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Greater Bethesda News

ARTICLE

Date ArticleType
10/28/2019 Member News

Revere Bank Announces its Record Earnings for the Third-Quarter Financials in a Letter to Shareholders

Revere Bank announced its record earnings for the third-quarter financials in a letter to shareholders. The financials indicated strong growth compared to the same quarter of 2018.

 

  • On September 24, 2019, we announced that Revere Bank will be acquired by Sandy Spring Bancorp, Inc., in an all-stock transaction that is expected to close during the first half of 2020.

 

  • Net income increased 4.3 percent compared to the second quarter of 2019 and 17.7 percent compared to the third quarter of 2018.

 

  • Period-end loans grew 18.5 percent or $369 million compared to the third quarter of 2018 and 3.1 percent or $71.5 million compared to the second quarter of 2019.

  • Period-end deposits grew 19.8 percent or $387 million compared to the third quarter of 2018 and 9.9 percent or $209.6 million compared to the second quarter of 2019.

 

Ken Cook, co-president and CEO, said, "Our loan, deposit and profit momentum continues as we posted strong quarterly, yearto-date, and year-over-year results. We are very proud of our team and the alignment throughout the Bank as we continue to establish and grow relationships with businesses and individuals throughout our market."

 

Drew Flott, co-president and CEO, added, "We are very pleased with another quarter of strong loan, deposit and earnings growth. While we saw a dip in the net interest margin, due primarily to a swing in our earning asset mix, our strong balance sheet growth allowed us to increase our net interest income by more than $1 million, or over 5%, compared to last quarter."

 

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.

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