BLUE BALL, PA. Pennrock Financial Services Corp., the $893 million-asset holding company for Blue Ball National Bank, said its first-quarter net income rose 10% from a year earlier, to a record $3.02 million.
This was the first time Pennrocks profits topped $3 million in any quarter, chief executive officer Melvin Pankuch said.
Loans increased 5.5%, to $503.01 million, while deposits rose 3.7%, to $668.04 million.
Last month Pennrock completed its acquisition of National Advisory Group, a Dresher, Pa., asset management firm with more than $100 million of assets under management. George Crisp, Pennrocks treasurer, said the company is looking to buy a payroll processing company and more asset management firms, and may announce as many as two deals later this year.
The company expects net income to exceed $3 million each quarter this year, Mr. Crisp said. Last year it had $9.5 million of net income.