Perpetual Federal Savings Bank of Urbana (OTC Pink: “PFOH”) held its annual stockholders meeting Wednesday, Jan. 24, 2018. Michael R. Melvin, President/CEO of the Savings Bank, reported fiscal first quarter net income of $1.33 million, or basic and diluted earnings per share of 54 cents, for the quarter ended Dec. 31, 2017, compared to net income of $1.29 million, or basic and diluted earnings per share of 52 cents for the quarter ended Dec. 31, 2016.

Total assets increased to $396.0 million at Dec. 31, 2017. Total shareholders’ equity increased to $70.3 million at Dec. 31, 2017, due to net income less dividends paid. The Savings Bank’s capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.

Dr. Steven Bohl, Chairman of the Board for Perpetual, announced the officers for the Savings Bank for 2018. Joining Melvin are: Chris Phelps as Executive Vice President/Corporate Secretary; Mary E. Heaston as Sr. Vice President; Jared E. Riblet as Treasurer; John M. Harrigan and Bradley Millice as Vice Presidents and Jennifer J. Miller as Assistant Secretary.