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Urbana savings bank reports increase in net income for year

Urbana’s Perpetual Federal Savings Bank reports its net income for the fiscal year is up.

Urbana’s Perpetual Federal Savings Bank reports its net income for the fiscal year is up.
Business
Oct 17, 2019
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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.

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