Press Release fourth quarter 2019 earnings
Author
FirstICBank
Date
2020-02-10 16:13
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1726
Press Release
January 24th, 2020
First IC Bank a subsidiary of First IC Corporation Announces Earnings for the Fourth Quarter of 2019. Net Income $10.8 million, EPS $1.34
Doraville, GA - First IC Corporation, (OTC: FIEB) parent company of First IC Bank, today reported First IC Bank’s financial results for the fourth quarter ended December 31, 2019. For the fourth quarter of 2019, net income was $10.8 million or $1.34 share, compared to $9.6 million or $1.32 per share for 2018.
Fourth Quarter 2019 Highlights:
Total Assets as of December 31, 2019 were $704.7 million which is an increase of $200 million or 40% over December 31, 2018.
Total loans at the end of 2019 were $545.4 million an increase of 34.4% over 2018.
Total Deposits increased by $195.5 million to end 2019 at $620.2 million. This represents an increase of 46% over year end 2018.
Asset Quality numbers continued to reflect the bank’s very conservative approach to lending.
Dong Wook Kim, President and CEO of First IC Corp and it’s subsidiary First IC Bank commented “The bank experienced outstanding growth in the year ended December 31, 2019. The addition of the new branches in New York and New Jersey along with the continued efforts of our employees and management team helped us to reach these new highs in Loans, Deposits and Total Assets. We believe that we are growing not just for the sake of growth, but to build on our existing successful franchise and to add locations that fit into our overall strategic plan.”
Mr. Kim also commented on the bank’s 20th Anniversary this year: “2020 marks the twentieth anniversary of First IC Bank. We would like to take this opportunity to thank the Shareholders, Officers, Directors and Employees that have made the first twenty years of the bank’s history such a resounding success.”
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
January 24th, 2020
First IC Bank a subsidiary of First IC Corporation Announces Earnings for the Fourth Quarter of 2019. Net Income $10.8 million, EPS $1.34
Doraville, GA - First IC Corporation, (OTC: FIEB) parent company of First IC Bank, today reported First IC Bank’s financial results for the fourth quarter ended December 31, 2019. For the fourth quarter of 2019, net income was $10.8 million or $1.34 share, compared to $9.6 million or $1.32 per share for 2018.
Fourth Quarter 2019 Highlights:
Total Assets as of December 31, 2019 were $704.7 million which is an increase of $200 million or 40% over December 31, 2018.
Total loans at the end of 2019 were $545.4 million an increase of 34.4% over 2018.
Total Deposits increased by $195.5 million to end 2019 at $620.2 million. This represents an increase of 46% over year end 2018.
Asset Quality numbers continued to reflect the bank’s very conservative approach to lending.
Dong Wook Kim, President and CEO of First IC Corp and it’s subsidiary First IC Bank commented “The bank experienced outstanding growth in the year ended December 31, 2019. The addition of the new branches in New York and New Jersey along with the continued efforts of our employees and management team helped us to reach these new highs in Loans, Deposits and Total Assets. We believe that we are growing not just for the sake of growth, but to build on our existing successful franchise and to add locations that fit into our overall strategic plan.”
Mr. Kim also commented on the bank’s 20th Anniversary this year: “2020 marks the twentieth anniversary of First IC Bank. We would like to take this opportunity to thank the Shareholders, Officers, Directors and Employees that have made the first twenty years of the bank’s history such a resounding success.”
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