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 gain of $8.04 million for the quarter finished December 31, 2019, an 11.4per cent enhance when compared with net gain of $7.21 million for the quarter finished December 31, 2018, and a 2.6% decrease on 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 fundamental typical share for the 4th quarter of 2019 ended up being $0.67 when compared with $0.61 for similar duration in 2018, a rise of 9.8%. Both diluted and basic profits per share increased mainly because of higher web interest earnings. When compared to 3rd quarter of 2019, diluted and fundamental profits per share reduced by 3.0per cent and 2.9%, correspondingly, driven mainly by a lesser interest that is net, a decrease 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 when compared with net gain of $27.63 million when it comes to 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, when compared with $2.52 per diluted typical share for the year finished December 31, 2018, driven installment loans hawaii mainly by greater web interest earnings and a rise in non-interest earnings. Our fundamental and diluted profits per share had been additionally relying on our capital that is successful raise September 2018, as soon as we issued 1.6 million extra stocks of typical stock.

Quarterly Features

  • Net gain expanded by 11.4% set alongside the quarter that is fourth of and reduced by 2.6per cent set alongside the 3rd quarter of 2019.
  • Period end loans grew 17.8%, or $370.1 million, set alongside the 4th quarter of 2018, and grew 3.7%, or $88.4 million, set alongside the 3rd quarter of 2019.
  • Period end deposits expanded 12.3%, or $256.4 million, set alongside the quarter that is fourth of, and expanded 0.3%, or $7.9 million, set alongside the 3rd quarter of 2019.
  • Web interest margin ended up being 3.40% for the 4th quarter of 2019 in comparison to 3.75per cent when it comes to 4th quarter of 2018, and 3.57% when it comes to 3rd quarter of 2019. The margin decline in the 4th quarter had been because of a product rise in our typical money balances set alongside the previous quarter and a decrease into the yield on loans that has been more than the decline in the price of build up.
  • Efficiency ratio risen to 51.44per cent when it comes to 4th quarter of 2019 when compared with 50.61per cent when it comes to period that is same 12 months, and when compared with 48.84per cent for the linked quarter. This boost in the effectiveness ratio had been as a result of compression within our web interest margin, a reduction in non-interest earnings, and a rise in motivation payment pertaining to significant loan manufacturing into the last half of the season.
  • Return on typical equity ended up being 10.62% for the 4th quarter of 2019, in comparison to 10.95% for the fourth quarter of 2018 and 11.20per cent when it comes to 3rd quarter of 2019.
  • Tangible guide value risen up to $22.80 as of the quarter finished December 31, 2019, when compared with $19.84 for the quarter that is fourth of and $22.14 when it comes to 3rd quarter of 2019.
  • The previously established purchase by Sandy Spring Bancorp, Inc., has progressed as you expected and has now gotten Federal Reserve Board approval. The meeting that is special of Bank stockholders is planned for February 11, 2020.
  • Revere Bank joined into a rent contract because of its branch that is first in, D.C., that is anticipated to start through the summer time of 2020.

Drew Flott, Co-President and CEO, stated, “we now have proceeded to develop and continue maintaining energy despite having the significant work necessary to finalize Sandy Spring Bancorp to our transaction. Our company is worked up about the response that is positive the merger from our customers, associates and our market. “

Ken Cook, Co-President and CEO, included, “we have been very happy to report record annual profits and loan manufacturing. Our proceeded strong momentum, in conjunction with a margin we expect you’ll enhance in 2020, jobs us for a powerful very very first quarter. “

Profits and Development Features