SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2002
--------------
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File No. 0-25903
IBT Bancorp, Inc.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Pennsylvania 25-1532164
------------------------------- ------------------------------------
(State of incorporation or organization) (I.R.S. employer identification no.)
309 Main Street, Irwin, Pennsylvania 15642
- ---------------------------------------- ------------------------------------
(Address of principal executive offices) (zip code)
(724) 863-3100
- --------------------------------------------------------------------------------
Issuer's telephone number, including area code
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
------------ ------------
Number of shares of Common Stock outstanding as of May 01, 2002: 2,982,655
---------
IBT BANCORP, INC.
Contents
--------
Pages
-----
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................................................................
Consolidated statements of financial condition at March 31, 2002
(unaudited) and December 31, 2001.............................................................. 1
Consolidated statements of operations (unaudited) for the three months
ended March 31, 2002 and 2001 .................................................................. 2
Consolidated statements of cash flows (unaudited) for the three months
ended March 31, 2002 and 2001................................................................... 3
Notes to financial statements................................................................... 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations..................................................................... 5
Item 3. Quantitative and Qualitative Disclosures About Market Risk..................................... 9
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.............................................................................. 10
Item 2. Changes in Securities and Use of Records....................................................... 10
Item 3. Defaults upon Senior Securities................................................................ 10
Item 4. Submission of Matters to a Vote of Security-Holders............................................ 10
Item 5. Other Information.............................................................................. 10
Item 6. Exhibits and Reports on Form 8-K............................................................... 11
Signatures..................................................................................................... 12
CONSOLIDATED BALANCE SHEETS
IBT BANCORP, INC. AND SUBSIDIARY
March 31, 2002 December 31, 2001
-------------- -----------------
(unaudited) (unaudited)
-------------- -----------------
ASSETS
Cash and due from banks $ 11,486,425 $ 16,751,407
Interest-bearing deposits in banks 6,377,400 7,373,528
Federal funds sold 11,306,000 1,094,000
Certificates of deposit 100,000 100,000
Securities available for sale 169,803,370 160,866,698
Federal Home Loan Bank stock, at cost 2,101,800 2,101,800
Loans, net 317,425,313 315,131,774
Premises and equipment, net 4,629,542 4,655,510
Other assets 16,143,012 15,969,430
------------------ --------------------
Total Assets $ 539,372,862 $ 524,044,147
================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing $ 72,623,669 $ 70,121,716
Interest-bearing 358,666,328 352,340,377
------------------ --------------------
Total deposits 431,289,997 422,462,093
Repurchase agreements 13,427,503 11,207,072
Accrued interest and other liabilities 4,625,881 5,650,276
Long-term debt 40,000,000 35,000,000
------------------ --------------------
Total liabilities 489,343,381 474,319,441
Stockholders' Equity
Capital stock, par value $1.25 per share,
50,000,000 shares authorized,
3,023,799 shares issued, 2,982,655 and 2,985,695
shares outstanding at March 31, 2002 and
December 31, 2001, respectively 3,779,749 3,779,749
Surplus 2,073,102 2,073,102
Retained earnings 45,149,214 43,613,936
Accumulated other comprehensive income 207,929 1,342,672
------------------ --------------------
51,209,994 50,809,459
Less: Treasury stock, at cost (1,180,513) (1,084,753)
------------------ ---------------------
Total stockholders' equity 50,029,481 49,724,706
------------------ --------------------
Total Liabilities and Stockholders' Equity $ 539,372,862 $ 524,044,147
================== ====================
The accompanying notes are an integral part of these
consolidated financial statements.
1
CONSOLIDATED STATEMENTS OF INCOME
IBT BANCORP, INC. AND SUBSIDIARY
Three Months Ended March 31,
-------------------------------------------
2002 2001
----------------- -----------------
(unaudited)
-------------------------------------------
Interest Income
Loans, including fees $ 5,890,544 $ 6,052,561
Investment securities 2,275,029 2,741,558
Federal funds sold 42,399 77,337
----------------- -----------------
Total interest income 8,207,972 8,871,456
Interest Expense
Deposits 2,648,873 3,950,209
Long-term debt 516,402 424,228
Repurchase agreements 42,101 96,249
----------------- -----------------
Total interest expense 3,207,376 4,470,686
----------------- -----------------
Net Interest Income 5,000,596 4,400,770
Provision for Loan Losses 250,000 75,000
----------------- -----------------
Net Interest Income after Provision
for Loan Losses 4,750,596 4,325,770
Other Income (Losses)
Service fees 592,604 382,336
Investment security gains 46,924 75,646
Investment security losses - (2,188)
Other income 695,812 343,620
----------------- -----------------
Total other income 1,335,340 799,414
Other Expenses
Salaries 1,115,323 967,254
Pension and other employee benefits 303,795 292,512
Occupancy expense 316,102 279,098
Data processing expense 166,884 163,824
ATM expense 84,107 96,144
Other expenses 863,499 801,962
----------------- -----------------
Total other expenses 2,849,710 2,600,794
----------------- -----------------
Income Before Income Taxes 3,236,226 2,524,390
Provision for Income Taxes 805,240 759,238
------------------ -----------------
Net Income $ 2,430,986 $ 1,765,152
================= =================
Basic Earnings per Share $ 0.81 $ 0.59
================= =================
Diluted Earnings per Share $ 0.81 $ 0.59
================= =================
Dividends per Share $ 0.30 $ 0.26
================= =================
The accompanying notes are an integral part of these
consolidated financial statements.
