EXHIBIT 99.1
InvestorsBancorp Reports Second Quarter Results Announces
Timing for "Going Private" Transaction
PEWAUKEE, Wis.--(BUSINESS WIRE)--Aug. 15, 2003--InvestorsBancorp,
Inc. (OTCBB:INVB), the holding company for InvestorsBank, today
reported increased net income and net interest income for the second
quarter ended June 30, 2003.
Net income for the second quarter of 2003 was $826,023 or $0.79
per diluted share, compared to net income of $398,755 or $0.40 per
diluted share for the second quarter of the prior year. Net interest
income was $1,451,756 for the second quarter of 2003, an increase from
net interest income of $1,032,852 for the same period in the prior
year.
For the first half of 2003, net income was $1,397,132 or $1.38 per
diluted share, compared to net income of $800,503 or $0.81 per diluted
share for the first half of 2002. Net interest income was $2,758,590
for the first half of 2003, an increase from net interest income of
$2,016,371 for the same period in the prior year.
"The improved second quarter performance was due to several
factors, including an increase in mortgage loans and gains on the sale
of mortgage loans as consumers continued to refinance their home
mortgages. In addition, the results for the second quarter of 2003 do
not include a provision for loan losses," said George R. Schonath,
president and chief executive officer of InvestorsBancorp.
Schonath said documents for its previously disclosed "going
private" transaction are expected to be mailed to shareholders in
about a week. It is anticipated that the transaction will be effective
approximately, but no later than, 30 days after the mailing date.
The transaction is structured as a cash-out merger with a wholly
owned subsidiary of the company formed for this purpose. Upon
completion of the merger, shares held by all shareholders other than
Schonath and his family will be converted into the right to receive
$14.20 per share in cash. Upon completion of the merger, the company's
stock will no longer be publicly traded.
InvestorsBancorp, Inc. was organized in 1996. InvestorsBank, its
wholly-owned subsidiary, offers a complete line of financial services
to small businesses and individuals in southeastern Wisconsin. Under a
management services agreement, InvestorsBank also manages the
commercial loan and leased properties portfolio of Bando McGlocklin
Small Business Lending Corporation, a subsidiary of The Middleton Doll
Company.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 with
respect to the financial condition, results of operations, plans,
objectives, future performance and business of the Company.
Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of the Company's management and on
information currently available to management, are generally
identifiable by the use of words such as "believe," "expect,"
"anticipate," "plan," "intend," "estimate," "may," "will," "would,"
"could," "should," or other similar expressions. Additionally, all
statements in this document, including forward-looking statements,
speak only as of the date they are made, and the Company undertakes no
obligation to update any statement in light of new information or
future events. A number of factors, many of which are beyond the
ability of the Company to control or predict, could cause actual
results to differ materially from those in its forward-looking
statements. Additional information concerning the Company and its
business, including factors that could materially affect the Company's
financial results, is included in the Company's filings with the
Securities and Exchange Commission.
INVESTORSBANCORP, INC. AND SUBSIDIARY (OTCBB:INVB)
Consolidated Statements of Income
(unaudited)
Three months ended Six months ended
--------------------- ---------------------
June 30, June 30,
------- -------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Total interest income $2,263,470 $1,993,366 $4,411,302 $3,905,265
Total interest expense $ 811,714 $ 866,764 $1,611,280 $1,701,394
---------- ---------- ---------- ----------
Net interest income
before provision for
loan losses $1,451,756 $1,126,602 $2,800,022 $2,203,871
Provision for loan
losses $ - $ 93,750 $ 41,432 $ 187,500
Total other operating
income $ 559,764 $ 430,495 $1,074,494 $ 809,920
Total other operating
expenses $ 737,298 $ 857,066 $1,689,841 $1,606,047
---------- ---------- ---------- ----------
Income before income
taxes $1,274,222 $ 606,281 $2,143,243 $1,220,244
Income tax expense $ 448,199 $ 207,526 $ 746,111 $ 419,741
---------- ---------- ---------- ----------
Net income $ 826,023 $ 398,755 $1,397,132 $ 800,503
========== ========== ========== ==========
Per share amounts:
Basic earnings per
share $ 0.83 $ 0.42 $ 1.46 $ 0.85
========== ========== ========== ==========
Diluted earnings per
share $ 0.79 $ 0.40 $ 1.38 $ 0.81
========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 990,746 940,000 959,775 940,000
Diluted 1,043,302 988,821 1,013,390 984,793
INVESTORSBANCORP, INC. AND SUBSIDIARY (OTCBB:INVB)
Balance Sheet Data
(unaudited)
June 30, 2003 December 31, 2002
------------- -----------------
Total assets $177,286,557 $167,739,949
Total loans, net $161,625,975 $154,516,551
Total deposits $132,026,738 $135,940,742
CONTACT: InvestorsBancorp, Inc.
George R. Schonath, 262-523-1000