Saturday, June 24th, 2017

iAB announces third quarter performance

Posted: Friday, October 17, 2014

Independent Alliance Banks, Inc. (OTCQB: IALB) (IAB), the holding company of iAB Financial Bank, announces third quarter financial performance as of September 30, 2014.

Third quarter financial performance was a record for iAB. Net income for the third quarter of 2014 was $2.6 million, compared to $2.0 million during the same time period in 2013, an increase of 29 percent. Net income for the first nine months of 2014 was $6.5 million compared to $5.3 million in 2013. For the first nine months of 2014, earnings per share were $1.60 versus $1.28 last year. Earnings per share were $.64 for the third quarter of 2014, compared to $.49 during the same time in 2013.

Our third quarter highlights include: Third quarter earnings reflected the highest quarterly financial performance on record; total deposits grew $33 million to $745 million in third quarter of 2014 compared to $712 at year-end 2013; quarter to date return on average assets was 1.07 percent at third quarter of 2014 compared to .85 percent during the same period in 2013. Our shareholders realized an annualized dividend yield of approximately 3.61 percent compared to 3.55 percent at year-end 2013. IAB’s capital structure remains strong and positions the company well for future growth.

“Our core financial results remain consistent and our quarterly record performance was bolstered by a few problem credit recoveries,” stated Mike Marhenke, president and chief executive officer of iAB. “Along with our recent announcement of the pending acquisition of First State Bank of Bourbon, the quarterly performance gives our team much in which to be excited.”