2
CONSOLIDATED STATEMENTS OF CASH FLOWS
IBT BANCORP, INC. AND SUBSIDIARY
Three Months Ended March 31,
---------------------------------------
2002 2001
--------------- ----------------
(unaudited)
---------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2,430,986 $ 1,765,152
Adjustments to reconcile net cash
from operating activities:
Depreciation 168,855 148,455
Net amortization/accretion of
premiums and discounts 79,632 (8,242)
Net investment security gains (46,924) (73,458)
Provision for loan losses 250,000 75,000
Increase (decrease) in cash due
to changes in assets and liabilities:
Other assets (605,958) 946,952
Accrued interest and other liabilities (439,878) 719,050
---------------- -----------------
Net Cash From Operating Activities 1,836,713 3,572,909
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of certificates of deposit - (1,500,000)
Proceeds from maturity of certificates
of deposit - 2,600,000
Proceeds from sales of securities
available for sale 11,423,633 6,067,942
Proceeds from maturities of securities
available for sale 21,046,088 20,884,965
Purchase of securities available for sale (43,158,361) (24,934,901)
Net loans made to customers (2,111,163) (5,608,380)
Purchases of premises and equipment (142,887) (118,870)
---------------- -----------------
Net Cash Used By Investing Activities (12,942,690) (2,609,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 8,827,904 2,421,481
Net increase in securities sold
under repurchase agreement 2,220,431 476,848
Dividends paid (895,708) (780,500)
Federal funds purchased - -
Proceeds from long-term debt 5,000,000 8,000,000
Repayment of long-term debt - (4,000,000)
Purchase of treasury stock (95,760) (43,879)
--------------- -----------------
Net Cash From Financing Activities 15,056,867 6,073,950
--------------- ----------------
Net Change in Cash and Cash Equivalents 3,950,890 7,037,615
Cash and Cash Equivalents at Beginning of Period 25,218,935 21,746,395
--------------- ----------------
Cash and Cash Equivalents at End of Period $ 29,169,825 $ 28,784,010
=============== ================
The accompanying notes are an integral part of these
consolidated financial statements.
3
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IBT BANCORP, INC. AND SUBSIDIARY
Period Ended March 31, 2002
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments consisting of normal recurring
accruals considered necessary for a fair presentation have been included.
Operating results for the three months ended March 31, 2002 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2002 or any future interim period. The interim financial statements should be
read in conjunction with the financial statements and footnotes thereto included
in IBT Bancorp, Inc. and subsidiary Annual Report on Form 10-K for the year
ended December 31, 2001.
Certain previously reported items have been reclassified to conform to the
current period's classifications. The reclassifications have no effect on total
assets, total liabilities and stockholders' equity, or net income.
NOTE B - EARNINGS PER SHARE
Earnings per share are calculated on the basis of the weighted average number of
shares outstanding. The weighted-average shares outstanding were 2,985,087 and
3,001,879 for the three months ended March 31, 2002 and 2001, respectively.
NOTE C - COMPREHENSIVE INCOME
Total comprehensive income for the three months ended March 31, 2002 and 2001
was $1,296,243 and $3,291,632, respectively.
