SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 10-Q
(Mark One)
|x| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
------------------
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File No. 0-25903
IBT Bancorp, Inc.
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(Exact name of Registrant as specified in its charter)
Pennsylvania 25-1532164
- ----------------------------- ---------------------------------------
(State of incorporation) (I.R.S. employer identification no.)
309 Main Street, Irwin, Pennsylvania 15642
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(Address of principal executive offices) (zip code)
(724) 863-3100
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Issuer's telephone number, including area code
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
--- ---
Number of shares of Common Stock outstanding as of November 9, 1999:
3,023,799
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IBT BANCORP, INC.
Contents
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Pages
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PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements..............................................................................
Consolidated balance sheets at September 30, 1999
(unaudited) and December 31, 1998................................................................ 1
Consolidated statements of operations (unaudited) for the three and nine months
ended September 30, 1999 and 1998................................................................ 2
Consolidated statements of cash flows (unaudited) for the nine months
ended September 30, 1999 and 1998................................................................ 3
Notes to condensed consolidated financial statements (Unaudited)................................. 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations...................................................................... 5
Item 3. Quantitative and Qualitative Disclosures About Market Risk....................................... 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings................................................................................ 14
Item 2. Changes in Securities and Use of Records......................................................... 14
Item 3. Defaults upon Senior Securities.................................................................. 14
Item 4. Submission of Matters to a Vote of Security-Holders.............................................. 14
Item 5. Other Information................................................................................ 14
Item 6. Exhibits and Reports on Form 8-K................................................................. 14
Signatures....................................................................................................... 15
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PART I
CONSOLIDATED BALANCE SHEETS
IBT BANCORP, INC. AND SUBSIDIARY
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September 30, 1999 December 31,
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(unaudited) 1998
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ASSETS
Cash and due from banks $ 11,749,527 $ 10,767,316
Interest-bearing deposits in banks 10,276,212 7,196,998
Federal funds sold 5,064,000 25,432,000
Securities available for sale 149,923,424 117,469,947
Securities held to maturity (Market value of -- 2,569,215
$0 and $2,554,545 respectively)
Federal Home Loan Bank stock, at cost 1,964,300 1,308,100
Loans, net 256,219,245 238,304,491
Premises and equipment, net 4,698,012 4,879,133
Other assets 6,437,417 4,438,743
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Total Assets $ 446,332,137 $ 412,365,943
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing $ 56,485,459 $ 58,208,466
Interest-bearing 318,462,481 298,174,672
------------- -------------
Total deposits 374,947,940 356,383,138
Securities sold under repurchase agreements 7,495,613 --
Accrued interest and other liabilities 3,870,975 3,781,876
Long-term debt 22,000,000 14,000,000
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Total liabilities 408,314,528 374,165,014
Stockholders' Equity
Capital stock, par value $1.25, 5,000,000
shares authorized, 3,023,799 shares
issued and outstanding 3,779,749 3,779,749
Surplus 2,073,102 2,073,102
Retained earnings 34,348,400 31,401,922
Accumulated other comprehensive income (2,183,642) 946,156
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Total stockholders' equity 38,017,609 38,200,929
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Total Liabilities and Stockholders' Equity $ 446,332,137 $ 412,365,943
============= =============
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1
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CONSOLIDATED STATEMENTS OF INCOME
IBT BANCORP, INC. AND SUBSIDIARY
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Three Months Ended September 30, Nine Months Ended September 30,
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1999 1998 1999 1998
-------------------- -------------------- ------------------- ------------------
