Business News • MarketWire • Northern States Financial Corporation Reports 2015 Net Income of $23.1 million |
Northern States Financial Corporation Reports 2015 Net Income of $23.1 million |
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Northern States Financial Corporation Reports 2015 Net Income of $23.1 million
WAUKEGAN, IL--(Marketwired - Mar 8, 2016) - Northern States Financial Corporation (OTCQB: NSFC) (the "Company"), holding company for NorStates Bank (the "Bank"), an FDIC insured financial institution, today reported annual net income for 2015 available to stockholders of $23,129,000, or $0.26 per share. A significant portion of the Company's net income for 2015 resulted from the reversal of almost all of the Company's deferred tax allowance which allowed the booking of a $21.7 million tax credit during the fourth quarter of 2015. At year-end 2015, there remains a deferred tax allowance of approximately $3.0 million. In 2014, the Company successfully negotiated a discount of TARP preferred shares in association with the Company's recapitalization which resulted in net income available to stockholders of $15,564,000, or $0.26 per share. Pretax income for 2015 was $1,474,000 as compared with pretax income for 2014 of $210,000. Per share book value at December 31, 2015 was $0.64.
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