For the 12-month period ending December 31, 2k17, the Company reported net income of $596,000.00 or $0.310 per diluted share of common stock. This figure includes a $130,000.00 incline in deferred tax and AOCI tax bill adjustments as the result of a change in the federal tax rate which was recognized as additional income tax expense in December, 2k17.
The Company reported net income of $705,000.00 or $0.360 per diluted share of common stock for the 12-months ended December 31, 2016. This figure includes a $200,000.00 tax benefit resulting from a reduction in the Company’s deferred tax valuation allowance and a $36,000.00 net gain on securities sold.
As of December 31, 2k17, the Company reported total assets of $154.50 million, an 8.00 percent incline from $142.90 million as of December 31, 2016. The Company’s loan portfolio, net of unearned income, inclined 3.00 percent from $75.00 million as of December 31, 2016, to $77.30 million as of December 31, 2k17.
The portfolio remains diversified with $27.00 million or 35.00 percent in Commercial & Industrial Loans to local businesses (including $16.60 million in Owner-Occupied Commercial Real Estate Loans), $19.60 million or 25.00 percent in Residential Real Estate Loans to investors and $24.00 million or 31.00 percent in Commercial Real Estate Loans to investors. The Company has an additional $26.40 million in unfunded loan commitments.
The Company’s overall deposit base has decreased 1.00 percent in the 12-months ended December 31, 2k17, from $115.50 million as of December 31, 2016, to $113.90 million as of December 31, 2k17. Non-interest bearing deposits continue to form a substantial part of the deposit base (41.00 percent), decreasing from $47.5 million to $47.10 million as of December 31, 2k17.
During the similar time period, interest-bearing deposits decreased from $68.00 million to $66.90 million on December 31, 2k17. The Company has no deposits which were sourced through brokers or other wholesale funding sources.
At December 31, 2k17, shareholders’ equity was $16.30 million and the Company’s total risk-based capital ratio was 18.00 percent, significantly exceeding the “well-capitalized” level of 10.00 percent prescribed under regulatory requirements. The Company also continues to maintain a substantial liquidity position supplemented by the availability of collateralized borrowings and other potential sources of liquidity.