Sunday, December 15th, 2019

IAB announces 2014 financial performance

Posted: Friday, January 23, 2015

Independent Alliance Banks, Inc. (OTCQB: IALB) (IAB), the holding company of iAB Financial Bank, announced financial performance as of December 31, 2014. IAB’s 2014 fourth quarter earnings reflected its second consecutive record for financial performance. Net income for 2014 fourth quarter was $2.8 million, compared to $2.1 million in 2013 fourth quarter, a 33 percent gain. Net income for 2014 increased 26 percent at $9.3 million, compared to $7.4 million at year end 2013. Earnings per share for 2014 were $2.29 compared to $1.81 in 2013.

Our financial highlights include: Fourth quarter earnings reflected the highest quarterly financial performance on record. Annual return on assets increased 18 basis points to .97 percent in 2014 from .79 to percent in 2013. Total deposits grew $18 million to $729 million in 2014 compared to $712 million at year-end 2013. Asset quality improved by 36 basis points with non-performing assets to total assets ratio at .71 percent at year-end 2014 compared to 1.07 percent at year-end 2013. Our shareholders realized an annualized dividend yield of approximately 3.36 percent at year- end 2014.

“We are pleased with another record performance for fourth quarter, as well as overall strong financial results for the year,” stated Mike Marhenke, president and CEO of IAB. “These results were impacted by a focus on improved asset quality, lending best practices and working with our customers to find the right solutions to meet their needs. As part of our growth strategy, it is anticipated that we will finalize our First State Bank of Bourbon acquisition on February 1, 2015. This acquisition will add approximately $80 million in assets and allow us to expand our footprint into Marshall and other surrounding counties in Indiana. Our capital position is very healthy, and we are excited about our opportunities for growth in 2015.”