Kinderhook Bank Corp. Reports Earnings for First Quarter 2018

KINDERHOOK, N.Y.--()--Kinderhook Bank Corp. (“KBC”), (OTCQB:NUBK), the holding company for The National Union Bank of Kinderhook (the “Bank”), announced results for the three months ended March 31, 2018. For full financial details, click here.

“This is the first full quarter since our November 2017 acquisition of Patriot Federal Bank and we are very pleased with the successful integration and positive impact on our financial results. We have grown significantly in the last year and we warmly welcome our new customers and shareholders.”

Net income available to common shareholders was $1.3 million, or $0.93 (diluted) per common share, for the three months ended March 31, 2018, compared with $0.2 million, or $0.33 (diluted) per common share, for the three months ended March 31, 2017.

Results for the first three months of 2018 included an after-tax gain on loan sales of $248 thousand or $0.17 per share (diluted). Results for the first three months of 2017 included an after-tax charge of $243 thousand or $0.23 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.

Total assets at March 31, 2018 were $619 million compared to $467 million at March 31, 2017.

KBC and Bank President and Chief Executive Officer, John A. Balli, stated, “This is the first full quarter since our November 2017 acquisition of Patriot Federal Bank and we are very pleased with the successful integration and positive impact on our financial results. We have grown significantly in the last year and we warmly welcome our new customers and shareholders.” Balli continued, “We had a terrific first quarter 2018 and the entire team is excited about providing stellar Kinderhook Bank service to our expanded customer base.”

In operation since 1853, Kinderhook Bank’s main office is located in Kinderhook with branches in Albany, Amsterdam, Canajoharie, Chatham, Delmar, East Greenbush, Greenport, Johnstown, Latham, and Valatie NY.

Forward-Looking Statements

This news release may contain statements relating to future results of KBC’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by managing using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors. Forward-looking statements made by KBC in this news release speak only as of the date they are made. Events or other facts that could cause KBC’s actual results to differ may arise from time to time and KBC cannot predict all such events and factors. KBC undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.

Contacts

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

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Release Summary

KINDERHOOK BANK CORP. (OTCQB:NUBK) REPORTS EARNINGS FOR FIRST QUARTER 2018

Kinderhook Bank Corp.