1ST BANCORP Announces First Quarter Earnings.VINCENNES, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--Oct. 20, 1998--1ST BANCORP today announced earnings of $441,000, representing $.40 per share, for the quarter ended September 30, 1998. This compares to earnings of $455,000, or $.41 per share, for the quarter ended September 30, 1997. "We are pleased to report this consistent earnings level," stated C. James McCormick, Chairman of 1ST BANCORP. "We are also pleased that our net interest margin and the level of net interest income continues to increase." Net interest income increased to $1,719,000 during the quarter ended September 30, 1998 as compared to $1,578,000 during the quarter ended September 30, 1997. The net interest margin increased to 2.75% during the first quarter of fiscal year 1999 as compared to 2.49% during the first quarter of the prior fiscal year. These increases can be attributed to the composition of the loan portfolio which includes "A+", "A", and "B+" graded nonconforming mortgage loans and to the lowering interest rates which have driven the liability cost downward. To mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the credit risk associated with nonconforming loans,
general valuation allowances have been increased. During the quarter
ended September 30, 1998, the provision for loan losses aggregated
$150,000 as compared to the $90,000 loan loss provision during the
quarter ended September 30, 1997.At September 30, 1998 assets were $268.0 million as compared to $260.9 million at September 30, 1997. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $24.4 million at September 30, 1998 from $22.6 million at September 30, 1997. 1ST BANCORP (Nasdaq:FBCV FBCV Federação Brasileira de Carro à Vela ) is a holding company whose subsidiaries include First Federal Bank, A Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , First Financial Insurance Agency, Inc., and First Title Insurance Company. First Federal operates two retail banking offices in Vincennes, Indiana This article is about the United States city, Vincennes. For other uses, see Vincennes %28disambiguation%29. The city of Vincennes is the county seat of Knox County, Indiana. It is located on the Wabash River in the southwestern part of the state. and operates a loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. office in Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. . First Financial Insurance Agency offices are located in Vincennes and Princeton, Indiana Princeton is a city in Gibson County, in the U.S. state of Indiana. As of the 2000 census, the city population was 8,175 and is part of the greater Evansville, Indiana metropolitan area. The city is the county seat of Gibson CountyGR6. . First Title Insurance Company is also located in Vincennes, Indiana. Information about 1ST BANCORP may be found at http://www.businesswire.com/cnn/fbcv.htm and information about First Federal Bank may be found at www.firstfedafsb.com on the World Wide Web. 1ST BANCORP has announced its acquisition by German American Noun 1. German American - an American who was born in Germany or whose ancestors were German American - a native or inhabitant of the United States Bancorp, Jasper, Indiana Jasper is a city in Dubois County, Indiana, United States. The population was 12,100 at the 2000 census. The city has been the county seat of Dubois CountyGR6, since 1830, succeeding Portersville. , which is anticipated to occur during the first quarter of calendar year 1999. -0-
1ST BANCORP
Consolidated Financial Highlights
(Dollars in Thousands, Except Per Share Data)
FOR THE THREE MONTHS ENDED SEPTEMBER 30: 1998 1997
__________ __________
Total Interest Income $4,973 $4,978
Total Interest Expense 3,254 3,400
Net Interest Income 1,719 1,578
Provision for Loan Losses 150 90
Other Income 493 369
Other Expenses 1,436 1,237
Income Tax 185 165
Net Earnings 441 455
Earnings Per Share $0.40 $0.41
Interest Rate Margin 2.75% 2.49%
Return on Average Equity 7.31% 8.07%
Return on Average Assets 0.67% 0.68%
AT SEPTEMBER 30: 1998 1997
__________ __________
Total Assets $267,997 $260,935
Investment Securities 28,341 46,546
Loans Receivable 198,104 178,658
Savings Deposits 115,868 134,864
Borrowings 124,381 100,247
Common Stock 1,096 692
Additional Paid-In Capital 2,162 2,428
Retained Earnings 21,139 19,454
Stockholders' Equity 24,397 22,574
Stockholders' Equity Per Share $22.25 $20.72
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