Consumers Bancorp, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended Dec. 31, 2016
January 25, 2017 at 02:47 pm
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Consumers Bancorp, Inc. reported consolidated earnings results for the second quarter and six months ended Dec. 31, 2016. For the quarter, the company reported total interest income of $3,786,000 compared to $3,658,000 a year ago. Net interest income was $3,536,000 compared to $3,437,000 a year ago. Income before income taxes was $867,000 compared to $761,000 a year ago. Net income was $722,000 or $0.27 per basic and diluted share compared to $639,000 or $0.23 per basic and diluted share a year ago.
For the six months period, the company reported total interest income of $7,753,000 compared to $7,278,000 a year ago. Net interest income was $7,263,000 compared to $6,830,000 a year ago. Income before income taxes was $2,020,000 compared to $1,660,000 a year ago. Net income was $1,623,000 or $0.60 per basic and diluted share compared to $1,366,000 or $0.50 per basic and diluted share a year ago. Return on average assets (annualized) was 0.74% compared to 0.65% a year ago. Return on average equity (annualized) was 7.34% compared to 6.43% a year ago. Book value to common share as at December 31, 2016 was $15.49 compared to $15.55 a year ago. Net income has been positively impacted by the $433,000, or 6.3%, increase in net interest income which has primarily been a result of the $18.0 million increase in average interest-earning assets from the prior year period.
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. 
