ICB Financial, parent company of Inland Community Bank, reported a $50,000 profit during the year’s first quarter.
That number profit compares with a $187,000 profit during the first three months of 2010.
ICB Financial CEO James S. Cooper wrote in a letter to shareholders that “community banking in the area is still recovering slowly from the business downturn that began in 2007.”
ICB Financial “started off the first quarter of 2011 with a focus on consolidation, strategic retrenchment, and emphasis on the sound business principles that have been the foundation of our success during the past 21 years.”
ICB Financial also reported having about $256 million in total assets during the first quarter of 2011, compared with nearly $284 million during the same period last year. The banking firm classified 5.03 percent of those assets as nonperforming at the end of March 31, up from the 3.35 percent figure one year prior.
ICB Financial’s provisions for loan and lease losses stood at $150,000 at the end of 2011’s first quarter, less than the $263,000 one year previous.
The bank’s total risk-based capital ratio at March 31, was 18.75 percent, compared to 15.25 percent at year-end 2010. A 10 percent ratio is the FDIC’s minimum benchmark for a “well capitalized” institution.
ICB Financial’s report is here.