Consumers Bancorp Inc. Reports Consolidated Financial Results for the Second Quarter and Half Year Ended December 31, 2013
January 28, 2014 at 05:27 pm
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Consumers Bancorp Inc. reported consolidated financial results for the second quarter and half year ended December 31, 2013. For the quarter, total interest income was $3,411,000 against $3,370,000 a year ago. Net interest income was $3,165,000 against $3,053,000 a year ago. Income before income taxes was $943,000 against $947,000 a year ago. Net income was $755,000 or $0.28 per basic and diluted share against $747,000 or $0.36 per basic and diluted share a year ago. Earnings per share declined for the second fiscal quarter of 2014 as a result of the additional 655,668 outstanding shares issued for the rights offering that was completed in July 2013.
For the half year, total interest income was $6,699,000 against $6,677,000 a year ago. Net interest income was $6,198,000 against $6,034,000 a year ago. Income before income taxes was $1,689,000 against $1,700,000 a year ago. Net income was $1,376,000 or $0.52 per basic and diluted share against $1,362,000 or $0.66 per basic and diluted share a year ago. Return on average assets (annualized) was 0.76% against 0.79% a year ago. Return on average equity (annualized) was 7.36% against 9.46% a year ago. Book value to common share was $13.91 as on December 31, 2013 against $14.10 as on December 31, 2012. The return on average equity declined from the same period last year due to an $8.5 million increase in average equity mainly as a result of the $9.2 million in net proceeds from the rights offering that was completed in July 2013.
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. 
