Surrey Bancorp (SRYB)

[benfrankledger]

$SRYB For the year ended December 31, 2016, the Company reported net income of $3,596,628, or $0.86 per fully diluted common share. This represents a 17.6 percent increase in profitability from year-end 2015, when the Company reported earnings of $3,061,110, or $0.73 per fully diluted common share. This increase was attributable to increases in net interest income and noninterest income. Net interest income increased 10.5 percent from $9,968,598 for the year ended 2015 to $11,018,850 at year-end 2016. This increase was due to loan growth and stable net asset yields. Noninterest income increased 4.6 percent to $2,843,811 in 2016, compared to $2,718,155 reported for the year ended December 31, 2015. This increase was due to life insurance proceeds in excess of the cash surrender value of $315,754. Increases from these two sources amounted to $1,175,908. The provision for loan losses increased from $242,445 in 2015 to $401,403 in 2016 primarily due to loan growth. Noninterest expenses increased 4.5 percent, from $7,658,670 in 2015, to $8,002,821 in 2016. The majority of the increase results from cost associated with the opening of a full service branch in December of 2015 and renovation cost.