InsCorp, Inc. Reports EPS Growth of 23% Y/Y in 3Q25

Rhea-AI Summary

InsCorp (OTCQX: IBTN) reported 3Q25 EPS of $0.79 versus $0.64 a year ago and $0.73 in 2Q25, supporting reported net income growth and operating investment. Revenue rose 18% Y/Y to $7.9M while net interest income grew 25% Y/Y and net interest margin expanded 25 bps Y/Y to 3.20%. Average loans increased 17% Y/Y to $811M and average earning assets were $926M. Deposits grew 16% Y/Y. Efficiency ratio was 64.6%; noninterest expenses increased 24% Y/Y. Board approved a quarterly dividend of $0.11 payable Dec 5, 2025.

Positive

• EPS +23% Y/Y to $0.79
• Revenue +18% Y/Y to $7.9M
• Net interest income +25% Y/Y; NIM 3.20% (+25 bps Y/Y)
• Average loans +17% Y/Y to $811M
• Deposits +16% Y/Y

Negative

• Noninterest expenses +24% Y/Y to $5.1M
• Efficiency ratio widened to 64.6% from 60.7% in 2Q25
• Salaries and benefits +22% Y/Y (11 headcount net growth)
• Nonperforming loans 0.75% of loans (up from 0.65% q/q)

Enters High-Growth Murfreesboro Market with Veteran Banking Team

NASHVILLE, Tenn., Oct. 31, 2025 /PRNewswire/ -- Today, InsCorp, Inc. (OTCQX: IBTN) reported results for the third quarter of 2025 ("3Q25"), which reflected earnings per share ("EPS") of $0.79 in 3Q25 compared to EPS of $0.73 in 2Q25 and $0.64 in 3Q24. "In the third quarter, our team moved the needle on key objectives, with continued growth on both sides of the balance sheet and margin stability," said President and CEO of INSBANK, Jim Rieniets. "More importantly, the quarter ended with momentum on a variety of fronts, including loan and deposit pipelines, as well as the impending implementation of technology solutions, which will benefit the company in the future. We're pleased to deliver growth in net income while at the same time investing in our operational capacities," added Rieniets. InsCorp generated a ROA of 0.93%, ROATCE of 11.6%, and an efficiency ratio of 64.6% in 3Q25 versus 0.91%, 11.1%, and 60.7%, respectively, in 2Q25, and 0.87%, 10.0%, and 62.3%, respectively, in 3Q24.

INSBANK entered the economically vibrant Murfreesboro market with the addition of four veteran bankers in 3Q25. Collectively, the full-service banking team includes two relationship managers and deposit and loan service professionals and has over 70 years of experience in the Rutherford County market. Chad Hill, INSBANK's Market President for Murfreesboro, is deeply rooted in Murfreesboro and Rutherford County, having operated as a banker and resident in the market for more than 20 years. "We are thrilled to have onboarded the Murfreesboro team during the third quarter. Doing so is consistent with our strategic objectives, as we pair high-caliber bankers in a market contiguous to Nashville with a focused business model of commercial and private banking. We're very excited to see a welcoming response from clients in the Murfreesboro market, which has resulted in approximately $14.5 million of deposits and $11.7 million of loans from their clients in the past 45 days, most of which were onboarded in October," said Jim Rieniets, President and CEO of INSBANK. "Given the growth of Rutherford County, the second largest county in the Nashville MSA, we are optimistic about the long-term benefit to our returns and growth rate," Rieniets concluded. Rutherford County's population of 387,310 increased 13.4% over the past five years and is projected to grow 7.6% during 2026-2031, while its median household income of $92,908 is projected to increase 14.1% over the same period.

Revenue increased 18% Y/Y to $7.9 million in 3Q25. Noninterest expenses increased 24% Y/Y to $5.1 million in 3Q25, which was primarily driven by hiring activity during the year, including the entry into Murfreesboro in 3Q25. The 22% Y/Y increase in salaries and benefits expense to $3.4 million in 3Q25, represented 63% of overhead growth in the quarter, and reflected headcount growth of 11 associates, or 18%, Y/Y. Five associates joined INSBANK in 3Q25, including the four-person Murfreesboro team. Pretax, pre-provision income increased 9% Y/Y to $2.8 million in 3Q25. Provision for credit losses of $0.3 million in 3Q25 was flat Y/Y compared to 3Q24. The purchase of an energy investment tax credit for the 2024 tax year benefited net income by approximately $278,000 in the most recent quarter.

