Consumers Bancorp Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended of December 31, 2015
January 27, 2016 at 03:30 pm
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Consumers Bancorp Inc. reported consolidated earnings results for the second quarter and six months ended of December 31, 2015. For the quarter, the company's net income was $639,000 compared to $808,000 for the three months ended December 31, 2014. Net income was impacted by an increase in the provision for loan losses to $192,000 in the second fiscal quarter of 2016 from $57,000 in the same prior year period. Earnings per share were $0.23 compared to $0.30 for the same period last year. Net interest income increased by $89,000 compared to the same period last year. Net interest income was $3,437,000 compared to $3,348,000 a year ago. Income before income taxes was $761,000 compared to $1,023,000 a year ago.
For the six months ended December 31, 2015, the company's net income was $1.4 million compared to $1.6 million for the same period last year. Fiscal year-to-date net income per share was $0.50 compared to $0.57 for the same period last year. Net interest income was $6,830,000 compared to $6,636,000 a year ago. Income before income taxes was $1,660,000 compared to $1,963,000 a year ago. Return on average assets was 0.65% compared to 0.80% a year ago. Return on average equity was 6.43% compared to 7.59% a year ago. Book Value to Common Share was $15.55 compared to $15.13 a year ago.
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.