INSBANK Parent InsCorp Reports First Quarter Profits

 Nashville Bank Balances Growth & Risk Management Practices to Navigate Current Economy    

NASHVILLE, Tenn., April 20, 2023 /PRNewswire/ -- Today InsCorp (OTCQX:IBTN) reported a first quarter net profit of $2,050,000 or, $0.71 per share. Relative to the same quarter of the prior year, net interest income grew $1,047,000, while operating expenses increased $143,000. Operating income before taxes and non-recurring items was $2,614,000, versus $1,740,000 the prior year. While net interest margin of 3.44% was greater than that of the prior year same period of 3.06%, margin declined 30 basis points on a sequential quarter basis. For the quarter, loans grew $12.8 million, or 7.8%, on an annualized basis, while all forms of funding increased $32 million. "Against the backdrop of unprecedented Fed rate increases over the past 12 months, our results were in line with our expectations for the early part of the year," said Jim Rieniets, President and CEO of INSBANK. "Despite the headwind of higher funding costs, loan growth and efficient operations helped enable a 13.5% return on equity for the quarter, which is consistent with our long-term strategic objectives," Rieniets continued.