Reliant Bank posted fourth-quarter profits of about $440,000, in line with its performance through the first nine months of 2012. The results meant the Brentwood-based bank recorded a full-year profit for the first time since 2009.
Loans at seven-year-old Reliant rose only slightly in the fourth quarter to $276 million and were essentially flat year over year. The company's bottom line was hampered by a full-year loss of $565,000 on its stake in an unconsolidated venture. Excluding that loss, Reliant's net income for all of 2012 would have been a shade under $2.2 million. The bank finished the year with assets of about $385 million.
In a letter to his investors, President and CEO DeVan Ard said "strong growth in loans to businesses, up 22 percent in 2012, was masked by a decline in residential mortgage loans as customers continued to refinance to lower rates." Ard added that Reliant originated more than $90 million in new loans last year but is forecasting overall loan growth of 5 percent in 2013 "as mortgage refinance activity slows and the business climate improves."
For Reliant's fourth-quarter call report filed with regulators, click here.
Growth was more pronounced at InsBank, which moved into its new Green Hills headquarters during the year and has recruited several senior lenders to grow its business loan book. InsBank earned $610,000 during the fourth quarter, helped by an 18 percent boost during the quarter in its loan portfolio.
Loans ended the year at about $150 million, and the bank's growth helped fuel profits, especially in the absence of large chargeoffs and loan loss provisions. Net income for all of 2012 was almost $1.8 million, up from $1.2 million the year prior.
"In a time when many national banks operate with uncertainty, INSBANK stayed true to its business model: empowering talented bankers to help our customers grow their businesses, while staying focused on asset quality," said President and CEO Jim Rieniets. "We’ve always placed emphasis on exemplary service and efficiency, and our dedication to steady long-term productivity has paid off for our customers and shareholders."
InsBank's Q4 numbers filed with regulators are available here.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS