First National Bank of Michigan Announces Unaudited Second Quarter Earnings
August 1, 2019
Source: Deb Lang
Job Title: Marketing Director
First National Bancorp Inc., the holding company (the “Company”) for First National Bank of Michigan (the “Bank”), today reported the Company had net income of $1.61 million for the quarter ended June 30, 2019 up 3% from the quarter ended June 30, 2018. Diluted earnings per share for the quarter ended June 30, 2019 were $0.78 compared to $0.76 for the quarter ended June 30, 2018.
The Company had net income of $3.18 million for the six months ended June 30, 2019, (up 8% from June 30, 2018) or $1.54 per share, compared to $2.98 million, or $1.44 per share, for the six months ended June 30, 2018.
The Bank’s total assets of $575 million as of June 30, 2019 were up 8% from June 30, 2018. Our loan portfolio grew by $60 million from a year ago and our deposits grew by $25 million, a 6% increase.
Daniel E. Bitzer, President and Chief Executive Officer of FNBM commented, "We are pleased with our progress in the first half of the year. We see the benefits of our banking teams performing well with strong loan and deposit growth in all markets. Additionally, we have made significant progress improving efficiencies across the organization while continually managing expenses."