Net interest income comparisons improved for the fifth consecutive quarter since the low in 2Q24.  Net interest income growth of 25% Y/Y (4.6% linked-quarter "LQ") in 3Q25 reflected expansion in the net interest margin of 25 bps Y/Y (flat LQ) to 3.20% and average earning asset growth of 15% Y/Y to $926 million in 3Q25. Earning asset growth resulted from average loan growth of 17% Y/Y to $811 million in 3Q25 and growth in average liquidity assets of 2% Y/Y (+30% LQ) to $115 million in the quarter. Interest income growth of $1.9 million Y/Y in 3Q25 compared to interest expense growth of $0.4 million Y/Y in 3Q25. The average loan yield of 6.79% (-14 bp Y/Y; +3 bps LQ) compared to the cost of deposits of 3.46% (-40 bp Y/Y; -4 bp LQ) in 3Q25.

Loan growth of 15% Y/Y in 3Q25 reflected solid balance growth across the portfolio. Growth in C&I (22% Y/Y), CRE (16% Y/Y), Residential (41% Y/Y), HELOC (55% Y/Y), and Multifamily (12% Y/Y) all contributed to Y/Y loan growth while C&D loans declined (-21% Y/Y) in 3Q25. Growth in Residential loans primarily reflected migration from C&D over the year. Medquity, INSBANK's healthcare business, recorded a slowdown in loan growth to 7% Y/Y to $228 million in 3Q25 compared to 18% Y/Y in 2Q25. The slowdown reflected an increase in payoffs in the quarter and a delay in the closing of several loans, which are likely to take place in 4Q25. The commercial bank (70% of total loans), excluding Medquity, experienced loan growth of 19% Y/Y in 3Q25. Although EOP loan growth slowed to 5% on a linked-quarter annualized ("LQA") basis in 3Q25 vs. 7% LQA in 2Q25 and 10% LQA in 1Q25, the outlook for loan growth remains bright, as the loan pipeline increased approximately 25% Y/Y to a record level. C&D and CRE balances represented 62% and 292% of total risk-based capital, respectively, vs. 69% and 300% a quarter ago, and 86% and 288% a year ago.

Deposit growth of 16% Y/Y reflected growth in interest-bearing transaction balances of 31% and non-interest bearing deposit growth of 14% over the past year.  Total CD balances grew 10% Y/Y in 3Q25 and decreased to 58% of deposits compared to 60% a quarter vs. 61% a year ago. Non-interest bearing and interest-bearing demand deposits represented 42% of deposits compared to 40% a quarter ago and 39% a year ago. Medquity's deposits increased 28% Y/Y to $57 million.

Asset quality measures remain healthy.  Net chargeoffs represented 0.00% of average loans in 3Q25, 2Q25, and 3Q24. Nonperforming loans ("NPLs") were 0.75% of loans, compared to 0.65% a quarter ago and 1.10% a year ago. Virtually all NPLs are collateralized by real estate with significant equity, for which specific reserves are relatively low. The largest NPL, a well-collateralized real estate loan, accounted for 53% of NPLs, or 0.39% of loans, at 3Q25-end. Loans 30-days past due represented 0.43% of loans at 3Q25-end versus 0.58% a quarter ago and 0.42% a year ago. The allowance for credit losses of 1.34% of loans (-2 bps Y/Y) represented 179% of NPLs vs. 191% a quarter ago and 123% a year ago.

Existing capital levels continue to support solid balance sheet growth.  INSBANK remained "well capitalized" from a regulatory perspective with a tier-1 leverage ratio of 11.08%, a common equity tier-1 capital ratio of 12.05%, and a total risk-based capital ratio of 13.30%. InsCorp, Inc.'s tangible common equity ratio was 8.14% as of 3Q25-end vs. 8.02% a quarter ago and 8.42% a year ago. Tangible book value per share ("TBVPS") increased 6.1% Y/Y to $27.29, as of September 30, 2025, and has increased at an annualized rate of 10.1% since December 31, 2020. Accumulated Other Comprehensive Income was ($2.2 million), or 2.1% of bank-level tier-1 capital of $106.7 million, as of September 30, 2025.

The Board of Directors approved the payment of a quarterly dividend of $0.11 per common share on December 5, 2025, to shareholders of record on November 14, 2025.  The annualized quarterly dividend rate of $0.44 per share represents a 10% increase compared to dividends of $0.40 per share paid in 2024. Although the Company did not repurchase shares in 3Q25, 59,000 shares, or 2.0% of the prior year-end's share count, have been repurchased in 2025. Under the current plan, 52,500 shares, or 1.8% of IBTN's outstanding shares, remain authorized for repurchase through January 27, 2026.

