Commencement saw record second quarter earnings in the last three months, with a net income of $669,000, or $0.19 per share.
Compare that to $334,000, or $0.15 per share for the second quarter of 2016. An announcement from the bank attributed the strong earnings to loan growth and stabilized operating expenses.
“We are very pleased with this quarter’s record financial performance as operating income was at an all-time high,” said Hal Russell, president and CEO. “The Bank’s momentum continues to pick-up as post-merger efficiencies and loan growth continue to improve. As we grow, I look forward to our experienced team of bankers delivering competitive products and services to our customers, ultimately allowing us to demonstrate the benefits of being with a strong, local bank.”
Total loans at the end of the second quarter increased to $243.5 million from $149 million the previous year. The Bank’s loan portfolio remained well-diversified at 32 percent commercial, 64 percent commercial real estate, and 4 percent consumer and other.
Total deposits grew 78 percent to $288.6 million, as compared to $162.4 million in second quarter 2016.