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Surrey Bancorp reports 8% rise in profit in third quarter
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Published: November 4, 2009
Updated: 11/04/2009 12:10 am
MOUNT AIRY - Surrey Bancorp said yesterday that it had an 8 percent increase in net income to $462,000 in the third quarter, compared with the third quarter of 2008.
A preferred-stock dividend payment of $65,000 was made to the U.S. Treasury as part of its participation in the capital-purchase program. Diluted earnings were up 1 cent to 14 cents a share.
The bank said it had an 11 percent increase in revenue from loans to nearly $1.8 million.
Surrey raised its provision for loan losses 61 percent to $261,001.
Total assets were $213.2 million on Sept. 30.
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