Revere Bank Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Reports Charge-Offs for the Third Quarter of 2016
For the quarter, the company reported net interest income of $11,513,000 against $7,309,000 a year ago. Pretax net income was $4,305,000 against $2,661,000 a year ago. Net income was $2,609,000 against $1,616,000 a year ago. Earnings per share - diluted were $0.37 against $0.29 a year ago. Return on average assets (annualized) was 0.82% against 0.84% a year ago. Return on average equity (annualized) was 10.28% against 8.98% a year ago.
The company reported charge-offs during the third quarter of 2016 were $135,000.