/EIN News/ — BURLINGTON, Wash., Jan. 29, 2019 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB), the bank holding company for SaviBank, today reported fourth quarter 2018 earnings increased to $674,000, or $0.16 per diluted share, compared to $390,000, or $0.09 per diluted share in the third quarter of 2018. Fourth quarter profitability was fueled by 24% loan growth and 17% deposit growth year-over-year, excellent asset quality and a strong net interest margin. In the fourth quarter of 2017, following a $1.49 million valuation charge for its deferred tax asset (DTA) due to tax reforms enacted in 2017, Savi reported a net loss of $1.14 million. By comparison, in the fourth quarter of 2016, Savi recognized a tax benefit for its DTA valuation of $5.00 million. All results are unaudited and reflect the 1-for-5 reverse split effected on September 11, 2018. For the year 2018, earnings grew to $2.24 million, or $0.52 per diluted share. In 2017, including the $1.49 million valuation charge for its DTA, net income was $27,000, or $0.01 per diluted share. Pre-tax income increased 25% to $2.85 million, compared to $2.28 million in 2017. “Our 2018 financial results reflect the stability and strength of… Read full this story
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