Indiana Community Bank, SB. announces operating 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)--May 14, 1996--Indiana Community Bank, SB., an 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). 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 "INCB INCB International Narcotics Control Board ") announced today operating results for its fiscal third quarter and nine months ended March 31, 1996. The bank reported net income for the quarter of $125,085 or 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to the same quarter last year of $201,780. Earnings for the nine months ended March 31, 1996 were $449,000, compared to $465,729 for the same period in fiscal year 1995. Management attributes the decline in earnings to a temporary increase in expenses associated with a 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 computer conversion during the past six months, and an increase in provisions for losses on consumer loans. The bank has recently taken a more aggressive stance stance the posture or position. sawhorse stance see sawhorse posture. stance A body position. See Pugilistic stance. on automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of delinquencies which resulted in a higher level of charge-offs. Management now believes these collection efforts should significantly reduce such losses in the future. The bank's assets at March 31, 1996 were $94.5 million, up $3.7 million from June June: see month. 30, 1995. Total loans outstanding decreased from $74.3 million at June 30 to $73.9 million at March 31, 1996. Loans outstanding have increased $1.4 million from Dec. 31, 1995. Deposits have increased $5.6 million, or 7.58 percent since June 30, 1995. Total deposits at March 31, 1996 were $79.5 million compared to $73.9 million at June 30, 1995. The bank currently has 922,039 shares of common stock outstanding. Indiana Community Bank operates four branches in Lebanon and Zionsville, Ind. -0-
Selected Financial Data For
___________________________
Indiana Community Bank, SB
___________________________
(Dollars in Thousands)
Summary of Financial
Condition: 3/31/96 6/30/95
___________ ___________
(unaudited)
Total assets $94,476 $90,728
Loans 73,876 74,296
Cash and Interest-
bearing deposits 11,332 3,128
Deposits 79,503 73,877
Shareholders'
equity 14,156 13,964
Equity-to-assets
ratio 14.98% 15.39%
Summary of
Operations: Three Months Ended March 31 Nine Months Ended March 31
1996 1995 1996 1995
____________ ____________ ____________ ____________
(unaudited) (unaudited)
Total
interest
income $1,761 $1,621 $5,334 $4,623
Total
interest
expense 809 668 2,444 2,073
____________ ____________ ____________ ____________
Net interest
income 952 953 2,890 2,550
Provision for
loan losses 65 30 202 68
____________ ____________ ____________ ____________
Net interest
income after
provision for
loan losses 887 923 2,688 2,482
Other income 201 155 627 475
Other expense 892 756 2,619 2,205
____________ ____________ ____________ ____________
Income before
income taxes 196 322 696 752
Federal income
taxes 71 120 247 287
____________ ____________ ____________ ____________
Net income $125 $202 $449 $465
____________ ____________ ____________ ____________
____________ ____________ ____________ ____________
Supplemental Data: Interest rate spread during period 3.72% 4.07% 3.80% 3.83% Return on average assets 0.55% 0.92% 0.49% 0.72% Return on average equity 3.53% 6.81% 3.19% 6.88% Per Share Data: Earnings $0.14 $0.23 $0.49 n/a(1) Dividends $0.175 $0.15 $0.325 n/a(1)
(1) The company completed its stock conversion on Dec. 15, 1994.
Net proceeds from the sale of the stock were $7.9 million after
conversion costs. Earnings per share information is not
applicable for the nine month period ended March 31, 1995.
CONTACT: Indiana Community Bank, SB., Lebanon Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Ohmart/Jeff Dukes, 317/482-4400 |
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