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 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 ended 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 when it comes to 4th quarter of 2019, in comparison to $0.59 for similar duration in installment loans in idaho 2018. Net gain per fundamental share that is common the 4th quarter of 2019 had been $0.67 when compared with $0.61 for similar duration in 2018, a rise of 9.8per cent. Both diluted and basic profits per share increased mainly because of greater interest income that is net. Set alongside the 3rd quarter of 2019, diluted and fundamental profits per share reduced by 3.0per cent and 2.9%, correspondingly, driven mainly by a reduced interest that is net, a reduction 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 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 when it comes to year finished December 31, 2018, driven mainly by greater web interest earnings and a rise in non-interest earnings. Our basic and diluted profits per share had been additionally influenced by our capital that is successful raise September 2018, once we issued 1.6 million extra stocks of typical stock.

Quarterly Features

  • Net gain expanded by 11.4per cent set alongside the 4th quarter of 2018 and decreased by 2.6per cent set alongside the 3rd quarter of 2019.
  • Period end loans grew 17.8%, or $370.1 million, when compared to quarter that is fourth of, and expanded 3.7%, or $88.4 million, set alongside the 3rd quarter of 2019.
  • Period end deposits grew 12.3%, or $256.4 million, when compared to quarter that is fourth of, and expanded 0.3%, or $7.9 million, when compared to 3rd quarter of 2019.
  • Web interest margin ended up being 3.40% when it comes to quarter that is fourth of when compared with 3.75per cent for the fourth quarter of 2018, and 3.57% when it comes to 3rd quarter of 2019. The margin decline in the quarter that is fourth because of a product upsurge in our normal money balances when compared to previous quarter and a decrease when you look at the yield on loans that has been more than the reduction in the expense of build up.
  • Effectiveness ratio risen up to 51.44per cent when it comes to 4th quarter of 2019 in comparison to 50.61per cent for the period that is same 12 months, and in comparison to 48.84per cent for the connected quarter. This upsurge in the efficiency ratio ended up being because of the compression within our web interest margin, a decline in non-interest earnings, and a rise in motivation settlement pertaining to loan that is significant within the last half of the season.
  • Return on normal equity had been 10.62% for the 4th quarter of 2019, in comparison to 10.95per cent when it comes to 4th quarter of 2018 and 11.20percent for the 3rd quarter of 2019.
  • Concrete book value risen up to $22.80 at the time of the quarter finished December 31, 2019, in comparison to $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 not surprisingly 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 right into a rent contract for the very first branch in Washington, D.C., which will be anticipated to start throughout the summer time of 2020.

Drew Flott, Co-President and CEO, stated, “we now have continued to cultivate and continue maintaining energy despite having the significant work expected to finalize Sandy Spring Bancorp to our transaction. We have been worked up about the good a reaction to the merger from our clients, associates and our market. “

Ken Cook, Co-President and CEO, included, “we have been very happy to report record earnings that are annual loan manufacturing. Our proceeded strong energy, in conjunction with a margin we be prepared to improve in 2020, jobs us for a powerful very first quarter. “

Earnings and Development Features

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