Indian Village Bancorp, Inc. Announces Earnings for the Three Months and Year Ended June 30, 2001.Business Editors GNADENHUTTEN, Ohio--(BUSINESS WIRE)--July 26, 2001 Indian Village Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IDVB), the holding company for Indian Village Community Bank, today reported results for the three months and year ended June June: see month. 30, 2001. The Bank converted from the mutual to the stock form of organization on July July: see month. 1, 1999. Net income for the three months ended June 30, 2001 totaled $112,000 compared to $68,000 for the same period in 2000, an increase of $44,000, or 64.7%. Net income for the year ended June 30, 2001 was $338,000 compared to $258,000 for the year ended June 30, 2000, an increase of $80,000, or 31.0%. Earnings per share were $0.30 and $0.17 for the three months ended June 30, 2001 and June 30, 2000, respectively. Earnings per share were $0.90 and $0.63 for the year ended June 30, 2001 and June 30, 2000, respectively. Net interest income after the provision for loan losses for the three months ended June 30, 2001 totaled $365,000 as compared to $481,000 for the same period in 2000, a decrease of $116,000, or 24.1%. Net interest income after the provision for loan losses for the year ended June 30, 2001 totaled $1.7 million compared to $1.9 million for the same period in 2000. Total interest income was $1.3 million for the three months ended June 30, 2001, a $36,000 increase from the same three months period in 2000. Total interest income for the year ended June 30, 2001 was $5.1 million, an increase of $728,000, or 16.7%. Interest expense for the three months ended June 30, 2001 was $876,000, a $144,000 increase from the same period one year prior. Interest expense for the year ended June 30, 2001 totaled $3.4 million, a $896,000 increase from the same period in 2000. The increase in interest income and interest expense for the comparative year end is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the growth in the Bank's loan and securities portfolio, primarily funded by borrowings from the FHLB FHLB Federal Home Loan Bank , deposit increases associated with the opening of the New Philadelphia New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. branch office in November November: see month. 1999, and stock conversion proceeds. Non-interest income for the three months ended June 30, 2001 was $115,000, compared to $16,000 for the same period in 2000, an increase of $99,000. For the year ended June 30, 2001, non-interest income was $283,000, an increase of $240,000 for the same period in 2000. The primary reasons for the increase in non-interest income was an increase in service charges on deposit accounts associated with the opening of the New Philadelphia branch and an increase in gains on securities available-for-sale. Non-interest expense for the three months ended June 30, 2001 was $405,000, compared to $459,000 in the same period in 2000, an decrease of $54,000, or 11.8%. Non-interest expense for the year ended June 30, 2001 was $1.6 million, compared to $1.5 million in 2000, an increase of $16,000, or 1.0%. The primary factors contributing to the increase in non-interest expense for the comparative year end was increased staffing and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expense due to the opening of the New Philadelphia branch, as well as the expense associated with being a publicly traded stock company which was offset by Management's commitment to decreasing overhead expenses. At June 30, 2001 total assets were $74.2 million compared to $65.6 million at June 30, 2000, an increase of $8.6 million, or 13.1%. Net loans receivable increased to $48.3 million at June 30, 2001 from $40.8 million at June 30, 2000, an increase of $7.5 million, or 18.4%. The increase in net loans receivable consists primarily of an increase in residential loans. Deposits increased to $44.6 million at June 30, 2001 from $36.6 million at June 30, 2000, an increase of $8.0 million. The increase in total deposits consists primarily of an increase to certificates of deposit and money market accounts. Borrowings from the FHLB totaled $21.2 million at June 30, 2001, compared to $20.3 million at June 30, 2000, an increase of $950,000, or 4.7%. Non-performing assets, consisting of $70,000 in repossessed assets and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most and $943,000 of nonaccrual loans, totaled $1,013,000 at June 30, 2001, or 1.37% of total assets, an increase of $568,000 from June 30, 2000. The nonaccrual loans consist of $763,000 of residential loans and $180,000 of consumer loans. The allowance for loan losses totaled $253,000 at June 30, 2001, representing 26.8% of nonaccrual loans and 0.52% of gross loans receivable. At June 30, 2000 the allowance for loan losses totaled $237,000 and represented 72.5% of nonaccrual loans and 0.58% of gross loans receivable. Total equity at June 30, 2001 was $8.1 million, compared to $8.7 million at June 30, 2000. Equity decreased primarily due to the $2.00 per share cash distribution paid to shareholders on September September: see month. 29, 2000. At June 30, 2001 book value per share was $22.22. At June 30, 2001, the Bank exceeded all 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. capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . Indian Village Bancorp, Inc. is headquartered at 100 South Walnut Street A number of streets are named Walnut Street:
Gnadenhutten was founded as a settlement of German and Lenape Native Americans affiliated with the Moravian Church. 44629.
Selected Financial Condition and Operating Data
(Dollars in thousands except per share data)
(Unaudited)
June 30, June 30,
2001 2000
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Total Assets $ 74,217 $ 65,644
Loans receivable, net 48,289 40,799
Investment Securities 17,014 20,061
Deposits 44,617 36,586
Total borrowings 21,200 20,250
Total equity 8,127 8,657
Book value per share $ 22.22 (1) $ 22.20 (1)
Common shares outstanding 402,139 423,304
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
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Interest Income $ 1,253 $ 1,217 $ 5,079 $ 4,351
Interest Expense 876 732 3,378 2,482
Provision for loan
losses 12 4 32 13
Net interest income
after provision for
loan losses 365 481 1,669 1,856
Non-interest income 115 16 283 43
Non-interest expense 405 459 1,552 1,536
Income before taxes 75 38 400 363
Income tax expense (37) (30) 62 105
Net income (benefit) 112 68 338 258
Earnings per share $ 0.30 $ 0.17 $ 0.90 $ 0.63
(1) Represents total equity divided by outstanding number of common
shares at each respective period end. ESOP shares are considered
outstanding for this calculation unless unearned.
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