Press Release

 July 26th, 2019

                             

            First IC Bank a subsidiary of First IC Corporation Announces Earnings for the Second Quarter of 2019.  Net Income $5.4 million, EPS $0.68 

 

Doraville, GA - First IC Corporation, (OTC: FIEB) parent company of First IC Bank, today reported its financial results for the second quarter ended June 30, 2019. For the second quarter of 2019, net income was $5.4 million or $0.68 per diluted share.

Dong Wook Kim President and CEO reported that “Total Assets were $619.3 million an increase of 39% over the end of the second quarter of 2018.  Total deposits at the end of the second quarter were $541.5 million, which is an increase of 45.3% since June 30, 2018, and total loans were $481.8 million an increase of 36.4 % over the same period of 2018.”  President Kim also stated that the bank had exceeded its earnings projections for the period ended June 30, 2019.   We are pleased with the results of the second quarter and look forward to a strong performance in the second half of 2019.” Dong Wook Kim concluded.

Mr. Kim also announced “That the New York and New Jersey offices opened in the second quarter.  The New York office is located at 204-08 Northern Boulevard, Bayside NY 11361, and the New Jersey Office is located at 211 Broad Avenue, Palisades Park, NJ 07650.  Both of these new locations are now open to provide the full array of banking services to their communities just like our other locations.”

The opening of these two branches in new markets is a milestone event for the bank.  The continued strong capital positions and excellent performance allows the bank to undertake this expansion in to new markets, and also allows us to continue to look for other areas where we can be an important part of the community and continue to grow as we help customers with their financial needs.

Please see the financial information on the following page for additional information about the bank.

If you need more information, please visit our website www.firsticbank.com