Loan Growth Drives Q4 Profits for INSBANK Parent InsCorp

Nashville Lender Completes Conversion to Open API Core System

NASHVILLE, Tenn., Jan. 27, 2023 /PRNewswire/ -- Today InsCorp (OTCQX:IBTN) reported a fourth quarter net profit of $2,319,000 or, 0.80 per share, representing a 33% increase over the fourth quarter of 2021. Year-to-date earnings are $10,336,000, or $3.59 per share. At the bank-level, net interest income for the quarter was $6,546,000, which was a 17.3% increase over the prior year same quarter. Operating income for the quarter was driven by a stable net interest margin as well as loan growth. During the quarter loans grew $31 million, or at an annualized rate of 20%. Operating income before tax at the bank-level was $3,208,000, as compared to $2,719,000 during the fourth quarter of the prior year. "The momentum of the quarter capped off a strong year of loan growth for INSBANK, which included more than $60 million of net growth in our MedQuity division," said Jim Rieniets, President & CEO of INSBANK. "While credit markets are tightening amid concerns of recession, we are thoughtfully allocating credit to industry silos that have had minimal credit cycle correlation to recessionary environments," Rieniets continued.