INSBANK Parent InsCorp Reports Third Quarter Results and Declares Quarterly Cash Dividend
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 (OTCQX: IBTN) ha riportato un utile netto per il terzo trimestre del 2024 di $1.841.000 ($0,64 per azione), rispetto ai $1.820.000 ($0,63 per azione) del secondo trimestre del 2024 e ai $2.311.000 ($0,80 per azione) del terzo trimestre del 2023. L'azienda ha registrato una crescita dei prestiti del 4% rispetto all'anno precedente e del 10% rispetto al trimestre precedente, con un buon andamento nei prestiti commerciali e industriali. I ricavi sono aumentati del 6% rispetto al trimestre precedente, raggiungendo $6.571.000, anche se sono diminuiti del 3% rispetto all'anno precedente. Il Consiglio ha approvato un dividendo trimestrale di $0,10 per azione, che rappresenta un aumento annualizzato del 17,6% rispetto al 2023.
InsCorp (OTCQX: IBTN) reportó un ingreso neto para el tercer trimestre de 2024 de $1,841,000 ($0.64 por acción), en comparación con $1,820,000 ($0.63 por acción) en el segundo trimestre de 2024 y $2,311,000 ($0.80 por acción) en el tercer trimestre de 2023. La compañía vio un crecimiento de préstamos del 4% en comparación interanual y del 10% en comparación trimestral, con un sólido desempeño en préstamos comerciales e industriales. Los ingresos mejoraron un 6% en comparación trimestral, alcanzando $6,571,000, aunque disminuyeron un 3% en comparación interanual. La Junta aprobó un dividendo trimestral de $0.10 por acción, lo que representa un aumento anualizado del 17.6% respecto a 2023.
InsCorp (OTCQX: IBTN)는 2024년 3분기 순이익이 $1,841,000 ($0.64 per 주식)이라고 보고했으며, 이는 2024년 2분기의 $1,820,000 ($0.63 per 주식) 및 2023년 3분기의 $2,311,000 ($0.80 per 주식)와 비교됩니다. 회사는 대출 성장률이 지난해 대비 4%, 분기 대비 10% 증가했으며, 상업 및 산업 대출에서 강력한 실적을 보였습니다. 수익은 분기 대비 6% 증가하여 $6,571,000에 달했지만, 지난해 대비 3% 감소했습니다. 이사회는 주당 $0.10의 분기 배당금을 승인했으며, 이는 2023년 대비 연평균 17.6% 증가한 수치입니다.
InsCorp (OTCQX: IBTN) a annoncé un bénéfice net pour le troisième trimestre 2024 de 1.841.000 $ (0,64 $ par action), contre 1.820.000 $ (0,63 $ par action) au deuxième trimestre 2024 et 2.311.000 $ (0,80 $ par action) au troisième trimestre 2023. L'entreprise a enregistré une croissance des prêts de 4 % par rapport à l'année précédente et de 10 % par rapport au trimestre précédent, avec de bonnes performances dans les prêts commerciaux et industriels. Les revenus ont augmenté de 6 % par rapport au trimestre précédent, atteignant 6.571.000 $, bien qu'ils aient diminué de 3 % par rapport à l'année précédente. Le Conseil a approuvé un dividende trimestriel de 0,10 $ par action, représentant une augmentation annualisée de 17,6 % par rapport à 2023.
InsCorp (OTCQX: IBTN) meldete im dritten Quartal 2024 einen Nettogewinn von $1.841.000 ($0,64 pro Aktie), verglichen mit $1.820.000 ($0,63 pro Aktie) im zweiten Quartal 2024 und $2.311.000 ($0,80 pro Aktie) im dritten Quartal 2023. Das Unternehmen verzeichnete ein Wachstum der Kredite von 4% im Jahresvergleich und 10% im Quartalsvergleich, mit starker Leistung bei gewerblichen und industriellen Krediten. Der Umsatz stieg im Vergleich zum Vorquartal um 6% auf $6.571.000, sank jedoch im Jahresvergleich um 3%. Der Vorstand genehmigte eine vierteljährliche Dividende von $0,10 pro Aktie, was eine annualisierte Steigerung von 17,6% im Vergleich zu 2023 darstellt.
