Third Quarter and Fiscal Year Performance Highlights
- Net Income: Net income for the quarter ended September 30, 2019 amounted to $1.4 million or $0.32 per diluted common share, versus $1.7 million or $0.50 per diluted common share recorded in the same period a year ago reflecting the impact of merger-related charges recorded in the third quarter of 2019. The Company recorded net income for the fiscal year ended September 30, 2019 of $8.1 million or $2.06 per diluted common share compared with $4.6 million or $1.36 per diluted common share in the 2018 fiscal year.
- Balance Sheet: Assets totaled a record $848.8 million at September 30, 2019, up $144.1 million from June 30, 2019 and up $198.9 million from September 30, 2018, primarily due to the CFSB acquisition, which added approximately $125 million in total assets at September 30, 2019, coupled with continued strong organic loan growth.
- Continued Capital Strength: The Bank’s Tier 1 capital ratio was 10.47% and its Total Risk based capital ratio was 19.07% at September 30, 2019, each significantly above the regulatory minimums for a well-capitalized institution.
- Increase in Tangible Book Value Per Share: Tangible book value per common share increased by 11.8% to $16.92 at September 30, 2019 from $15.14 at the comparable 2018 date.
- Strong Year-Over-Year Loan Growth: Total loans outstanding at September 30, 2019 were $720.4 million or 84.9% of total assets, an increase of $103.0 million from June 30, 2019 and up $161.1…