Independent Bank of Austin (TX), SSB, 2nd Qtr. Net Profit up 16.6%; Assets, Loans, Deposits Rise Sharply at Lakeway, Georgetown Operations; Bank Adds
Lakeway and Georgetown, Texas (PRWEB) July 26, 2007 -- Independent Bank of Austin, SSB, based in Lakeway, TX, reported today a second quarter 2007 net profit of $537,395, up 16.6 percent over first quarter 2007 profit of $460,920.
Total assets at June 30, 2007, for the two-year-old bank were $139.5 million, up 16.6 percent over the $119.6 million reported at March 31, 2007, and up 37.3 percent over the year-end 2006 total. Loans at June 30 represented $122.5 million, up 39.5 percent over the $87.8 million reported at year-end 2006. (Year-ago quarterly comparisons are in the table below.)
Bankwide deposits were $108.6 million, up 5.64 percent over the $102.8 million reported at March 30, 2007. Local deposits - funds generated in the immediate market area -- were up 12.7 percent over the prior quarter, "reinforcing the necessity and acceptance of a quality, local community bank operation," management emphasized.
Independent Bank's branch office (at 3613 Williams Dr., Ste. 201 in the Village Lake Office Condominiums) serving Georgetown and Sun City businesses and residents also reflected noteworthy growth in its deposits. At June 30, deposits were $35.4 million, up 18.7 percent over deposits of $29.8 million at the end of the second quarter.
"Our sustained escalation in earnings, loans and deposits for the past 24 months reflects the vibrant economic growth in our Central Texas marketplace," said Denny Buchanan, President and CEO (Photo: http://www.ibankaustin.com/3004-01-IBA/UserFiles/Image/denny.jpg
"The fresh deposits help fund an expanding loan portfolio largely comprised of commercial development, residential construction and mortgages," Buchanan stated. "And our keen attention to cost containment also drives the increases in our bottom line, much to the delight of our investors," Buchanan noted.
Independent primarily targets small home builders and their customers with the majority of its loans for single-family construction projects. The average life of a loan is 13 months; average size, about $500,000.
Growth Projection . . . New Staffers . . . HQ Progress
"Management's original objective -- to generate $100 million in assets within five to 10 years - was achieved in an astounding18 months," noted Julie Buchanan, Executive VP - Operations. "Our year-end estimates to regulatory authorities projects Independent Bank at $150 million in assets by December 2007 and $180 million by year-end 2008."
In the past quarter, three new staffers have joined the combined operations, lifting total employment to 17.5 full-time equivalent employees. Donna McLean, Lending Associate, is responsible for coordinating loan renewals, tracking and maintaining exception items, monitoring past due loans, processing paid loans, preparation of select board reports and collateral audits.
Shelle Westrick, Administrative Assistant, processes construction loan draws, reviews new and renewed loans and verifies loan maintenance items within the bank's core database. Amber Granlund, Personal Banker opens, closes and modifies deposit accounts, promotes bank products and services, processes teller work, and balances the ATM. (PHOTO: http://www.ibankaustin.com/3004-01-IBA/UserFiles/Image/June%202007.JPG)
Construction continues on Independent Bank's new 3,500-square-foot corporate headquarters at 3209 Ranch Road 620, across from Lake Travis High School on a portion of what was known as Schramm Ranch. (PHOTO: http://www.ibankaustin.com/3004-01-IBA/UserFiles/Image/June%202007.JPG)
"Despite the delays caused by the Texas Dept. of Transportation and unusually heavy rains, site preparation is complete, and we expect foundations to be poured this week," Buchanan said. "We still anticipate relocating our operations to the new facility by late 2007."
The property, located near the Alta Vista Development in a project to be known as Honey Creek Development Center, offers stellar Hill Country and canyon views. It is adjacent to a major planned community and rapidly expanding residential developments in a high-growth
corridor between Bee Cave, Texas on Austin's southwest fringe and Georgetown in Williamson County, 25 miles north of the capitol city.
"Our expanding services, prompt lending decisions and competitive rates on customer deposits reinforce our 'The People's Bank' philosophy," Denny Buchanan said. "Those qualities helped us grow customer relationships 23.5 percent in the first two quarters to a June 30 total of 1,544."
Independent Bank offers a highly competitive Platinum Account paying a 4.50 percent to 5.00 percent (APY/annual percentage yield) interest rate. These accounts, available to individuals and corporations, require deposits of $50,000 or more, with unlimited check writing for individuals. For all current rates, see www.ibankaustin.com or call 512-261-3355.
(The following table also appears fully formatted in an attached PDF file and in the original story at the corporate website: http://www.ibankaustin.com/3004-01-IBA/UserFiles/File/2Q%2007%20Ind.%20Bank%20of%20Austin%20Results.pdf
Second Quarter Comparisons - June 30, 2007 & June 30, 2006
Assets
Cash $1,238,000 . . . $319,000
Investments & Interest-bearing Cash $13,168,000 . . . $7,786,000
Fed funds sold $1,932,000 . . . $4,713,000
Loans $122,144,000 . . . $74,622,000
Less Reserves ($1,081,000) . . . ($729,000)
Fixed Assets $966,000 . . . $326,000
Other Assets $1,196,000 . . . $727,000
Total Assets $139,565,000 . . . $87,765,000
Liabilities
Deposits $108,618,000 . . . $79,051,000
Borrowings $17,000,000 . . . $0
Other Liabilities $1,098,000 . . . $852,000
Total Liabilities $126,716,000 . . . $79,903,000
Equity
Common Stock $8,000,000 . . . $6,000,000
Surplus $3,851,000 . . . $1,500,000
Undivided Profits $998,000 . . . $362,000
Total Equity $12,849,000 . . . $7,862,000
Total Liabilities and Equity $139,565,000 . . . $87,765,000
Additional financial performance can be seen at http://www2.fdic.gov/Call_TFR_Rpts/search.asp
Independent Bank is approved by the Texas Savings and Mortgage Lending Dept. and the Federal Deposit Insurance Corp. (FDIC). The bank's deposits are insured by the FDIC.
