Mars National Bancorp, Inc. Announces Unaudited Earning Results for the Three Months Ended March 31, 2017
Mars National Bancorp, Inc. Announces Unaudited Earning Results for the Quarter Ended March 31, 2017. For the three months, the company reported net interest income was $2,445,000 compared with $2,397,000 a year ago. This was primarily due to an increase in interest income on loans of $103,000 which was related to higher average loan receivables of $10.2 million for the three months ended March 31, 2017 as compared to the same period in the prior year. Non-interest income was $424,000 compared with $561,000 a year ago. This decrease was primarily due to lower residential mortgage sale income of $21,000, fees associated with debit card activity of $17,000, fees associated with credit card activity of $9,000 and service charges on deposits including NSF fees of $7,000 which was partially offset by an increase in title insurance income of $14,000. Net income was $260,000 compared with $252,000 a year ago. The increase in earnings was primarily due to a decrease in non-interest expense of $68,000, a decrease in income tax expense of $23,000, an increase in net interest income of $48,000 and a decrease in provision for loan loss expense of $6,000. This was partially offset by a decrease in non-interest income of $137,000. Earnings per share was $3.25 compared with $3.15 a year ago. Return on average assets was 0.28% compared with 0.28% a year ago. Return on average equity was 3.06% compared with 2.91% a year ago. Book value per share was $431.39 compared with $429.51 a year ago.