INDIANA COMMUNITY BANCORP 
By In the news release, Indiana Community Bancorp Announces First Quarter Earnings, issued
Indiana Community Bancorp Announces First Quarter Earnings
Balance Sheet
Total assets reached
Total retail deposits increased
Total FHLB advances and short term borrowings decreased
As of
Asset Quality
Provision for loan losses totaled
Net Interest Income
Net interest income was flat at
Non Interest Income
Non interest income decreased
Non Interest Expenses
Non interest expenses decreased
Indiana Community Bancorp is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve"), which has been authorized by the Federal Reserve to engage in activities permissible for a financial holding company. Indiana Bank and Trust Company, its principal subsidiary, is an FDIC insured state chartered commercial bank. Indiana Bank and Trust Company was founded in 1908 and offers a wide range of consumer and commercial financial services through 20 branch offices in central and southeastern
Forward-Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Indiana Community Bancorp undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K, which disclosures are incorporated by reference herein.
INDIANA COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited) March 31, December 31,
2009 2008
---------- -----------
Assets:
Cash and due from banks $66,154 $22,352
Interest bearing demand deposits 2,027 234
---------- -----------
Cash and cash equivalents 68,181 22,586
Securities available for sale at fair
value (amortized cost $75,542 and $90,957) 76,116 91,096
Securities held to maturity at amortized
cost (fair value $3,741 and $3,884) 4,375 4,467
Loans held for sale (fair value $5,843 and
$2,907) 5,743 2,856
Portfolio loans:
Commercial loans 228,690 221,766
Commercial mortgage loans 339,105 334,367
Residential mortgage loans 113,719 120,227
Second and home equity loans 100,519 104,084
Other consumer loans 18,628 20,532
Unearned income (161) (241)
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Total portfolio loans 800,500 800,735
Allowance for loan losses (8,927) (8,589)
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Portfolio loans, net 791,573 792,146
Premises and equipment 15,151 15,323
Accrued interest receivable 3,541 3,777
Goodwill 1,394 1,394
Other assets 35,851 35,728
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TOTAL ASSETS $1,001,925 $969,373
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Liabilities and Shareholders' Equity:
Liabilities:
Deposits:
Demand $76,109 $71,726
Interest checking 119,676 110,944
Savings 42,834 40,862
Money market 172,600 156,500
Certificates of deposits 324,869 314,425
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Retail deposits 736,088 694,457
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Brokered deposits 4,523 5,420
Public fund certificates 14,519 10,762
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Wholesale deposits 19,042 16,182
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Total deposits 755,130 710,639
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FHLB advances 122,363 129,926
Short term borrowings - 4,713
Junior subordinated debt 15,464 15,464
Other liabilities 16,794 16,619
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Total liabilities 909,751 877,361
---------- -----------
Commitments and Contingencies
Shareholders' equity:
No par preferred stock; Authorized:
2,000,000 shares Issued and outstanding:
21,500 and 21,500 20,981 20,962
No par common stock; Authorized:
15,000,000 shares Issued and outstanding:
3,358,079 and 3,358,079 21,012 20,985
Retained earnings, restricted 50,500 50,670
Accumulated other comprehensive loss, net (319) (605)
---------- -----------
Total shareholders' equity 92,174 92,012
---------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $1,001,925 $969,373
========== ===========
INDIANA COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited) Three Months Ended
March 31,
------------------
2009 2008
------ ------
Interest Income:
Short term investments $7 $301
Securities 821 684
Commercial loans 2,754 3,421
Commercial mortgage loans 4,828 4,501
Residential mortgage loans 1,798 2,350
Second and home equity loans 1,278 1,681
Other consumer loans 390 507
--------- ---------
Total interest income 11,876 13,445
--------- ---------
Interest Expense:
Checking and savings accounts 273 362
Money market accounts 474 1,077
Certificates of deposit 2,768 3,475
--------- ---------
Total interest on retail deposits 3,515 4,914
--------- ---------
Brokered deposits 56 111
Public funds 52 23
--------- ---------
Total interest on wholesale deposits 108 134
--------- ---------
Total interest on deposits 3,623 5,048
--------- ---------
FHLB advances 1,188 1,262
Junior subordinated debt 136 245
--------- ---------
Total interest expense 4,947 6,555
--------- ---------
Net interest income 6,929 6,890
Provision for loan losses 2,098 360
--------- ---------
Net interest income after provision for loan
losses 4,831 6,530
--------- ---------
Non Interest Income:
Gain on sale of loans 1,062 403
Investment advisory services - 471
Service fees on deposit accounts 1,454 1,495
Loan servicing income, net of impairment 133 125
Miscellaneous 394 590
--------- ---------
Total non interest income 3,043 3,084
--------- ---------
Non Interest Expenses:
Compensation and employee benefits 3,678 4,269
Occupancy and equipment 1,032 1,056
Service bureau expense 479 456
Marketing 216 355
Miscellaneous 1,828 1,279
--------- ---------
Total non interest expenses 7,233 7,415
--------- ---------
Income before income taxes 641 2,199
Income tax provision 201 780
--------- ---------
Net Income $440 $1,419
========= =========
Basic earnings per common share $0.05 $0.42
Diluted earnings per common share $0.05 $0.42
Basic weighted average number of shares 3,358,079 3,364,463
Dilutive weighted average number of shares 3,358,079 3,375,275
Dividends per share $0.120 $0.200
Supplemental Data: Three Months Ended
(unaudited) March 31,
------------------
2009 2008
---- ----
Weighted average interest
rate earned on total
interest-earning assets 5.47% 6.35%
Weighted average cost of
total interest-bearing
liabilities 2.32% 3.16%
Interest rate spread during
period 3.15% 3.19%
Net interest margin (net interest
income divided by average
interest-earning assets on annualized
basis) 3.19% 3.25%
Total interest income divided by
average total assets (on annualized
basis) 4.91% 5.87%
Total interest expense divided by
average total assets (on annualized
basis) 2.05% 2.86%
Net interest income divided by average
total assets (on annualized basis) 2.86% 3.01%
Return on assets (net income divided by
average total assets on
annualized basis) 0.18% 0.62%
Return on equity (net income divided by
average total equity on annualized basis) 1.93% 8.37%
March 31, December 31,
2009 2008
---- ----
Book value per share outstanding $21.00 $20.98
Nonperforming Assets:
Loans: Non-accrual $22,265 $22,534
Past due 90 days or more - 518
Restructured 1,049 1,282
---------------------
Total nonperforming loans 23,314 24,334
Real estate owned, net 3,432 3,335
Other repossessed assets,
net 33 44
---------------------
Total Nonperforming Assets $26,779 $27,713
Nonperforming assets divided
by total assets 2.67% 2.86%
Nonperforming loans divided
by total loans 2.91% 3.04%
Balance in Allowance for Loan Losses $8,927 $8,589
SOURCE Indiana Community Bancorp
