The corporate parent of Four Oaks Bank & Trust posted a $20 million profit last year, reversing its $4.2 million loss in 2014.
Net income for 2015 totaled 62 cents per share, versus a loss of 24 cents per share a year earlier.
“We continue to make progress in the execution of our strategic plan,” CEO David Rupp said in a prepared statement. That has included, among other things, restructuring the balance sheet and expanding loans and deposits.
The Johnston County-based bank, which has 16 North Carolina offices, reported its fourth-quarter and year-end results Thursday.
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Net income for the fourth quarter totaled $810,000, or 3 cents per share, versus net income of $633,000, or 4 cents per share, a year ago.
Net interest income totaled $5.6 million in the quarter excluding the provision for loan losses, versus $5.2 million a year ago. Non-interest income totaled $4.7 million, up from $3.3 million.
Four Oaks shored up its finances in 2014 by raising $24 million from investors.