- Net income increased QoQ from $1,820,000 to $1,841,000
- Loan growth accelerated to 10% quarter-over-quarter
- Revenue improved 6% quarter-over-quarter to $6,571,000
- Strong capital ratios with tier-1 leverage ratio of 11.78%
- 17.6% increase in annualized dividend rate compared to 2023
- Tangible book value increased 8.0% YoY to $25.33
- Net income decreased YoY from $2,311,000 to $1,841,000
- EPS declined YoY from $0.80 to $0.64
- Revenue declined 3% year-over-year
- Net interest income decreased 4% YoY to $5,960,000
- Expense growth of 16% YoY to $4,133,000
- Nonperforming assets increased to 1.10% of loans vs 0.19% a year ago
The decline in EPS on a year-over-year basis ("Y/Y") in 3Q24 reflected the following factors: (1) an increase in provision expense of
Bank-wide loan origination momentum remained solid at
Loan growth improved to
Medquity, INSBANK's healthcare business, continues to provide solid growth and diversification given its national focus and reduced sensitivity to economic and real estate cycles. In 3Q24, Medquity reported loan growth of
Revenue improved
Expense growth of
The bank-level net interest margin of
Asset quality measures remain healthy. Net charge-offs represented
Nonperforming assets (NPAs") were
The aggregate level of watch list loans improved Y/Y and LQ in 2Q24. Specifically, the balance of watch list loans declined
C&D and CRE concentration levels remain below regulatory guidance and historically normal levels. Due to the increase in funded C&D balances in the quarter, C&D loans increased to
Existing capital levels and ratios remained supportive of meaningful balance sheet growth. INSBANK remained "well capitalized" from a regulatory perspective with a tier-1 leverage ratio of
The Board of Directors has approved the payment of a quarterly dividend of
About INSBANK
Since 2000, INSBANK has offered its 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 through 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
InsCorp, Inc. | |||||
Consolidated Balance Sheets | |||||
(000's) | |||||
(unaudited) | |||||
September 30, | December 31, | September 30, | |||
Assets | |||||
Cash and Cash Equivalents | $ 10,640 | $ 7,688 | $ 5,182 | ||
Interest Bearing Deposits | 63,788 | 49,757 | 38,575 | ||
Securities | 55,090 | 58,162 | 53,565 | ||
Loans | 702,508 | 681,558 | 673,256 | ||
Allowance for Credit Losses | (9,556) | (9,126) | (9,164) | ||
Net Loans | 692,952 | 672,432 | 664,092 | ||
Premises and Equipment, net | 12,456 | 12,715 | 12,799 | ||
Bank Owned Life Insurance | 14,357 | 14,065 | 13,975 | ||
Restricted Equity Securities | 4,307 | 8,890 | 8,980 | ||
Goodwill and Related Intangibles, net | 1,091 | 1,091 | 1,091 | ||
Other Assets | 15,685 | 12,290 | 15,206 | ||
Total Assets | $ 870,366 | $ 837,090 | $ 813,465 | ||
Liabilities and Shareholders' Equity | |||||
Liabilities | |||||
Deposits | |||||
Noninterest Bearing | $ 85,405 | $ 70,417 | $ 77,253 | ||
Interest Bearing | 632,279 | 615,779 | 579,247 | ||
Total Deposits | 717,684 | 686,196 | 656,500 | ||
Federal Home Loan Bank Advances | 42,000 | 45,000 | 53,000 | ||
Subordinated Debentures | 17,365 | 17,348 | 17,500 | ||
Notes Payable | 8,281 | 8,750 | 8,250 | ||
