KINDERHOOK, N.Y.--(BUSINESS WIRE)--Kinderhook Bank Corp., (OTCQB:NUBK) the holding company for The National Union Bank of Kinderhook, reported that total assets at December 31, 2016 and net income for 2016 were both at record levels, according to President and Chief Executive Officer, John A. Balli.
Consolidated net income for the year ended December 31, 2016 ($3.142 million) represents a 39% increase compared to 2015 ($2.260 million). The net income jump drove a 43% increase in earnings per common share (diluted) to $2.97 for the year ended December 31, 2016 compared to $2.08 per common share for the same period last year. Total assets at December 31, 2016 were $460 million, the highest quarter-end level ever, resulting in a year-over-year growth rate of 10%. Deposit balances ($398.6 million) were also at a record high year-end level and returned an 8.5% year-over-year growth rate.
“Our bankers have worked exceptionally hard to achieve these results in 2016. The banking consolidation in our markets gave us the opportunity to showcase a level of service that resonates with many new customers who appreciate our local focus and decision making”, said Balli.
“We see our record growth as a clear indication of the value a locally-based bank provides the community by serving customers who are also our neighbors. Our plans are to keep looking for ways to maintain the positive momentum by providing unmatched service that has made Kinderhook Bank unique for over 163 years”, Balli commented. In operation since 1853, Kinderhook Bank is the sole bank headquartered in Columbia County, NY. Kinderhook Bank’s branches are in Kinderhook, Valatie, Greenport, Chatham, East Greenbush, Delmar, Latham and Albany.