KINDERHOOK, N.Y.--(BUSINESS WIRE)--Kinderhook Bank Corp., (OTCQB:NUBK) the holding company for The National Union Bank of Kinderhook, reported a substantial increase in earnings for the first six months of 2016 as compared to the same period last year, according to President and Chief Executive Officer, John A. Balli.
Consolidated net income for the six months ended June 30, 2016 ($1.595 million) represents a 40% increase compared to the first six months of 2015 ($1.140 million). The net income jump drove a 45% increase in earnings per common share (diluted) to $1.51 for the six months ended June 30, 2016 compared to $1.04 per common share for the same period last year. The year-over-year growth rate for total assets (11%), net loans (10%) and deposits (11%) all remained strong.
“Our strategy of generating profitable growth at Kinderhook Bank is working because of our exceptionally talented, energized team and our customers who value the benefits of a local bank run by their neighbors,” said Balli.
“We are all tremendously grateful for our growth and warmly welcome our new customers to Kinderhook Bank”, Balli commented. ”While we are excited to offer innovative mobile and internet banking services, advanced function ATMs and commercial remote banking technology, our pledge is to maintain the outstanding personal service that has made Kinderhook Bank unique for over 163 years.”
In operation since 1853, Kinderhook Bank is the sole bank headquartered in Columbia County and has recently added locations in Latham and downtown Albany, NY to its existing network of branches in Delmar, East Greenbush, Chatham, Greenport, Valatie and Kinderhook, NY.