(unaudited) (unaudited)
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Interest Income
Loans $ 4,989,828 $ 4,728,515 $ 14,615,146 $ 14,159,110
Investment securities 2,376,310 1,976,842 6,609,582 5,697,395
Federal funds sold 172,135 200,592 423,961 578,838
-------------------- -------------------- ------------------- --------------------
Total interest income 7,538,273 6,905,949 21,648,689 20,435,343
Interest Expense
Deposits 3,196,223 3,031,244 9,206,211 9,045,806
Long-term debt 284,222 118,145 648,969 242,145
Repurchase agreements 66,892 - 110,330 -
-------------------- -------------------- ------------------- --------------------
Total interest expense 3,547,337 3,149,389 9,965,510 9,287,951
-------------------- -------------------- ------------------- --------------------
Net Interest Income 3,990,936 3,756,560 11,683,179 11,147,392
Provision for Loan Losses 105,000 75,000 195,000 285,000
-------------------- -------------------- ------------------- --------------------
Net Interest Income after Provision 3,885,936 3,681,560 11,488,179 10,862,392
for Loan Losses
Other Income
Service fees 465,503 371,997 1,258,502 1,016,654
Net investment security gains 19,268 9,708 24,057 34,707
Other income 322,051 228,123 925,877 628,979
-------------------- -------------------- ------------------- --------------------
Total other income 806,822 609,828 2,208,436 1,680,340
Other Expenses
Salaries and employee benefits 1,136,728 1,184,272 3,297,234 3,256,397
Other expense 1,193,113 965,195 3,389,896 2,930,711
-------------------- -------------------- ------------------- --------------------
Total other expenses 2,329,841 2,149,467 6,687,130 6,187,108
-------------------- -------------------- ------------------- --------------------
Income Before Income Taxes 2,362,917 2,141,921 7,009,485 6,355,624
Provision for Income Taxes 760,121 694,622 2,248,727 2,030,399
-------------------- -------------------- ------------------- --------------------
Net income $ 1,602,796 $ 1,447,299 $ 4,760,758 $ 4,325,225
==================== ==================== =================== ====================
Net Income per Share of Capital Stock $ 0.53 $ 0.48 $ 1.57 $ 1.43
==================== ==================== =================== ====================
Dividends per Share of Capital Stock $ 0.20 $ 0.16 $ 0.60 $ 0.48
==================== ==================== =================== ====================
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2
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CONSOLIDATED STATEMENTS OF CASH FLOWS
IBT BANCORP, INC. AND SUBSIDIARY
Nine Months ended September 30,
---------------------------------------------
1999 1998
-------------------- --------------------
(unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 4,760,758 $ 4,325,225
Adjustments to reconcile net cash
from operating activities:
Depreciation 400,500 362,000
Net amortization/accretion of
premiums and discounts 17,235 (4,416)
Net investment security gains (24,057) (34,707)
Provision for loan losses 195,000 285,000
Increase (Decrease) in cash due to
changes in assets and liabilities:
Other assets (386,354) (856,044)
Accrued interest and other
liabilities 89,099 (180,432)
-------------------- --------------------
Net Cash From Operating Activities 5,052,181 3,896,626
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of securities available
for sale 6,502,031 2,166,459
Proceeds from maturities of securities held
to maturity 2,569,215 3,162,659
Proceeds from maturities of securities
available for sale 41,406,716 28,606,733
Purchase of securities available for sale (85,097,520) (44,443,881)
Net loans made to customers (18,109,754) (11,720,339)
Purchases of premises and equipment (219,379) (268,394)
Purchase of Federal Home Loan Bank stock (656,200) (137,400)
-------------------- --------------------
Net Cash Used By Investing Activities (53,604,891) (22,634,163)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 18,564,802 7,924,972
Net increase in securities sold
under repurchase agreements 7,495,613 -
Dividends (1,814,280) (1,454,572)
Payments on long-term debt (2,000,000) -
Proceeds from long-term debt 10,000,000 5,000,000
-------------------- --------------------
Net Cash From Financing Activities 32,246,135 11,470,400
-------------------- --------------------
Net Change in Cash and Cash
Equivalents (16,306,575) (7,267,137)
Cash and Cash Equivalents at
Beginning of Period 43,396,314 27,700,319
-------------------- --------------------
Cash and Cash Equivalents at
End of Period $ 27,089,739 $ 20,433,182
==================== ====================
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3
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IBT BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
consisting of normal recurring accruals considered necessary for a fair
presentation have been included. Operating results for the three months and
nine months ended September 30, 1999 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1999 or any
future interim period. These statements should be read in conjunction with
the registration statement on Form 10 (File No. 0-25903).
