Monday, August 3rd, 2020

IAB announce record earnings for 2015

Posted: Friday, January 29, 2016

Independent Alliance Banks, Inc. (IAB) (OTCQX: IALB), the holding company of iAB Financial Bank, announced record financial performance as of December 31, 2015.

IAB’s 2015 earnings reflected record financial performance at $9.5 million compared to $9.3 million in 2014, an increase of 2.1 percent. Net income for fourth quarter was $2.6 million in 2015, compared to $2.8 million in 2014. Earnings per share for 2015 were $2.32 compared to $2.29 in 2014.

Our financial highlights include: Annual earnings reflected the highest financial performance on record. Total assets increased 9.3% to $1.05 billion in 2015 from $961 million in 2014. The bank had a 10.24% growth in deposits to $804 million in 2015 from $729 million in 2014. Total loans grew to 8.4% to $712 million in 2015 compared to $657 in 2014. Growth in noninterest income of 4.84% from $7.4 in 2014 compared to $7.8 in 2015. Asset quality improved by 11 basis points with non-performing assets to total assets ratio at .60% at year- end 2015 compared to .71% at year-end 2014. Our shareholders realized an overall investment return of 13.1% with a $2.50 increase in stock value and an annualized dividend yield of approximately 3.05% at year-end 2015.

“We are pleased with our record 2015 and yet another solid performance for fourth quarter,” stated Mike Marhenke, President and Chief Executive Officer of IAB. “These results were impacted by positive trends in asset quality and balance sheet growth. Part of our record year included completing the acquisition of First State Bank of Bourbon early in 2015 which added approximately $80 million in assets and allowed us to expand our footprint into Marshall County. We now serve approximately 50,000 customers in 4 counties in Northeast Indiana. Our capital position remains very healthy, and we are excited about our opportunities in 2016.”

Independent Alliance Banks, Inc., established in 2005, is a financial holding company for iAB Financial Bank. iAB Financial Bank is the largest locally-owned community bank originally headquartered in Allen County. IAB employs approximately 285 people throughout Allen, Huntington, Marshall and Wells counties.