Delmar Bancorp Reports Continued Growth for Third Quarter of 2017
John W. Breda, President and CEO, reported that Delmar Bancorp had significant asset growth in the twelve months ended September 30, 2017. The Bank’s loan portfolio, net of the allowance, grew by $30.7 million or 7.5%. Loan growth was partially funded by an increase in deposits of $21.1 million or 4.9%. Of note was an increase in non-interest bearing demand deposits of $23.2 million or 15.9%. Total assets and stockholder’s equity grew by 7.4%. Book value per share increased from $5.66 to $5.96 or 5.3% over the 12 month period from September 30, 2016 to September 30, 2017.
For the first nine months of 2017, Delmar Bancorp had net income of $3.1 million compared to net income of $2.9 million for the first nine months of 2016, an increase of $120,000 or 4.1%. Net interest income increased from September 30, 2016 to September 30, 2017 by $1.7 million, and the provision for credit losses increased by $83,000. Operating overhead increased by $1.5 million for the same period. Income before taxes increased by $263,000 or 5.7%.
Earnings per share increased 4.1% over the twelve month period from September 30, 2016 to 2017. The Company paid a cash dividend to common stockholders of $.02 per share in January, April, July, and October of 2017. The Board Directors of Delmar Bancorp is committed to returning capital to shareholders in the form of cash dividends with the expectation that the cash dividend will increase as earnings continue to grow.
For further information contact John W. Breda, 410-548-1100 extension 1012 or Betsy Holland, CPA, 410-548-1722 extension 105.
