Mars Bancorp, Inc. Announces Earnings Results for the Six Months Ended June 30, 2018
Mars Bancorp, Inc. announced earnings results for the six months ended June 30, 2018, the Company earned $784,000 as compared to $551,000 for the same period in the prior year, an increase of $233,000 or 42.2%. The increase in earnings was primarily due to an increase in net-interest income of $330,000, higher non-interest income of $135,000, and $71,000 less in provision for loan losses. This was partially offset by an increase in non-interest expense of $315,000. Net interest income increased by $330,000 or 6.6% for the six months ended June 30, 2018, as compared to the same period in 2017. This was primarily due to increases in interest income on loans of $288,000, interest-bearing deposits with banks of $105,000, investment securities of $113,000, and a decrease in borrowing costs of $52,000 which was partially offset by an increase in deposit interest expense of $228,000. The increase in interest income on loans was primarily related to higher average loan receivables of $5.1 million. The increase in interest income on interest-bearing deposits with banks was primarily related to higher average balances of $9.5 million and higher yields earned due to the increases in the Federal Funds rate over the past year. The increase in deposit costs of $228,000 was primarily related to deposit rate increases resulting from the Federal Funds rate increases. The net interest spread and net interest margin were 2.79% and 2.93% for the six months ended June 30, 2018, respectively, as compared to 2.77% and 2.87% for the same period in the prior year, respectively. Net interest income was $5,318,000 against $4,988,000 a year ago. Earnings per share was $9.80 against $6.89 a year ago. Return on average assets was 0.40% against 0.29% a year ago. Return on average equity was 4.67% against 3.21% a year ago. Book value per share was $422.26.