SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
July 22, 1999
PERMANENT BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-23370 35-1908797
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification
incorporation) Number)
101 Southeast Third Street, Evansville, Indiana 47708
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 428-6800
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N/A
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(Former name or former address, if changed since last Report)
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Item 5. Other Events
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On July 22, 1999, the Registrant issued the attached press release
announcing quarterly earnings per share increase of 33% from the prior year.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Press release, dated July 22, 1999.
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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.
PERMANENT BANCORP, INC.
Date: July 23, 1999 By: /s/ Donald P. Weinzapfel
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Donald P. Weinzapfel
Chairman and Chief Executive Officer
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EXHIBIT 99
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[PERMANENT BANCORP, INC. LETTERHEAD]
NEWS RELEASE
Donald P. Weinzapfel
Chairman of the Board and FOR IMMEDIATE RELEASE
Chief Executive Officer ---------------------
Permanent Bancorp, Inc. July 22, 1999
101 S.E. Third Street
Evansville, IN 47708 FOR FURTHER INFORMATION
812/428-6800 ----------------------
Robert A. Cern
812/428-6804
PERMANENT BANCORP, INC. REPORTS QUARTERLY EARNINGS PER SHARE
INCREASE OF 33% FROM THE PRIOR YEAR
EVANSVILLE, INDIANA (NASDAQ: "PERM"), Permanent Bancorp, Inc., the holding
company for Permanent Federal Savings Bank, reported earnings for its first
fiscal quarter, which ended on June 30, 1999, of $776,900 or $0.20 and $0.19 for
basic and diluted per share amounts, respectively, compared to $627,300 or $0.15
and $0.14 for basic and diluted per share amounts, respectively, for the quarter
ended June 30, 1998. Net income for the quarter ended June 30, 1999 increased
23.8% while basic earnings per share increased 33% from the comparable quarter
of the prior year. Results of operations for the quarter ended June 30, 1999
include the revenues and expenses related to the Company's acquisition of the
assets and liabilities of four branch banking locations from NBD Bank on June
26, 1998. In the prior year quarter, revenues and expenses related to the
acquired branches are included from the acquisition date.
Net interest income for the quarter ended June 30, 1999 was $3.37 million
or approximately 23% greater than the prior year. Non-interest income rose
$159,300 or 28% and non-interest expense increased by approximately $644,000 or
29% from the prior year.
Total assets at June 30, 1999 were $497.8 million, a decrease of $9
million, or approximately 2% from June 30, 1998. Net loans increased by
approximately $60.5 million or 23% from June 30, 1998 and deposits decreased 7.8
million or 2% from June 30, 1998.
Stockholder's equity at June 30, 1999 was $39.5 million, a 9% decrease from
March 31, 1998. Stockholder's equity decreased primarily as a result of the
repurchase of 302,100 of its shares in August 1998.
The Company provides services and products through Permanent Federal
Savings Bank. The Bank currently has nine Evansville locations and branches in
the communities of Newburgh, Jasper, Oakland City and Fort Branch, Indiana.
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Through the Bank's subsidiary, Perma Service Corp., the Bank offers investment
products through INVEST Financial Corporation as well as annuities and credit
insurance products through its partnership in Family Financial Life Insurance
Company. Perma Service Corp. also owns and operates Permanent Insurance Agency,
Inc., a full service insurance agency in Evansville.
FORWARD-LOOKING STATEMENTS
The Company may from time to time make "forward-looking statements,"
including statements contained in the Company's filings with the Securities and
Exchange Commission (the "SEC"), in its reports to shareholders and in other
communications by the Company, which are made in good faith by the Company and
the Banks pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the
Company's beliefs, expectations, estimates and intentions, that are subject to
significant risks and uncertainties, and are subject to change based on various
factors (some of which are beyond the Company's control). Those risks and
uncertainties could cause the Company's financial performance to differ
materially from expectations, estimates, and intentions expressed in such
forward-looking statements.
The Company does not undertake, and expressly disclaims any intent or
obligation, to update any forward-looking statement, whether written or oral,
that may be made from time to time by or on behalf of the Company.
END
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PERMANENT BANCORP, INC.
SELECTED FINANCIAL CONDITION AND OPERATING DATA
(THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Financial Condition Data as of June 30:
1999 1998
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<S> <C> <C>
Total assets $497,750 $506,725
Loans, net 328,115 267,604
Cash and interest bearing deposits 13,459 29,747
Securities held to maturity 9,706 17,398
Securities available to sale 113,996 160,539
Deposits 352,474 360,295
Borrowings 99,168 85,230
Stockholders' equity 39,517 43,463
Operating Data for:
The Quarter Ended June 30,
l999 1998
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Interest income $ 8,276 $ 7,448
Interest expense 4,905 4,701
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Net interest income 3,371 2,747
Provision for loan losses 70 75
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Net interest income
after provision for loan losses 3,301 2,672
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Non-interest income 794 621
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Non-interest expense 2,874 2,230
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Income before taxes 1,221 1,063
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Provision for taxes 444 436
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Net income $ 777 $ 627
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Earnings per common share:
Basic $ 0.20 $ 0.15
Diluted $ 0.19 $ 0.14
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