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EXHIBIT
99.1
News
Release
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Contact:
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N.
William White
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President
and Chief
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Executive
Officer
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(502)
753-0500
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1st
Independence Financial Group, Inc. Announces Second Quarter Results
LOUISVILLE,
KENTUCKY (July 30, 2008) - 1st Independence Financial Group, Inc. (“1st
Independence”) (NASDAQ:FIFG), the holding company of 1st Independence
Bank, Inc. (“1st Bank”), today reported a second quarter unaudited 2008 net loss
of ($1.5) million, or ($0.76) per diluted share, compared with a net loss of
($0.1) million, or ($0.05) per diluted share, in the first quarter of 2008 and
net income of $0.1 million, or $0.06 per diluted share, for the same period in
2007. The net loss for the second quarter was primarily attributable
to a total loan loss provision expense of $2.4 million before taxes in the
second quarter of 2008 and the payment of $325,000 before taxes made in
connection with the settlement of a lease dispute as previously disclosed by 1st
Independence in its Form 8-K filed on June 9, 2008. The loan loss
provision expense resulted from both increases in allocations for certain
specific loans and an increase in the overall loan loss reserve in response to
certain negative trends in 1st Bank’s loan portfolio and the continuing decline
of regional and national economic conditions.
As
previously disclosed, on February 26, 2008, 1st Independence and 1st
Bank entered into an agreement and plan of merger with MainSource Financial
Group, Inc. (“MainSource”) (NASDAQ: MSFG) providing for the merger of 1st
Independence with and into MainSource. In the proposed merger, 1st
Independence's shareholders will receive, subject to adjustment as described
below, $5.475 in cash and 0.881036 shares of MainSource common stock for each
share of 1st Independence's stock owned. The aggregate cash
payable in the merger will be adjusted at closing, on a dollar-for-dollar basis,
to the extent 1st Independence's consolidated tangible shareholders' equity as
of the end of the month preceding closing, as adjusted as described in the
merger agreement, is less than $26,700,000 or more than
$27,200,000.
As of
June 30, 2008, 1st Independence's consolidated tangible shareholders' equity was
$25,035,000, after deducting $356,000 after taxes of legal and other
professional fees relating to the proposed merger with MainSource that 1st
Independence recorded through June 30, 2008 as well as the above-referenced loan
loss provision expense. 1st Independence will incur additional
merger-related and other expenses prior to the consummation of the merger,
including but not limited to approximately $335,000 before taxes in fees and
expenses currently estimated to be payable to
1st Independence's professional advisors in connection with the
merger.
The following information was filed by 1St Independence Financial Group, Inc. on Wednesday, July 30, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate 1St Independence Financial Group, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by 1St Independence Financial Group, Inc..
946738 Quarterly Reports
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10-Q Quarterly Report August 2008
- 10-Q Quarterly Report May 2008
- 10-Q Quarterly Report November 2007
- 10-Q Quarterly Report August 2007
- 10-Q Quarterly Report May 2007
