Community Bankers Trust Corporation Reports Results for Fourth Quarter and Year 2016

Smith concluded, "Our strategy has allowed us to create significant value in the past several years through a combination of strategic branching, diversified loan growth and a substantial change in the core deposit mix.  Because of the level of adjustable rate loans and our sources of funding, including the growth in noninterest bearing deposits, the Bank is well positioned for the rising rate environment we expect in the coming year.  We are pleased with the results of 2016 and look forward to continuing our positive trends in 2017."

RESULTS OF OPERATIONS

Net income was $2.7 million for the fourth quarter of 2016, compared with linked quarter net income of $2.5 million in the third quarter of 2016 and year-over-year net income of $2.2 million in the fourth quarter of 2015.  Earnings per common share, basic and fully diluted, were $0.12 per share, $0.11 per share and $0.10 per share for the three months ended December 31, 2016, September 30, 2016, and December 31, 2015, respectively.  For the year ended December 31, 2016, net income was $9.9 million, or $0.45 per common share, basic and fully diluted, compared with a net loss of $2.5 million, or ($0.11) per common share, for the year ended December 31, 2015.  

Net income in 2015 was affected by the third quarter termination of the Bank's FDIC shared-loss agreements in order to improve profitability beginning in the fourth quarter of 2015.  As part of the termination of the shared-loss agreements, the FDIC paid $3.1 million in cash to the Bank, and the remaining $13.1 million of the FDIC indemnification asset related to the agreements was charged off.  This transaction eliminated future indemnification asset amortization expense, which had totaled $5.2 million for the 12 month period from July 1, 2014 through June 30, 2015. 

Excluding the one-time charge of $13.1 million related to the termination of the FDIC shared-loss agreements, net income for 2015 would have been approximately $6.1 million, or $0.28 per common share.  In addition to the shared-loss termination charge, the Company had write-downs totaling $1.1 million with respect to two bank buildings held for sale and one parcel in other real estate owned in the third quarter of 2015. 

The following table presents summary income statements for the three months ended December 31, 2016, September 30, 2016 and December 31, 2015, and the years ended December 31, 2016 and December 31, 2015.

SUMMARY INCOME STATEMENT
(Dollars in thousands)	For the three months ended							For the year ended
		31-Dec-16		30-Sep-16		31-Dec-15			31-Dec-16		31-Dec-15
Interest income	$	12,717	$	12,407	$	11,846		$	49,295	$	47,552
Interest expense		2,091		1,904		1,884			7,820		7,497
Net interest income		10,626		10,503		9,962			41,475		40,055
Provision (credit) for loan losses		(284)		250		-			166		-
Net interest income after provision for loan losses		10,910		10,253		9,962			41,309		40,055
Noninterest income		1,118		1,345		1,225			5,179		5,081
Noninterest expense		8,212		8,278		8,269			32,750		50,260
Net income (loss) before income taxes		3,816		3,320		2,918			13,738		(5,124)
Income tax expense (benefit)		1,090		862		704			3,816		(2,627)
Net income (loss)		2,726		2,458		2,214			9,922		(2,497)
EPS Basic	$	0.12	$	0.11	$	0.10		$	0.45	$ 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 11:19 - ARIVA.DE Redaktion SAP-Aktie: Kurs klettert leicht (171,84 €) 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares 02:00 - PR Newswire BlackRock Sustainable American Income Trust Plc - Total Voting Rights 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