GNADENHUTTEN, Ohio, Oct. 24, 2005 (PRIMEZONE) -- Indian Village Bancorp, Inc. (OTCBB:IDVB), the holding company for Indian Village Community Bank, today reported results for the three months ended September 30, 2005.
Net income for the three months ended September 30, 2005 totaled $52,000 compared to net income of $78,000 for the same period in 2004, a decrease of $26,000. Earnings per share for the period ending September 30, 2004 have been restated to reflect the 10% stock dividend paid to shareholders on January 6, 2005. Basic and diluted earnings per share were $0.13 and $0.19 for the three months ended September 30, 2005 and September 30, 2004, respectively. Diluted earnings per share were $0.12 and $0.19 for the three months ended September 30, 2005 and September 30, 2004, respectively.
Net interest income after the provision for loan losses for the three months ended September 30, 2005 totaled $523,000 as compared to $547,000 for the same period in 2004, a decrease of $24,000, or 4.4%. Total interest income was $1.3 million for the three months ended September 30, 2005, a $5,000 decrease from the same three months period in 2004. Total interest income changed primarily because of a shift in interest-earning assets from securities available for sale to loans. Interest expense for the three months ended September 30, 2005 was $787,000, a $19,000 increase from the same period one year prior. Interest expense increased due to an increase in interest rates. The provision for loan losses for the three months ended September 30, 2005 and September 30, 2004 was $30,000.
Non-interest income for the three months ended September 30, 2005 was $61,000, compared to $55,000 for the same period in 2004, an increase of $6,000. Non-interest expense for the three months ended September 30, 2005 was $527,000, a $6,000 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 and stationary and office supplies. These expenses are attributed to the opening of the North Canton office in the quarter ended September 30, 2005.
At September 30, 2005, total assets were $96.7 million compared to $97.4 million at June 30, 2005, a decrease of $706,000, or 0.7%. Securities available for sale decreased to $22.0 million at September 30, 2005 from $23.9 million at June 30, 2005 a decrease of $1.9 million, or 7.9%. Net loans receivable increased to $64.8 million at September 30, 2005 from $64.3 million at June 30, 2005, an increase of $524,000, or 0.8%. The increase in net loans receivable consists primarily of an increase in consumer loans which was offset by a decrease in municipal loans. Deposits decreased to $61.0 million at September 30, 2005 from $61.8 million at June 30, 2005, a decrease of $772,000, or 1.2%. The decrease in total deposits consists primarily of a decrease to certificates of deposit. Borrowings from the FHLB totaled $26.1 million at September 30, 2005, compared to $26.6 million at June 30, 2005, a decrease of $515,000, or 1.9%.
Non-performing assets consisted of $154,000 of non-accrual loans at September 30, 2005, or 0.2% of total assets, an increase of $13,000 from June 30, 2005. The non-accrual loans consisted of $130,000 in commercial real-estate loans and $24,000 in consumer loans. The allowance for loan losses totaled $314,000 at September 30, 2005, representing 203.9% of non-accrual loans and 0.48% of gross loans receivable. At June 30, 2005 the allowance for loan losses totaled $294,000 and represented 208.5% of non-accrual loans and 0.46% of gross loans receivable.
Total equity was $8.4 million at September 30, 2005 and June 30, 2005. At September 30, 2005 book value per share was $20.35. At September 30, 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)
September 30, June 30,
2005 2005
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Total Assets $ 96,652 $ 97,358
Loans receivable, net 64,832 64,308
Investment Securities 22,030 23,928
Deposits 61,011 61,783
Total borrowings 26,078 26,593
Total equity 8,366 8,364
Book value per share $ 20.35(a) $ 20.42(a)
Common shares outstanding 436,937 436,547
Three Months Ended
September 30, September 30,
2005 2004
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Interest Income $ 1,340 $ 1,345
Interest Expense 787 768
Provision for loan losses 30 30
Net interest income 523 547
Non-interest income 61 55
Non-interest expense 527 521
Income before taxes 57 81
Income tax expense 5 3
Net income 52 78
Earnings per share (basic) $ 0.13 $ 0.19
Earnings per share (diluted) $ 0.12 $ 0.19
(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.