NOTE D - INVESTMENT SECURITIES
Investment securities available for sale consist of the following:
March 31, 2002
---------------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
------------- ------------- ------------- -------------
Obligations of
U.S. Government Agencies $ 66,929,417 $ 844,825 $ (517,332) $ 67,256,910
Obligations of State and
political sub-divisions 37,593,176 572,391 (202,384) 37,963,183
Mortgage-backed securities 54,027,598 400,351 (431,905) 53,996,044
Other securities 702,171 31,732 -- 733,903
Equity securities 10,235,965 78,992 (461,627) 9,853,330
------------- ------------- ------------- -------------
$ 169,488,327 $ 1,928,291 $ (1,613,248) $ 169,803,370
============= ============= ============= =============
4
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The Private Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this discussion,
the words "believes", "anticipate", "contemplates", "expects", and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, which could cause actual results
to differ materially from those projected. Those risks and uncertainties include
changes in interest rates, risks associated with the effect of opening a new
branch, the ability to control costs and expenses, and general economic
conditions. IBT Bancorp, Inc. 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.
GENERAL
IBT Bancorp, Inc. is a bank holding company headquartered in Irwin,
Pennsylvania, which provides a full range of commercial and retail banking
services through its wholly owned banking subsidiary, Irwin Bank & Trust Co.
(collectively, the "Company").
FINANCIAL CONDITION
Changes in Financial Condition December 31, 2001 to March 31, 2002
At March 31, 2002, total assets increased $15.3 million, or 3.0%, to $539.4
million from $524.0 million at December 31, 2001. The growth in assets resulted
primarily from increases of $10.2 million in federal funds sold, $8.9 million in
available for sales securities, and $2.3 million in net loans. Such increases
were offset by declines in cash and due from banks and interest bearing deposits
in banks totaling $6.3 million.
The increase in federal funds sold was a result of cash infusions from deposits,
loan repayments, and proceeds from sales and maturities of securities available
for sale. The increases in available for sale securities were the result of
investments in obligations of U.S. government agencies and mortgage related
securities. Management is shortening the maturities on investments and using
funds to invest in shorter-term fixed rate and adjustable rate investments,
which provide market yields. The shorter term investments will position the
portfolio should interest rates increase.
The increase in the loan portfolio at March 31, 2002, were primarily due to the
growth of real estate secured mortgage loans of $7.2 million, which consisted of
$5.9 million in commercial real estate loans and $1.3 million of one to four
family real estate loans. Additionally, line of credit loans increased by $1.0
million. Such increases in loans were offset by slight declines in installment
loans of $2.0 million, $1.3 million in commercial loans and $1.6 million in
municipal loans.
5
At March 31, 2002, total liabilities increased $15.0 million, or 3.0%, to $489.3
million from $474.3 million at December 31, 2001. This increase was primarily
the result of additional long-term borrowings, which rose $5.0 million at March
31, 2002 to $40.0 million from $35.0 million at December 31, 2001. Such
borrowings were fixed rate loans from the Federal Home Loan Bank, which was used
to fund investments in US government agency notes and mortgage related
securities. Additionally, interest-bearing deposits increased $6.4 million to
$358.7 million at March 31, 2002 from $352.3 million at December 31, 2001. The
growth is primarily the result of increases in interest bearing checking
accounts of $2.2 million and increases in savings accounts of $5.3 million. The
increases were offset by a net decrease of $4.1 million in certificate of
deposit accounts.
Non-interest bearing deposits increased $2.5 million to $72.6 million at March
31, 2002 from $70.1 million at December 31, 2001. Such increases reflect
additions to non-interest bearing deposits of $15.9 million offset by $13.4
million in investments in repurchase agreements.
At March 31, 2002, total stockholders' equity increased $300,000 to $50.0
million from $49.7 million at December 31, 2001. The increase was due to net
income of $2.4 million for the period, offset by a decrease of $1.1 million in
accumulated other comprehensive income, the purchase of $96,000 of Company stock
(3,040 shares), and dividends paid of $896,000. Accumulated other comprehensive
income decreased as a result of changes in the net unrealized gain on the
available for sale securities due to fluctuations in interest rates. Because of
interest rate volatility, the Company's accumulated other comprehensive income
could materially fluctuate for each interim period and year-end. See Note D to
the condensed consolidated financial statements. .
RESULTS OF OPERATIONS
For the Period of Three Months Ended March 31, 2002
Net Income. Net income for the three months ended March 31, 2002 increased
$666,000, or 38%, to $2.4 million from $1.8 million for the comparable
three-month period in 2001. The increase is attributable to higher net interest
income and other income, which was offset by increases in other expenses.
