InsCorp Reports Q2 Profits Driven by Loan Growth
Nashville-Based Lender Adds Local Bank Investor to its Board of Directors
NASHVILLE, Tenn., Aug. 3, 2022 /PRNewswire/ -- Today InsCorp, parent company to INSBANK (OTCQX:IBTN), reported a second quarter net profit of
Interest-bearing deposit balances decreased modestly during the quarter, while transaction account balances increased. The cost of interest-bearing funding was
Recently InsCorp, Inc. shareholders elected Hope Lundt to join the company's board of directors at its annual meeting. Ms. Lundt has more than 30 years' experience in the financial industry and is a graduate of Vanderbilt University. Today, she serves as managing partner and fund manager for Spence Limited, LP, an investment partnership established by John Spence 30 years ago. "Our board and members of management are pleased that Hope is part of the INSBANK team," said Mike Qualls, chairman of InsCorp. "Her depth of experience and knowledge of the financial services industry will enhance our board-level resources as the bank continues to innovate, grow scale economies, and navigate changes to the industry playing field," Qualls continued. Ms. Lundt was elected by InsCorp shareholders to serve a three-year term expiring in 2025.
Highlights of the quarter and year-over-year include
- Loans grew
$62.6 million or11.7% as of June 30, 2022 compared to June 30, 2021. - Total assets grew
$57 million or8.7% as of June 30, 2022 compared to June 30, 2021. - Non-interest bearing deposits grew
$9.8 million or12.04% during the 12 months ended June 30, 2022. - Non-Interest Expense to Total Average Assets was
1.73% for the quarter ended June 30, 2022, slightly higher than1.64% for the same period in 2021 and compared favorably to the bank's FDIC peer group average of2.34% . - Cost of all interest-bearing funding was
0.71% for the three months ended June 30, 2022 decreasing from0.98% for the same period in 2021. - Assets per employee remained strong at
$15.58 million , compared to the FDIC peer group of$6.83 million . - The bank's tier 1 capital ratio was
11.72% , while total risk-based capital was12.97% . - The allowance for loan and lease losses was
1.43% . - Annualized return on tangible common equity was
19.33% for the six months ended June 30, 2022. - Tangible book value increased to
$20.38 on June 30, 2022 from$18.04 at June 30, 2021. - The percentage of loans past due and non-accrual to gross loans was
0.43% comparing favorably to peer of0.76% . - There were
$58,000 in net recoveries for the quarter ended June 30, 2022. - Accumulated Other Comprehensive Income (AOCI) reflected a loss on the securities portfolio partially offset by gains on interest rate swaps held by the bank for interest rate risk purposes, resulting in a
$401,000 decrease in AOCI for the three months ended June 30, 2022.
About INSBANK
Since 2000, INSBANK has offered its clients highly personalized service 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 INSBANK Online. Medquity offers healthcare banking solutions to individuals nationwide, whether they are still in residency, practicing or entering retirement, while TMA Medical Banking provides banking services specifically to members of the Tennessee Medical Association. INSBANK Online offers nationally available virtual private client services for interest bearing deposits. INSBANK is owned by InsCorp, Inc., a Tennessee bank holding company. The bank is headquartered in Nashville at 2106 Crestmoor Road, and has an office in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbank.com
InsCorp, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(000's) | |||||||||||
(unaudited) | |||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Cash and Cash Equivalents | $ 3,542 | $ 15,785 | |||||||||
Interest Bearing Deposits | 43,927 | 57,637 | |||||||||
Securities | 35,087 | 16,093 | |||||||||
Loans | 597,190 | 534,574 | |||||||||
Allowance for Loan Losses | (8,552) | (7,225) | |||||||||
Net Loans | 588,638 | 527,349 | |||||||||
Premises and Equipment, net | 13,167 | 13,437 | |||||||||
Bank Owned Life Insurance | 13,557 | 12,486 | |||||||||
Restricted Equity Securities | 10,152 | 8,630 | |||||||||
Goodwill and Related Intangibles, net | 1,091 | 1,091 | |||||||||
Other Assets | 8,172 | 7,640 | |||||||||
Total Assets | $ 717,333 | $ 660,148 | |||||||||
Liabilities and Shareholders' Equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Non-interest-bearing | $ 91,175 | $ 81,376 | |||||||||
Interest-bearing | 472,536 | 452,422 | |||||||||
Total Deposits | 563,711 | 533,798 | |||||||||
Federal Home Loan Bank Advances | 58,010 | 40,000 | |||||||||
Paycheck Protection Program Liquidity Fund | - | 14,070 | |||||||||
Subordinated Debentures | 17,500 | 15,000 | |||||||||
Line of Credit | 5,000 | ||||||||||
Federal Funds Purchased | 10,562 | - | |||||||||
Other Liabilities | 2,769 | 3,190 | |||||||||
Total Liabilities | 657,552 | 606,058 | |||||||||
Shareholders' Equity | |||||||||||
Common Stock | 32,426 | 31,585 | |||||||||
Treasury Stock | (3,180) | (663) | |||||||||
Accumulated Retained Earnings | 30,354 | 22,666 | |||||||||
Accumulated Other Comprehensive Income | 181 | 502 | |||||||||
Total Stockholders' Equity | 59,781 | 54,090 | |||||||||
Total Liabilities & Shareholders' Equity | $ 717,333 | $ 660,148 | |||||||||
Tangible Book Value | $ 20.38 | $ 18.04 | |||||||||
InsCorp, Inc. | |||||||||||
Consolidated Statements of Income | |||||||||||
(000's) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||
Interest Income | $ 6,849 | $ 6,122 | $ 12,862 | $ 11,998 | |||||||
Interest Expense | 966 | 1,241 | 1,901 | 2,672 | |||||||
Net Interest Income | 5,883 | 4,881 | 10,961 | 9,326 | |||||||
Provision for Loan Losses | 300 | 375 | 445 | 1,025 | |||||||
Non-Interest Income | |||||||||||
Service Charges on Deposit Accounts | 54 | 60 | 111 | 119 | |||||||
Bank Owned Life Insurance | 80 | 61 | 159 | 121 | |||||||
Gain on Security Sales | - | - | - | 62 | |||||||
Other | 279 | 346 | 500 | 583 | |||||||
Non-Interest Expense | |||||||||||
Salaries and Benefits | 1,913 | 1,702 | 3,948 | 3,356 | |||||||
Occupancy and equipment | 402 | 319 | 835 | 644 | |||||||
Data Processing | 167 | 146 | 321 | 293 | |||||||
Marketing and Advertising | 129 | 108 | 257 | 208 | |||||||
Other | 548 | 508 | 1,115 | 1,011 | |||||||
Net income from Operations | 2,837 | 2,190 | 4,810 | 3,674 | |||||||
Gain on Interest Rate Hedges | 323 | (198) | 2,839 | 245 | |||||||
Interest Expense-Holding Co. Debt | 238 | 239 | 471 | 478 | |||||||
Income Before Income Taxes | 2,922 | 1,753 | 7,178 | 3,441 | |||||||
Income Tax Expense | (675) | (384) | (1,727) | (782) | |||||||
Net Income | $ 2,247 | $ 1,369 | $ 5,451 | $ 2,659 | |||||||
Return on Weighted Average Common Shares | $ 0.78 | $ 0.47 | $ 1.90 | $ 0.91 | |||||||
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SOURCE INSBANK