Community Bankers Trust Corporation Reports Results for Second Quarter of 2016

Smith concluded, "We are pleased by the results of the first half of 2016, as we have met or exceeded all of our strategic targets so far.  We will continue to push for earnings growth by adding quality loans, holding the line on pricing and expenses and continuing to gain market share of low cost deposits."

RESULTS OF OPERATIONS

Net income was $2.3 million for the second quarter of 2016, compared with $2.4 million in the first quarter of 2016 and $1.7 million in the second quarter of 2015.  Earnings per common share, basic and fully diluted, were $0.11 per share, $0.11 per share and $0.08 per share for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively.

The decrease of $102,000 in net income during the second quarter of 2016 compared with the first quarter of 2016 was primarily due to a $200,000 provision for loan losses that was added in the current quarter to support robust loan growth of $19.5 million. Net interest income improved slightly, 1.2%, on a linked quarter basis, as did noninterest income, 5.6% on the same basis.  Noninterest expenses were slightly higher, by 2.5%.

The increase of $625,000 in net income when comparing the second quarter of 2016 with the same period in 2015 was driven by a $1.2 million decline in total noninterest expense. In September 2015, the Company and the FDIC mutually terminated their shared-loss agreements, which resulted in the elimination of FDIC indemnification amortization expense in future periods, which was $1.2 million in the second quarter of 2015.  Also improving in the second quarter of 2016 versus the same period in 2015 was noninterest income, which increased $189,000, or 15.7%.  Offsetting this improvement was a decrease of $230,000 in net interest income, the result of margin pressure and lower securities balances. Also affecting net income was an increase in the effective tax rate, due to higher taxable income, from 23.9% to 27.5% year-over-year.

Net income was $4.7 million for the six months ended June 30, 2016 compared with $3.0 million for the first half of 2015.  The increase in net income was the result of a decline of $2.7 million in noninterest expenses, driven by the elimination of the FDIC indemnification asset amortization, which was $0 for the first two quarters of 2016 and $2.4 million for the same period in 2015. Offsetting the increase in net income was an increase in the effective tax rate from 22.7% to 28.2%. Fully diluted earnings per common share for the six months ended June 30, 2016 were $0.22 compared with $0.14 for the same period in 2015.  This represents an increase of 50.0%.  Basic earnings per share were $0.22 for the six month period versus $0.14 for the same period in 2015, an increase of 57.1%.

The following table presents summary income statements for the three months ended June 30, 2016, March 31, 2016 and June 30, 2015 and six months ended June 30, 2016 and June 30, 2015.

SUMMARY INCOME STATEMENT
(Dollars in thousands)		For the three months ended						For the six months ended
		30-Jun-16		31-Mar-16		30-Jun-15		30-Jun-16		30-Jun-15
Interest income	$	12,133	$	12,038	$	12,333	$	24,171	$	23,983
Interest expense		1,900		1,925		1,870		3,825		3,735
Net interest income		10,233		10,113		10,463		20,346		20,248
Provision for loan losses		200		-		-		200		-
Net interest income after provision for loan losses		10,033		10,113		10,463		20,146		20,248
Noninterest income		1,395		1,321		1,206		2,716		2,603
Noninterest expense		8,229		8,031		9,443		16,260		18,962
Income before income taxes		3,199		3,403		2,226		6,602		3,889
Income tax expense		881		983		533		1,864		884
Net income	$	2,318	$	2,420	$	1,693	$	4,738	$	3,005
EPS Basic	$	0.11	$	0.11 Werbung Mehr Nachrichten zur COMMUNITY BKERS TR. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire Invesco Bond Income Plus Ltd - Issue of Equity Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59