August 10, 2017 13:51 ET
InsCorp Reports Profit Increase with Steady Growth
Nashville-based Commercial Bank Hires Local Banker Michael Williams to Lead Efforts to Expand Private Banking Business Line
NASHVILLE, TN–(Marketwired – Aug 10, 2017) – InsCorp, parent company of INSBANK, reported second quarter profits of $677,000, or $0.24 per share. Year-to-date earnings for the Nashville-based full-service bank and mortgage lender grew to $1,291,000, which was 6 percent higher than for the same period the prior year. Earnings were driven by asset growth as the bank has recently invested in a second office which opened in Brentwood in late 2016.
"We're pleased to see increased earnings at a time when we are investing in personnel, facilities, and new lines of business to meet longer-term objectives. Our team remains committed to a balanced approach to earnings, risk management, and growth," said Jim Rieniets, INSBANK President & CEO.
The bank also announced the hiring of a veteran Nashville-area banker, Michael Williams, as First Vice President to lead its effort to expand its private banking line of business. Previous experience for Williams included commercial banking positions at Reliant Bank, and, more recently, Renasant Bank.
"Michael is a natural leader, and his depth of experience and relationships in our community will enhance INSBANK's existing resources as we further develop our private banking division," Rieniets continued. "This initiative is a logical step in our company's evolution given our historical focus on locally-owned businesses. It also dovetails with our medical division which specifically focuses on serving physician members of the Tennessee Medical Association."
Total assets were $417 million as of June 30, 2017, and included loans totaling $349 million, which had increased 27 percent over the past 12 months. Over the same period, deposit growth has also been significant, increasing 24 percent from $263 million to $328 million. Measures of asset quality remain healthy as the bank has no foreclosed real estate in its portfolio, and nonperforming loans remain extremely low at less than a quarter of one percent.
"Nashville's growth and prosperity is no longer news to anyone in our country, attracting new residents, investor capital, and financial institutions from both coasts. This will inevitably result in some volatility in our local economy as supply and demand for jobs and real estate rarely sits in equilibrium for protracted periods of time," Rieniets added. "Our plan, as has been our practice for more than 16 years, is to stay true to our culture and business model which includes being a locally-focused organization that respects its customers, employees, and shareholders."
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. Finworth Mortgage, a wholly-owned subsidiary of INSBANK, provides a full service, mortgage origination operation for the bank. 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 and Finworth have locations in Nashville at 2106 Crestmoor Road, and in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbanktn.com or www.finworth.com.