About InsCorp, Inc. and INSBANK

Since 2000, INSBANK has offered clients highly personalized services provided by experienced relationship managers while positioning itself as an innovator, utilizing technologies to deliver those services efficiently and conveniently. In addition to its commercial-focused operation, INSBANK operates three divisions: Medquity, TMA Medical Banking, and Finworth. Medquity offers healthcare banking solutions to physicians, partnerships, and practices nationwide, while TMA Medical Banking provides banking services specifically to members of the Tennessee Medical Association. Finworth offers nationally available virtual private client services for interest-bearing deposits. InsCorp, Inc., a Tennessee bank holding company, owns INSBANK. InsCorp, Inc.'s shares are traded on the OTCQX under the ticker symbol IBTN. Headquartered in Nashville at 2106 Crestmoor Road, the bank has offices in Brentwood at 5614 Franklin Pike Circle, and in Murfreesboro at 1574 Medical Center Parkway. For more information, please visit www.insbank.com.

 

Selected Performance Metrics		Change vs.				For the Three Months Ended						Nine Months Ended
InsCorp, Inc.		3Q24		2Q25		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
ROAA		6 bps		2 bps		0.93 %		0.91 %		0.87 %		0.86 %		0.87 %
ROAE		163 bps		51 bps		11.46 %		10.95 %		9.83 %		10.44 %		9.93 %
ROATCE		165 bps		50 bps		11.62 %		11.12 %		9.97 %		10.59 %		10.08 %
Net Interest Margin		25 bps		0 bps		3.20 %		3.20 %		2.95 %		3.14 %		2.89 %
Efficiency		232 bps		391 bps		64.64 %		60.73 %		62.32 %		63.77 %		59.82 %
Revenue / Employee		-0.3 %		0.9 %		433		430		435		424		438
Expense / Employee		4.4 %		7.6 %		281		261		269		271		266
Assets / Employee		-6.2 %		6.5 %		13,383		12,562		14,268
INSBANK
ROAA		0 bps		1 bps		1.12 %		1.11 %		1.12 %		1.06 %		1.09 %
ROAE		69 bps		26 bps		10.40 %		10.14 %		9.71 %		9.69 %		9.48 %
Net Interest Margin		16 bps		-2 bps		3.37 %		3.39 %		3.21 %		3.32 %		3.11 %
Capital Ratios
Tier-1 Leverage		-70 bps		-20 bps		11.08 %		11.28 %		11.78 %
Common Equity Tier-1		-64 bps		4 bps		12.05 %		12.01 %		12.69 %
Total Risk-Based Capital		-64 bps		4 bps		13.30 %		13.26 %		13.94 %

 

InsCorp, Inc.
Consolidated Balance Sheets
(000's)
(unaudited)
		Change				For the period ending:
		Y/Y		YTD		September 30, 2025		December 31, 2024		September 30, 2024
Assets
Cash and due from banks		-21.3 %		17.1 %		$               4,945		$           4,222		$           6,284
Fed funds sold		-11.0 %		77.9 %		3,876		2,179		4,356
Interest bearing deposits with banks		-59.0 %		-29.6 %		26,154		37,175		63,788
Investment Securities		34.4 %		31.5 %		79,854		60,734		59,398
Loans, net of unearned income		15.1 %		5.7 %		808,608		764,795		702,507
Allowance for Credit Losses		13.6 %		9.7 %		(10,858)		(9,895)		(9,556)
Net loans		15.1 %		5.7 %		797,750		754,900		692,951
Premises and equipment, net		3.3 %		3.3 %		12,868		12,451		12,456
Accrued interest receivable		14.8 %		9.5 %		4,271		3,899		3,722
Goodwill		0.0 %		0.0 %		1,091		1,091		1,091
Other assets		24.4 %		17.7 %		32,756		27,820		26,321
Total Assets						$           963,565		$        904,471		$        870,367
Liabilities
Noninterest bearing deposits		14.4 %		16.2 %		$             97,666		$          84,017		$          85,405
Interest bearing demand deposits		-1.2 %		3.7 %		27,413		26,430		27,741
Savings and money market deposits		35.9 %		20.5 %		222,982		184,983		164,091
Time deposits		9.8 %		6.3 %		483,783		455,054		440,447
Total deposits		15.9 %		10.8 %		831,844		750,484		717,684
Accrued expenses and other liabilities		7.8 %		15.6 %		11,555		9,997		10,717
Federal Home Loan Bank Advances		-66.7 %		-68.2 %		14,000		44,000		42,000
Subordinated debentures		0.1 %		0.1 %		17,387		17,371		17,365
Other borrowings		12.9 %		19.9 %		9,350		7,800		8,281
Total Liabilities						884,136		829,652		796,047
Equity
Common stock		-3.1 %		-2.3 %		28,722		29,395		29,636
Retained earnings		14.9 %		15.8 %		46,908		40,521		40,822
Accumulated other comprehensive income (loss)		41.9 %		-10.2 %		(2,216)		(2,467)		(1,562)
Net Income		10.9 %		-18.4 %		6,015		7,370		5,424
Total Equity		6.9 %		6.2 %		79,429		74,819		74,320
Total Liabilities & Equity		10.7 %		6.5 %		$           963,565		$        904,471		$        870,367
Tangible Book Value		6.1 %		5.9 %		$               27.29		$           25.77		$           25.71

