iAB announces first quarter performance
Posted: Thursday, April 20, 2017
Independent Alliance Banks, Inc. (OTCQX: IALB), the holding company of iAB Financial Bank, announced financial performance as of March 31, 2017.
Net income for the first three months of 2017 was $1.9 million, a 23 percent decline from first quarter of 2016 earnings of $2.5 million, primarily due to approximately $570 thousand after-tax expenses associated with our pending merger with First Merchants Corporation (Nasdaq: FRME). Earnings per share were $.47 for the first quarter of 2017, compared to $.60 during the same period in 2016. Return on average assets was .72 percent and return on average equity was 6.29 percent for the first quarter of 2017.
Highlights: Closing market price at the March quarter end was up to $63.74 or 136 percent from 2016. Assets increased to $1.08 billion during the first quarter compared to $1.06 in 2016. Loans increased to $746 million or four percent from the end of March 2016. Deposits increased 4 percent to $863 million compared to $831 million during the same period in 2016 First quarter 2017 non-performing loans experienced a positive decline to $4.8 million, compared to $5.2 million during first quarter 2016.
“As you may know, our Company announced the signing of a definitive agreement with First Merchants Corporation in February of this year,” stated Michael C. Marhenke, president and CEO of IAB. “We are excited about the business growth potential and momentum from the new and enhanced services that we will be able to offer our customers with our First Merchants partnership. We remain focused on servicing the needs of our customers as well as contributing talent and resources to the economic well-being of our local communities.”
Independent Alliance Banks, Inc., established in 2005, is a financial services holding company for iAB Financial Bank. iAB Financial Bank, one of the largest locally-owned community banks in the area, employs approximately 265 people throughout Allen, Huntington, Marshall and Wells counties.