Other Liabilities | 10,716 | 9,939 | 9,932 | ||
Total Liabilities | 796,046 | 767,233 | 745,182 | ||
Shareholders' Equity | |||||
Common Stock | 33,725 | 33,112 | 32,999 | ||
Treasury Stock | (4,089) | (3,869) | (3,857) | ||
Accumulated Retained Earnings | 46,246 | 41,714 | 39,943 | ||
Accumulated Other Comprehensive Income | (1,562) | (1,100) | (802) | ||
Total Stockholders' Equity | 74,320 | 69,857 | 68,283 | ||
Total Liabilities & Shareholders' Equity | $ 870,366 | $ 837,090 | $ 813,465 | ||
Tangible Book Value per Share | $ 25.33 | $ 23.93 | $ 23.46 |
InsCorp, Inc. | |||||||||
Consolidated Statements of Income | |||||||||
(000's) | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||
Interest Income | $ 13,262 | $ 12,696 | $ 12,129 | $ 38,521 | $ 34,063 | ||||
Interest Expense | 7,302 | 7,074 | 5,924 | 21,346 | 16,232 | ||||
Net Interest Income | 5,960 | 5,622 | 6,205 | 17,175 | 17,831 | ||||
Provision for Credit Losses | 262 | 75 | (100) | 362 | 165 | ||||
Noninterest Income | |||||||||
Service Charges on Deposit Accounts | 144 | 71 | 94 | 282 | 192 | ||||
Bank Owned Life Insurance | 100 | 97 | 87 | 292 | 254 | ||||
Other | 367 | 422 | 373 | 1,204 | 965 | ||||
Total Noninterest Income | 611 | 590 | 554 | 1,778 | 1,411 | ||||
Noninterest Expense | |||||||||
Salaries and Benefits | 2,754 | 2,395 | 2,324 | 7,450 | 6,807 | ||||
Occupancy and equipment | 407 | 422 | 391 | 1,222 | 1,138 | ||||
Data Processing | 133 | 101 | 80 | 328 | 295 | ||||
Marketing and Advertising | 126 | 71 | 78 | 316 | 354 | ||||
Other | 713 | 687 | 697 | 2,052 | 1,934 | ||||
Total Noninterest Expense | 4,133 | 3,676 | 3,570 | 11,368 | 10,528 | ||||
Net Income from Operations | 2,176 | 2,461 | 3,289 | 7,223 | 8,549 | ||||
Gain (Loss) in Interest Rate Hedges | 96 | (93) | (247) | (249) | (485) | ||||
Income Before Income Taxes | 2,272 | 2,368 | 3,042 | 6,974 | 8,064 | ||||
Income Tax Expense | (431) | (548) | (731) | (1,550) | (1,927) | ||||
Net Income | $ 1,841 | $ 1,820 | $ 2,311 | $ 5,424 | $ 6,137 | ||||
Earnings per Share | $ 0.64 | $ 0.63 | $ 0.80 | $ 1.88 | $ 2.13 | ||||
Performance Metrics | |||||||||
Consolidated | |||||||||
ROAA | 0.87 % | 0.88 % | 1.14 % | 1.09 % | 1.23 % | ||||
ROAE | 9.9 % | 10.1 % | 13.6 % | 9.48 % | 10.85 % | ||||
ROATCE | 10.1 % | 10.3 % | 13.8 % | 10.2 % | 12.6 % | ||||
Net Interest Margin | 2.96 % | 2.87 % | 3.21 % | 2.90 % | 3.19 % | ||||
Efficiency | 62.9 % | 59.2 % | 52.8 % | 60.0 % | 54.7 % | ||||
Revenue / Employee | 422 | 423 | 470 | 429 | 451 | ||||
Expense / Employee | 265 | 251 | 248 | 257 | 247 | ||||
Assets / Employee | 14,038 | 14,141 | 14,271 | 13,789 | 13,803 | ||||
Bank Level | |||||||||
ROAA | 1.12 % | 1.07 % | 1.36 % | 1.09 % | 1.23 % | ||||
ROAE | 9.7 % | 9.4 % | 11.9 % | 9.5 % | 10.9 % | ||||
Net Interest Margin | 3.24 % | 3.08 % | 3.50 % | 3.15 % | 3.39 % | ||||
Capital Ratios | |||||||||
Tier-1 Leverage | 11.78 % | 11.63 % | 11.41 % | ||||||
Common Equity Tier-1 | 12.69 % | 12.52 % | 11.69 % | ||||||
Total Risk-Based Capital | 13.94 % | 13.77 % | 12.85 % |
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SOURCE INSBANK
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