 

InsCorp, Inc.
Consolidated Statements of Income
(000's)
(Unaudited)
		Change vs.				For the Three Months Ended						Nine Months Ended
		3Q24		2Q25		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest Income		14.1 %		4.7 %		$             15,129		$          14,448		$          13,262		$          43,168		$          38,521
Interest Expense		5.2 %		4.9 %		7,685		7,329		7,302		22,181		21,346
Net Interest Income		24.9 %		4.6 %		7,444		7,119		5,960		20,987		17,175
Provision for Credit Losses		0.4 %		-30.8 %		263		380		262		906		362
Noninterest Income
Service Charges on Deposit Accounts		11.8 %		1.2 %		85		84		76		254		222
Bank Owned Life Insurance		7.0 %		2.9 %		107		104		100		311		292
Gains (losses), net		-121.1 %		-55.6 %		(8)		(18)		38		(21)		(298)
Other		-51.4 %		-43.9 %		238		424		490		1,002		1,313
Total Noninterest Income		-40.1 %		-29.0 %		422		594		704		1,546		1,529
Noninterest Expense
Salaries and Benefits		22.3 %		6.8 %		3,367		3,154		2,754		9,585		7,450
Occupancy and Equipment		42.0 %		28.7 %		578		449		407		1,480		1,222
Data Processing		-5.3 %		15.7 %		125		108		132		375		328
Marketing and Advertising		14.8 %		4.5 %		140		134		122		391		299
Other		25.0 %		5.3 %		894		849		715		2,566		2,069
Total Noninterest Expense		23.6 %		8.7 %		5,104		4,694		4,130		14,397		11,368
Income Before Income Taxes		10.0 %		-5.3 %		2,499		2,639		2,272		7,230		6,974
Income Tax Expense		-45.7 %		-56.7 %		$                  234		$              540		$              431		$           1,215		$           1,550
Net Income						$               2,265		$           2,099		$           1,841		$           6,015		$           5,424
Earnings per Share		23.4 %		8.2 %		$                 0.79		$             0.73		$             0.64		$             2.09		$             1.88

 

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SOURCE INSBANK

FAQ

What was InsCorp (IBTN) EPS in 3Q25 and how did it compare year-over-year?

InsCorp reported 3Q25 EPS of $0.79, up about 23% Y/Y from $0.64 in 3Q24.

How much did InsCorp's revenue and net interest income change in 3Q25?

Revenue rose 18% Y/Y to $7.9M and net interest income increased 25% Y/Y in 3Q25.

What loan and deposit growth did InsCorp (IBTN) report for 3Q25?

Average loans grew 17% Y/Y to $811M and deposits increased 16% Y/Y in 3Q25.

Did InsCorp change its dividend after 3Q25 results?

Yes. The board approved a quarterly dividend of $0.11 per share payable Dec 5, 2025, a 10% increase versus 2024.

How did InsCorp's efficiency and expenses perform in 3Q25?

Noninterest expenses rose 24% Y/Y to $5.1M, driving an efficiency ratio of 64.6% in 3Q25.

What capital and tangible book value metrics did InsCorp report for 3Q25?

Tangible book value per share was $27.29 (+6.1% Y/Y); tier-1 leverage was 11.08% and CET1 was 12.05%.