Northern States Financial sees 3Q income increase

WAUKEGAN - Northern States Financial Corp., the holding company of NorStates Bank, reported third quarter 2016 net income of $483,000 as compared with $354,000 for the second quarter 2016 and $514,000 for the third quarter of 2015.

Per share book value at Sept. 30 was 65 cents.

Pretax income for the third quarter of 2016 was $612,000 as compared with pretax income of $564,000 for the same quarter of 2015, an increase of 8.5 percent. Income tax expense for the third quarter of 2016 was $129,000 as compared with $50,000 for the same quarter of 2015 due to the effect of the company's application of deferred tax assets in the third quarter of 2015. For the nine months ended Sept. 30, pretax income was $1.7 million as compared with pretax income of $1.15 million for the first nine months of 2015, an increase of 47.7 percent.

"We continue to make progress regarding profitability and credit quality," said Scott Yelvington, President and Chief Executive Officer of the Company and Bank. "Our focus will remain on the reduction of NPAs, cost reduction and the profitable deployment of liquidity."

Total assets of the Company were $508 million at Sept. 30, an increase of $23 million, or 4.8 percent, from Dec. 31, 2015.