Wednesday, June 28th, 2017

iAB announces first quarter performance

Posted: Friday, April 22, 2016

Independent Alliance Banks, Inc. (IAB) (OTCQX: IALB), the holding company of iAB Financial Bank, announced financial performance as of March 31, 2016.

Net income for the first three months of 2016 was $2.5 million, an 18 percent increase over first quarter of 2015 earnings of $2.1 million. Earnings per share were $.60 for the first quarter of 2016, compared to $.51 during the same period in 2015. Return on average assets was .94 percent and return on average equity was 8.30 percent for the first quarter of 2016. Financial results outperformed the prior year mainly due to increased income from loan growth, fee income from loan transactions and increased fiduciary activities.

Highlights include: Deposits increased 4 percent to $830 million compared to $802 million during the same period in 2015. Loans were up to $717 million at the end of first quarter 2016 compared to $689 at the same time in 2015. First quarter 2016 non-performing loans were down 6 percent to $5.2 million, compared to $5.5 million during first quarter 2015. Since its reformation in 2005, the company has paid dividends to shareholders for 44 consecutive quarters. IAB’s strong capital structure provides a solid base for future growth.

“We are very pleased with our first quarter financial performance,” stated Michael C. Marhenke, president and chief executive officer of IAB. “We are excited about the business growth potential based on increased activity from our business bankers as well as our expanded Wealth Management team. We now have one of the largest Wealth Management teams in this area and are continuing to see opportunities with our commitment to local management and responsiveness. We remain focused to servicing the needs of our customers as well as contributing talent and resources to the economic well-being of our local community.”

For more information contact Karen Cameron at 260-469-6284 or karen.cameron@iabfinancial.com.