Community Bank Shares of Indiana, Inc. Reports 1st Quarter Earnings.NEW ALBANY New Albany, city (1990 pop. 36,322), seat of Floyd co., S Ind., near the falls of the Ohio River opposite Louisville, Ky.; inc. 1819. The city was a shipbuilding center in the 19th cent., and the riverboats Robert E. Lee and Eclipse were built there. , 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. . -- Community Bank Shares of Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBIN CBIN Canadian Biodiversity Information Network ) reported results for the first quarter ended March 31, 2006. The following tables summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum the Company's first quarter results (in thousands, except per share data):
Quarter Ended, Quarter Ended
March 31, Percent December 31, Percent
2006 2005 Change 2005 Change
-------- -------- ------- ------------ -------
Net income $ 795 $ 782 1.7% $ 842 (5.6)%
Net income per share,
basic $ 0.31 $ 0.30 3.3 $ 0.32 (3.1)
Net income per share,
diluted $ 0.30 $ 0.29 3.4 $ 0.32 (6.3)
March 31, Percent December 31, Percent
2006 2005 Change 2005 Change
-------- -------- ------- ------------ -------
Total assets $680,255 $619,229 9.9% $665,008 2.3%
Loans, net 525,051 476,959 10.1 512,448 2.5
Total deposits 493,928 436,468 13.2 464,836 6.3
Non-interest bearing
deposits 50,947 48,932 4.1 47,573 7.1
Net income for the three months ended March 31, 2006 improved 1.7% from the same period in 2005 primarily because of growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . Net income compared to the fourth quarter of 2005 was down 5.6%, due primarily to a narrower net interest margin, which tightened as interest bearing liabilities repriced upward faster than earning assets in the current higher rate environment. "We are very pleased with our balance sheet growth over the past year, particularly our deposit growth," stated James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. D. Rickard, President and Chief Executive Officer. "While both total assets and net loans grew 10% over the last year, total deposits grew over 13% since March 31, 2005, and we continue to see solid growth in non-interest bearing deposits. We look at deposit growth as a direct result of our focus on customer service. To further enhance that growth and to serve our growing customer base, we were excited to open another branch in Jefferson County, Kentucky Jefferson County is a county located in the U.S. state of Kentucky. It was formed in 1780. As of 2000, the population was 693,604. As of 2006, the population estimate recorded by the U.S. Census Bureau is 701,500 [1]. during the first quarter of the year." "We were also very pleased to announce the signing of a definitive agreement to acquire The Bancshares, Inc., a $136 million bank holding company for The Scott County Scott County is the name of eleven counties in the United States of America:
Asset Quality
March 31, December 31, March 31,
2006 2005 2005
--------- ------------ ---------
Non-performing loans to total loans 1.03% 1.06% 0.40%
Non-performing assets to total loans 1.05 1.08 0.46
Net loan charge-offs to average
loans (1) 0.07 0.07 0.16
Allowance for loan losses to total
loans 1.12 1.14 0.98
Allowance for loan losses to
non-performing loans 109.36 107.58 243.06
Classified loans $12,549 $ 12,863 $12,329
Impaired loans $ 2,344 $ 2,483 $ 1,117
(1) Net loan charge-offs to average loans as of March 31, 2006 and
March 31, 2005 are presented on an annualized basis.
Provision for loan losses was $285,000 less than the same quarter last year, primarily as a result of the stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of classified loan totals over the last twelve months.
Non-Interest Income
Quarter Ended
March 31, Percent
(Dollars in thousands) 2006 2005 Change
------ ------ -------
Service charges on deposit accounts $646 $ 566 14.1%
Commission income 19 19 0.0
Gain on sale of mortgage loans 88 76 15.8
Loan servicing income, net of amortization 18 10 80.0
Increase in cash surrender value of life
insurance 137 120 14.2
Other 69 62 11.3
------ ------
Subtotal 977 853 14.5
Gain on sale of available for sale securities - 23 (100.0)
------ ------
Total $977 $ 876 11.5%
====== ======
Deposit service charges increased 11.5% for the three months ended March 31, 2006 due primarily to the growth in the number of non-interest checking accounts over the last year. Gain on sale of mortgage loans increased 15.8% over 2005 because the Company has increased its focus on this area of its business, hiring an experienced mortgage executive with the stated objective of increasing the Company's market share in our market areas.
Non-Interest Expense
Quarter Ended
March 31, Percent
(Dollars in thousands) 2006 2005 Change
------ ------ -------
Salaries and employee benefits $2,246 $2,085 7.7%
Occupancy 340 307 10.7
Equipment 275 283 (2.8)
Data processing 531 411 29.2
Marketing and advertising 159 84 89.3
Other 675 545 23.9
------ ------
Total $4,226 $3,715 13.8%
====== ======
Salaries and employee benefits increased compared to the first quarter of 2005 because of staffing for the branch opened during the first quarter of 2006, and support personnel in key areas such as loan and deposit operations, marketing and risk management. Data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a expense increased primarily because of costs associated with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. core data processing services. Marketing and advertising costs increased to support the Company's greater presence in the metropolitan Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. market.Community Bank Shares of Indiana, Inc. is the parent company of Your Community Bank in New Albany, Indiana New Albany (IPA: [nu ˈɑl.bə.ni]) is a city in Floyd County, Indiana, situated along the Ohio River opposite Louisville, Ky. , a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking subsidiary. The Company is traded on the NASDAQ under the symbol CBIN. Statements in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's plans, objectives, or future performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based on management's current expectations. The Company's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed in the Company's 2005 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and subsequent 10-Qs filed with the Securities and Exchange Commission. (TABULAR tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. INFORMATION FOLLOWS)
CONSOLIDATED CONDENSED
BALANCE SHEETS
(Unaudited)
March 31, December 31,
2006 2005
----------------------
(In thousands)
ASSETS
Cash and due from banks $12,462 $11,225
Interest bearing deposits in other financial
institutions 1,062 1,358
Securities available for sale, at fair value 99,262 98,835
Loans held for sale 1,233 1,694
Loans, net 525,051 512,448
Premises and equipment, net 11,976 10,933
Other assets 29,209 28,515
----------------------
Total Assets $680,255 $665,008
======================
LIABILITIES
Deposits
Non-interest bearing $50,947 $47,573
Interest bearing 442,981 417,263
----------------------
Total deposits 493,928 464,836
Short-term borrowings 56,733 47,735
Federal Home Loan Bank advances 75,000 98,000
Subordinated debentures 7,000 7,000
Other liabilities 5,012 4,662
----------------------
Total Liabilities 637,673 622,233
----------------------
STOCKHOLDERS' EQUITY
Stockholders' equity 42,582 42,775
----------------------
Total Liabilities and Stockholders' Equity $680,255 $665,008
======================
CONSOLIDATED CONDENSED
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
-------------------
2006 2005
-------------------
(In thousands,
except share data)
Interest income $9,934 $7,939
Interest expense 5,529 3,670
-------------------
Net interest income 4,405 4,269
Provision for loan losses 125 410
Non-interest income 977 876
Non-interest expense 4,226 3,715
-------------------
Income before income taxes 1,031 1,020
Income tax expense 236 238
-------------------
Net income $795 $782
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Basic earnings per share $0.31 $0.30
Diluted earnings per share $0.30 $0.29
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