Friday, July 21st, 2017

iAB announce second quarter performance

Posted: Friday, July 17, 2015

Independent Alliance Banks, Inc. (IAB), the holding company of iAB Financial Bank, announced second quarter financial performance as of June 30, 2015.

Net income for the first six months of 2015 was up 9 percent to $4.3 million compared to $3.9 million in 2014, mainly due to lower interest and provision expense recorded in 2015 compared to 2014 second quarter. Fee income was also up 8 percent for the same period. For the first six months of 2015 earnings per share was $1.04 versus $0.96 last year. Net income for the second quarter of 2015 was unchanged at $2.2 million, compared to the same time period in 2014.

Our second quarter highlights include: $66 million increase in period-end total assets in 2015 vs 2014; .76% nonperforming assets to total assets – a continued reduction compared to .86% in 2014; $30 million or 4.5% increase in total loans over June 30, 2014; $31 million or 4% increase in total deposits over June 30, 2014; $0.21 per share quarterly cash dividend was paid equating to an approximate 3.2% annualized return; solid capital base for future growth with total equity at $114 million and a total risk-based capital ratio of 15.3%.

“We are pleased with positive earnings levels that have been consistent for our company over the years. Our team is doing a great job of developing new and enhanced relationships with customers leading to new growth opportunities for IAB. We are excited about our overall performance and anticipate a good year,” stated Mike Marhenke, president and chief executive officer of IAB.