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Hamilton Bank announces 13 percent revenue growth in 2Q
Anamika Roy//Business Writer//November 6, 2015
Hamilton Bank announces 13 percent revenue growth in 2Q
The acquisition of Fairmount Bancorp at the end of Hamilton Bank’s second quarter grew the community bank’s total assets to $363.9 million as of Sept. 30, growing its assets by 25 percent since March 31, the company announced this week.
Hamilton reported a net loss of $201,000, or $0.06 per common share, for the quarter that was attributed to $401,000 in one-time merger-related costs incurred from the quarter. In last year’s second quarter, Hamilton reported a net loss of $59,000, or $0.02 per common share, without merger expenses.
Hamilton announced two mergers this fall. The Fairmount announcement came in September and increased Hamilton’s branch network by one. The former Fairmount branch is now Hamilton’s Rosedale branch. In October, Hamilton announced that the bank is in talks to acquire Fraternity Bancorp and its subsidiary Fraternity Federal Savings and Loan Association.
The Fraternity merger still needs approval from its shareholders and needs to undergo standard regulatory approvals. If the merger is successful, Hamilton will have eight branch locations and more than $500 million in pro-forma assets, with $340 million in loans and deposits of $400 million. Fraternity will lose its name and be absorbed as part of Hamilton Bank. That merger is expected to be completed early in the second quarter of 2016.
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