Revenue during the quarter plunged 613.56 percent to $6.36 million from $1.24 million in the previous year period. Net interest income for the quarter rose 1.64 percent over the prior year period to $5.08 million. Non-interest income for the quarter fell 17.91 percent over the last year period to $1.28 million.

Net interest margin contracted 9 basis points to 3.50 percent in the quarter from 3.59 percent in the last year period. Efficiency ratio for the quarter deteriorated to 83.01 percent from 69.16 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

Marc Bogan, president and chief executive officer, said, "In the fourth quarter and throughout 2016, we have made significant progress towards our goal of improving financial performance at our company. While the 2016 financials clearly show dramatic improvement in the comparative year over year results, our belief is we still have a long way to go to achieve our short-term objective of being a high performing community bank, and a top performer relative to our peers. We are encouraged by the advances we have experienced over the past year, and we continue to see marked improvement in our specific operating results, as well as potential improvements in the overall operating environment for community banks."

Loans outpace deposit growth
Net loans stood at $458.61 million as on Dec. 31, 2016, up 3.60 percent compared with $442.67 million on Dec. 31, 2015. Deposits stood at $546.16 million as on Dec. 31, 2016, up 4.17 percent compared with $524.29 million on Dec. 31, 2015.

Investments stood at $51.76 million as on Dec. 31, 2016, down 8.41 percent or $4.75 million from year-ago. Shareholders equity stood at $54.45 million as on Dec. 31, 2016, up 3.45 percent or $1.82 million from year-ago.

Return on average assets was at 0.51 percent in the quarter against a negative 2.46 percent in the last year period. Return on average equity was at 5.91 percent in the quarter against a negative 26.90 percent in the last year period.

Nonperforming assets moved up 52.20 percent or $1.67 million to $4.88 million on Dec. 31, 2016 from $3.20 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, up from 0.53 percent in the last year period.

Tier-1 leverage ratio stood at 9.23 percent for the quarter, up from 9.13 percent for the previous year quarter. Book value per share was $14.51 for the quarter, up 3.20 percent or $0.45 compared to $14.06 for the same period last year.