Surrey Bancorp reports 33 percent rise in net income


Surrey Bancorp (Pink Sheets: SRYB), the holding company for Surrey Bank & Trust, recently reported earnings for the second quarter had jumped a third over the same period in 2015.

For the quarter ended June 30, net income totaled $1,138,821 or 27 cents per share, compared to $739,936 or 18 cents per share earned during the second quarter of 2015.

Net income for the three months ended June 30 is was 53.9 percent higher than for the same period in 2015.

“The increase in earnings results from an increase in net interest income and non-interest income,” the company said in a written statement. “Net interest income increased from $2,437,301 in the second quarter of 2015 to $2,744,970 in 2016. This increase is due to loan growth. Average loans outstanding increased 9.8 percent from the second quarter of 2015 to 2016, or approximately $18,741,000.”

Non-interest income increased from $625,015 in the second quarter of 2015 to $938,921 in 2016.

“The increase primarily results from the recording of $315,754 in tax exempt life insurance proceeds during the quarter ended June 30,” the bank holding company said. “Service charges in deposit accounts decreased from $208,321 in 2015 to $160,388 due to regulatory changes involving insufficient funds charges. Non-interest expenses increased 6.5 percent from $1,837,382 in the second quarter of 2015, to $1,956,297 in 2016. This increase was primarily due to an increase in salaries and employee benefits, which grew due to the opening of a new branch office in the second half of 2015.

Net income for the six months ended June 30 was $1,915,775 or $0.46 per share, compared to $1,468,370, or 35 cents for the same period in 2015.

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