Revere Bank reported unaudited earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net interest income of $16,720,000 against $8,378,000 a year ago. Net income was $3,522,000 against $1,425,000 a year ago. Pretax net income was $5,803,000 against $2,441,000 a year ago. Earnings per share - diluted were $0.35 against $0.25 a year ago. Book value per share as at March 31, 2017 was $17.89 against $14.71 a year ago. Tangible book value per share as at March 31, 2017 was $14.68 against $14.17 a year ago. Return on average assets (annualized) was 0.75% against 0.62% a year ago. Return on average equity (annualized) was 8.32% against 7.35% a year ago. Core net income was $3.78 million (excludes tax adjusted one-time merger-related expenses in each reporting period) was 97.9% more than the same period last year and increased 14.5% on a linked-quarter basis.

The company reported charge-offs during the first quarter of 2017 were $50,000.