Friday, April 19th, 2019

IAB announces first quarter performance

Posted: Friday, April 25, 2014

Independent Alliance Banks, Inc. (IAB), the holding company of iAB Financial Bank, announced first quarter financial performance as of March 31, 2014.

Net income for the first three months of 2014 was $1.7 million, compared to the first quarter of 2013 at $2.0 million. Earnings per share were 43 cents for the first quarter of 2014, compared to 49 cents during the same time in 2013. Return on average assets was .74 percent and return on average equity was 6.61 percent for the first quarter of 2014. Financial performance was down from the prior year mainly due to margin compression and reduced fee income from the residential mortgage market as a result of weather conditions in the first two months of this year.

Highlights: Since its formation in 2005, the company has paid dividends to shareholders for 40 consecutive quarters. First quarter 2014 non-performing loans were down 44 percent to $8.2 million, compared to $14.5 million during the same period in 2013. Deposits were stable at $716 million compared to both 2013 year-end and first quarter results of $712 million and $716 million respectively. IAB’s strong capital provides a solid base for future growth.

“We are very pleased with the significant improvement achieved in asset quality, and our capital position remains very strong,” stated Michael C. Marhenke, president and chief executive officer of IAB. “We are excited about the potential for growth based on an improved economic environment in Northeast Indiana along with some changes that will occur over the next several months in our local banking environment. As one of the largest, locally-owned community banks in the area, we remain committed to servicing the needs of our customers as well as contributing talent and resources to the economic well-being of our community.”