Consumers Bancorp Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
January 27, 2015 at 12:12 pm
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Consumers Bancorp Inc. announced consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported net interest income of $3,348,000 compared to $3,165,000 a year ago. Income before income taxes was $1,023,000 compared to $943,000 a year ago. Net income was $808,000 compared to $755,000 a year ago. Basic and diluted earnings per share were $0.30 compared to $0.28 a year ago. The increase in earnings from the previous quarter and the same quarter last year reflects balance sheet growth and improvement in noninterest income, particularly in mortgage sales.
For the six months, the company reported net interest income of $6,636,000 compared to $6,198,000 a year ago. Income before income taxes was $1,963,000 compared to $1,689,000 a year ago. Net income was $1,564,000 compared to $1,376,000 a year ago. Basic and diluted earnings per share were $0.57 compared to $0.52 a year ago. Book value to common share was $15.13 compared to $13.91 a year ago. Return on average assets and return on average equity for the six months ended December 31, 2014 were 0.80% and 7.59%, respectively, compared to 0.76% and 7.36%, respectively, for the same period last year.
Consumers Bancorp, Inc. is a bank holding company for Consumers National Bank (the Bank). The Company is engaged in the business of commercial and retail banking. The Bankâs business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its primary market area. The Bank also invests in securities consisting primarily of United States government-sponsored entities, municipal obligations, mortgage-backed and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae. Its deposit products include business and personal savings accounts, negotiable order of withdrawal accounts, time deposits and demand accounts, as well as certificates of deposit. The Bankâs primary market area includes Carroll, Columbiana, Jefferson, Mahoning, Stark, Summit, Wayne, and contiguous counties in Ohio, Pennsylvania, and West Virginia. The Bank operates online and 21 branch locations.
CONSUMERS BANCORP, INC. 
