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
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(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
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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.
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