Indiana Business Bancorp has reported a net profit of $14,159 for the full-year period ended December 31, 2007, an increase of $675,954 compared to a net loss of $661,795 in 2006.
Net interest income was $2.6 million for the full-year period, an increase of 29% compared to 2006. Non-interest income was $180,289 for the full-year period of 2007, an increase of 295% compared to 2006. The bank’s residential mortgage production and commercial loan sale premiums contributed to the increase.
James Young, president and CEO, said: Given the conditions and challenges our industry faced in 2007 and will continue to struggle with for some time, our profitable operation and positive $675,000 year over year swing in earnings is very encouraging.