NOTE B - EARNINGS PER SHARE
Earnings per share are calculated on the basis of the weighted average
number of shares outstanding. The weighted average shares outstanding,
giving retroactive effect, in 1998, of the three-for-one stock split,
declared December 28, 1998 and distributed January 19, 1999, was 3,023,799
for the nine months ended September 30, 1999 and 1998.
NOTE C - COMPREHENSIVE INCOME
Total comprehensive income for the nine months ended September 30, 1999 and
1998 was $1,630,960 and $4,815,379, respectively and comprehensive income
for the three months ended September 30, 1999 and 1998 was $1,003,237 and
$1,985,303, respectively.
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IBT BANCORP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Cont.
NOTE D - INVESTMENT SECURITIES
Investment securities available for sale consist of the following:
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September 30, 1999
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Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
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Obligations of
U.S. Government Agencies $ 93,683,276 $ 71,343 $ (1,541,909) $ 92,212,710
Obligations of State and
political sub-divisions 8,208,946 82,796 (272,095) 8,019,647
Mortgage-backed securities 50,538,214 50,235 (1,778,580) 48,809,869
Other securities 647,128 6,038 - 653,166
Equity securities 154,410 73,622 - 228,032
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$ 153,231,974 $ 284,034 $ (3,592,584) $ 149,923,424
============================================================================
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NOTE E - REPURCHASE AGREEMENTS
During 1999, the Bank began offering its corporate customers an investment
product fashioned in the form of a repurchase agreement. Under the terms of
the agreement, deposits in designated demand accounts of the customer are
put into an investment vehicle which is used daily to purchase an interest
in designated U.S. Government or Agencies' securities owned by the Bank.
The Bank in turn agrees to repurchase these investments on a daily basis
and pay the customer the daily interest earned on them. At September 30,
1999, the amount of repurchase agreements was $7,495,613.
5
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Private Securities Litigation Reform Act of 1995 contains safe
harbor provisions regarding forward-looking statements. When used in this
discussion, the words "believes", "anticipate", "contemplates", "expects", and
similar expressions are intended to identify forward-looking statements. Such
statements are subject to certain risks and uncertainties which could cause
actual results to differ materially from those projected. Those risks and
uncertainties include changes in interest rates, risks associated with the
effect of opening a new branch, the ability to control costs and expenses, and
general economic conditions. IBT Bancorp, Inc. undertakes no obligation to
publicly release the results of any revisions to those forward looking
statements which may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
GENERAL
IBT Bancorp, Inc. is a bank holding company headquartered in Irwin,
Pennsylvania, which provides a full range of commercial and retail banking
services through its wholly owned banking subsidiary, Irwin Bank & Trust Co.
(collectively, the "Company").
FINANCIAL CONDITION
At September 30, 1999, total assets increased $33.9 million to $446.3
million from $412.4 million at December 31, 1998. Of this increase, securities
available for sale increased $32.4 million, net loans receivable increased $17.9
million, cash and due from bank's increased $1.0 million and interest bearing
deposits in bank's increased $3.0 million. Such increases were offset by a $20.3
million decrease in federal funds sold.
Federal funds sold and $8.0 million of loan term debt (which consisted
of Federal Home Loan Bank advances) were used to take advantage of the lower
interest rate environment by funding purchases of securities available for sale.
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The growth in interest bearing deposits of $20.4 million was used
primarily to fund the growth in the loan portfolio. The increase in the loan
portfolio was primarily due to the growth of the fixed rate one- to four- family
mortgage loan and installment loan portfolios of $6.7 million and $8.7 million,
respectively. The Company's loan portfolio continues to grow due to the
Company's offering of competitive market interest rates.
Interest bearing deposits in bank's increased primarily due the
Company's investment in short term certificates of deposits.
Interest-bearing deposits increased $20.4 million to $318.5 at
September 30, 1999 from $298.1 million at December 31, 1998. The Company's
competitive market rates offered to the public was primarily the reason for the
growth.
