The Bank’s financial health continues to be strong. At December 31, 2020, total assets of the Bank were $465 million. This represents an increase of $114 million or 32% since December 31, 2019. Total net loans were $339 million, an increase of nearly $72 million for the year. Our loan quality continues to be exceptional with non-performing loans accounting for only 0.26% of total loans. Deposits increased approximately $110 million for the year, ending 2020 at $423 million. Non-interest deposits account for the majority of the increase, nearly $70 million from a year ago, representing a 53% increase.
The Bank again reported record earnings, a further indicator of a solid financial position. Net income was $3.25 million, a 21% increase over 2019. Interest income on earning assets was $15 million, an increase of 6% from 2019. Adding to this was a decrease in deposit interest expense of 50%, or $1 million. Capital levels reinforced our financial position which exceed regulatory standards for well capitalized institutions.