Interest Income. Interest income for the three months ended March 31, 2002
decreased $700,000 to $8.2 million from $8.9 million for the comparable period
in 2001. While the average balances of interest earning assets increased $26.6
million or 6% to $502.3 million from $475.7 million for the comparable period in
2001, the yield on these assets decreased 92 basis points to 6.54% from 7.46%
for the three months ended March 31, 2001. The continued reduction in short term
interest rates by the Federal Reserve caused average yields to decline. See
"Average Balance Sheet and Rate/Volume Analysis"
Interest Expense. Interest expense for the three-month period decreased $1.3
million, or 28%, to $3.2 million from $4.5 million for the comparable period in
2001. While the average balance of interest bearing liabilities increased $22.5
million for the period of three months ended March 31, 2002 to $406.6 million
from $384.1 million for the comparable 2001 period, average cost of funds
declined 149 basis points to 3.16% for the three months ended March 31, 2002
from 4.65% for the comparable 2001 period. The reduction of average cost of
funds for the 2002 period is reflective of the significant decrease in interest
rates over the past year. See "Average Balance Sheet and Rate/Volume Analysis"
6
Average Balance Sheet
The following table sets forth certain information relating to the company for
the periods indicated. The average yields and costs are derived by dividing
income or expense on an annualized basis by the average balance of assets or
liabilities, respectively, for the periods presented. Average balances are
derived from average daily balances.
Three Months Ended March 31, Three Months Ended March 31,
------------------------------------ --------------------------------
2002 2001
------------------------------------ --------------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ---- ------- -------- ----
(In Thousands) (In Thousands)
Interest-earning assets:
Loans receivable (1) $316,796 $ 5,891 7.44% $297,797 $ 6,053 8.13%
Investment securities available for sale (2) 175,655 2,275 5.18% 172,068 2,741 6.37%
Other interest-earning assets (5) 9,868 42 1.72% 5,879 77 5.26%
-------- -------- -------- --------
Total interest earning assets $502,319 $ 8,208 6.54% $475,744 $ 8,871 7.46%
======== ======== ====== ======== ======== ======
Non-interest earning assets 28,030 18,622
-------- --------
Total assets $530,349 $494,366
======== ========
Interest-bearing liabilities:
Money market accounts 57,895 299 2.07% 54,280 502 3.70%
Certificates of Deposit 198,258 2,018 4.07% 202,648 3,015 5.95%
Other liabilities 150,470 890 2.37% 127,188 953 3.00%
-------- -------- -------- --------
Total interest-bearing liabilities $406,623 $ 3,207 3.15% $384,116 $ 4,470 4.65%
======== ======== ==== ======== ======== ======
Non-interest-bearing liabilities 73,276 65,388
-------- --------
Total liabilities $479,899 $449,504
Retained Earnings (6) 50,450 44,862
-------- --------
Total liabilities and stockholders' equity $530,349 $494,366
======== ========
Net interest income $ 5,001 $ 4,401
======== ========
Interest rate spread (3) 3.39% 2.81%
====== ======
Net yield on interest-earning assets (4) 3.98% 3.70%
====== ======
Ratio of average interest-earning
assets to average interest-bearing liabilities 123.53% 123.85%
====== ======
(1) Average balances include non-accrual loans, and are net of deferred loan
fees.
(2) Includes interest-bearing deposits in other financial institutions.
(3) Interest-rate spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
(4) Net yield on interest-earning assets represents annualized net interest
income as a percentage of average interest earning assets.
(5) Consists of federal funds sold.
(6) Includes capital stock, surplus and accumulated other comprehensive income,
less treasury stock.
7
Rate/Volume Analysis
The following table shows the effect of changes in volumes and rates on
interest income and interest expense. The changes in interest income and
interest expense attributable to changes in both volume and rate have been
allocated to the changes due to rate. Tax exempt income was not recalculated on
a tax equivalent basis due to the immateriality of the change to the table
resulting from a recalculation.
Three Month Period ended March 31, 2002
---------------------------------------
2002 vs. 2001
---------------------------------------
Increase (Decrease)
Due to
---------------------------------------
Volume Rate Net
------ ---- ---
---------------------------------------
(In Thousands)
Interest income:
Loans receivable 386 (548) (162)
Investment securities available for sale 58 (524) (466)
Other interest earning assets 52 (87) (35)
--- ------ ----
Total interest-earning assets 496 (1,159) (663)
=== ====== ====
Interest expense:
Money market accounts 33 (236) (203)
Certificates of deposit (65) (932) (997)
Other liabilities 174 (237) (63)
Total interest-bearing liabilities 142 (1,405) (1,263)
=== ===== =====
Net change in net interest income 354 246 600
=== ===== =====
Provision for Loan Losses. For the three months ended March 31, 2002 and 2001,
the provision for loan losses was $250,000 and $75,000, respectively. The
increase in the provision for the current period was primarily the result of the
increase of $5.9 million in commercial real estate loans. Management continues
to offer a wider variety of loan products coupled with the continued success of
changing the mix of the products offered in the loan portfolio from lower
yielding loans (i.e., one- to four-family loans) to higher yielding loans (i.e.,
equity loans, multi-family (five or more units) buildings, and commercial
(nonresidential mortgages).
