InsCorp reported October 30 that third-quarter revenue increased 12% from a year earlier while diluted earnings per share fell to 73 cents from 76 cents.
The Nashville-based parent of INSBANK reported net income of approximately $2.20 million, compared with $2.27 million a year earlier. The company said the prior-year quarter benefited from a federal tax-credit purchase; excluding that benefit, prior-year diluted earnings were 66 cents per share.
That adjusted comparison differs from the reported decline in earnings. The third-quarter figures cover the period ended September 30.
Average loans increased 14% and average deposits rose 9% from a year earlier. Excluding growth associated with the bank’s Murfreesboro expansion, average loans increased 7% and deposits rose 4%, the company said.
InsCorp’s net interest margin held at 3.18% from the preceding quarter, compared with 3.20% a year earlier. Pre-provision pretax income increased 12% year over year to $3.1 million, a measure distinct from net profit after provisions and tax.
Nonperforming loans and loans at least 90 days past due represented 0.32% of loans at quarter-end, up from 0.25% in June but below 0.84% a year earlier.
The board declared a quarterly common dividend of 12 cents, payable December 4 to shareholders of record November 13. The announcement states the company’s declared distribution; it is not a projection of investment returns.
Sources: InsCorp’s October 30 third-quarter results and dividend announcement.