INSBANK Parent InsCorp Reports Quarterly Profit Increase

Nashville Lender Announces Semi-Annual Dividend Payment

NASHVILLE, Tenn., Oct. 30, 2023 /PRNewswire/ — Today InsCorp (OTCQX: IBTN) reported a third quarter 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. Quarterly profits compared favorably to the prior quarter, increasing $0.18 cents, or 29% over the second quarter of 2023. A variety of factors contributed to the growth in earnings, including: an increase in net interest margin; quarterly growth in loan fee income; a modest reversal of loan loss reserve provision; and on-going contributions from hedging activities reducing the impact of increased funding costs. “We were pleased to demonstrate both balance sheet stability and operating income growth during this period of market volatility and industry uncertainty,” said Jim Rieniets, President and CEO of INSBANK. “Our team remains focused on things we can control, including acquiring new customers, administering credit in a prudent fashion, and employing technology to better serve clients,” Rieniets continued. Total assets as of September 30 were $813,465,000 consistent with the prior quarter, and a 12.3% increase over the prior year same period. During the quarter non-interest bearing deposits increased $1,629,000 or 8% on an annualized basis, while interest-bearing deposits were virtually unchanged. The mix of interest-bearing deposits continued to shift in favor of certificates of deposit, though that trend was slowing toward the end of the quarter.     

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