Community Bank Shares of Indiana, Inc. Reports 2nd 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 second quarter ended June June: see month. 30, 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 second quarter results (in thousands, except per share data):
Quarter Ended, Quarter Ended
June 30, Percent March 31, Percent
2006 2005 Change 2006 Change
--------- --------- ------- ------------- -------
Net income $934 $924 1.1% $795 17.5%
Net income per
share, basic $0.36 $0.35 2.9 $0.31 16.1
Net income per
share, diluted $0.36 $0.35 2.9 $0.30 20.0
Six Months Ended,
June 30, Percent
2006 2005 Change
--------- --------- -------
Net income $1,729 $1,706 1.3%
Net income per
share, basic $0.67 $0.65 3.1
Net income per
share, diluted $0.66 $0.64 3.1
June 30, Percent December 31, Percent
2006 2005 Change 2005 Change
--------- --------- ------- ------------- -------
Total assets $687,679 $635,294 8.2% $665,008 3.4%
Loans, net 524,928 489,939 7.1 512,448 2.4
Total deposits 474,911 438,700 8.3 464,836 2.2
Non-interest
bearing deposits 53,337 48,002 11.1 47,573 12.1
Net income for the three months ended June 30, 2006 improved 1.1% 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 first quarter of 2006 was up 17.5%, due primarily to an increase in service charges on deposit accounts and a reduction in the provision for loan losses. "Considering the difficult interest rate environment that we are currently operating in we are very pleased with the increase in net income from the first quarter of 2006 to the second. The deposit service charge increase is directly related to growth in both the number and dollar amount of non-interest bearing deposits, which is one of our top organizational objectives. Our improving credit quality also contributed to the quarter-over-quarter increase in net income," 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. "The current interest rate environment has hampered our efforts to improve our net interest margin, but we will continue to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to put ourselves in a position to expand our margin when the interest rate curve reverts to a more normal shape. Specifically, we had large blocks of rate sensitive liabilities reprice upward during the second quarter of 2006, contributing to the decline in our net interest margin." "We were happy to welcome The Scott County Scott County is the name of eleven counties in the United States of America:
A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. and the synergies that we will be able to realize over the next few years."
Asset Quality
June 30, December 31, June 30,
2006 2005 2005
---------------- -------------- -----------
Non-performing loans to
total loans 0.95% 1.06% 0.40%
Non-performing assets to
total loans 0.97 1.08 0.42
Net loan charge-offs to
average loans (1) 0.36 0.07 (0.04)
Allowance for loan losses
to total loans 0.96 1.14 1.06
Allowance for loan losses
to non-performing loans 101.15 107.58 268.42
Classified loans $10,806 $12,863 $17,254
Impaired loans $1,715 $2,483 $836
(1) Net loan charge-offs to average loans as of June 30, 2006 and
June 30, 2005 are presented on an annualized basis.
Provision for loan losses was $465,000 less than the same quarter last
year, primarily as a result of a decline in classified loan totals
over the last twelve months, from $17.3 million to $10.8 million.
Non-Interest Income
Six
Quarter Ended Months Ended
(Dollars in June 30, Percent December 31, Percent
thousands) 2006 2005 Change 2006 2005 Change
------- ------- ------- -------- ------- -------
Service
charges on
deposit
accounts $839 $619 35.5% $1,485 $1,185 25.3%
Commission
income 24 18 33.3 43 37 16.2
Gain on sale
of mortgage
loans 63 131 (51.9) 151 207 (27.1)
Loan
servicing
income, net of
amortization 16 10 60.0 34 20 70.0
Increase in
cash surrender
value of life
insurance 138 134 3.0 275 254 8.3
Other 50 36 38.9 119 98 21.4
------- ------- -------- -------
Subtotal 1,130 948 19.2 2,107 1,801 17.0
Gain on sales
of available
for sale
securities - - (a) - 23 (a)
Gain on
disposition
of equity
stock 18 329 (94.5) 18 329 (94.5)
------- ------- -------- -------
Total $1,148 $1,277 (10.1)% $2,125 $2,153 (1.3)%
------- ------- -------- -------
------- ------- -------- -------
(a) Not meaningful.
