Wednesday, September 22nd, 2021

iAB announce second quarter performance

Posted: Friday, July 18, 2014

Independent Alliance Banks, Inc. (IAB), the holding company of iAB Financial Bank, announced second quarter financial performance as of June 30, 2014.

The year’s 2014 second quarter financial performance was up 77 percent mainly attributable to two credit recoveries and more normalized provision and loan collection expense recorded in 2014 compared to 2013 second quarter. Net income for the second quarter of 2014 was $2.2 million, compared to $1.2 million during the same time period in 2013. Net income for the first six months of 2014 was up 20 percent to $3.9 million compared to $3.3 million in 2013. For the first six months of 2014, earnings per share were $0.96 versus $0.79 last year. Earnings per share were $0.54 for the second quarter of 2014, compared to $0.30 during the same time in 2013.

Our second quarter highlights include a: $944,000 or 77% increase in net income over second quarter 2013; $10 million or 59% decline in non-performing loans from June 30, 2013; substantial reduction of the non-performing loan to total loan ratio to 1.01%; $14 million or 2% increase in total loans over June 30, 2013; $48 million or 7% increase in total deposits over June 30, 2013; $0.21 per share quarterly cash dividend was paid equating to an approximate 3.5% annualized return; solid capital base for future growth with total equity at $108 million and a total risk-based capital ratio of 15.29%.

“We are pleased with a return to normal earnings levels that have been consistent for our company over the years. We greatly improved our asset quality position, and we look forward to a strong finish to the year,” stated Mike Marhenke, President and chief executive officer of IAB.