0.15 and $0.14 for basic and diluted per share amounts, respectively, for the quarter ended June 30, 1998. Net income for the quarter ended June 30, 1999 increased 23.8% while basic earnings per share increased 33% from the comparable quarter of the prior year. Results of operations for the quarter ended June 30, 1999 include the revenues and expenses related to the Company's acquisition of the assets and liabilities of four branch banking locations from NBD Bank on June 26, 1998. In the prior year quarter, revenues and expenses related to the acquired branches are included from the acquisition date. Net interest income for the quarter ended June 30, 1999 was $3.37 million or approximately 23% greater than the prior year. Non-interest income rose $159,300 or 28% and non-interest expense increased by approximately $644,000 or 29% from the prior year. Total assets at June 30, 1999 were $497.8 million, a decrease of $9 million, or approximately 2% from June 30, 1998. Net loans increased by approximately $60.5 million or 23% from June 30, 1998 and deposits decreased 7.8 million or 2% from June 30, 1998. Stockholder's equity at June 30, 1999 was $39.5 million, a 9% decrease from March 31, 1998. Stockholder's equity decreased primarily as a result of the repurchase of 302,100 of its shares in August 1998. The Company provides services and products through Permanent Federal Savings Bank. The Bank currently has nine Evansville locations and branches in the communities of Newburgh, Jasper, Oakland City and Fort Branch, Indiana. 5 Through the Bank's subsidiary, Perma Service Corp., the Bank offers investment products through INVEST Financial Corporation as well as annuities and credit insurance products through its partnership in Family Financial Life Insurance Company. Perma Service Corp. also owns and operates Permanent Insurance Agency, Inc., a full service insurance agency in Evansville. FORWARD-LOOKING STATEMENTS The Company may from time to time make "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission (the "SEC"), in its reports to shareholders and in other communications by the Company, which are made in good faith by the Company and the Banks pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the Company's beliefs, expectations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond the Company's control). Those risks and uncertainties could cause the Company's financial performance to differ materially from expectations, estimates, and intentions expressed in such forward-looking statements. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. END 6 PERMANENT BANCORP, INC. SELECTED FINANCIAL CONDITION AND OPERATING DATA (THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Financial Condition Data as of June 30: 1999 1998 -------- -------- Total assets $497,750 $506,725 Loans, net 328,115 267,604 Cash and interest bearing deposits 13,459 29,747 Securities held to maturity 9,706 17,398 Securities available to sale 113,996 160,539 Deposits 352,474 360,295 Borrowings 99,168 85,230 Stockholders' equity 39,517 43,463 Operating Data for: The Quarter Ended June 30, l999 1998 -------- -------- Interest income $ 8,276 $ 7,448 Interest expense 4,905 4,701 -------- -------- Net interest income 3,371 2,747 Provision for loan losses 70 75 -------- -------- Net interest income after provision for loan losses 3,301 2,672 -------- -------- Non-interest income 794 621 -------- -------- Non-interest expense 2,874 2,230 -------- -------- Income before taxes 1,221 1,063 -------- ------- Provision for taxes 444 436 -------- ------- Net income $ 777 $ 627 -------- ------- Earnings per common share: Basic $ 0.20 $ 0.15 Diluted $ 0.19 $ 0.14
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