Kinderhook Bank Corp. Reports Record Assets and Net Income

KINDERHOOK, N.Y.--()--Kinderhook Bank Corp., (OTCQB:NUBK) the holding company for The National Union Bank of Kinderhook, reported that total assets at September 30, 2016 and net income for the first nine months of 2016 were both at record levels, according to President and Chief Executive Officer, John A. Balli.

“As a locally-based company, we have the privilege of serving customers who are also our neighbors. Our recent growth is a strong message that our neighbors truly value personal service, advanced banking technology and community investment”

Consolidated net income for the nine months ended September 30, 2016 ($2.220 million) represents a 25% increase compared to the first nine months of 2015 ($1.781 million). The net income jump drove a 29% increase in earnings per common share (diluted) to $2.10 for the nine months ended September 30, 2016 compared to $1.63 per common share for the same period last year. Total assets at September 30, 2016 were $447.9 million, the highest quarter-end level ever, resulting in a year-over-year growth rate of 11%. Deposit balances ($395.5 million) were also at record high quarter-end levels and returned an 11% year-over-year growth rate.

“Our team has worked hard to get the Kinderhook Bank story out by delivering service that reminds people how banking used to be. We have been positioning the Bank to take advantage of changes in our markets and based on the growth of new accounts and many new customers, this is paying off”, said Balli.

“As a locally-based company, we have the privilege of serving customers who are also our neighbors. Our recent growth is a strong message that our neighbors truly value personal service, advanced banking technology and community investment”, Balli commented. ”Our pledge is to maintain the outstanding service and commitment to our communities that has made Kinderhook Bank unique for over 163 years”.

In operation since 1853, Kinderhook Bank is the sole bank headquartered in Columbia County, NY. Kinderhook Bank’s branches are in Kinderhook, Valatie, Greenport, Chatham, East Greenbush, Delmar, Latham and Albany.

Member FDIC.

Contacts

Kinderhook Bank Corp.
Dori McDannold, Director of Marketing
Ph: 518-650-8199
Fax: 518-758-6963
dmcdannold@nubk.com

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Release Summary

Kinderhook Bank Corp. (OTCQB:NUBK) Reports Record Assets and Net Income as of September 30, 2016

Kinderhook Bank Corp.