NASHVILLE, Jan. 25, 2019 /PRNewswire/ -- InsCorp, parent company of INSBANK, reported fourth quarter profits of $1,226,000, or $0.42 per share. Continuing a recent year's trend of outpacing its industry peers in organic growth, the bank experienced more than 15 percent annual growth in loans and deposits.
"Our core commercial banking divisions performed well in 2018, meeting growth objectives in treasury management, commercial lending, and TMA Medical Banking. Equally important were the business development achievements of our Private Client Group, which finished its first calendar year in operation," said Jim Rieniets, INSBANK President & CEO. "Record growth in operating earnings, however, could not have been realized without the benefit of technological enhancements that are both customer facing and operational. Continuous focus on efficiency is a core function and belief for our team."
Annual earnings for the Nashville-based full-service bank grew to $4,333,000, which was 56 percent higher than the prior year. Total assets of the bank at year-end were $518 million, a 15 percent increase over the last twelve months.
InsCorp also recently completed a private placement of $15 million in fixed-to-floating subordinated notes due in 2028. The subordinated debt qualifies as Tier 2 capital. The company plans to use the proceeds from the placement for general corporate purposes and to fund future growth.
"Economic uncertainty, a challenging yield curve, and rapidly advancing fintech competition should be keeping bankers on their toes in 2019," Rieniets continued. "For its part, the INSBANK team remains focused on delivering value in our core competencies, prudently extending credit in the Nashville community to support economic growth, and pursuing innovation to best meet evolving customer preferences."
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.