Higher net interest income and noninterest income and a lower loan-loss provision helped boost first-quarter earnings 20 percent for Independent Alliance Banks
The Fort Wayne-based parent of Grabill Bank
reported first-quarter earnings of $2.4 million, or $1.71 per share, which was up from $2 million, or $1.41 per share, for the year-ago period. The loan-loss provision was lowered to $525,000 from $660,000.
IAB’s first-quarter net interest income of $7.3 million was up 4 percent from $7 million a year earlier, and its noninterest income of $2.2 million was up 13 percent from $1.9 million.
“Our strong performance for the first three months of the year is encouraging,” Michael Marhenke, president and CEO, said in a statement. “We have seen a continued positive trend with deposit growth and are pleased to see some increase in loans; hopefully, a reflection of a relief to the economic pressures that we have seen in this market for quite some time.
“Our capital position remains strong, and our earnings allowed for a shareholder dividend for the first quarter at $.55 per share, which was consistent with the last several quarters.”