First Chatham Bank Reports Operating Profits for 2017 and First Quarter 2018
Friday, April 13th, 2018
First Chatham Bank, and its Family of Banks, reported pre-tax income for the year ended December 31, 2017 of $2,470,000, compared with $2,371,000 for the year ended December 31, 2016. For the quarter ended March 31, 2018, the Bank earned $810,000 compared with $245,000 for the same period in 2017.
Ken Farrell, Interim CEO, commented, “We are very proud to report our increased profitability and continued recovery efforts following the financial crash of 2008. Our momentum shows the hard work and dedication of the Bank’s directors, officers, and staff.”
On the heels of a loss in 2015, and record losses in 2009 - 2012, the Bank is showing positive financial strength and renewed energy within the organization. Now, with each year showing improvement over the previous one, 2018 is aligning for FCB to continue that trend.
Mr. Farrell continued, “Although we were challenged by the recent economic downturn, our commitment to our customers has never wavered. The FCB Family of Banks is very proud to be a vital part of our community, delivering the products and services that our customers have come to know and expect.”
As outlined in a recent letter to its shareholders, First Chatham Bank’s total assets were $364 Million at December 31, 2017, a strategic decrease from $380.4 Million at December 31, 2016. Deposits at year-end 2017 totaled $331.8 Million, while totaling $342.4 Million at year-end 2016. Loans totaled $246.3 Million in 2017, while totaling $243.9 Million in 2016.
The letter to its shareholders also detailed the Bank’s commitment to remaining focused on increasing shareholder value by continued profitability, reduction of non-performing assets, and strengthening of capital ratios.
With more than 19,000 transaction accounts, and one of the Nation’s top 100 SBA lenders, First Chatham Bank continues to focus on its mission of building customer relationships with integrity and trust.