FORT WAYNE – STAR Financial Bank today announced record 2008 year-to-date earnings. Net income for the Company stood at $7.3 million, up 45.1 percent compared to June 30, 2007.
Total assets during the six-month period rose $178.5 million to $1.68 billion, an increase of 11.9 percent. Total deposits increased 7.3 percent to $1.26 billion and total loans increased 12.9 percent to $1.31 billion. STAR Financial Bank’s leverage, Tier 1 and risk-based capital ratios remain above the Federal Reserve’s “well capitalized” levels.
“Our bank reflects a safe and sound financial institution. We have been consistent in our credit risk management, and our loan reserves have remained stable over many years at about 1.10 percent of total loans. As of June 30, 2008 the bank’s loan loss reserve stands at $14.3 million,” said Jim Marcuccilli, President & CEO of STAR Financial Bank.
The bank’s mortgage portfolio remains sound at a 2.44 percent account delinquency ratio compared to 7.05 percent in Indiana and 6.35 percent nationally. Because of STAR’s solid mortgage performance, Fannie Mae has asked STAR to share its expertise with other mortgage professionals during an upcoming forum.
“For 65 years STAR has been a privately held, Indiana owned and operated financial institution that focuses on the well being of our customers and communities. We will continue to serve as trusted advisors who guide our customers in their plans and decisions with their best interest at heart,” Jim Marcuccilli concluded.
Headquartered in Fort Wayne, Indiana, STAR Financial Bank holds assets of nearly $1.7 billion. It operates 45 banking centers throughout Indiana, including the communities of Anderson, Angola, Carmel, Columbia City, Fishers, Fort Wayne, Greenfield, Indianapolis, Kokomo, Marion, Muncie, New Castle, and Noblesville. The bank’s parent company, STAR Financial Group, provides professional services in insurance, trust and wealth management. For more information about all of STAR’s services, visit the company’s web site at www.starfinancial.com.
Source: STAR Financial Bank Press Release.
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