Revenue during the quarter went up marginally by 2.05 percent to $1.30 million from $1.27 million in the previous year period. Net interest income for the quarter dropped 5.14 percent over the prior year period to $1.22 million. Non-interest income for the quarter rose 44.44 percent over the last year period to $0.08 million.

Net interest margin contracted 38 basis points to 3.04 percent in the quarter from 3.42 percent in the last year period. Efficiency ratio for the quarter improved to 83.90 percent from 87.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"2016 reflects another year of continued growth and success in expanding our market presence in both Carroll County and the Washington metropolitan area. We have again this year reached new highs for total assets, loans and core deposits which will propel the future growth and earnings of the Bank" stated Russell J. Grimes, the Companys president and chief executive officer.

Return on average assets moved up 18 basis points to 0.33 percent in the quarter from 0.15 percent in the last year period. At the same time, return on average equity increased 184 basis points to 3.30 percent in the quarter from 1.46 percent in the last year period.

Meanwhile, nonperforming assets to total assets was 1.85 percent in the quarter, up from 0.13 percent in the last year period.