Clarkston Financial Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total interest income was $1,667,000 compared with $1,475,000 for the same period last year. Net interest income was $1,551,000 compared with $1,331,000 for the same period last year. Income before income taxes was $332,000 against $382,000 a year ago. Net income was $195,000 compared with $252,000 for the same period last year. Earnings per share - basic & diluted were $0.06 against $0.07 a year ago. Book value per share at March 31, 2016 was $4.33 compared with $4.04 at March 31, 2015. Return on average assets was 0.46% compared with 0.69% for the same period last year. Return on average equity was 5.64% compared with 7.81% for the same period last year.

The company expects its operating expenses to decline the remainder of the 2016 as the company has streamlined its branch and retail network. The reduction in operating expenses when combined with the company's excellent net interest margin will propel the company's earnings performance as the company move throughout the remainder of the year 2016.