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Revere Bank Announces Record profits for 2019 – Net Income of $31.70 Million Increased 14.7percent Over 2018’s Record Profits

Revere Bank Announces Record profits for 2019 – Net Income of $31.70 Million Increased 14.7percent Over 2018’s Record Profits

ROCKVILLE, Md., Jan. 28, 2020 (GLOBE NEWSWIRE) — Revere Bank (the “Bank”) (OTCQX: REVB) today reported quarterly net gain of $8.04 million when it comes to quarter finished December 31, 2019, an 11.4per cent enhance when compared with net gain of $7.21 million for the quarter finished December 31, 2018, and a 2.6% decrease throughout the quarter finished September 30, 2019. Net gain per diluted typical share increased 10.2% to $0.65 when it comes to 4th quarter of 2019, in comparison to $0.59 for similar duration in 2018. Net gain per basic typical share for the 4th quarter of 2019 had been $0.67 when compared with $0.61 for similar duration in 2018, a growth of 9.8per cent. Both diluted and basic profits per share increased mainly because of greater web interest earnings. When compared to 3rd quarter of 2019, diluted and fundamental profits per share reduced by 3.0% and 2.9%, correspondingly, driven mainly by a diminished web interest margin, a reduction in non-interest earnings, and a rise in salaries and employee benefits expense.

For the year finished December 31, 2019, net income had been $31.70 million, a 14.7per cent enhance in comparison to net gain of $27.63 million for the year finished December 31, 2018.