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CONTACT: | Robert F. Mangano | Stephen J. Gilhooly |
President & Chief Executive Officer | Sr. Vice President & Chief Financial Officer | |
(609) 655-4500 | (609) 655-4500 |
• | Net income increased 26.2% and diluted earnings per share increased 25% compared to the fourth quarter of 2015. |
• | Book value per share and tangible book value per share were $13.11 and $11.50, respectively, at December 31, 2016. |
• | Net interest income was $9.1 million and the net interest margin was 3.83% on a tax equivalent basis. |
• | Non-performing assets were $5.4 million, or 0.52% of assets, and included $166,000 of OREO at December 31, 2016. |
• | The Bank did not record a provision for loan losses in the fourth quarter of 2016 due to net recoveries on loans of $8,000, the low level of non-performing and criticized loans, lower historical loan loss factors that reflected the continued improvement in loan credit quality and the current economic and operating environment. |
• | On December 15, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per common share that was paid on January 25, 2017 to shareholders of record as of the close of business on January 3, 2017. |
• | Net income increased 7.2% to $9.3 million for the year ended December 31, 2016. |
• | Diluted earnings per share increased 6.5% to $1.14 for the year ended December 31, 2016. |
• | Return on average assets and return on average equity were 0.93% and 9.21%, respectively for the year ended December 31, 2016. |
• | A credit (negative) provision for loan losses of $300,000 and net recoveries of loans of $234,000 were recorded. |
• | Loans held in portfolio increased $42.7 million, or 6.3%, to $724.8 million at December 31, 2016 due primarily to growth in commercial real estate loans. |
• | Deposits increased $47.8 million, or 6.1%, to $834.5 million at December 31, 2016 due primarily to growth of non-interest bearing and interest bearing demand deposit accounts, money market accounts and savings accounts. |
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