Indiana Business Bancorp. (IBBI), the holding company of Indiana Business Bank, reported an increase in net income for the second quarter from the year-ago quarter, helped by a tax benefit which was absent last year.
Second quarter net income rose to $161.6 thousand or 11 cents per share from $112.6 thousand or 7 cents per share last year. The latest results included a tax benefit of $50 thousand from the carryover of net operating losses.
Interest income for the quarter increased to $720.6 thousand from $683.4 thousand last year. Non-interest income, however, declined to $37 thousand from $103.9 thousand a year ago.
For the quarter, total loans decreased to 51.8 million from 54.3 million last year, while deposits slumped to 48.2 million from 52.5 million last year. Provision for loan losses was $90 thousand, flat with last year.
Looking forward, Indiana's President and CEO James Young said, "Economic uncertainties and competitive pressures present challenges for our industry. However, we remain confident in our ability to serve our small business clientele in a profitable and prudent manner."
Thursday, the stock closed at $3.50 on the OTC market.
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by RTT Staff Writer
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