For More Information or Interviews:
Denny Buchanan, President/CEO, Independent Bank of Austin SSB, Lakeway, TX, 512-261-3355, fax 512-261-3356
Preston F. Kirk, APR, Kirk Public Relations, Austin, TX, 830-693-4447
###
Managed Forex Accounts for savvy Investors - Ever seen such Forex results?
Related Articles:
Stock Market Investment Advice That The Gurus Teach
There are many well known investment gurus out there ? Joel Greenbalt, Warren Buffett, and Dr. Mark Faber are just a few and here is some of that stock market investment advice that the Gurus teach.
Forex Managed Fund - An Investment Alternative to Stocks and Bonds
All the major stock indices including the Dow, NASDAQ and the S&P 500 are down well over 30% YTD as of early November 2008 American Investors along with their Investment Advisors and Fund Managers need to recognize that the stock market is not the only place, and most certainly not the best place to invest their capital
Managed Forex Account - Be Your Own Hedge Fund And Avoid The Recession
Managed Forex accounts are best suited for those who wish to tap into the Forex world's fast moving turnover but don't have all it takes to do so. A managed Forex account is a type of trading account that is handled by a company trading representative. This presents an arrangement for a novice investor who is inexperienced and has no time to study the Forex market dynamics. A lot of people are interested in the Forex market due to its' high liquidity, 24 hour trading, low start up costs, and other attractive reasons. However not all traders are able to sufficiently learn or trade currency due to conflicting time schedules or perhaps due to other job delegation. A managed Forex account is a live Forex account absolutely funded by an investor...
The Major Players in the Foreign Currency Exchange Market - FOREX
Since the US dollar is the centerpiece of the market,
it is normally considered the 'base' currency for quotes. In the "Majors", this includes USD/JPY, USD/CHF and USD/CAD.
CoreStates Capital Advisors, LLC Hires Capital Market Consultants, LLC To Build Custom Investment Platform
Capital Market Consultants, LLC, the market leader in custom Open Architecture Investment Management (OAIM) research, platforms, content and solutions for RIA's and financial intermediaries focused on the High Net-Worth space, has been selected to provide investment research and manager due-diligence for CoreStates Capital Advisors, LLC, a fee-based R.I.A. located in Newtown, PA.
Ellenbecker Investment Group Hires Capital Market Consultants, LLC for Mutual Fund
Capital Market Consultants, LLC (CMC) a Milwaukee-based investment consulting firm providing investment research and economic consulting to financial intermediaries has added Ellenbecker Investment Group, Inc. (EIG) to its growing list of clients.
Huagati Systems Introduces New Software System for Managing Hedging of Commodities and Foreign Exchange
Huagati Systems today announced the availability of Hedgehog Hedging Tracker, financial management software for managing hedging operations of currencies and commodities. Hedgehog Hedging Tracker is a web based multiuser system with flexible configuration options.
As Wall Street Investors Unload Stocks Investors Look For Guaranteed Investment Alternatives
Most investors traditionally resort to bank CDs during an economic downturn. But CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee offered by a financial company such as Integrity Financial AZ based in Sacramento, CA.
The Golub Group Launches Separately Managed Account Program for Investment Advisors
Portfolios earn ?Top Guns? ranking from Informa Investment Solutions.
How The Foreign Exchange Market is Different From The Stock Market
The foreign exchange (currency or forex or FX) market refers to the market for currencies. Transactions in this market typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The FX market is the largest and most liquid financial market in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions.
Investment Advisor Magazine and Prima Capital Announce 2008 Separately Managed Accounts Award Winners
Fourth Annual Ranking Recognizes Six "At the Summit" Management Teams and Portfolios - Investment Advisor magazine and Prima Capital announced today that six portfolio management teams have been chosen as winners of the 2008 Separately Managed Accounts (SMA) Awards.
Stocks Versus Foreign Currencies and Managed Funds
For over a century now, Stocks have been heavily traded and known to the average US investor and non-investor alike In essence, when you buy a stock you are purchasing a stake of ownership in the company
Three Reasons Not To Trust Stock Market Investment Advice
If you?re playing in the stock market good for you - there is some potential for you to make some excellent profits. But before you get too wrapped up with investor advice here are three reasons not to trust stock market investment advice.
Forex Managed Fund, An Investment Alternative
Fund Managers, Brokers, Investment Advisors and high net-worth investors looking for alternatives to the stock market and real estate to grow your portfolios may want to take a look at the Forex Market
The Forex Market, also know as the Foreign Exchange or The Foreign Currency Market is a global electronic market 35 times larger than the NYSE with over $3 trillion a day in turn over
Recession-Proofing An Investment Portfolio: Financial Professional Highlights Advice Investors Should Heed in Turbulent Markets
The average individual investor holds portfolios comprised of stocks, bonds and cash. Today that places many investors in a quandary: while bonds are often a safe haven when the stock market outlook is uncertain, bonds usually do not do well when inflation increases, precisely the economic conditions we now face. According to David Kaiser, a Denver-based independent financial professional, investors would be smart to look at where institutional investors, like foundations and trusts, turn during times of market volatility.