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INSCORP INC (OTCQX: IBTN), is a Tennessee-based bank holding company that owns and operates INSBANK, a financial institution headquartered in Nashville. Established in 2000, INSBANK provides a range of commercial and private banking services, leveraging technology to deliver personalized services efficiently. The bank operates through three main divisions: Medquity, TMA Medical Banking, and Finworth.
Medquity offers healthcare banking solutions to physicians, partnerships, and practices nationwide, ensuring specialized financial services tailored to the healthcare industry. TMA Medical Banking provides banking services specifically to members of the Tennessee Medical Association, supporting the financial needs of medical professionals. Finworth delivers virtual private client services for interest-bearing deposits, available nationally.
INSBANK reported a strong financial performance in recent quarters. In the third quarter of 2023, the company achieved a net profit of $2,311,000, or $0.80 per share, increasing year-to-date profits to $6,137,000, or $2.13 per share. The net interest income for the quarter totaled $6,590,000, with a year-to-date net interest income of $18,949,000, reflecting a 7.3% increase over the prior year. Despite market volatility, INSBANK maintained a stable balance sheet and demonstrated operating income growth, driven by efficient operations and strategic loan re-pricing.
The bank's asset quality remains robust, with low levels of non-performing assets and no charge-offs reported in recent quarters. As of September 30, 2023, the allowance for loan and lease losses stood at $9,164,000, or 1.36% of total loans. INSBANK's loan portfolio is diversified, with significant contributions from its healthcare division, Medquity, which reported loan growth of 10% year-over-year as of the first quarter of 2024.
INSBANK continues to prioritize customer acquisition and technological advancements to enhance client services. The bank's liquidity position remains strong, with on-balance sheet liquidity of $90 million as of the third quarter of 2023, and estimated uninsured deposits at 20%, ensuring ample risk mitigation strategies.
In recent developments, INSBANK's board of directors approved the payment of a semi-annual dividend of $0.17 per share, reflecting the company's commitment to shareholder value. As of March 31, 2024, INSBANK's tangible book value increased to $24.48 per share, with a tier-1 leverage ratio of 11.55% and a total risk-based capital ratio of 13.86%.
Through its continuous growth and strategic initiatives, INSCORP INC remains a significant player in the financial services sector, providing tailored banking solutions to its diverse clientele. For more information, please visit www.insbank.com.
INSBANK (OTCQX: IBTN) reported Q4 2024 net income of $1.946 million ($0.66 per share), compared to $1.841 million in Q3 2024 and $2.267 million in Q4 2023. The bank achieved record loan growth with originations reaching $99 million in Q4 2024, up from $48 million in Q3. Year-over-year loan growth improved to 12%, with particularly strong performance in healthcare through their Medquity division.
Revenue improved 5% year-over-year to $7.0 million in Q4 2024, while net interest income increased by 5% to $6.391 million. The bank's efficiency ratio was 60.8%, with ROA at 0.88%. The Board approved a quarterly dividend increase of 10% to $0.11 per share, payable March 7, 2025, to shareholders of record February 14, 2025.
InsCorp (OTCQX: IBTN) reported Q3 2024 net income of $1,841,000 ($0.64 per share), compared to $1,820,000 ($0.63 per share) in Q2 2024 and $2,311,000 ($0.80 per share) in Q3 2023. The company saw loan growth of 4% year-over-year and 10% quarter-over-quarter, with strong performance in commercial and industrial loans. Revenue improved 6% quarter-over-quarter to $6,571,000, though declined 3% year-over-year. The Board approved a quarterly dividend of $0.10 per share, representing a 17.6% annualized increase from 2023.
InsCorp, Inc. reported net income of $1,820,000, or $0.63 per share, in Q2 2024, up from $1,763,000 in Q1 2024. The company achieved a ROAE of 10.1% and operating EPS of $0.65. Loan originations increased to $57 million in Q2, up from $23 million in Q1, with strength in Medquity, CRE, C&D, and C&I loans. The loan pipeline grew to $79 million. Medquity reported 9% Y/Y loan growth. Revenue declined 1.1% Y/Y but improved 2.7% LQA to $6,212,000. The net interest margin was 3.08%. Asset quality remains healthy with no net chargeoffs. InsCorp's Board authorized a share repurchase of 125,000 shares and declared a quarterly dividend of $0.10 per share.
InsCorp (IBTN) reported a net profit of $1,763,000 in Q1 2024, with an EPS of $0.61, down from $2,267,000 and $0.79 respectively in Q4 2023. ROA was 1.06% and ROE 9.5% in Q1 2024. Revenue declined slightly to $6,170,000, while the net interest margin decreased to 2.94% in the same period. The bank declared a quarterly cash dividend of $0.10 per share, representing a 17.6% increase from 2023.
InsCorp (OTC-PINK: IBTN) reported a strong performance in Q1 2023, achieving a net profit of
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