Independent Alliance Banks show performance
Posted: Friday, July 22, 2016
Independent Alliance Banks, Inc. (OTCQX:IALB), the holding company of iAB Financial Bank, announced second quarter financial performance as of June 30, 2016.
Net income for the second quarter of 2016 increased 18.4 percent to $2.6 million, compared to the same period in 2015. Improvement in net interest income was fueled by loan growth and reduction in the cost of deposits and borrowings. Further, a 20.4 percent growth in fee income was mainly driven by increased interest rate swap fee income, growth of revenue in trust & fiduciary business and improvement in secondary market activity. Increases in expenses were mainly attributable to costs associated with expanding our revenue team. Net income for the first six months of 2016 was up 18.3 percent to $5.0 million compared to $4.3 million YTD 2015 while earnings per share were $1.23 versus $1.04 last year. The percentage improvement on a year-over-year basis was the result of many of the same factors as noted above.
Our second quarter highlights include: $60 million increase in period-end total assets in 2016 vs 2015; $50 million or 7.2% increase in total loans over June 30, 2015; $24 million or 3% increase in total deposits over June 30, 2015; .62% nonperforming assets to total assets compared to .76% in 2015; A 4.8% increase in per share quarterly cash dividend paid during second quarter 2016 compared to 2015; Solid capital base for future growth with total equity at $123 million and a total risk-based capital ratio of 15.0%.
“We are pleased with continued strong earnings levels that have been consistent for our company over the years. Our team is doing a great job of developing new and enhanced relationships with customers leading to new growth opportunities for IAB. We are excited about our overall performance and anticipate a good 2016,” stated Mike Marhenke, president and chief executive officer.