SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 1998
1ST BANCORP
(Exact name of registrant as specified in its charter)
INDIANA
(State or other jurisdiction of incorporation)
0-17915 35-1775411
(Commission File Number) (IRS Employer Identification No.)
101 North Third Street
Vincennes, Indiana 47591
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812)885-4528
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Item 5. Other Events
On October 20, 1998, 1ST BANCORP ("1ST") announced its earnings for the
quarter ended September 30, 1998.
Pursuant to General Instruction F to Form 8-K, the press release issued
October 20, 1998 , concerning those earnings is incorporated herein by reference
and is attached hereto as Exhibit 20.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 20 Press Release dated October 20, 1998.
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 hereunto duly authorized.
By: /s/ Mary Lynn Stenftenagel
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Mary Lynn Stenftenagel,
Secretary/Treasurer
Dated: November 6, 1998
PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Frank Baracani
(812) 885-2255
October 20, 1998
1ST BANCORP ANNOUNCES FIRST QUARTER EARNINGS
Vincennes, Indiana -- 1ST BANCORP today announced earnings of $441,000,
representing $.40 per share, for the quarter ended September 30, 1998. This
compares to earnings of $455,000, or $.41 per share, for the quarter ended
September 30, 1997
"We are pleased to report this consistent earnings level," stated C.
James McCormick, Chairman of 1ST BANCORP. "We are also pleased that our net
interest margin and the level of net interest income continues to increase."
Net interest income increased to $1,719,000 during the quarter ended
September 30, 1998 as compared to $1,578,000 during the quarter ended September
30, 1997. The net interest margin increased to 2.75% during the first quarter of
fiscal year 1999 as compared to 2.49% during the first quarter of the prior
fiscal year. These increases can be attributed to the composition of the loan
portfolio which includes "A+", "A", and "B+" graded nonconforming mortgage loans
and to the lowering interest rates which have driven the liability cost
downward.
To mitigate the credit risk associated with nonconforming loans,
general valuation allowances have been increased. During the quarter ended
September 30, 1998, the provision for loan losses aggregated $150,000 as
compared to the $90,000 loan loss provision during the quarter ended September
30, 1997.
At September 30, 1998 assets were $268.0 million as compared to $260.9
million at September 30, 1997. Stockholders' equity increased to $24.4 million
at September 30, 1998 from $22.6 million at September 30, 1997.
1ST BANCORP (NASDAQ - FBCV) is a holding company whose subsidiaries
include First Federal Bank, A Federal Savings Bank, First Financial Insurance
Agency, Inc., and First Title Insurance Company. First Federal operates two
retail banking offices in Vincennes, Indiana and operates a loan origination
office in Evansville, Indiana. First Financial Insurance Agency offices are
located in Vincennes and Princeton, Indiana. First Title Insurance Company is
also located in Vincennes, Indiana. Information about 1ST BANCORP may be found
at http://www.businesswire.com/cnn/fbcv.htm and information about First Federal
Bank may be found at www.firstfedafsb.com on the World Wide Web. 1ST BANCORP has
announced its acquisition by German American Bancorp, Jasper, Indiana, which is
anticipated to occur during the first quarter of calendar year 1999.
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1ST BANCORP
Consolidated Financial Highlights
(Dollars in Thousands, Except Per Share Data)
FOR THE THREE MONTHS ENDED SEPTEMBER 30: 1998 1997
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Total Interest Income $4,973 $4,978
Total Interest Expense 3,254 3,400
Net Interest Income 1,719 1,578
Provision for Loan Losses 150 90
Other Income 493 369
Other Expenses 1,436 1,237
Income Tax 185 165
Net Earnings 441 455
Earnings Per Share $0.40 $0.41
Interest Rate Margin 2.75% 2.49%
Return on Average Equity 7.31% 8.07%
Return on Average Assets 0.67% 0.68%
AT SEPTEMBER 30: 1998 1997
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Total Assets $267,997 $260,935
Investment Securities 28,341 46,546
Loans Receivable 198,104 178,658
Savings Deposits 115,868 134,864
Borrowings 124,381 100,247
Common Stock 1,096 692
Additional Paid-In Capital 2,162 2,428
Retained Earnings 21,139 19,454
Stockholders' Equity 24,397 22,574
Stockholders' Equity Per Share $22.25 $20.72
SHARES OUTSTANDING 1,096,388 1,089,468
