NEW WINDSOR, Md., July 30, 2015 /PRNewswire/ -- Solid loan growth funded by core deposit growth contributed to another record earnings quarter. The Directors declared a $.06 per share cash dividend for all shareholders of record July 31, 2015. Tom Rasmussen, President and CEO, stated "Lending efforts in and outside of Carroll County continue to enhance our volume of earning assets and reflect continued improving economic conditions in the mid-Maryland area."
For the second quarter of 2015, the Bancorp produced net income of $409,000 compared to the same period of the prior year of $276,000 reflecting a 48% increase in earnings. Year-to-date 2015 earnings stood at $732,000 compared to $540,000 the same period of the prior year. This reflects a 36% increase in earnings. Earnings per share for the second quarter stood at $.66 and year-to-date at $1.19. Return on equity for the Bancorp was 9.94%.
The Bancorp recently announced and began collecting subscriptions towards a $5,000,000 common stock offering to Maryland domiciled existing shareholders, noteholders and accredited investors. Mr. Rasmussen commented "We are pleased with the strong early response to our offering which reflects the understanding by investors that our stock is discounted compared to book value and average EPS multiples based on the Bank's continued strong earnings performance. Investor commitments thus far reflect, we feel, a real value at $16.00 per share relative to our book value of $24.00 per share." Interested parties may find additional stock offering information on the investor relations tab of the Bank's website.
New Windsor Bancorp, Inc. is a one-bank holding company headquartered in New Windsor, MD and is incorporated under the laws of Maryland. The Bancorp holds all of the issued and outstanding shares of common stock of New Windsor State Bank (the "Bank"). The Bank is a Maryland company that engages in general commercial and retail banking operations and its deposits are insured by the Federal Deposit Insurance Corporation ("FDIC"). The Bank provides a full range of financial services to individuals, businesses and organizations through six branch banking offices located in New Windsor, Taneytown, Westminster, Mt. Airy and Hampstead along with six automated teller machines ("ATMs"). The Bank considers its core market to be the communities in Carroll County, Maryland and adjacent counties of Maryland and Pennsylvania. The stock of the holding company trades under the symbol "NWID".
SOURCE New Windsor Bancorp, Inc.