Press Release: Revere Bank : Revere Bank Announces Record Earnings for the First Quarter of 2019 - Net Income of $7.5 Million Increased 14.5% Over the First Quarter of 2018

ROCKVILLE, Md., April 29, 2019 (GLOBE NEWSWIRE) -- Revere Bank (the "Bank") (OTCQX: REVB) today reported record quarterly net income of $7.5 million for the quarter ended March 31, 2019, a 14.5% increase compared to net income of $6.6 million for the quarter ended March 31, 2018, and a 4.1% increase over the quarter ended December 31, 2018. Net income per diluted common share decreased 1.6% to $0.62 for the first quarter of 2019 compared to $0.63 for the same period in 2018. Net income per basic common share for the first quarter of 2019 was $0.63 compared to $0.66 for the same period in 2018, a decrease of 4.5%. The decrease in our diluted and basic earnings per share was a result of our capital raise in September 2018, in which we issued 1.6 million additional shares of common stock. Compared to the fourth quarter of 2018 diluted and basic earnings per share increased by 5.1% and 3.3%, respectively, driven primarily by increased earnings.