Urbana savings bank reports increase in net income for year

The Perpetual Federal Savings Bank of Urbana reported a net income of $1.43 million during the fourth quarter of its fiscal year.

The quarter ended on Sept. 30 and the bank reported basic and diluted earnings of $0.58 per share, according to a press release from the bank. During the same quarter last year the bank reported having basic and diluted earnings per share of $0.65 and a net income of $1.61 million.

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During the most recent fiscal year that ended on Sept. 30, the bank reported a total net income of $6.12 million or $2.48 per share of basic and diluted earnings. That is an increase from the $6.04 million and $2.44 per share of basic and diluted earnings reported last fiscal year.

However the bank’s total assets decreased to $391.7 million. But the bank’s total shareholders’ equity increased to $75.7 million, due to net income less dividends paid.

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The savings bank’s capital ratios also remained in excess of those required to be considered well-capitalized under U.S. banking regulations, the release said.