QUEENSTOWN — Queenstown Bancorp of Maryland Inc. reported its consolidated financial results for the first half of the year.
“The bank had a very good first half of the year in 2019, building on a strong 2018,” said Kevin B. Cashen, president and chief executive officer. “We have seen positive trends across many of our performance measurements.
“The bank continues to monitor the interest rate environment very closely to ensure that we are properly pricing both our loans and deposits,” he said. “We have seen good loan growth over the past 12 months and remain optimistic about the economy.
“Overall, our capital ratios remain very strong, positioning the bank well for future growth,” Cashen said. “We continue to focus on serving our local community with outstanding service and a broad product offering.”
Net income at the end of the second quarter of 2019 was $3.8 million, an increase of $404,000 from the same period in 2018, an 11.9% increase.
These earnings resulted in a 1.63% return on average assets and 12.08% return on average equity.
Net income per share increased from $2.78 to $3.20 per share in 2019.
Net interest income increased $332,000 to $9.6 million for the first half of 2019.
There was no provision for loan losses for the first half of 2019.
The company continues to maintain a very attractive efficiency ratio, the industry standard for effective expense control, at 49.2%.
Stockholders’ equity at June 30, 2019, increased by $3.17 million to $64.2 million from June 30, 2018.
The bank remains very well capitalized with the ratio of common equity to assets increasing from 12.88% at June 30, 2018, to 13.85% at June 30, 2019.
Book value per share was $53.85 at June 30, 2019, up $3.81 from June 30, 2018, representing an increase of 7.6%.