PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Charles G. Urtin,
President / CEO
Telephone: 724-863-3100
www.irwinbank.com
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IBT Bancorp, Inc.
Announces Operating Results for the Fourth Quarter and Year Ended
December 31, 2002
Irwin, Pennsylvania, February 10, 2003: IBT Bancorp, Inc., (the "Company"), the
holding company of Irwin Bank & Trust Company, today announced its results of
operations for the three months and year ended December 31, 2002. The Company's
net income for the three months ended December 31, 2002 increased $240,000 to
$2,072,000, or $ .69 per diluted earnings per share, from $1,832,000, or $ .61
per diluted earnings per share, for the comparable 2001 quarter. Net income for
the year ended December 31, 2002 increased $1,472,000, to $8,937,000, or $ 2.99
per diluted earnings per share, from $7,465,000, or $2.49 per diluted earnings
per share, for the comparable 2001 period.
President and CEO Charles G. Urtin stated "We are pleased to report record
earnings for the year ended December 31, 2002. A favorable interest rate
environment coupled with record loan volume, increases in non-interest income,
and a commitment to controlling non-interest expenses produced these results."
Total assets of the Company increased $59,991,000 to $584,035,000 at December
31, 2002 as compared to $524,044,000 at December 31, 2001. Total loans reached
$359,872,000 at December 31, 2002 from $315,132,000 at December 31, 2001, an
increase of $44,740,000 or 14%. Investments increased as well to $186,718,000 at
December 31, 2002 as compared to $162,968,000 at December 31, 2001, an increase
of $23,750,000 or 14%. Strong deposit growth funded the expansion of the loan
portfolio and the increase in the investment portfolio. Total deposits reached
$468,257,000 at December 31, 2002 as compared to total deposits of $422,462,000
at December 31, 2001. The increase in deposits was primarily the result of the
growth in interest bearing deposits, which increased $41,578,000 over the prior
year. Such increase was primarily attributed to the competitive market rates
paid on these products. The Company also took advantage of favorably priced
advances from the Federal Home Loan Bank of Pittsburgh. Outstanding advances at
December 31, 2002 were $40,000,000 compared to $35,000,000 at December 31, 2001.
Irwin Bank & Trust Company is a state chartered commercial bank that conducts
its business from its main office located in Irwin, Pennsylvania, five branch
offices, a loan center, a trust division, and five 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 OTC Bulletin Board
under the symbol "IBTB".
IBT Bancorp, Inc.
Selected Financial Data (Unaudited)
(Dollars in Thousands, except per share data)
December 31, December 30,
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2002 2001
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Total Assets $ 584,035 $ 524,044
Securities available for sale $ 186,718 $ 162,968
Total loans, net $ 359,872 $ 315,132
Total liabilities $ 527,884 $ 474,319
Interest bearing deposits $ 393,918 $ 352,340
Non-interest bearing deposits $ 74,339 $ 70,122
FHLB advances $ 40,000 $ 35,000
Shareholders' equity $ 56,151 $ 49,725
Three Months Ended Twelve Months Ended
December 31,
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2002 2001 2002 2001
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Interest Income $ 8,485 8,563 33,560 35,184
Interest Expense 3,226 3,824 12,829 16,958
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Net interest income 5,259 4,739 20,731 18,226
Provision for loan losses 300 235 1,100 500
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Net interest income after
provision for loan losses 4,959 4,504 19,631 17,726
Non-interest income 1,420 1,141 5,317 4,009
Non-interest expense 3,546 3,121 12,831 11,284
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Income before income taxes 2,833 2,524 12,117 10,451
Income tax expense 761 692 3,180 2,986
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Net income $ 2,072 $ 1,832 $ 8,937 $ 7,465
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Per Share Data:
Basic earnings per share $ 0.70 $ 0.61 $ 3.00 $ 2.49
Diluted earnings per share $ 0.69 $ 0.61 $ 2.99 $ 2.49
Dividends per share $ 0.30 $ 0.26 $ 1.20 $ 1.04
Selected Ratios (annualized):
Return on Average Assets 1.42% 1.39% 1.61% 1.45%
Return on Average Equity 14.81% 14.53% 16.95% 15.57%
Net Interest Spread 3.29% 3.01% 3.39% 2.85%
Net Interest Margin 3.82% 3.75% 3.95% 3.68%
December 31, December 31,
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Additional Per Share Data: 2002 2001
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Shares Outstanding 2,977,655 2,985,695
Book Value per Share $ 18.86 $ 16.65