GNADENHUTTEN, Ohio, Feb. 2, 2006 (PRIMEZONE) -- Indian Village Bancorp, Inc. (OTCBB:IDVB), the holding company for Indian Village Community Bank, today reported results for the three and six months ended December 31, 2005.
Net loss for the three months ended December 31, 2005 totaled $(5,000) compared to net income of $74,000 for the same period in 2004, a decrease of $79,000. Net income was $47,000 for the six months ended December 31, 2005 compared to $152,000 for the six months December 31, 2004. Earnings per share for the period ending December 31, 2004 have been restated to reflect the 10% stock dividend paid to shareholders on January 6, 2005. Basic and diluted earnings (loss) per share were $(0.01) and $0.20 for the three months ended December 31, 2005 and December 31, 2004, respectively. Basic earnings per share were $0.12 and $0.41 for the six months ended December 31, 2005 and December 31, 2004, respectively. Diluted earnings per share were $0.11 and $0.41 for the six months ended December 31, 2005 and December 31, 2004, respectively.
Net interest income after the provision for loan losses for the three months ended December 31, 2005 totaled $509,000 as compared to $516,000 for the same period in 2004, a decrease of $7,000, or 1.4%. Net interest income after the provision for loan losses totaled $1.0 million for the six months ended December 31, 2005, a $31,000 decrease from the same period in 2004. Total interest income was $1.4 million for the three months ended December 31, 2005, a $60,000 increase from the same three months period in 2004. Total interest income was $2.7 million for the six months ended December 31, 2005, a $55,000 increase from the same six month period in 2004. Total interest income increased primarily because of an increase in interest-earning assets. Interest expense for the three months ended December 31, 2005 was $822,000, a $67,000 increase from the same period one year prior. Interest expense for the six months ended December 31, 2005 was $1.6 million, a $86,000 increase from the same period in 2004. Interest expense increased due to an increase in interest-bearing liabilities and an increase in interest rates. The provision for loan losses for the three months ended December 31, 2005 and December 31, 2004 was $30,000. The provision for loan losses for the six months ended December 31, 2005 and December 31, 2004 was $60,000.
Non-interest income for the three months ended December 31, 2005 was $70,000, compared to $43,000 for the same period in 2004, an increase of $27,000. For the six months ended December 31, 2005, non-interest income was $131,000, an increase of $33,000 from the same period in 2004. Non-interest expense for the three months ended December 31, 2005 was $593,000, a $105,000 increase from the same period in 2004. Non-interest expense for the six months ended December 31, 2005 was $1.1 million, a $111,000, or 11.0% increase from the same period in 2004. The primary factors contributing to the increase in non-interest expense was the increase in salaries and employee benefits, stationary and office supplies and occupancy and equipment. These expenses are attributed to the opening of the North Canton office in the quarter ended September 30, 2005.
At December 31, 2005 total assets were $99.0 million compared to $97.4 million at June 30, 2005, an increase of $1.6 million, or 1.7%. Securities available for sale decreased to $21.0 million at December 31, 2005 from $23.9 million at June 30, 2005 a decrease of $3.0 million, or 12.5%. Net loans receivable increased to $67.6 million at December 31, 2005 from $64.3 million at June 30, 2005, an increase of $3.3 million, or 5.1%. The increase in net loans receivable consists primarily of an increase in consumer and real estate loans. Deposits increased to $65.0 million at December 31, 2005 from $61.8 million at June 30, 2005, an increase of $3.3 million, or 5.3%. The increase in total deposits consists primarily of an increase of certificates of deposit. Borrowings from the FHLB totaled $25.0 million at December 31, 2005, compared to $26.6 million at June 30, 2005, a decrease of $1.6 million, or 6.0%.
Non-performing assets consisted of $537,000 of nonaccrual loans at December 31, 2005, or 0.5% of total assets, an increase of $396,000 from June 30, 2005. The nonaccrual loans consisted of $226,000 in consumer loans, $181,000 in real-estate loans and $130,000 in commercial real-estate loans. The allowance for loan losses totaled $344,000 at December 31, 2005, representing 64.1% of nonaccrual loans and 0.51% of gross loans receivable. At June 30, 2005 the allowance for loan losses totaled $294,000 and represented 208.5% of nonaccrual loans and 0.46% of gross loans receivable.
Total equity was $8.1 million at December 31, 2005 and $8.4 million at June 30, 2005. At December 31, 2005 book value per share was $19.79. At December 31, 2005, the Bank exceeded all regulatory capital requirements to be categorized as "well capitalized" under applicable law and regulations.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or actual effect of future plans or strategies is inherently uncertain. Factors which could have a material effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Except as required by law or regulation, the Company disclaims any obligation to update such forward-looking statements.
Indian Village Bancorp, Inc. is headquartered at 100 South Walnut Street, Gnadenhutten, Ohio 44629 and operates out of two branch offices located in New Philadelphia and North Canton, Ohio.
Selected Financial Condition and Operating Data
(Dollars in thousands except per share data)
(Unaudited)
December 31, June 30,
2005 2005
------------------------------
Total Assets $ 99,002 $ 97,358
Loans receivable, net 67,587 64,308
Securities available for sale 20,930 23,928
Deposits 65,055 61,783
Total borrowings 24,995 26,593
Total equity 8,146 8,364
Book value per share $ 19.79(a) $ 20.42(a)
Common shares outstanding 436,934 436,547
Three Months Ended Six Months Ended
December 31, December 31,
2005 2004 2005 2004
----------------------------------------
Interest Income $ 1,361 $ 1,301 $ 2,701 $ 2,646
Interest Expense 822 755 1,609 1,523
Provision for loan losses 30 30 60 60
Net interest income 509 516 1,032 1,063
Non-interest income 70 43 131 98
Non-interest expense 593 488 1,120 1,009
Income before taxes (14) 71 43 152
Income tax expense (benefit) (9) (3) (4) --
Net income (5) 74 47 152
Earnings (loss) per share
(basic) $ (0.01) $ 0.20 $ 0.12 $ 0.41
Earnings (loss)
per share (diluted) $ (0.01) $ 0.20 $ 0.11 $ 0.41
(a) 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.