Business

Northern States Financial reports $534,000 1Q income

Posted May 11, 2016 1:00 am

Globe Newswire

WAUKEGAN - Northern States Financial Corp., holding company for NorStates Bank, reported first quarter 2016 pretax income of $534,000, compared with pretax income of $180,000 for the same quarter of 2015.

First quarter 2016 net income after tax was $321,000 while first quarter 2015 net income after tax remained $180,000 due to the company's tax position during that quarter. The company's per share book value at March 31, 2016 was 64 cents.

Total assets of the company were $488 million at March 31, 2016, increasing $2 million from year-end 2015. Loan volume increased $17 million, or 7.25 percent, during the first quarter of 2016 while deposits increased $3 million.

"We are pleased with our growth in assets and profitability as loan generation remains strong," said Scott Yelvington, president and CEO. "Credit quality remains a focus as we look to continue the reduction in NPA's in coming quarters."

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