Green Hills-based InsBank has reported second-quarter earnings of $408,000, a 56 percent jump from the same period last year.
As of June 30, InsBank's assets totaled $165 million, up 16 percent from a year ago. Loans grew 22 percent to $124 million while deposits rose to $109 million from about $95 million. The bank's loan loss allowance ended the first half at $2.8 million, down slightly from a year ago.
“In addition to opening our new headquarters in Green Hills, InsBank has experienced steady growth this year,” said President and CEO Jim Rieniets. “Credit quality also remains a strength.”
Year to date, InsBank has produced $762,000 in profits, up from $488,000 a year ago. Driving the bottom-line growth was a $300,000 increase in interest income from real estate loans as well as a drop of about $80,000 in interest expense. Those gains offset a rise in labor costs.
First Advantage Bancorp said it earned $595,000 in the second quarter, an increase of 22 percent from a year ago.
The gain was primarily due to lower interest costs. Assets at the Clarksville-based holding company were flat at $366 million, with the company's loan book shrinking slightly to $257 million.
CEO Earl Bradley said his team's opening of a loan production office at 3100 West End Ave. will help grow the bank and diversify its risk, but also push up expenses in the coming quarters.
"Our lending team has years of experience in providing service to this market," Bradley said. "We are finding both small businesses and experienced bankers from larger banks have become frustrated with the red tape of the loan approval process and are welcoming the responsiveness of our community bank."
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