INSBANK Profits Up 54% Over Prior Year
NASHVILLE, Tenn., Dec. 5, 2018 /PRNewswire/ — InsCorp, parent company of INSBANK, reported third quarter profits of $1,169,000, or $0.40 per share. Nearing the first anniversary of launching its Private Client Group, the bank’s quarterly earnings were driven by loan and deposit growth which were up roughly 18 percent over the past 12 months.
“Our 2018 goals included realizing the benefits of investments made in personnel and infrastructure in prior quarters, and we’re pleased to report results consistent with those objectives,” said Jim Rieniets, INSBANK President & CEO. “Our private client and treasury management teams have leveraged opportunities within both our existing portfolio and with new customers to support the bank’s steady growth.”
Year-to-date earnings for the Nashville-based full-service bank grew to $3,107,000, which was 54 percent higher than for the same period the prior year. Total assets of the bank at quarter-end were $510 million, a 17 percent increase over the last twelve months.
“While the duration of economic recovery, a relatively flat yield curve, and uncertainty around potential fintech disruption are factors weighing on the banking sector,” Rieniets continued. “Our team remains focused on prudently supporting the Nashville community while adapting to industry changes, as we have done for the past eighteen years.”
InsCorp’s board of directors recently approved a semi-annual dividend of $0.10 payable on December 14, 2018 to common shareholders of record on November 23, 2018.
Since 2000, INSBANK has offered its clients highly personal services provided by experienced relationship managers, and has utilized technologies to deliver those services efficiently and conveniently. TMA Medical Banking is a division of INSBANK which provides banking services to members of the Tennessee Medical Association. INSBANK is owned by InsCorp, Inc., a Tennessee bank holding company. The bank has locations in Nashville at 2106 Crestmoor Road, and in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbanktn.com.
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