NASHVILLE, Tenn., Jan. 27, 2020 /PRNewswire/ -- InsCorp (OTCQX:IBTN), parent company of INSBANK, reported fourth quarter profits of $1,531,000, or $0.53 per share. During the quarter, loans grew at an annualized rate of 16%, while over the past twelve months the bank's loan portfolio had increased $32 million, or more than 7%. For the year total deposits increased 6%, in parallel with earning assets. Overall balance sheet growth provided operating leverage which resulted in an annual profit of $4,527,000, or $1.55 per share.  

"We're proud of our team's accomplishments in 2019 given the headwind of a flat yield curve and an attractive market which finds out-of-state banks offering questionable pricing and credit terms to gain market share," said Jim Rieniets, INSBANK President & CEO. "Sticking to fundamentals, delivering quality service, and innovating to meet the needs of our clients will continue to be our game plan," Rieniets added.       

Year-to-date operating income of $6,691,000 increased 13% over the prior year. Net income after taxes for the same period increased slightly from $4.3 million to $4.5 million, due to the incremental financing cost of $15 million in subordinated debt issued a year ago to support continued growth. Highlights of INBANK's performance included the following:

• Quarterly net interest margin was 3.23%, a decrease of 4 basis points from the prior quarter.
• A focus on treasury management products enabled a 45% growth in annual treasury service revenues.
• Efficiency ratio improved to 56%, comparing favorably to the bank's FDIC peer group.
• Non-interest expense was 1.89% of assets, improving from 2.26% the prior year.
• Return on assets at the bank-level increased to 1.04% from 1.00% the prior year.
• Non-performing assets increased to 0.66%, which was near the peer average of 0.62% as of the most recent quarterly data available.
• Tangible book value increased to $16.32, while book value was $16.69.

The bank also announced the impending launch of a web-based, medical student loan refinance program, through a newly created business unit carrying the name "Medquity." "This began as an effort to serve the needs of young physicians that are members of the Tennessee Medical Association, with which the bank maintains a marketing agreement," said Blake Wilson, Division Head of TMA Medical Banking, a division of INSBANK. "We created the Medquity brand as this program will ultimately extend beyond the boundaries of Tennessee and the TMA, and it will provide a platform for other healthcare focused initiatives in the future," Wilson added.

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 offices in Nashville at 2106 Crestmoor Road, and in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbanktn.com.