NASHVILLE, Tenn., Aug. 12, 2019 /PRNewswire/ -- InsCorp (OTCQX: IBTN), parent company of INSBANK, reported 2nd quarter profits of $968,000, or $0.33 Per share. Year-to-date net income for the Nashville based full service bank is $1,871,000, versus $1,939,000 the prior year. Year-to-date earnings per share are $0.64 versus $0.67 the prior year, the slight decrease being driven by the cost of interest on a recent debt issue. Exclusive of the interest expense, the holding company's pre-tax operating income grew 7.7%.
"To support our historical growth trajectory, on 12/31/18 we issued $15 million in subordinated notes," said Jim Rieniets, President & CEO of INSBANK. "Doing so stepped up our financing costs in the short-term, but it augments our common equity and we expect to benefit from the additional growth it affords the bank over the next couple years."
Total assets were $536 million as of June 30, 2019, and included loans totaling $438 million, which had increased 10 percent over the past 12 months. Over the same period, deposit growth has remained steady, increasing 11 percent from $385 million to $427 million, as the bank continues a focus on growing commercial account relationships and related treasury management services.
"This year we've seen loan payoffs from local borrowers taking profits on real estate and business holdings, as well as out-of-market competitors offering loan terms that don't meet our standards. Both of these conditions are a function of Nashville's robust economic expansion," Rieniets continued. "We plan to stay focused on executing our model, and we're excited about the growth prospects of two niche lending products we're about to deploy, as well as recent key additions to our staff in both production and operations."
Measures of asset quality remain healthy as the bank has no foreclosed real estate in its portfolio, and nonperforming loans of 0.29% remained well below the bank's peer group average of 0.66%.
InsCorp's board of directors approved a $0.10 per share cash dividend which was paid during 2nd quarter to common shareholders of record. InsCorp shares trade on the OTC-QX market under the symbol "IBTN."
Since 2000, INSBANK has offered its clients highly personal services provided by experienced relationship managers, and has utilized technologies to deliver those services efficiently and conveniently. TMA Medical Banking is a division of INSBANK which provides banking services to members of the Tennessee Medical Association. INSBANK is owned by InsCorp, Inc., a Tennessee bank holding company. The bank has offices in Nashville at 2106 Crestmoor Road, and in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbanktn.com.
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