Indianapolis Business Reports Bancorp continued growth
Indianapolis Business Bancorp (OTCBB: IBBI) (the “Company”), the holding company of Indianapolis Business Bank ( “Bank”), announced results for the nine months ended 30 September 2007.
The net loss for the quarter ($ 2763), an increase of $ 165665 loss of ($ 168428) reported for the same period in 2006. The Bank has a year after the date benefit of $ 17,990 compared to a loss of ($ 531997) for the nine months to 30 September 2006.
The surplus in interest rates for the third quarter of 2007 was $ 644117, an increase of 22% from the third quarter of 2006. The increase is due to growth in credit and investment portfolio. No savings income (comprised of service charges for deposits and other income tax) amounted to 55,640 dollars for the quarter to 30 September 2007, an increase of 421% the same quarter a year ago. The launch of a housing credits and other performance bonuses loan sales have contributed to this increase. No part of non-interest income comes from Sub-Prime Lending programs. The Bank does not take part in the sub-Prime mortgage market. The Bank continued its earnings for the prevention of risks on the basis of 1.50% of outstanding loans.
Non-interest expense (generally, salaries and other operating expenses) increased by 16% year on year, $ 558800 in the third quarter of 2006 to $ 648870 for the last quarter, mainly on improving human resources .
The fortune has increased by 31% in the first nine months of the year 2007, $ 56670690 for the end of 2006, 74232469 $ 30 September 2007. Core deposits Asset feeds the growth of the customer’s bank, first of all small businesses continue to grow. Deposit growth was also reinforced by the national public funds and certificate of deposit balances.
On 30 September 2007 Total gross loans by $ 45238847 $ 58429640 at 31 December 2006. Deposits amounted to $ 61804693 $ 45602404 at 31 December 2006. The capital of the Bank report exceeded the guidelines for the regulation “well-capitalized institutions”, 30 September 2007.
President and CEO, James S. boy said: “We are encouraged by our continued progress achieved during the year 2007. Given the current framework for banks and the many challenges facing the industry, we are very pleased to see a positive report Swing in the result of more than $ 550000 for the first three quarters of 2007 compared with the quarter a year earlier.
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