INDIANAPOLIS, Dec. 11, 2015 (GLOBE NEWSWIRE) -- Indiana Business Bancorp (OTCQB:IBBI), the holding company for Indiana Business Bank, announced results for the three and nine months ended September 30, 2015.

The Company recorded a profit of $225,591, or $.13 per share and $618,253 or $.36 per share for the three and nine months ended September 30, 2015, respectively.  Pre-tax net income of $188,091 for the quarter represented a 10% increase over pre-tax net income of $171,112 reported for the third quarter of 2014.  Year to date pre-tax net income increased 54% to $505,753 compared to pre-tax net income of $326,874 for the 2014 comparable period.  The improvement in earnings in the nine months ended September 30, 2015 is attributed to decreased provision expense and lower non-interest expense.

Non-interest income for the third quarter of 2015 was $120,795 compared to $163,978 for the third quarter of 2014.  Year to date 2015 non-interest income was $402,391 versus non-interest income of $311,154 in the same period last year.  This income category is primarily driven by gains on SBA guaranteed loans sold.

Non-interest expense (generally salaries and other operating expenses) decreased to $602,492 in the third quarter of 2015 compared to non-interest expense of $655,153 during the prior year period.  Year to date 2015 non-interest expense of $1,888,998 was slightly below non-interest expense of $1,931,844 for the 2014 comparable period.

The bank has made no provision for loan losses thus far in 2015, following receipt of two large recoveries earlier in the year.  Year to date in 2015, the bank has recorded a net recovery of $97,049.  At September 30, 2015, the allowance for loan losses was equal to 1.87% of gross loans and 112% of non-accrual loans.

The Bank’s Tier 1 Leverage Ratio of 22.21% and Total Capital Ratio of 23.48% exceeded the levels needed to be considered “well capitalized” at September 30, 2015.

President and CEO, James S. Young stated, “Prudent expense control and stable asset quality have yielded improved profitability during the first nine months of 2015, and earnings retention has provided an exceptionally strong capital position.  We are very pleased with our performance year to date and look forward to 2016.”

About Indiana Business Bancorp and Indiana Business Bank

Indiana Business Bancorp is a bank holding company whose operations are conducted through its subsidiary, Indiana Business Bank, a state-chartered, locally-owned and managed commercial bank formed for the purpose of providing highly-personalized banking services for small to medium-sized businesses, their owners and professional services firms in the Indianapolis, Indiana metropolitan area. The Bank provides a full line of commercial banking loan, deposit, and cash management services that are delivered in a highly personalized manner by experienced banking professionals. The Bank specializes in serving the commercial and consumer banking needs of small to medium sized businesses and their owners, and professionals located primarily throughout Central Indiana.

We routinely post important information for investors on our website, in the “About” section under “Investor Relations”.  We intend to use this website as a means of providing financial and other information to investors and other interested parties.  Accordingly, investors should monitor our website, in addition to following our press releases and other presentations.  The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Indiana Business Bank and Indiana Business Bancorp’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which may cause actual results to differ materially from expected results, including: the impact of a slowdown or recession on our borrowing customers; volatility in the financial markets; changes in general, regional and local economic conditions, and their effect on interest rates; our ability to improve credit quality and successfully dispose of problem assets; competition among banks and other financial intermediaries within the Indianapolis metropolitan market; risks that borrowers may default on their loans; and changes in regulations and accounting policies affecting financial institutions.                 


 As of and for the
Three Months Ending September 30
As of and for the
Nine Months Ending September 30
Operating Data2015201420152014
Net Interest
Provision for
Loan Losses

Pre-Tax Net
Tax Benefit37,50050,000112,500150,000
Net Income225,591221,112618,253476,874
Per Share Data    
Net Earnings per





 As of  
Balance Sheet DataSeptember 30, 2015December 31, 2014September 30, 2014
Total Assets62,411,30472,354,55866,003,631
Total Loans50,738,83354,598,75054,163,158
Allowance for Loan Losses946,595849,547701,337
Investment Securities6,957,3038,797,2897,855,612
Total Deposits42,195,07249,158,64747,584,339
Total Shareholders’ Equity11,620,95311,045,00410,737,798


At the Company:
Gregory Gault
Executive Vice President