Revere Bank Announces Record profits for 2019 – Net Income of $31.70 Million Increased 14.7percent Over 2018’s Record Profits

Revere Bank Announces Record profits for 2019 – Net Income of $31.70 Million Increased 14.7percent Over 2018’s Record Profits

ROCKVILLE, Md., Jan. 28, 2020 (GLOBE NEWSWIRE) — Revere Bank (the “Bank”) (OTCQX: REVB) today reported quarterly net income of $8.04 million when it comes to quarter finished December 31, 2019, an 11.4per cent enhance in comparison to net gain of $7.21 million for the quarter finished December 31, 2018, and a 2.6% decrease within the quarter finished September 30, 2019. Net gain per diluted typical share increased 10.2% to $0.65 for the 4th quarter of 2019, in comparison to $0.59 for similar duration in 2018. Net gain per basic typical share for the 4th quarter of 2019 had been $0.67 in comparison to $0.61 for similar duration in 2018, a growth of 9.8per cent. Both diluted and basic profits per share increased mainly as a result of greater net interest earnings. When compared to 3rd quarter of 2019, diluted and fundamental profits per share decreased by 3.0per cent and 2.9%, correspondingly, driven mainly by a lowered web interest margin, a decline in non-interest earnings, and a rise in salaries and employee advantages expense.

When it comes to year finished December 31, 2019, net gain ended up being $31.70 million, a 14.7per cent enhance in comparison to net gain of $27.63 million for the year finished December 31, 2018. Our year-to-date net gain per diluted typical share increased $0.07 to $2.59 for the year finished December 31, 2019, in comparison to $2.52 per diluted typical share for the year finished December 31, 2018, driven mainly by greater web interest earnings and a rise in non-interest earnings. Read more