• Queenstown Bank's 2018 Year End Financials

    February 19, 2019
    Press Release
    Queenstown Bancorp of Maryland, Inc. Announces 2018 Financial Results
     
    QUEENSTOWN, MD., February 15, 2019 / Company Release / -- Queenstown Bancorp of Maryland, Inc. reported its consolidated financial results for the year ended December 31, 2018.  
     
    Net income for 2018 was $7.228 million, an increase of $1.983 million from 2017, a 37.8% increase. These earnings resulted in a 1.54% Return on Average Assets and 12.03% Return on Average Equity. Net income per share increased from $4.20 to $5.99 per share in 2018. Net interest income increased $779 thousand to $18.901 million for 2018. The provision for loan losses was $300 thousand for 2018, compared to $600 thousand for 2017. The Company continues to maintain a very attractive Efficiency Ratio, the industry standard for effective expense control, at 49%. Stockholders' equity at December 31, 2018 increased by $2.87 million to $61 million from December 31, 2017. The Bank remains very well capitalized with the ratio of common equity to assets increasing from 12.15% at December 31, 2017 to 12.95% at December 31, 2018. Book value per share was $51.30 at December 31, 2018, up $3.94 from December 31, 2017, representing an increase of 8.31%.
     
    “We are very pleased with the Bank’s performance in 2018.  We continued to see growth in Net Income, Equity and Book Value and saw improvement in our ROE and ROAA.  Because of the strong performance, we were able to reward our shareholder with an increased dividend in 2018, increasing it from $1.25 per share to $2.25 for the year.  We saw growth in our core deposits and modest growth in our loan portfolio.  While the Bank’s credit quality remains satisfactory, we are monitoring the portfolio closely as 2018 was a very difficult year for many of those in our community who were impacted by the rainy weather.  The Bank is well positioned for growth with our strong liquidity position and capital ratios that far exceed the regulatory requirements”, stated Kevin B. Cashen, President and Chief Executive Officer.  “We will continue to serve our customers with a commitment to excellent customer service and serve our community with the dedication and commitment it has come to expect.”
     
    About Queenstown Bank of Maryland: Queenstown Bank of Maryland (“Bank”) is the sole subsidiary of Queenstown Bancorp of Maryland Inc. (“Company”). Founded in 1899, Queenstown Bank is a full-service community bank offering a wide array of personal and commercial banking loan and deposit products. The Bank is active in both the residential and commercial mortgage lending markets and has developed a robust on-line banking suite of products for both individuals and businesses. The Bank has total assets of $465 million and eight branches located in Queenstown, Easton, Grasonville, Chester, Stevensville, Centreville, Church Hill and Ridgely, Maryland. The Bank is well known for its outstanding customer service and responsiveness to its community. For more information on the Bank or if you are interested in buying or selling stock, please visit us at www.queenstownbank.com or contact us at 410-827-8881.
     
    Forward Looking Statements
    In addition to the historical information contained herein, this press release may contain forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in any forward-looking statements.


    Contact:
    Kevin Cashen, President | CEO
    (410) 827-3732
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