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Urbana bank reports second quarter earnings are up

Perpetual Federal Savings Bank in Urbana has reported their second quarter earnings for this year are up over the same period in 2018.

Perpetual Federal Savings Bank reported second quarter net income of $1.62 million, or earnings per share of $0.66 for the quarter that ended on March 31.

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This is compared to net income of $1.56 million, or earnings per share of $0.63 for the quarter that ended on March 31, 2018.

For the six months that end on March 31 of this year, the bank reported $3.19 million of net income, or $1.29 per share of earnings, compared to $2.89 million of net income, or $1.17 per share of earnings for the six months that ended on March 31 of 2018.

The bank’s total assets decreased to $392.0 million as of March 31, 2019. Shareholder equity increased to $74.6 million as of March 31, 2019, due to net income less dividends paid.

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“The Savings Bank’s capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations,” according to a news release from the bak.

Perpetual Federal Savings Bank is located at 120 N. Main St. in Urbana.

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