INBI Announces Growth in Assets and Growth in Earnings.Business Editors BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Ohio--(BUSINESS WIRE)--April 20, 2001 Industrial Bancorp, Inc. (Nasdaq:INBI INBI Centre for Integrated Research in Biosafety (New Zealand) INBI Iesous o Nazoraios o Basileus ton Ioudaion (Greek: Jesus of Nazareth, King of the Jews) ), holding company of Industrial Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. , Bellevue, Ohio Bellevue is a city in Erie, Huron, Seneca and Sandusky counties in the U.S. state of Ohio. The population was 8,193 at the 2000 census. It is part of the Sandusky, Ohio metropolitan statistical area. today announced another quarter of continued growth in assets and earnings for the first quarter of 2001. Total assets now exceed $429.5 million for the first time in the company's history. This represents an increase of $33.0 million over the same period last year. This also represents a 8.3% increase from the first quarter of 2000. This growth came as a result of strong loan demand for the first quarter. Savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. for the quarter exceeded $315.7 million for the first time in the company's history. This increase from last year of $21.8 million represents a 7.4% growth in deposits. While we experienced this growth in deposits, it was not sufficient enough to support our strong loan demand. As a result, our advances from the Federal Home Loan Bank increased $6.0 million from the prior year. Industrial also experienced solid growth in earnings. Net income is up $46,000 compared to the first quarter of 2000. Non-interest income is up $93,000 from the first quarter of 2000 while non-interest expenses are down $110,000. This reduction in non-interest expenses results in an efficiency ratio of 40.1% which ranks us as one of the very best in our peer group. As a result of our first quarter performance, the Board of Directors recently declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $.19 per share to be paid May 2, 2001 to all shareholders of record as of April 18, 2001. A special Industrial Bancorp, Inc. shareholder's meeting was held April 17, 2001 in which a majority of the shareholders approved the adoption of the agreement and plan of merger under which Industrial Bancorp, Inc. and Industrial Savings and Loan Association will be acquired by United Community Financial Corporation and The Home Savings and Loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. Company of Youngstown Youngstown, city (1990 pop. 95,732), seat of Mahoning co., NE Ohio, near the Pa. line; founded 1797, inc. 1849. It was formerly a major U.S. iron and steel center. In the 1970s many of the steel mills there closed, and the population of the city fell significantly. , OH. At the effective time of the merger, all Industrial Bancorp, Inc. shareholders will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive $20.375 in cash for each share of Industrial owned immediately before the merger. The merger is pending regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval. Industrial Bancorp, Inc. is the holding company for Industrial Savings and Loan Association headquartered in Bellevue, Ohio, serving seven counties in North Central Ohio.
INDUSTRIAL BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, $ in thousands,
except per share data) 3/31/01 12/31/00 3/30/00
------- -------- -------
Cash and cash equivalents $ 26,062 $ 22,396 $ 15,995
Interest bearing time deposits -- -- 5,000
Investments 15,949 17,922 18,659
Loans, net 379,116 378,647 348,339
Office properties and equipment 5,216 5,292 5,616
Other assets 3,225 3,040 2,910
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Total assets $429,568 $427,297 $396,519
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Deposits $315,713 $314,503 $293,988
FHLB advances 50,000 50,000 44,000
Other liabilities 4,237 4,129 3,381
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Total liabilities 369,950 368,632 341,369
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Shareholders' equity 59,618 58,665 55,150
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Total liabilities & equity $429,568 $427,297 $396,519
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Book value per share $ 13.76 $ 13.54 $ 12.70
CONSOLIDATED INCOME STATEMENTS Quarter ended
(Unaudited, $ in thousands,
except per share data) 3/31/01 3/31/00
------- -------
Interest income $ 8,516 $ 7,563
Interest expense 4,728 3,931
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Net interest income 3,788 3,632
Provision for loan losses 120 23
Noninterest income 323 230
Noninterest expense 1,601 1,711
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Income before income tax 2,254 2,128
Provision for income tax 815 735
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Net income $ 1,439 $ 1,393
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Comprehensive income $ 1,413 $ 1,248
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Basic earnings per share $ 0.35 $ 0.34
Diluted earnings per share $ 0.34 $ 0.33
Weighted average number of
shares outstanding 4,245 4,169
FINANCIAL RATIOS Quarter ended
(Unaudited, annualized) 3/31/01 3/31/00
------- -------
Return on average assets 1.36% 1.43%
Return on average equity 9.77% 10.18%
Average equity to average assets 13.88% 14.00%
Net interest margin 3.66% 3.81%
Interest rate spread 2.98% 3.21%
Efficiency ratio 40.11% 44.28%
LOAN QUALITY RATIOS
(Unaudited, annualized) 3/31/01 3/31/00
------- -------
Nonperforming assets to total assets 0.70% 0.44%
Nonperforming loans to total loans 0.79% 0.47%
Allowance for loan losses to
nonperforming loans 73.48% 131.39%
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