GNADENHUTTEN, Ohio, April 21, 2006 (PRIMEZONE) -- Indian Village Bancorp, Inc. (OTCBB:IDVB), the holding company for Indian Village Community Bank, today reported results for the three and nine months ended March 31, 2006.
Net income for the three months ended March 31, 2006 totaled $58,000 compared to net loss of $(218,000) for the same period in 2005, an increase of $276,000. Net income was $105,000 for the nine months ended March 31, 2006 compared to net loss of $(66,000) for the nine months March 31, 2005. Basic and diluted earnings (loss) per share were $0.14 and $(0.59) for the three months ended March 31, 2006 and March 31, 2005, respectively. Basic earnings (loss) per share were $0.26 and $(0.18) for the nine months ended March 31, 2006 and March 31, 2005, respectively. Diluted earnings (loss) per share were $0.25 and $(0.18) for the nine months ended March 31, 2006 and March 31, 2005, respectively.
Net interest income after the provision for loan losses for the three months ended March 31, 2006 totaled $526,000 as compared to $511,000 for the same period in 2005 an increase of $15,000, or 2.9%. Net interest income after the provision for loan losses totaled $1.6 million for the nine months ended March 31, 2006, a $16,000 decrease from the same period in 2005. Total interest income was $1.5 million for the three months ended March 31, 2006, a $197,000 increase from the same three months period in 2005. Total interest income was $4.2 million for the nine months ended March 31, 2006, a $252,000 increase from the same nine month period in 2005. Total interest income increased primarily because of an increase in interest-earning assets. Interest expense for the three months ended March 31, 2006 was $925,000, a $183,000 increase from the same period one year prior. Interest expense for the nine months ended March 31, 2006 was $2.5 million, a $269,000 increase from the same period in 2005. 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 March 31, 2006 and March 31, 2005 was $30,000 and $31,000, respectively. The provision for loan losses for the nine months ended March 31, 2006 was $90,000 and the nine months ended March 31, 2005 was $91,000.
Non-interest income (loss) for the three months ended March 31, 2006 was $63,000, compared to $(250,000) for the same period in 2005, an increase of $313,000. For the nine months ended March 31, 2006, non-interest income (loss) was $194,000, an increase of $346,000 from the same period in 2005. The increase in non-interest income is attributable to an other-than-temporary non-operating impairment charge of $280,000 related to certain Fannie Mae and Freddie Mac preferred stock recorded in March, 2005. Non-interest expense for the three months ended March 31, 2006 was $562,000, an $87,000 increase from the same period in 2005. Non-interest expense for the nine months ended March 31, 2006 was $1.7 million, a $198,000, or 13.3% increase from the same period in 2005. The primary factors contributing to the increase in non-interest expense was the increase in salaries and employee benefits and advertising. These expenses are attributed to the opening of the North Canton office in the quarter ended September 30, 2005. The income tax (benefit) for the three months ended March 31, 2006 was $(31,000) compared to $4,000 for the same period in 2005. The income tax (benefit) for the nine months ended March 31, 2006 was $(35,000) compared to $4,000 for the nine months ended March 31, 2005. The income tax (benefit) is attributed to significant tax-exempt interest income.
At March 31, 2006 total assets were $109.6 million compared to $97.4 million at June 30, 2005, an increase of $12.2 million, or 12.6%. Securities available for sale increased to $26.3 million at March 31, 2006 from $23.9 million at June 30, 2005, an increase of $2.3 million, or 9.8%. Net loans receivable increased to $73.1 million at March 31, 2006 from $64.3 million at June 30, 2005, an increase of $8.8 million, or 13.7%. The increase in net loans receivable consists primarily of an increase in consumer and real estate loans. Deposits increased to $73.9 million at March 31, 2006 from $61.8 million at June 30, 2005, an increase of $12.1 million, or 19.6%. The increase in total deposits consists primarily of an increase of certificates of deposit. Borrowings from the FHLB totaled $26.8 million at March 31, 2006, compared to $26.6 million at June 30, 2005, an increase of $201,000, or 0.8%.
Non-performing assets consisted of $940,000 of nonaccrual loans at March 31, 2006, or 0.9% of total assets, an increase of $799,000 from June 30, 2005. The nonaccrual loans consisted of $442,000 in commercial real-estate loans, $249,000 in consumer loans, and $249,000 in real-estate loans. The allowance for loan losses totaled $407,000 at March 31, 2006, representing 43.3% of nonaccrual loans and 0.55% 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 March 31, 2006 and $8.4 million at June 30, 2005. At March 31, 2006 book value per share was $19.76. At March 31, 2006, 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) March 31, June 30, 2006 2005 ---------------------------------- Total Assets $109,584 $97,358 Loans receivable, net 73,088 64,308 Securities available for sale 26,272 23,928 Deposits 73,890 61,783 Total borrowings 26,794 26,593 Total equity 8,140 8,364 Book value per share $19.76 (a) $20.42 (a) Common shares outstanding 436,937 436,547
Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2006 2005 2006 2005 ------------------------------------------------ Interest Income $1,481 $1,284 $4,182 $ 3,930 Interest Expense 925 742 2,534 2,265 Provision for loan losses 30 31 90 91 Net interest income 526 511 1,558 1,574 Non-interest income (loss) 63 (250) 194 (152) Non-interest expense 562 475 1,682 1,484 Income (loss) before taxes 27 (214) 70 (62) Income tax expense (benefit) (31) 4 (35) 4 Net income (loss) 58 (218) 105 (66) Earnings (loss) per share (basic) $0.14 $(0.59) $0.26 $ (0.18) Earnings (loss) per share (diluted) $0.14 $(0.59) $0.25 $ (0.18) (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.