Non-interest bearing deposits decreased $1.7 million to $56.5 million
at September 30, 1999 from $58.2 million at December 31, 1998. The decrease in
the non-interest bearing accounts is primarily attributed to repurchase
agreements. During 1999, the Company began to offer its corporate customers an
investment product fashioned in the form of a repurchase agreement. Under the
terms of the agreement, deposits in designated demand accounts of the customer
are put into an investment vehicle which is used daily to purchase an interest
in designated U.S. Government or Agencies= securities. The Company in turn
agrees to repurchase these investments on a daily basis and pay the customer the
daily interest earned on them. At September 30, 1999, the amount of repurchase
agreements was $7.5 million. See Note E to the condensed consolidated financial
statements.
At September 30, 1999, total stockholders' equity decreased $200,000
to $38.0 million from $38.2 million at December 31, 1998. The decrease was due
to a $3.1 million loss in accumulated other comprehensive income and dividends
paid of $1.8 million. Such decrease was offset by net income of $4.7 million for
the period.
Accumulated other comprehensive income decreased as a result of changes
in the net unrealized (loss) on the available for sale securities due to
fluctuations in interest rates. Pursuant to generally accepted accounting
principles, securities available for sale are recorded at current market value
and net unrealized gains or losses on such securities are excluded from current
earnings and reported net of income taxes, as part of comprehensive income,
until realized. Because of interest rate
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volatility, the Company's accumulated other comprehensive income could
materially fluctuate for each interim period and year-end. The majority of the
accumulated unrealized loss resulted from the Company's investment in U.S.
government agencies and mortgage backed securities. See Note D to the condensed
consolidated financial statements.
COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 1999 AND 1998:
Net income. Net income for the three months ended September 30, 1999
increased $200,000 to $1.6 million from $1.4 million for the comparable three
months 1998 period. Net income for the nine months ended September 30, 1999
increased $500,000 to $4.8 million from $4.3 million for the comparable nine
months 1998 period. Such increases for the three and nine months ended 1999 were
the result of the growth in the loan portfolio and the purchase of available for
sale securities.
Interest income. Interest income for the three months ended September
30, 1999 increased $600,000 to $7.5 million from $6.9 million for the comparable
three months 1998 period. Interest income for the nine months ended September
30, 1999 increased $1.2 million to $21.6 million from $20.4 million for the
comparable nine months 1998 period. The increases for the three and nine months
ended 1999 was primarily due the growth in the loan portfolio and the increase
in available for sale securities.
Interest expense. Interest expense for the three months ended September
30, 1999 increased $400,000 to $3.5 million from $3.1 million for the comparable
three months 1998 period. Interest expense for the nine months ended September
30, 1999 increased $700,000 to $10.0 million from $9.3 million for the
comparable nine months 1998 period. The increase was primarily due to the
increase in interest earning deposits, FHLB advances and corporate repurchase
agreement deposits.
Provision for loan losses. For the three and nine months ended
September 30, 1999 provision for loan losses were $105,000 and $195,000,
respectively. The evaluation for determining the provision includes evaluations
of concentrations of credit, past loss experience, current economic conditions,
amount and composition of the loan portfolio (including loans being specifically
monitored by management), estimated
8
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fair value of underlying collateral, loan commitments outstanding,
delinquencies, and other information available at such times.
The Company will continue to monitor its allowance for loan losses and
make future adjustments to the allowance through the provision for loan losses
as economic conditions dictate. Management continues to offer a wider variety of
loan products coupled with the continued success of changing the mix of the
products offered in the loan portfolio from lower yielding loans (i.e., one- to
four-family loans) to higher yielding loans (i.e., equity loans, multi-family
(five or more units) buildings, and commercial (nonresidential) mortgages).
Although the Company maintains its allowance for loan losses at a level that it
considers to be adequate to provide for the inherent risk of loss in its loan
portfolio, there can be no assurance that future losses will not exceed
estimated amounts or that additional provisions for loan losses will not be
required in future periods due to the higher degree of credit risk which might
result from the change in the mix of the loan portfolio.
