NewsFebruary 8, 2018
Kinderhook Bank Corp. Reports Results for Full Year 2017
Kinderhook Bank Corp. (“KBC”), (OTCQB:NUBK), the holding company for The National Union Bank of Kinderhook (the “Bank”), announced results for the year ended December 31, 2017.
Net income available to common shareholders was $1.2 million, or $1.53 (diluted) per common share, for the year ended December 31, 2017, compared with $2.5 million, or $2.97 (diluted) per common share, for the year ended December 31, 2016.
Results for the year 2017 included an after-tax charge of $735 thousand or $0.66 per share (diluted) of one-time merger and transactions costs related to the Bank’s acquisition of Patriot Federal Bank which was completed on November 10, 2017. Results for the year 2017 also included a non-recurring charge of $700 thousand or $0.62 per share (diluted) related to the remeasurement of net deferred tax assets due to the enactment of the new U.S. tax law during the fourth quarter 2017.
Total assets at December 31, 2017 were $620 million compared to $460 million at December 31, 2016.
KBC and Bank President and Chief Executive Officer, John A. Balli, stated, “2017 was the most transformative year in our 164-year history. We successfully completed our first whole-bank acquisition which increased total assets by approximately $140 million. A smooth system integration has made the conversion process virtually seamless for our new customers, and we are pleased that the transaction has been well received by both customers and employees.” Balli continued, “As expected, 2017 earnings per share were reduced by the acquisition transaction costs that were largely non-deductible for tax purposes and by a non-recurring charge related to the remeasurement of net deferred tax assets as a result of the enactment of the new federal tax law. As previously announced, we are pleased to have increased our quarterly dividend to $.24 per common share in October 2017, representing our seventh consecutive year with a dividend increase. As a well-capitalized institution with a diversified base of high quality earning assets and an eleven branch network spanning five counties, we believe the Bank is well positioned to continue to build value for shareholders and serve our growing customer base.”
To view the Consolidated Statements of Condition (unaudited) click here.