Revere Bank Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2017; Reports Charge-Offs for the First Quarter Ended March 31, 2017
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.