Other income. Other income for the three months ended September 30,
1999 increased $197,000 to $807,000 from $610,000 for the comparable three
months 1998 period . Other income for the nine months ended September 30, 1999
increased $500,000 to $2.2 million from $1.7 million for the comparable nine
months 1998 period. The total increases for the three and nine months 1999
results were due to the increase in service fees and other income. The increase
in service fees was the result of overdraft fees primarily due to the increase
in the number of demand deposit accounts. Other income increased as a result of
the Company's assessment of ATM surcharges on transactions performed by
non-customers beginning in January 1999.
Other expense. Other expense for the three months ended September 30,
1999 increased $200,000 to $2.3 million from $2.1 million for the comparable
three months 1998 period . Other income for the nine months ended September 30,
1999 increased $500,000 to $6.7 million from $6.1 million for the comparable
nine months 1998 period. Other expenses increased due to the of the opening of
two additional supermarket branches.
Year 2000 Issues
Senior management views the year 2000 initiative as one of the highest
priorities of the Company. With oversight from the Board of
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Directors, the Company has pursued appropriate solutions and assurances with
regard to compliance of all applications affected by the year 2000.
In 1997, the Company formed a year 2000 team consisting of senior
management, officers, and members of various departments of the Company, to
assess the impact year 2000 issues could have on the Company's daily business
operations. A five-phase plan was developed which was comprised of the following
phases: awareness, assessment, renovation, validation, and implementation .
The awareness phase included gathering information on year 2000 issues
and sharing it with all levels of employees and the Board of Directors. This
process of gathering and sharing information continues and includes the bank's
customer base. Workshops have been provided for commercial customers.
Newsletters, local newspaper announcements and brochures are available at each
branch location to keep customers, shareholders and employees abreast of the
year 2000 issue. The Board of Directors is updated on a monthly basis.
The assessment phase includes the inventorying of all hardware and
software and identification of all systems, which could be affected by the date
change. The hardware, software and systems were prioritized based upon their
importance in providing uninterrupted services to customers. Those items
determined to be of the highest priority were ranked "mission critical." The
core processing system was determined to be "mission critical." The core
processing system is outsourced to two outside vendors. The first vendor
provides the software for in-house processing of all documents including checks,
deposit tickets, loan payments, and miscellaneous items from the Federal
Reserve, correspondent banks, and over the counter transactions. The second
vendor, at an off-site location, performs the process of editing, posting, and
report generation of all activity on customer accounts.
All non-information technology systems were also identified during the
assessment phase and testing was performed. This included testing of loan
calculators, fax machines, VCR=s, surveillance cameras, etc. Vendors were
contacted and provided with makes, models, and serial numbers on systems that
could not be tested in-house, such as, elevators, vault security systems, phone
systems, and heat/air conditioning systems. The vendors provided written
assurance that their systems are year 2000 compliant.
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During the assessment phase it was determined that the cost associated
with addressing the year 2000 issue should not exceed $300,000, which includes
capital expenditures. At September 30, 1999, approximately $200,000 had been
expended. These costs or any additional costs associated with the year 2000
issue are not expected to have a major impact on the Company's financial
statements.
The renovation phase included hardware replacement, software upgrades
and vendor assurance. At September 30, 1999, the renovation phase for all
"mission critical" and other systems were completed.
The validation phase includes extensive testing of all hardware,
software and systems provided by third party vendors. As of September 30, 1999,
the final stages of testing of our "mission critical" core applications and all
remaining products were completed. The testing process of our "mission critical"
core applications was monitored by an independent consulting group.
