Indiana Business Bancorp, the holding company for Indiana Business Bank, has reported a net income of $32,252 for the first quarter of 2009, compared to $13,941 in the corresponding quarter of 2008.
Net interest income for the first quarter of 2009 was $740,550, an increase of 11% compared to $665,472 in the corresponding period of 2008. Noninterest income for the first quarter of 2009 was $35,735, compared to $87,499 in the same period of 2008.
Total assets of the company as of March 31, 2009 were $91.22m, an increase of 1% compared to $83.37m as of March 31, 2008.
Total deposits increased 2% during the quarter, and non-interest bearing deposits increased 6%. At March 31, 2009, gross loans totaled $78.45m, which reflects an 11% increase from $70.91 on March 31, 2008.
James Young, president and CEO of Indiana Business Bancorp, said: In light of the current economic and banking environment, we are pleased to report our strongest quarter of results since our opening. While uncertain times remain ahead of us, we have achieved an asset size which allows us to operate profitably in this environment. Recent changes to the loan guaranty programmes of the US Small Business Administration will allow us to continue to support local Indiana businesses while maintaining strong credit quality, acceptable pricing and core funding.
