Kinderhook Bank Corp. Reports Results for First Six Months 2018
Kinderhook Bank Corp. (“KBC”), (OTCQB:NUBK), the holding company for The National Union Bank of Kinderhook (the “Bank”), announced results for the six months ended June 30, 2018.
Net income available to common shareholders was $2.3 million, or $1.72 (diluted) per common share, for the six months ended June 30, 2018, compared with $0.7 million, or $1.00 (diluted) per common share, for the six months ended June 30, 2017.
Results for the first six months of 2018 included an after-tax gain on loan sales of $275 thousand or $0.18 per share (diluted) as well as an after-tax loss on sale of securities of $124 thousand or $0.08 per share (diluted). Results for the first six months of 2017 included an after-tax charge of $322 thousand or $0.30 per share (diluted) of one-time merger and transactions costs related to the Bank’s acquisition of Patriot Federal Bank which was completed on November 10, 2017.
Total assets at June 30, 2018 were $637 million compared to $464 million at June 30, 2017. Net loans grew at an annualized 8% rate for the first six months of 2018. KBC and Bank President and Chief Executive Officer, John A. Balli, stated, “I am very pleased that net income per common share (diluted) for the first six months of 2018 was greater than the same period for any previous year. We continue to experience strong growth and increases in our loans and deposits.” Balli continued, “Our remarkable team of talented bankers looks forward to serving our many new customers.”
In operation since 1853, and celebrating 165 years serving the community, Kinderhook Bank’s main office is located in Kinderhook with branches in Albany, Amsterdam, Canajoharie, Chatham, Delmar, East Greenbush, Greenport, Johnstown, Latham, and Valatie NY.
This news release may contain statements relating to future results of KBC’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by managing using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors. Forward-looking statements made by KBC in this news release speak only as of the date they are made. Events or other facts that could cause KBC’s actual results to differ may arise from time to time and KBC cannot predict all such events and factors. KBC undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.