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Surrey Bancorp posts modest profit hike in second quarter
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Surrey Bancorp posts modest profit hike in second quarter

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Surrey Bancorp reported Wednesday a 12.5% increase in second-quarter net income to $1.1 million.

The Mount Airy-based bank reported diluted earnings were up 3 cents to 26 cents.

One key factor in the profit hike was adding $188,616 to its loan-loss provision, compared with adding $260,051 a year ago.

The provision offers a glimpse at how a bank expects its loan portfolio and revenue stream to perform as customers struggle to make monthly payments. It has a bottom-line effect on a bank’s profitability.

Excluding the provision, loan revenue was up 13.7% to $3.3 million.

Fee income dropped 25% to $501,064. The decrease came mainly from the loss of revenue related to the sale of insurance subsidiary SB&T Insurance, in the first quarter.

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@rcraverWSJ

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