Deposit service charges increased 35.5% for the three months ended
June 30, 2006 due primarily to the growth in the number of
non-interest checking accounts over the last year.
Non-Interest Expense
Six
Quarter Ended Months Ended
(Dollars in June 30, Percent June 30, Percent
thousands) 2006 2005 Change 2006 2005 Change
------- ------- -------- ------- ------- --------
Salaries and
employee benefits $2,243 $2,199 2.0% $4,489 $4,284 4.8%
Occupancy 349 307 13.7 689 614 12.2
Equipment 245 288 (14.9) 520 571 (8.9)
Data Processing 567 454 24.9 1,098 865 26.9
Marketing and
advertising 121 195 (37.9) 280 279 0.4
Legal and
professional
service fees 263 196 34.2 481 357 34.7
Other 533 392 36.0 990 776 27.6
------- ------- ------- -------
Total $4,321 $4,031 7.2% $8,547 $7,746 10.3%
------- ------- ------- -------
------- ------- ------- -------
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 compared to the second quarter of 2005 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 decreased after several quarters of support for the Company's increased 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. The increase in legal and
professional fees is primarily associated with legal fees related to a
specific borrower BORROWER, contracts. He to whom a thing is lent at his request.2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the situation and should decline in the third quarter as compared to the second quarter. The increase in other expense includes increases in postage POSTAGE. The money charged by law for carrying letters, packets and documents by mail. By act of congress of March 3, 1851, Minot's Statute at Large, U. S. 587, it is enacted as follows: 2.-Sec. 1. , printing, courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. costs and miscellaneous taxes associated with growth and rate increases. Community Bank Shares of Indiana, Inc. is the parent company of two full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking subsidiaries, 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. , and, as of July 1, 2006, The Scott County State Bank in Scottsburg, Indiana. 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.
CONSOLIDATED CONDENSED
BALANCE SHEETS
(Unaudited)
June 30, December 31,
2006 2005
--------- ------------
(In thousands)
ASSETS
Cash and due from banks $17,225 $11,225
Interest bearing deposits in other financial
institutions 2,055 1,358
Securities available for sale, at fair value 100,484 98,835
Loans held for sale 1,332 1,694
Loans, net 524,928 512,448
Premises and equipment, net 12,014 10,933
Other assets 29,641 28,515
----------------------
Total Assets $687,679 $665,008
======================
LIABILITIES
Deposits
Non-interest bearing $53,337 $47,573
Interest bearing 421,574 417,263
----------------------
Total deposits 474,911 464,836
Short-term borrowings 69,501 47,735
Federal Home Loan Bank advances 79,000 98,000
Subordinated debentures 17,000 7,000
Other liabilities 4,820 4,662
----------------------
Total Liabilities 645,232 622,233
----------------------
STOCKHOLDERS' EQUITY
Stockholders' equity 42,447 42,775
----------------------
Total Liabilities and Stockholders' Equity $687,679 $665,008
======================
CONSOLIDATED CONDENSED
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- -------- --------
(In thousands, (In thousands,
except per share except per share
data) data)
Interest income $10,387 $8,527 $20,321 $16,466
Interest expense 5,982 4,082 11,511 7,752
------------------------------------
Net interest income 4,405 4,445 8,810 8,714
Provision for loan losses - 465 125 875
Non-interest income 1,148 1,277 2,125 2,153
Non-interest expense 4,321 4,031 8,547 7,746
------------------------------------
Income before income taxes 1,232 1,226 2,263 2,246
Income tax expense 298 302 534 540
------------------------------------
Net income $934 $924 $1,729 $1,706
====================================
Basic earnings per share $0.36 $0.35 $0.67 $0.65
Diluted earnings per share $0.36 $0.35 $0.66 $0.64
====================================
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