8
The evaluation for determining the provision includes evaluations of
concentrations of credit, past loss experience, current economic conditions,
amount and composition of the loan portfolio (including loans being specifically
monitored by management), estimated fair value of underlying collateral, loan
commitments outstanding, delinquencies, and other information available at such
times. The Company continues to monitor its allowance for loan losses and make
adjustments to the allowance through the provision for loan losses as economic
conditions dictate. Although the Company maintains its allowance for loan losses
at a level that it considers to be adequate at the balance sheet date, there can
be no assurance that losses will not exceed estimated amounts or that additional
provisions for loan losses will not be required in future periods due to the
higher degree of credit risk which might result from the change in the mix of
the loan portfolio.
Other income. Total other income for the three-month period ended March 31, 2002
was $1.3 million compared to $799,000 for the comparable period in 2001. The
increase in non-interest income is due to an increase in service fees and other
income. Service fees for the three months ended March 31, 2002 increased
$210,000 for the comparable period in 2001 as a result of increases in returned
check volume. Investment security gains fell $29,000 from the comparable period
in 2001. Other income increased $352,000, due primarily, to income recorded on
bank owned life insurance, a gain on the sale of foreclosed property, and
insurance revenues from the Company's title insurance company of approximately
$134,000, $104,000, and $39,000 respectively.
Other Expense. Total other expense for the three months was $2.8 million
compared to $2.6 million for the comparable period in 2001. Salaries and
benefits increased $162,000 from the comparable period in 2001 due to increases
in salaries and benefits and additional staffing. Occupancy expense increased
$37,000 from the comparable period in 2001 due to increased costs related to
depreciation, utilities and building maintenance. Utilities and building
maintenance increased due to general increases in costs for the period.
Depreciation expense increased due to additions to equipment related to
improvements in technology. Expenses of operating the ATM network decreased
$12,000 from the comparable period in 2001 due to renegotiated contracts for the
ATM machines. Other expenses increased $61,000 due to normal costs of doing
business.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There were no significant changes for the three months ended March 31, 2002 from
the information presented in the 10K statement, under the caption Market Risk,
for the year ended December 31, 2001.
9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The registrant is not engaged in any legal proceedings at the
present time. From time to time, the Bank is a party to legal
proceedings within the normal course of business wherein it
enforces its security interest in loans made by it, and other
matters of a like kind.
Item 2. Changes in Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
The Annual Meeting of Shareholders of the Company was held on
April 16, 2002 and the following matter was voted upon:
Proposal I- Election of directors with terms to expire in 2005
FOR WITHHELD
--- --------
J. Curt Gardner 2,553,306 101,964
Richard L. Ryan 2,589,695 65,575
Robert C. Whisner 2,588,477 66,793
Election of directors with terms to expire in 2003
Richard J. Hoffman 2,587,955 67,315
Proposal II- The ratification of Edwards, Sauer & Owens as
auditors.
FOR AGAINST WITHHELD
--- ------- --------
2,609,324 34,984 10,962
Item 5. Other Information
Not applicable.
10
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3(i) Articles of Incorporation of IBT Bancorp, Inc.*
3(ii) Bylaws of IBT Bancorp, Inc.*
10 Change In Control Severance Agreement with Charles G. Urtin **
10.1 Deferred Compensation Plan For Bank Directors**
10.2 Retirement Agreement Between Irwin Bank & Trust Co. And
J. Curt Gardner**
10.3 Death Benefit Only Deferred Compensation Plan For Bank Directors
effective as of January 1, 1990**
10.4 Retirement and Death Benefit Deferred Compensation Plan For Bank Directors
effective as of January
1, 1990**
10.5 2000 Stock Option Plan***
-------------------------
* Incorporated by reference to the identically
numbered exhibits of the Registrant's Form
10 (file no. 0-25903).
** Incorporated by reference to the identically
numbered exhibits of the Registrant's Form
10K for December 31, 1999.
*** Incorporated by reference to the definitive
proxy statement of the registrant filed on
March 17, 2000.
(b) None.
11
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.
IBT BANCORP, INC.
Date: May 14, 2002 By: /s/Charles G. Urtin
---------------------------------------
Charles G. Urtin
President, Chief Executive Officer
And Chief Accounting Officer
(Duly authorized officer)
12