ARTICLE
Revere Bank announced its record earnings for the second-quarter financials in a letter to shareholders. The financials indicated a strong start to the year for the bank with significant earnings growth. Net income increased 5.3 percent compared to the first quarter of 2019 and 15.4 percent compared to the second quarter of 2018. Period-end loans grew 17 percent or $333.6 million compared to the second quarter of 2018 and 6.7 percent or $144.5 million compared to the first quarter of 2019. Period-end deposits grew 11.5 percent or $219.3 million compared to the second quarter of 2018 and 2.5 percent or $51.6 million compared to the first quarter of 2019. Drew Flott, co-president and CEO, said, “Our team continues to focus on building strong, growing relationships and increasing bottom line profitability. We are proud of what we have accomplished and know there is still plenty to do.” Ken Cook, co-president and CEO, added, "Our commercial bankers produced outstanding loan growth in the second quarter with several significant relationships established as a result of long-term calling efforts. These efforts and results, along with our funding approach this year, using FHLB borrowings when appropriate and deposit growth to fund assets at optimal costs, have set the stage for very strong earnings momentum going into the second half of 2019." Read the entire shareholder report here. About Revere Bank Revere Bank is a community bank with more than $2 billion in assets. Established in 2007, Revere Bank specializes in serving business clients throughout the I-270 and Baltimore -Washington corridors. Led by a team of experienced bankers with extensive local market knowledge, Revere Bank provides creative financing and unparalleled service to meet each client’s unique needs. And even with our recent expansion, we're still your community bank making local decisions to improve the communities we serve and now have more resources to make our customers even more successful. Headquartered in Maryland, Revere Bank has locations in Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince George’s counties. We do everything we can to say yes to you – because we’re committed to your success. For more information, visit reverebank.com. Connect with us on Facebook, LinkedIn and Twitter.
Revere Bank announced its record earnings for the second-quarter financials in a letter to shareholders. The financials indicated a strong start to the year for the bank with significant earnings growth.
Drew Flott, co-president and CEO, said, “Our team continues to focus on building strong, growing relationships and increasing bottom line profitability. We are proud of what we have accomplished and know there is still plenty to do.”
Ken Cook, co-president and CEO, added, "Our commercial bankers produced outstanding loan growth in the second quarter with several significant relationships established as a result of long-term calling efforts. These efforts and results, along with our funding approach this year, using FHLB borrowings when appropriate and deposit growth to fund assets at optimal costs, have set the stage for very strong earnings momentum going into the second half of 2019."
Read the entire shareholder report here.
About Revere Bank
Revere Bank is a community bank with more than $2 billion in assets. Established in 2007, Revere Bank specializes in serving business clients throughout the I-270 and Baltimore -Washington corridors. Led by a team of experienced bankers with extensive local market knowledge, Revere Bank provides creative financing and unparalleled service to meet each client’s unique needs. And even with our recent expansion, we're still your community bank making local decisions to improve the communities we serve and now have more resources to make our customers even more successful. Headquartered in Maryland, Revere Bank has locations in Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince George’s counties. We do everything we can to say yes to you – because we’re committed to your success. For more information, visit reverebank.com. Connect with us on Facebook, LinkedIn and Twitter.