Independent Alliance Banks Inc. today reported 2013 earnings of $7.41 million, or $1.81 per common share, an 18 percent decrease from the $9.01 million, or $2.18 a share, posted for 2012.
The Fort Wayne-based holding company for iAB Financial Bank also reported fourth-quarter earnings of $2.13 million, or 53 cents per common share, a 1 percent increase from the $2.11 million, or 51 cents a share, posted for the same three months of the prior year.
Officials said annual earnings were lower for several reasons, including tight profit margins and less income from mortgage refinances. Also, the bank failed to set aside as much in reserves as it should have to cover a major credit loss.
Mike Marhenke, president and CEO, said iAB remains strong.
“Our capital is very healthy, and our focus on improved asset quality allowed us to achieve a more favorable fourth quarter,” he said in a statement.