READ MORENet income for the first nine months of 2018 was $1,953,304 or $0.49 basic earnings per share, as compared to the first nine months of 2017 with a reported $1,352,944 or $0.34 basic earnings per share.
Total Assets were $281.4 million at September 30, 2018, representing a net growth of $25.5 million or 10% growth over total assets of $256.0 million at September 30, 2017.
Outstanding loan balances grew to $230.2 million, an increase of $19.7 million since December 31, 2017, and $46.2 million since September 30, 2017.
Bank management has concentrated much of its effort in growing deposits to support the rapid growth of the loan portfolio in 2018, as many banks contend with increased competition for funding. At September 30, 2018, total deposit balances were $247.5 million, an increase of $22.9 million or 10%, over the same month last year. ■