NICE UPDATES.
third quarter 2015 net income of $514,000, an increase from $392,000 for the second quarter of 2015 and $180,000 for the first quarter of 2015.
we sold one of our branch buildings at a gain of $1.4 million which is being replaced by a new smaller, more efficient building that the Bank will lease. The gain was largely offset by write-downs to other real estate owned of $1.3 million as we prepare to sell these properties to further reduce NPAs. Our focus will remain on the reduction of NPAs and the further increase in profitability through loan generation and short-term investments while reducing expenses."
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