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Board of Directors of Nashville-Based Lender Approves Semi-Annual Dividend
NASHVILLE, Tenn., Oct. 31, 2022 /PRNewswire/ — Today InsCorp reported a third quarter net profit of $2,566,00 or, $0.89 per share, representing a 58% increase over the third quarter of 2021. Year-to-date earnings are $8,017,0005or $2.79 per share. At the bank-level, net interest income for the quarter was $6,705,000which was a 26.5% increase over the prior year same quarter, and a 14% increase over the second quarter of 2022. Driving operating income for the quarter was both expansion of net interest margin as well as loan growth. During the quarter loans grew $20 millionor at an annualized rate of 13%. Net interest margin improved by virtue of loan growth and asset yields increasing more than funding costs. Operating income before tax at the bank-level, excluding one-time gains, was $3,681,000as compared to $2,941,000 during the second quarter of the year. “We’re pleased with the trajectory of our quarterly results, as our team grew our portfolio while preparing for a core system conversion and upgrade”, said Jim RienietsPresident & CEO of INSBANK. “With significant year-to-date rate increases beginning to impact borrowers’ decisions and affecting depositors’ behaviors, the coming quarters are likely to see shifts in loan demand and greater deposit competition across the industry, both of which we have contemplated in our planning,” Rieniets continued.
Full story available on Benzinga.com
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