Tuesday, October 17th, 2017

IAB announces third quarter performance

Posted: Thursday, October 22, 2015

Independent Alliance Banks, Inc. (OTCQX: IALB) (IAB), the holding company of iAB Financial Bank, announced third quarter financial performance as of September 30, 2015.

Third quarter financial performance resulted in net income of $2.7 million, compared to $2.6 million during the same period in 2014. Net income for the first nine months of 2015 was $6.9 million, compared to $6.5 million in 2014, an increase of 6.7 percent. For the first nine months of 2015, earnings per share were $1.69 versus $1.60 last year. Earnings per share were $.66 for the third quarter of 2015, compared to $.64 during the same time in 2014.

Our quarterly highlights: Third quarter earnings reflected the highest quarterly results of the year. Total loans grew to $695 million in third quarter 2015 compared to $657 at year-end 2014. Total deposits increased 12 percent to $820 million in third quarter 2015 compared to $729 at year-end 2014. Non-performing assets at September 30, 2015 as a percent of assets were 0.6%, the lowest level in nearly 10 years. IAB’s capital structure remains well positioned for future growth with total equity at $117 million and a total risk-based capital ratio of 15.6 percent. Our shareholders realized an annualized dividend yield of approximately 3.20 percent with a $0.21 per share quarterly cash dividend.

“Our continued steady financial performance and strong credit and capital positions can be attributed to the company’s commitment to our strategic initiatives by a dedicated, strong team of banking professionals,” stated Mike Marhenke, president and chief executive officer of IAB.