InsCorp (OTCQX: IBTN), parent company of INSBANK, reported 3rd-quarter profits of $1,125,000.00, or $0.380 for each share. Throughout the quarter loans grew at an annualized rate of 11.00 percent. Over the past twelve months the bank’s commercial loan portfolio has inclined $13.00M, or 8.0 percent, while a decline in construction loan balances reduced aggregate loan growth.
“Given the industry concerns of late cycle credit allocation and a yield curve pressuring margins, our team has been maintaining a disciplined approach to credit underwriting and pricing while also focusing resources on commercial deposits and treasury management solutions for business customers,” said Jim Rieniets, INSBANK President & CEO.
Year-to-date operating income of $4,805,000.00 inclined 8.0 percent over the previous year. Net income after taxes for the similar duration declined slightly from $3.10M to $3.00M, due to the incremental financing cost of $15.00M in subordinated debt recently issued to support continued growth. Highlights for the quarter included the following:
Net interest margin was 3.270 percent, which was unchanged from the previous quarter.
Treasury management services inclined as evidenced by a 38.00 percent growth in year-to-date deposit service charges.
Year-to-date efficiency ratio was 57.00 percent, performing better than 70.00 percent of its FDIC peer group.
Bank-level non-interest cost was 1.870 percent of assets, placing the bank in the top 10th percentile of its peer group for operating cost performance.
Return on assets at the bank-level inclined to 1.020 percent from 0.940 percent the previous quarter.
Non-performing loans of 0.230 percent compared favourably to the bank’s peer group average of 0.660 percent.
Tangible book value inclined to $15.890, while book value was $16.270.