Indiana Community Bank, SB releases year end results.LEBANON Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , 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)--Sept. 15, 1995--Indiana Community Bank, SB, announced today operating results for the fiscal year ended June June: see month. 30, 1995. The fiscal year was highlighted by the bank's successful conversion from a mutual to a stock institution which raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $7.9 million. The bank reported record net earnings for the year ended June 30, 1995 of $633,000, an increase of $567,000, from the $66,000 for the same period in 1994. The net income for the year ended June 30, 1994 included an expense of $297,000 pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the cumulative effect of change in accounting for post-retirement benefits. Net income before the cumulative effect of change in accounting principle increased $270,000, or 74.4 percent for the year ended June 30, 1995 compared to the June 30, 1994 period. The bank's total assets increased from $84.3 million at June 30, 1994 to $90.7 million at June 30, 1995, an increase of $6.4 million, or 7.6 percent. This increase was due primarily to an increase in loans receivable which was funded in part from proceeds of the stock conversion during the December December: see month. 1994 quarter. Total deposits decreased $4.1 million, or 5.3 percent, from $78.0 million at June 30, 1994 to $73.9 million at June 30, 1995. Management of the bank believes this decrease is attributed in large part to depositors withdrawing withdrawing Child psychiatry Behavior characterized by ↓ interest in or contact with other people; WBs include ↓ speech, regression to babyhood, exhibition of many fears, depression, refusing contact with other people funds to purchase stock in the stock conversion, and an increased competitive market for deposit accounts. The bank plans to mail its annual report on Sept. 13, 1995, to all shareholders of record as of Aug. 31, 1995. 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). Community Bank, SB, an Indiana chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , (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 Small Cap Market ``INCB''), operates four retail banking offices in Lebanon and Zionsville, Ind. -0-
SELECTED FINANCIAL DATA
At June 30
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1995 1994 1993 1992 1991
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(In Thousands)
Summary of Financial Condition Data: Total Assets $90,728 $84,292 $82,796 $80,008 $74,860 Cash on Hand and in Other Institutions 2,749 2,700 2,605 3,180 2,715 Interest-bearing Deposits 379 3,073 8,892 6,675 1,557 Investment Securities 6,002 4,825 2,737 4,584 8,137 Mortgage-backed Securities 3,653 4,166 4,468 4,569 5,809 Loans Receivable 74,296 66,115 61,779 58,974 54,557 Deposits 73,877 78,020 77,085 74,692 69,916 Shareholders' equity 13,964 5,563 5,497 5,062 4,770
For the Year Ended June 30
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1995 1994 1993 1992 1991
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(In Thousands)
Summary of Operating Data: Total Interest Income $6,323 $5,813 $6,041 $6,591 $6,604 Total Interest Expense 2,825 2,956 3,261 4,192 4,739 Net Interest Income 3,498 2,857 2,780 2,399 1,865 Provision for Loan Losses 144 125 296 153 137 Net Interest Income after Provision for Loan Losses 3,354 2,732 2,484 2,246 1,728 Other Income 645 743 699 663 496 Other Expense 2,987 2,898 2,646 2,404 2,036 Income before Income Taxes and Cumulative Effect of Change in Accounting Principle 1,012 577 537 505 188 Income Taxes 379 214 159 213 85 Income before Cumulative Effect of Change in Accounting Principle 633 363 378 292 103 Cumulative Effect of Change in Accounting for: Income Taxes -- -- 57 -- -- Postretirement benefits -- 297 -- -- -- Net Income $ 633 $ 66 $ 435 $ 292 $ 103 CONTACT: Indiana Community Bank, Lebanon Jeff Dukes, 317/482-4400 |
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