The Bank’s financial health continued to be strong. At December 31, 2019, total assets of the Bank were $351 million. This represents an increase of $30 million or 9% since December 31, 2018. Total net loans were $266 million, an increase of nearly $22 million for the year. Our loan quality was exceptional with non-performing loans accounting for only 0.35% of total loans. Deposits increased $27 million for the year, ending 2019 at $314 million. Non-interest deposits account for the majority of the increase, nearly $18 million from a year ago, representing a 16% increase.

The Bank reported record earnings in 2019, an additional indicator of a solid financial position. Net income was $2,685,000, a 9.3% increase over 2018. Interest income on earning assets was $14 million, an increase of 17% from 2018. Offsetting this was an increase in deposit interest expense of 100%, or $1 million. Management was faced with increased costs on deposits during 2019; however, cost of funds has declined sharply into 2020. Capital levels reinforced our financial position which exceed regulatory standards for well capitalized institutions.

View 2019 Annual Report

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