The risks exist that some of the bank's commercial borrowers may not be
prepared for year 2000 issues and may suffer financial harm as a result. This,
in tern, represents risk to the bank regarding the repayment of loans from those
commercial customers. Because of this, year 2000 compliance is considered part
of our loan underwriting procedures. A risk analysis was performed in September
of 1998 on all existing commercial loans with an aggregate balance exceeding
$100,000 and commercial mortgage loans with an aggregate balance exceeding
$250,000. The risk analysis was performed using FDIC guidelines. Commercial loan
customers were evaluated based upon their year 2000 vulnerability, their ability
to obtain the resources to identify and correct any deficiencies, and their year
2000 plan. Their overall year 2000 credit risk was then classified as low,
medium, or high. Those classified as high risk are re-evaluated on a quarterly
basis. However, repayment sources for the majority of loans in the bank's
commercial loan portfolio are in multi-family real estate projects that tend to
be less computer-dependent than, for example, a manufacturing business.
Nevertheless, a year 2000 disclosure is included in new commercial and
commercial mortgage loans requiring the borrower to maintain year 2000 compliant
systems.
A Contingency and Business Resumption Plan was approved by the Board in
May 1999. This plan addresses perceived risks associated with the year 2000
problem. These activities include remediation contingency
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planning intended to mitigate any risks associated with unforeseen system
glitches, system failure, increased demands for cash, or processes outside the
Bank's control. The remainder of 1999 will be used to further validate the plan.
While this plan was designed to significantly address the Year 2000 problems of
the Company, the occurrence of the following could negatively impact the
Company:
(a) utility service companies may be unable to provide the necessary
service to drive the Company's data systems or provide sufficient
sanitary conditions for the Company's offices;
(b) the Company's primary software provider could have a major
malfunction in its system or their service could be disrupted due
to its utility providers, or some combination of the two; or
(c) the Company may have to transact its business manually
The Company will attempt to monitor these uncertainties by continuing to request
an update on all critical and important vendors through the remainder of 1999.
If the Company identifies any concern related to any critical or important
vendor, the contingency plan will be implemented immediately to assure continued
service to the bank's customers.
The implementation phase includes incorporating all necessary changes and
becoming completely year 2000 compliant. At September 30, 1999 the
implementation phase is complete.
The Company continues to focus on the awareness phase with its efforts on
providing customers, the Company's shareholders and employees with up-to-date
information on the Company's state of preparedness for the year 2000. This will
include employee awareness at monthly manager and operation meetings and
informational seminars at various local civic groups. For the remainder of 1999,
the Company will focus on employee training to insure continued, uninterrupted
customer service in the new year.
Successful and timely completion of the year 2000 project is based on
management=s best estimates derived from various assumptions of future events,
which are inherently uncertain, including the progress and results
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of the Company's testing plans, and all vendors, suppliers and customer
readiness.
Despite the best efforts of management to address this issue, the vast number of
external entities that have direct and indirect business relationships with the
Company, such as customers, vendors, payment systems providers, utility
companies, and other financial institutions, makes it impossible to assure that
a failure to achieve compliance by one or more of these entities would not have
a material impact on the financial statements of the Company. Additionally, year
2000 issues could affect the Company's liquidity if customer withdrawals in
anticipation of the year 2000 are greater than expected or if lenders are unable
to provide the Company with funds when needed.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There were no significant changes for the nine months ended September
30, 1999 from the information presented in the Form 10 registration statement,
under the caption Market Risk, for the year ended December 31, 1998.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The registrant is not engaged in any legal proceedings at the
present time. From time to time, the Bank is a party to legal
proceedings within the normal course of business wherein it
enforces its security interest in loans made by it, and other
matters of a like kind.
Item 2. Changes in Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3(i) Articles of Incorporation of IBT Bancorp, Inc.*
3(ii) Bylaws of IBT Bancorp, Inc.*
27 Financial Data Schedule (electronic filing only)
---------------
* Incorporated by reference to the registration statement on
Form 10, filed on April 29, 1999 and subsequently amended
on June 28, 1999.
(b) Reports on Form 8-K -- None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
IBT BANCORP, INC.
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<S> <C> <C>
Date: November 12 , 1999 By: /s/Charles G. Urtin
---- -----------------------------------------------------
Charles G. Urtin
Executive Vice President and Chief Financial Officer
(Chief Accounting Officer)
(Duly authorized officer)
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<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 11,750
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0
0
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</TABLE>
